What's your prediction on the Australian Dollar?

[Buzzard]

I think it is the Status Quo dollar - Down Down, Deeper and Down

 

[robd]

Does anyone have any recommendations for FX Traders for purchases mainly in USD (some EUR & GBP) for a import wholesaling business? I am referring to International Funds Transfers between $5K up to $150K and FEC's.

 

[diningdecadence]

Does anyone have any recommendations for FX Traders for purchases mainly in USD (some EUR & GBP) for a import wholesaling business? I am referring to International Funds Transfers between $5K up to $150K and FEC's.

you can't get set up through your corporate bank? or potentially tried ozforex?

 

[Cruiser Elite]

robd I will send you pm in morn with a couple suggestions. FWIW have not use a bank in 15yrs but of course YMMV

 

[robd]

you can't get set up through your corporate bank? or potentially tried ozforex?

I should have mentioned, we currently do our IFT's, FEC's & LC's through NAB and get stung on the X rates. My comparative point of reference is the rate that I am able to get on my 28 Degree MC and also the excellent cash rate that Jnr got the other day changing AUD $1k at a city FX trader. A lot of our trade is seasonal towards the Christmas period but the lead up months are our low cash receivable period, which means that we have to utilise the NAB trade re-finance facility up to 180 days and this has chained us to NAB.

Having strung a few good profitable years together, I find I am able to use more funds directly from the cash account without the need to use the re-finance facility, but am still stuck with the FX rates from NAB, which is where I hope a better rate can be achieved.

 

[robd]

robd I will send you pm in morn with a couple suggestions. FWIW have not use a bank in 15yrs but of course YMMV

Thank you. I would appreciate your advice and will follow due diligence with my own research into your suggestions.

**Edit - Oh, that sounds a bit wanky, but just advising that I understand the meaning of YMMV

 

[diningdecadence]

Thank you. I would appreciate your advice and will follow due diligence with my own research into your suggestions.

Not trying to be rude but have you asked nab for a better rate? What level of service are you currently at? Eg do you have an RM etc? We are <10m t/o but rates seem pretty good from NAB.

 

[cove]

Try Bill Giffen at BellFX 02 8243 3586. He is always grateful if I send him a customer. We use him personally as well as for a chunk of our business. If you are outside of Sydney it would be 1 800 003815.
He will be scratching his head trying to figure out who referred you so you could give him a clue by telling him we fly on frequent flyer points.

 

[robd]

Not trying to be rude but have you asked nab for a better rate? What level of service are you currently at? Eg do you have an RM etc? We are <10m t/o but rates seem pretty good from NAB.

RM? Is that a Rate Manager? Of course we have asked for better rates on everything, but as the 6 directors of the company will not sign a Directors Guarantee, we have been limited to NAB for years and years. The risk for any financial institution for funding is minimal now.

 

[robd]

Try Bill Giffen at BellFX 02 8243 3586. He is always grateful if I send him a customer. We use him personally as well as for a chunk of our business. If you are outside of Sydney it would be 1 800 003815.
He will be scratching his head trying to figure out who referred you so you could give him a clue by telling him we fly on frequent flyer points.

He's first on my list. Just have to mention frequent flyer points and drinking, yes?

 

[cove]

I cannot remember what I had at Guylian the last time I saw Bill in Sydney. It was probably something a bit chocolatey.

 

[marki]

Try Bill Giffen at BellFX 02 8243 3586. He is always grateful if I send him a customer. We use him personally as well as for a chunk of our business. If you are outside of Sydney it would be 1 800 003815.
He will be scratching his head trying to figure out who referred you so you could give him a clue by telling him we fly on frequent flyer points.

So is Bell FX really that good and how well does it stake up against HiFx on rates used and fees if any?

 

[cove]

Bell FX can be good enough to win our work business so yes they can be pretty good. I don't get charged for funds transfers which is helpful. I like dealing with them and so does my fellow director who is running our forex.

 

[Cruiser Elite]

RBA keeps rates on hold - excerpt from WU Business Decisions:

The AUDUSD has jumped higher after the Reserve Bank of Australia said it would keep rates on hold this month.

The Aussie was also higher against most othercurrencies, including large rises versus the British pound, Euro and Japanese yen.

The move defied expectations with 18 of 29 economists surveyed by Bloomberg expecting a cut, while the bond market was pricing in a 59% chance of a cut this morning.

The RBA said:

"At today’s meeting the Board judged that, having eased monetary policy at the previous meeting, it was appropriate to hold interest rates steady for the time being. Further easing of policy may be appropriate over the period ahead, in order to foster sustainable growth in demand and inflation consistent with the target. The Board will further assess the case for such action at forthcoming meetings."

A$ up 50 pts post RBA decision.

 

[Jacques Vert]

It's only a matter of time before the next rate cut.

 

[Cruiser Elite]

And it's only a matter of time before rates go up again

 

[JohnK]

And the AUD continues to go down.

 

[Cruiser Elite]

It's not down today JohnM

 

[marki]

It's up again

 

[Cruiser Elite]

Well it's up again on the news that interest rates are not down again - who knows what tomorrow's fickle winds will blow