I Have A Large Amount Of Money I Need To Get Back To Australia.....

[sirjimi]

Please help. I have 20,000,000 Baht that i need to take back to Australia with me but i am not sure what is the best way to go about it. The AUD is now up over 29 baht so i am loathed to make any sort of exchange at this point in time.

The rate at 29 baht would get me approx $689,655.00. A few days ago when the rate was at 28 baht the return would have been $714,285.00. It is a lot of money to lose. If it were back at 23 baht which is where it was early in the year the gains would be huge.

I have 2 points to my question.

1. What is the best and most cost effective way to transfer the money. I have been doing a bit of reading up on the online exhange companies like ozforex and they seem to be good options? They can hold onto the transfer until you get the rate you want and they also offer rates better than the banks (so they say) Does anyone have experience with this and is it a good option for me? What other options do i have?

2. Should i hold off or do people (hope there are some experts) expect the AUD to keep getting stronger? I am not in a huge rush but this money is to buy a house and i must have the house built in ready to go for when my finacee gives birth in 6 months time.

I would very much appreciate all advice that people can give. We were really banking on getting over 700K but now im not sure if this is possible.

Oh, i should add something. The money is currently in Singapore but it can be brought to me here in the form of a personal cheque if needed. The first option was direct wire from singapore straight into my account but the will yeild even less than thai baht. Maybe have them transfer it to ozforex and then jold off on the transaction until i get a good enough rate?

Pleae, please help.

Edited September 22, 2009 by sirjimi

[BEENTHEREDONETHAT]

I would think you are much better off sending it to Oz direct from Singapore, every time you shift it whoever handles takes a bit for the trouble. Thailand can become a world of red tape moving the money in and more importantly out.

As far as the future of the Ozzie dollar check http://forecasts.org/ausd.htm for an informed opinion. They seem to do fairly well in their projections and it looks like it's up, up ,up for the AUD. Based on that sooner is better for the move.

Good luck with it.

[keeniau96]

First, don't bring it into thailand in any form. A check will take a very long time to clear and for any transfer you will have considerable fees. So do it from Singapore to Oz, whatever is the most cost-effective.

Second, forecasting forex is a very chancy effort for the professionals who do it every minute of the day; they lose/win millions and even billions as a routine matter. Amateurs are welcome to try, the fleecing yard needs more sheep. The advisors/touts who claim proficiency at such will tell you about their good calls, but not their misses and disasters. You might as well consult the tree stump that gives the lottery numbers.

Pick a good day and initiate the transfer. No matter which one you choose afterward you will always see another time could have been better. That's life.

[Naam]

ahemm... cough... who holds/keeps Thai Baht 20mm in Singapore?

[webfact]

The OP is asking about how to transfer 20m Baht from a Singapore Bank back to Australia.

OP should contact the bank in Singapore.

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