Author Topic: Moving Money from AUS to USA - Help!  (Read 1302 times)

cbr shadow

  • Bristles
  • ***
  • Posts: 471
Moving Money from AUS to USA - Help!
« on: January 19, 2016, 12:18:16 AM »
My wife and I are from Chicago but are living in Melbourne for an 18-month contract through our jobs.  Both employers pay us in AUD.  Over the last 18 months we've saved about $110k AUD.  It's now time we move back to the US, but WOW those exchange rates are KILLING me. 
When we moved here the rate was $1.00AUD to $0.92 USD.  Right now according to Google it's $1.00AUD to $0.69USD!

So our hard-earned $110k AUD is worth $76k USD.  Do we move the money now and just take a massive hit?  Wait it out?  I don't really believe in market timing unless there's a big event that I'm not aware of that could change things for the better for the AUD.   

Anyways, what would you do?  Roughly a $25k loss due to exchange rate..  Should I just look at it as money that's already been lost and take the hit?

Thanks for any advice.
-Cbr

faramund

  • Bristles
  • ***
  • Posts: 331
Re: Moving Money from AUS to USA - Help!
« Reply #1 on: January 19, 2016, 01:07:52 AM »
Sadly for you, the days of 1.00 AUD to 0.92 USD were a historical anomaly, I think the current rate is much more historically consistent. Until there's another mining boom (and unless India goes ballistic, that might be never) I don't think the AUD will get near parity with USD for a long time, sorry.

potm

  • Pencil Stache
  • ****
  • Posts: 558
Re: Moving Money from AUS to USA - Help!
« Reply #2 on: January 19, 2016, 01:35:29 AM »
At least get the best rate you can using ozforex or some other exchange provider.

alsoknownasDean

  • Handlebar Stache
  • *****
  • Posts: 2235
  • Age: 36
  • Location: Melbourne, Australia
Re: Moving Money from AUS to USA - Help!
« Reply #3 on: January 19, 2016, 01:50:26 AM »
Yeah the high exchange rates were driven by the boom in mining investment. Slowing growth in China and plummeting resource prices mean those days are over.

Sent from my LG-D855 using Tapatalk


cbr shadow

  • Bristles
  • ***
  • Posts: 471
Re: Moving Money from AUS to USA - Help!
« Reply #4 on: January 19, 2016, 04:06:49 AM »
Well it looks like we just had very poor timing for coming here.  At least we enjoyed the time in Australia and still saved a pretty decent amount while here.