WWYD - Money (long)

DH&LS06

Well, only 5 days til Dave gets here (even though he leaves in 3)! We have a bit of a dilemma though. ?As most of you are aware, the world economy is pretty much down right now. Australia's market depends a lot on the US market. With the Dow being the way it is right now the value of the Aussie dollar has really dropped.?

When I came back to the US in August the exchange rate was around 92 UScents to an aussie dollar. With the economy the way it is, the current exchange rate is hovering around 68-72 UScents to the aussie dollar.?

I'm torn about what to do when Dave comes. Originally, he was going to bring the rest of our savings over with him (I brought most of it over when I came b/c we bought a car). But now I just don't know what to do. We aren't getting a good exchange rate. Let's say, for example, that we were to bring over $5,000AUD. In August, that would have meant we would have had about $4,600USD. Now, it will only be around $3,500USD.

WWYD? Would you bring it over now and take the loss or leave it in the hopes that the aussie dollar will rebound and get it sent over then??

I'm stuck.?

Lauren80

i honestly don't know...it is such a crap situation....

i might at least wait a few weeks for the bailout money to have some effect...but i would definitely keep my eye on things....

 

hopecounts

Honestly if you don't need it right now I'd wait it out. The odds of the rate improving in 3-6 months are pretty high. Historically the US economy drops in the time leading up to a presidential election. Not 100% of course but the odds that both economies will improve and you'll get a better exchange rate in a few months is fairly high so I'd wait it out if I were you. 

Ren0919

If it's your savings, and you don't immediately need it, I'd leave it. There's a huge difference between $4600 and $3500.  I'd get pissed if I lost that much money in exchange rates.

 

aubie96

hopecounts:

Honestly if you don't need it right now I'd wait it out. The odds of the rate improving in 3-6 months are pretty high. Historically the US economy drops in the time leading up to a presidential election. Not 100% of course but the odds that both economies will improve and you'll get a better exchange rate in a few months is fairly high so I'd wait it out if I were you. 

agreed.  I think if you at least can wait it out til past the new year you might see some changes.

If it makes you feel better my 401K in the 18mos that I've been here has plummetted -28%.

Iove.wins

I would talk to a trusted financial advisor. I am of the opinion that I would wait until after the first of the year, but the people who would give the best advice are those who have their finger on the pulse of the economy.

DH&LS06

Thanks for the opinions! I think we will wait. I might get him to bring over a little money and leave the rest in hopes that the dollar will rebound.

Aubie, I'm sorry about your 401k. At least you have lots of time until you retire. I haven't even looked at my retirement account in Australia (my entire professional life was in Oz so all my retirement is sitting there right now). I honestly don't want want to know. I have a good 25 years to build it up though. *sigh*

Erin&Gregg07

Unless you need the money right away I would wait it out for at least a few weeks. Maybe like Lauren said some of the bailout money will help things. GL!!

jaimeCRN

aubie96:

hopecounts:

Honestly if you don't need it right now I'd wait it out. The odds of the rate improving in 3-6 months are pretty high. Historically the US economy drops in the time leading up to a presidential election. Not 100% of course but the odds that both economies will improve and you'll get a better exchange rate in a few months is fairly high so I'd wait it out if I were you. 

agreed.  I think if you at least can wait it out til past the new year you might see some changes.

If it makes you feel better my 401K in the 18mos that I've been here has plummetted -28%.

 

I hate that for both of you!!!  The economy is horrible right now.  I agree with PP though and if you don't need it leave it.  almost all the economists say that it should rebound.  GL!!!!