Quick query re exchange rates pls...

[Godfather]

Hello everyone,

I miss Ireland a lot!

I hope everyone in this forum is well and that the strange period lots of banks are going through (here in Australia as well) will be over soon with less worrying from us, respacteable savers.

I've a quick query pls...

I moved to Australia a few months ago but I've still a couple of no fees bank accounts still open in Ireland and updated with my new foreign address.

I've been looking at the history of the exchange rate Eur-Ausd in the last year:
http://au.finance.yahoo.com/q/bc?s=EURAUD=X&t=1y

As you can see the "peaks" are quite predicteable and looks like if money are moved every 3/4 months between the 2 countries the could be a rate of around 7/8% in 3 months (=28/32% in a year)...

I was wondering if periodical movements (when Eur or Ausd are stronger) in order to maximize the conversions of the amounts are allowed on a legal stand point...

Thank you so much for your opinion(s) on this!

The Godfather

 

[ClubMan]

You seem to be assuming that there are specific times when you can time the market to benefit from a preferential exchange rate? I doubt that this is the case even if it seems to be in the past. If it was then the EMH would tend to dictate that people would avail of this and then the benefit would be wiped out! Better to look at transferring money when you need it and minimising charges. On the latter point perhaps look at www.XEtrade.com and www.currency.ie mentioned on other threads. There may be other similar low cost forex services available too. Also shop around with the regular banks for the best deal.

 

[Godfather]

Thank you v. much clubman!