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Aussie Dollar vs British Pound

Mitch Jones is Protocol Education’s NSW-based consultant working with Australian teachers in their move to the UK. In his latest blog he chats about the exchange rate and what the fluctuating numbers mean for you.

 

For anybody who has been keeping an eye on the currency markets recently (such an exciting pastime!) you would have noticed a steady decline in the Aussie dollar against the British pound.  From as high as nearly £0.70 for every dollar, it has now dropped to its lowest mark in nearly 7 years (£0.47 as of today!) But taking away all the figures and complications – what does this mean for you as a teacher thinking of travelling? We’ve broken it down into three sections:

 

1) Your Aussie Dollar Won’t Go As Far Anymore...
So you’ve saved $5000 and you’re ready to jump on the plane in the next 6 months (don’t forget to register with us first); that $5000 would have got you over £2800 this time last year but now only gets you around £2300. So basically you are now getting 10% less than if you travelled 12 months ago. 

But let’s face it; unless you’re transferring tens of thousands of Aussie dollars in one hit then it won’t affect you terribly much. Sure, £500 is £500 (it is a lot of money) however it is less than 4 days work in London! Not much in the grand scheme of things. Rather than worrying unnecessarily about fluctuating exchange rates it is better to make the trip regardless of the exchange rate.

 

2) ...But Your British Pounds Will Go Much Further During Your European Travels!
The Euro is coppering a hammering at the moment (thanks a lot Greece...) and the British Pound is now at its strongest level for 8 years.  This means you can teach in the UK with us and travel Europe with so much more money in your pocket!  If you transferred £1000 into Euros in late 2008 it would have just got you over €1000; buying them now means £1000 will buy you nearly €1500! Living and teaching in the UK now means you can travel Europe at the cheapest level for nearly 8 years!

 

3) You Can Transfer Your Pounds Back to Australia and Get More!
Back in the good ol’ days teachers used to travel to the UK, teach full time for 2 years and transfer all of their savings back home. When you get back – hey presto – you’ve got a massive lump sum of money waiting for you! This was before the GFC. Now it is becoming more fashionable (and affordable) to transfer your £££ into $$$ and save money that way. Pay off your mortgage, save money for a house deposit when you return home, have a little nest egg waiting for you - whatever your reasons it is quickly again becoming viable to transfer your pounds back to Oz!

 

Don’t forget that we work very closely with a foreign exchange company called Tranzfers; they give 2 free international transfers to teachers registered with Protocol (saving you over $50) and they always – ALWAYS – offer better foreign exchange rates than the banks.  Best of all they are free to register with! Contact your local consultant for more info or register with Tranzfers here.

 

Keen to register with Protocol and start earning your pounds? Contact the Australian team today!


Tags: Tranzfers, Exchange Rate, Teaching in England

Category: Australian Teachers


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