The GBP grows stronger following news of impending Brexit deal
Honestly you’d be forgiven for not keeping up to date with the whole Brexit saga. It really has been a long drawn out affair and it sometimes feels like it will never be resolved.
But, if you’re an Aussie living in the UK or a Brit enjoying the sun Down Under, you might want to hear this. In the past few days, UK Prime Minister Boris Johnson has brokered a deal with EU leaders to take Britain out of the EU on 31st October, 2019.
Whether the deal goes ahead remains to be seen. However, the more interesting news perhaps is that in the wake of the impending Brexit deal, the Great British Pound has actually grown stronger.
In fact, according to Co-Founder of SendFX Ian Cragg, “the GBP/AUD exchange rates have moved over 4% this week.”
“We are now seeing the highest exchange rate since Brexit happened back in June 2016,” he added.
Indeed, according to international money transfer (IMT) provider XE’s currency charts, the AUD/GBP exchange rate rose dramatically in the past week, with the lowest exchange rate approximately 1.83455AUD to 1GBP and the highest approximately 1.90711AUD to 1GBP.*
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But what does this mean for expats or Aussies looking to travel to the UK anytime soon?
Basically, if you’re looking to exchange your AUDs into GBPs right now, you’re probably not going to get a great exchange rate. Of course, as Cragg suggested there’s always a chance that this deal won’t make it through parliament, meaning that the GBP could go down just as easily as it went up.
So if you do have plans to exchange a whole heap of Australian dollars into GBP in the next few days or the coming week, it might be wise to put your plans on hold, if you can afford to.
On the other side of that, if you’re an Aussie living in the UK and you’re thinking of returning home for good or even just for a visit, now might be a great time to take advantage of the exchange rate and get more dollars for your pound.
If you can’t hold off on exchanging your money then why not head over to Mozo’s IMT FX provider comparison page. Once you plug in what currency you’re converting from and to and how much you want to exchange, you’ll be able to see which IMT provider will give you more bang for your buck.
*Currency exchange rates at the time of writing.