Hi, I’m Quinn Askeland. In 2016, I started Transumo after experiencing expensive, slow, and frustrating international transfers and payments through banks. My mission is simple: to help others simplify and reduce the cost of transfers and payments. Fortunately, today, there are excellent alternatives for international money transfers and payments. See My Full Bio.
Just over one month ago I wrote my second post about transferring Aussie dollars now or later.
Today, we will look at my results if I had taken my own advice and more importantly look at what we should do next!
As you may know, I have saved thousands of dollars with a simple approach to charting. To demonstrate my simple yet effective method I showed how I saved $2500 or 10% in one transaction.
Part of the 10% I saved is very easy – just by choosing a money transfer company that was right for my needs was the start. But the majority of this gain came from just being a little bit careful in when to send you money.
Results from last month
If you moved $20,000 to all three destinations one week after my short term recommendations you would have saved $570 or 2.85% in total!
You will notice however I got one wrong – that is to be expected. Like last week I only got 2 for 3 but charting trends is not an exact science we just simply seek in minimise the downside and potentially increase the upside. This is why I am sending a hypothetical $20,000 for all three currency pairs and then averaging them out by adding them all together to show the results.
From now on to be even more scientific, I will focus on what happened just one week later.
The question is after all – Should you send money now?
In addition to the week timeline, if I say WAIT – I will be providing a trigger point. For example, in this post I give specific instructions what to do.
First a Disclaimer: This website is intended to provide general information and opinions. The information contained in this post, page and website does not constitute and is not intended to be financial advice. You should make your own decisions and potentially in conjunction with a registered financial professional.
Having said that I took my advice from last week and saved a bundle on the CAD to AUD! – I do put my money where my mouth is.
So, should you SEND NOW or WAIT?
Should you SEND NOW or WAIT for the following currencies:
- AUD to US dollars – AUD/USD is 0.875
- My recommendation: WAIT (short term – 1 week) but send below 0.865
- AUD to British pounds – AUD/CAD is currently 0.546
- My recommendation: WAIT (short term – 1 week) but send below 0.535
- AUD to CAD dollars – AUD/CAD is currently 0.988
- My recommendation: WAIT (short term – 1 week) but send below 0.97
Here is my video which explains my reasoning behind these calls.
It is only my second one and I am working on getting being concise, informative and according to my wife, “sound a little more upbeat”… which believe me I am! Last weeks post showed how someone could have easily saved 4.9% just by following my advice the charts showed – this week 2.85%.
This month it was really tough to be confident. In general it looks like the Aussie dollar is trying to strengthen across the board so in some ways I am happy to see that they all seem to warrant a WAIT call. By waiting we are of course taking a risk of losing some money, but I am happy to accept that downside given the (slightly this month) greater potential for upside. Managing downside risk is only good if you follow through of course – for this you need to leave your emotions on the table and just act based on what you know.
You can get the latest analysis and charts for AUD sent to your inbox as soon as they are published each month.
Thanks for reading!