With the Aussie dollar down again, I've decided to transfer some money into my Aussie bank account and then transfer it to my ING Direct savings account which I used to actively use when I was back in Oz.
Basically when I arrived in HK, the Aussie dollar bought about 6.2 HK dollars. It peaked at over 7.5 last year and to date I have been reluctant to transfer any of my salary earnt in HKD to my Aussie account in light of losing out because of the exchange rate. However, it has recently gone down to below 5.0.
Accordingly I have just moved some HKD into my AUD account and plan to move that into my ING account which currently offers 5.5% variable rate of interest. This is nothing to be sneezed at I think and it seems to me that this is a very good deal, considering that my HSBC savings account here offers a miniscule interest rate of way less than 1% (even if you have hundreds of thousands of dollars in there). The ING account is very liquid and there are no transfer or any other fees. I also understand that the interest rate on tax loans here are considerably less than 5.5%.
I am also planning on waiting until the Aussie dollar goes up again and hopefully also get the upside when this happens. I have looked into the history of the two exchange rates in the last 10 years. It has been between about 5 and 7.5 in the last 5 years.
Anyway, I thought I'd share this - eg if anyone has any other comments. I am well aware of currency exchange risks (in 2001 the Aussie dollar hit a low of about 3.6 and certain big names have been hit by bad calls), but on balance I am pretty comfortable with what I am doing (!)