Exchange rate AGAIN!

[alibeau]

Just wondered if anyone has got a good rate recently? and where? oh and is there an easy way to track the exchange rate on the web??

We don't travel until Jan 2008 but I would buy my dollars now if I could get a really good rate?!!? I think I have discounted Crown Currency as I am not overly comfortable with handing over my money so far in advance of actually receiving my dollars although I can see the good rates they offer



Ali.

 

[scottishsue]

Check out

www.comparetravelmoney.co.uk

Gives good rates from various companies. BTW Crown Currency are really good, they give a date for delivery and it arrives bang on time - we got ours through them.

 

[oceanscape]

Crowne Currency aren't as great as they think they are anyway - one of the reasons they can give such rates is because you pay them up front: they can keep your cash and earn interest on it until it is time for them to pay you. In addition, their best rates often come with a silly £10+ charge which reduces the value of the rate right down to below the High Street.

I still believe the best thing to do is put your holiday money in a high-interest savings account and use a Nationwide/Post Office credit card whilst abroad. Then, you can just use the cash from the savings account to pay off the CC bill when you return home. You get the very best rates and don't need to pay a penny until you come back home, meaning your cash earns the maximum amount of interest.

The only downside is the fact that the exchange rate may be much lower next January, but any small losses in ER are likely to be counteracted by the interest from the savings account.

Obviously everyone still needs to take a small amount of liquid cash with them, and I find M&S or Tesco to usually offer the best exchange rates. Just make sure you pay with a debit card so you are not stung by CC cash handling fees.

 

[Rascal1003]

Check out SAGA, they have a pretty good, competitive rate. Just Google SAGA Travel Money.

 

[powerranger]

Another vote for crown currency, I never payed commission on it either and they delivered on time and at a rate which was 2.03 compared to the highstreet 1.95 at the time.

 

[wayneg]

Agree with Oceanscape, more often than not their best rates either have a fee or you have to prepay for months in advance, keeping your money in the bank earning good interest is a lot better. No way would I give a company £2,000 of my money to keep, if they get into difficulties you could lose your holiday money. I don't think they are a bank but can't see any info to reassure me about sending them money, maybe I missed it.

Best way is Nationwide or Post office credit card, no fees. I got upto $2.04 last month.

 

[Beep]

Crown Currency only charge a fee for currency required within a certain timeframe (41-50 days) and they offer Interbank rates for that time period.

We have had our currency from them and they are excellent. We got extra dollars by ordering our currency ahead of time - more than we would have got by leaving it in our savings account or going to the High Street. They are offering 2.0035 for Jan 08.

I would have reservations at using them for large amounts of money, purely due to Wayneg's point about the company hitting difficulties.

Our currency was delivered exactly on time and their customer service is excellent.

 

[jonkatony]

Is it worth the risk? I would think you would be an unsecured creditor if they went into liquidation. I think if you are changing a lot of currency maybe its worth it?

 

[Daysleeper40]

I wouldn't feel happy about using CC either for the reasons stated above. We just put our holiday saving money in our high interest ING account every month (with our other savings), earned a wedge load of our own interest on it and have taken advantage of the best highstreet rates we could find as and when they looked good...

Works for us

 

[dna72]

I use travelmoney.moneysavingexpert.com website for comparing exchange rates.

You can track the official commercial rates on XE.com

(Sorry - can't post links, not enough posts)

 

[Mrs Stonfiesta]

We also travel in Jan 08 and we got ours for Marks and Spencer when it hit $2 - £1 just in case it dropped... if it goes back up to that again we will probably get some more

 

[paulh]

just got our CC statement from nationwide.we pre paid dvc dues $1000 and got $2.023
Paulh

 

[Morgstar]

happy days Paula H. We find you always get very good rate when using cards abroad. Other than that we get ourselves to M&S!

 

[Jakey Rowling]

We don't travel until Jan 2008 but I would buy my dollars now if I could get a really good rate?!!? I think I have discounted Crown Currency as I am not overly comfortable with handing over my money so far in advance of actually receiving my dollars although I can see the good rates they offer
Ali.

I've used Crown currency but if it's not for you then that's fair enough for the reasons others have stated, the sums are fairly simple to work out.

A lot depends on how much you are going to convert. If it's a relatively small amount then you simply don't have that much to gain or lose.
If it's a large amount then think what you can get for your money now and work on that basis, are you prepared to gamble on the exchange rate? How much will you actually get on 3/4 months interest.

In my opinion, be practical and recognise you are getting a good rate just now, don't think you can out guess the money markets, especially just now.

Use the link previously provided if you want to track the rate.

 

[jmagla]

Also Crown Currency for me, used them before and they are very good. I have booked some for next July at $2.07. Even taking interest (minus tax) into account its a good deal, I feel comfortable in the knowledge that I am getting that rate whether the exchange rate goes up or down in the meantime.

I do take your point regarding the potential issue if the company gets into difficulties though.

 

[martinrmn]

We change about £250/300 into $ then use the Nationwide credit card to buy presents, meals etc. The cash is more for parking costs, tips etc. Nationwide gives an excellent rate and the bill does not have to be paid until we get home and is normally due after Christmas. The secrte is to keep money in one account to pay for the holiday bill.

 

[paulh]

happy days Paula H. We find you always get very good rate when using cards abroad. Other than that we get ourselves to M&S!

dident realise i had changed sex we also get cash out there with our nationwide flexacount.got $600 at $2.015
Paulh

 

[team harris]

Check with your local Thomas Cook TA - we got our Travellers Cheques from there in May (for August ) at a rate of $2 - £1. I believe they had the offer again late Summer. You get your cheques immediately, so no need to worry about things going wrong