Exchange rate dropping like a stone!

[mark&sue]

As the Exchange rate is going the wrong way this is bad news as the annual dues are due soon. Lets hope it starts going the other way before the year is out!!!

We have 520 points so it could make quite a bit of difference.



Susan

 

[Miffy2003]

Is it? What's the rate Susan?

I have budgeted an average of $1.50 to the £1 for my dues so anything better than that is a bonus for me! Also I have only 150 points, might be the only time I am glad not to have more LOL

 

[mark&sue]

Not as bad as $1.50 yet!! On the website I have linked below it is $1.71

http://www.xe.com/ucc/

Is January 1st the date to look out for?



Susan

 

[Miffy2003]

It could be worse then, phew!!

Are you on automatic deduction via credit card? I am lazy and have not set mine up so will ring at some point in Jan and pay over the phone, I think the fees are "past due" in the middle of Feb ??

 

[mark&sue]

There is a thread on the US DVC board which says for SSR it will be $3.98 a point. Working it out at $1.71 exchange rate this works out at £1,200 for me and £348 for you.

I guess they will deduct from credit card and will just have to check the rate on the 1st Jan.


Susan

 

[Miffy2003]

Thanks Susan

I can live with that, I estimate £400 per year so any less than that's good with me!

I can see how dues on 520 poiints could hurt though! Focus on how long you can stay for, and in lovely big accommodations!

 

[Hilary]

I always pay by phone once I have the bill - I find it easier to make sure I have the cash available at the right time that way!

When we joined DVC and I discovered UK members couldn't set up a direct debit type arrangement from a bank account, I opened a savings account and pay into that each month so that I know I'll have enough to cover the annual dues in January. The DVC bill gets paid by cc and the savings account pays the cc bill when that arrives

As for the exchange rate - when we joined DVC in 2001, the rate was really low I think it was around the 1.35 mark!!! Of course, the points costs less then, so I'm sure it would have evened out if we'd waited for the rate to improve, but a crystal ball would have come in handy

 

[mikki.young]

We opened a Citibank US$ account and buy dollars when the rate is good. You don't earn any interest but it is a good way to save for annual dues and holiday spending money. The exchange rate is also much better than tourist or credit card rates. As an added bonus you get a debit card you can use in US and can get commission free dollars and travellers cheques as well.

 

[Hilary]

We opened a Citibank US$ account and buy dollars when the rate is good.

I didn't know you could do this without a US address. It definitely sounds worth looking into

 

[paulh]

we do ours on Nationwide CC standing order direct debit as they offer best rate (interbank not tourist) like miffy said we budget for $1.60 to £ as that is what the rate was when we bought in 1999 we usaly pay around £500 we have 200 pints always think its well worth it as we have so many times on points now its paid for itself
Paulh

 

[Kevin Stringer]

.......we have 200 pints always think its well worth it..........
Paulh

Now I know you like a drop of beer now and again Paul, but isn't this taking things a bit far?

Kev

 

[susieh]

We opened a Citibank US$ account .......

Please can you tell me how to go about doing that cos we have considered opening a US bank account in the past but thought you had to have a permanent US address in order to do so

 

[mikki.young]

Please can you tell me how to go about doing that cos we have considered opening a US bank account in the past but thought you had to have a permanent US address in order to do so

Well if anyone wants to open an account it is based in the UK but has a cheque book etc drawn on New York so is acceptable to US folk. There is a deal at the moment (for accounts opened by end of year) for people I recommend for me and you to get a £30 amazon gift voucher each which is pretty cool!

So if you want to go that route send me a pm with your name, address and day and evening phone numbers and I will log in and get them to send you an info pack.

 

[mark&sue]

I read the website and it says if you go under £2,000 you incur monthly charge. Do you have any idea how much the charge is?

Thanks for all your help.



Susan

 

[TinkTatoo]

Please can you tell me how to go about doing that cos we have considered opening a US bank account in the past but thought you had to have a permanent US address in order to do so

We have a free checking account with Wachovia in the USA and it couldn't be easier. I just went into the branch with my passport and $100 and was able to open an account. They gave me a temporary check book and sent me a visa debit card which I can use in shops or at cash machines. I transfer over money whenever the rate is good and use it to pay for things like DVC dues and our spending money while we are there.

they send monthly statements but they also have on line banking so it is easy to keep track of the account.

 

[mikki.young]

I read the website and it says if you go under £2,000 you incur monthly charge. Do you have any idea how much the charge is?

Thanks for all your help.



Susan

I am not sure as we have never paid it. You have to have a total of £2000 amongst all your accounts so we have a euro account (current and savings), $ account (current and savings) and a £ account (savings). We keep the savings account topped up which also lets us act quickly if there is a sudden hike in the exchange rate and we want to buy dollars. I have a vague memory that the monthly fee is about £20 but I may be thinking of their credit card fees which seemed very high.