exchange rates

[fearfall]

sat 28/6
lunn ploy are selling the dollar at $1.93 to the £ for cash or a/express t/chqs no min spend, looks like things are on the up!

 

[Snowy-girls]

That's very good,as in the paper today it's only being advertised as $1.90.I have a Fairfx card+bought some dollars this morning on it at $1.97.Deffinatley on the up.x.

 

[Mrs Doubtfire]

I exchanged £60 for my DD yesterday (she has been saving up) & got 1.91 at M&S - need to pay for the villa soon so hope it stays up.

 

[Lady Radington]

I'm having trouble finding bureau de changes' that are selling dollars for their actual rate. I know they never do exactly as it changes so often, but right now the dollar is officially at 1.99380! Would be nice to get something close to that.

 

[Mrs Doubtfire]

I'm having trouble finding bureau de changes' that are selling dollars for their actual rate. I know they never do exactly as it changes so often, but right now the dollar is officially at 1.99380! Would be nice to get something close to that.

I think that will be the commercial rate. Tourist rates are always less.

 

[orangetiggs]

travelex online had 1.93 yesterday and 1.92 today

 

[paulh]

I'm having trouble finding bureau de changes' that are selling dollars for their actual rate. I know they never do exactly as it changes so often, but right now the dollar is officially at 1.99380! Would be nice to get something close to that.

get a CC that offers the bank rate like Nationwide,post office or saga
or get a flex accout to get it from your accont through an atm.and you would get that rate
Paulh

 

[katiec]

Snowy - what is a Fairfax Card? and how do I get one?

 

[wayneg]

but right now the dollar is officially at 1.99380! Would be nice to get something close to that.

As Paul says get a fee free credit(or debit) card, you get exactly the official interbank rate, not tourist rates. Used one for a few years now and saved £100's.

 

[wayneg]

Snowy - what is a Fairfax Card? and how do I get one?

http://www.fairfx.com/

You get about 2cents/£1 less than a fee free credit card.
Check you are happy with the fees, you have to load it with more than £500 or there is a £10 fee, $2 to use a ATM, £5.99/€9.00/$12.00 per card to replace lost or stolen card, Customer Services Telephone Enquiries 80p per minute, £10.00 cash-out fee

Full list of Fees involved http://www.fairfx.com/whatitcosts
Personally I don't see the attraction, I have have used a Nationwide CC for years now, its great, anyone that prefers not to use Credit there is fee free debit card. But they must work for some people.

 

[paulh]

anyone that prefers not to use...e cash,so get from atm with debit card Paulh

 

[Snowy-girls]

Snowy - what is a Fairfax Card? and how do I get one?

Google Fairfx and all the info you need is there.

1,It is a FEE FREE Pre Paid Mastercard-chip+pin,available in dollars or euros only,it lasts 3 years+then you can renew it+transfer any money left on it to your new card.But if you don't wish to renew it,you can ask for a refund but there is a charge of £10.
2,There is NO CHARGE to use it over there,NO(sneaky) CHARGES once you get back home,
3,The only CHARGE is $2 to take money out from an ATM over there if the need arises(just make sure you take some dollars as well so you won't need to),
4,If you spend £500 to start with there is no fee for the card(otherwise it is a one off £9.95),
5,You apply for it online+they will tell you there+then if you have been accepted,i got my card within 5 days+my pin number followed 3 days later.
6,If you look on there site and decide the $ is good+want to buy more,then you do so online,you can access your details on there website anytime whilst abroad to see how much you have spent.
7,After your initial payment,the minimum you can put on is £20,

I like it because it is pre-paid so you get the dollar exchange rate as it is on there website when you purchase your dollars(by using another debit,visa etc card to pay),today i got it at $1.97,last week i got it at $1.95.So your dollars are already on your card.
I prefer it this way instead of other fee free cards as i believe when you use one of these cards over there you are only getting what the bank rate is on that day,the Fairfx card you know exactly what your rate was when you purchased your dollars.

I admit i am not very good when it comes to explaining things,so any questions ask me on here or pm me.This was'nt something i went into quickly and made sure i found out alot of things about it first and i had some excellent advice+help from wicksey on the dis boards.I just can't believe i did'nt know about it sooner.No more travellers cheques for me.x.

 

[wayneg]

Both work for us,some places we prefer to use cash,so get from atm with debit card
Paulh

Yes I understand using debit cards but not the preloaded cards.
Only benefit I can see is hoping to load it at a peak and then the rate drops for while you are away, that way will work for some but not for me, I always hope for better rates out there.

 

[paulh]

Yes I understand using debit cards but not the preloaded cards.
Only benefit I can see is hoping to load it at a peak and then the rate drops for while you are away, that way will work for some but not for me, I always hope for better rates out there.

sorry wayne thought you ment debit cards. I totaly agre that pre paid cards are a waste of time.think amex thought so too as they stoped doing theres
Paulh

 

[paulh]

sorry wayne thought you ment debit cards. I totaly agre that pre paid cards are a waste of time.think amex thought so too as they stoped doing theres
Paulh
just posting without quote to se if in right place

 

[katiec]

This is an interesting discussion - normally we would use our Nationwide card, as we have never had a problem with it and ALWAYS get the best rate around - however if FairFX are offering $1.97 at the moment it is very tempting to get £500.

We already have some dollars so we dont need any cash, but my main worry is the bank rate will go down - who knows it may go down to around 1.75 and then it would be quite a loss - every penny or cent! counts!.

Then there is the discussion about interest they would have from having my money before I spend it and would it be a bigger difference than if the rate drops.... i leave that to my DH, I just spend it!!

 

[wayneg]

Then there is the discussion about interest they would have from having my money before I spend it and would it be a bigger difference than if the rate drops.... i leave that to my DH, I just spend it!!

A quick estimate taking interest into account over a 9 month period.

Buy £500 now at $1.97 you would get $985

Keep your £500 invested at in a good account you might get 5% after tax giving you £18.75 interest over the 9 months. Then you would have £518.75 to break even ($985) the interest rate could drop to $1.90, anything above $1.90 you would have been better keeping your money invested, anything below $1.90 and you did the right thing preloading 9 months before.
Also consider lowest rate for the past 12 months has been $1.93340
You have to go back to Oct 2006 for the rate to be under $1.90. With the American economy on its backside (even more than ours) I can'y see it dropping under $1.90 in the next 9 months but its a gamble whatever your choice.

 

[paulh]

A quick estimate taking interest into account over a 9 month period.

Buy £500 now at $1.97 you would get $985

Keep your £500 invested at in a good account you might get 5% after tax giving you £18.75 interest over the 9 months. Then you would have £518.75 to break even ($985) the interest rate could drop to $1.90, anything above $1.90 you would have been better keeping your money invested, anything below $1.90 and you did the right thing preloading 9 months before.
Also consider lowest rate for the past 12 months has been $1.93340
You have to go back to Oct 2006 for the rate to be under $1.90. With the American economy on its backside (even more than ours) I can'y see it dropping under $1.90 in the next 9 months but its a gamble whatever your choice.

we have been when its as low as $1.10/£,we got our dvc at $1.60/£ in 99 this is our bench mark,so we like anything above that
Paulh

 

[katiec]

Wayneg,

I must admit i'm impressed at the speed of your calculations this time on a Saturday night!! Even with A level maths i'd be hard pushed on a weekday morning to work that out!!

Like I said - my forte is spending, (studying the DIS and worrying about exchange rates!) I leave the affording it bit to my long suffering DH!

 

[wayneg]

Wayneg,

I must admit i'm impressed at the speed of your calculations this time on a Saturday night!! Even with A level maths i'd be hard pushed on a weekday morning to work that out!!

Like I said - my forte is spending, (studying the DIS and worrying about exchange rates!) I leave the affording it bit to my long suffering DH!

I can play with figures anytime of day. I have sheets of paper here at the side of my computer with things like Alaskan cruise costs comparing 4 of us in 1 cabin or getting 2 cabins. Another sheet is comparing car rental for this august, do we rent for the full 24 nights or drop off at the port and collect another after the cruise.
My world is all numbers, drives DW mad, I can go to the supermarket and look at 100 items and when we get to the till I know the cost of every item, if they are 1p out I will tell them.