Exchange rates

[crabbie1]

I WAS WONDERING WHEN I SHOULD BUY DOLLARS AND TRAVELLERS CHEQUES. WE ARE GOING ON 17 SEP HOWEVER THE EXCHANGE RATE TODAY IS 1.51 DOLLARS TO THE POUND.UNFORTUNATELY WE HAVE A GENERAL ELECTION IN THREE WEEKS AND DEPENDANT ON THE RESULT (I.E. A HUNG PARLIAMENT), I FEEL THE POUND WILL CRASH AND WE WILL GET A REALLY BAD RATE. ANY ADVICE?!!!!!!

 

[kristieuk]

Very tough call! No-one knows. 1.51 is not as bad as it has been of late, but it may well settle down after the election. Even if there is a hung parliament, I can't see the dollar crashing long term!

Maybe buy half now, half before you go? Otherwise, it is anyone's guess as to what will happen with so much going on politically and economically. Not much help I know

 

[2Tiggies]

I am going in October. I am also buying in bits as and when I feel happy about the rate. I always decide on a rate in advance that I will be happy with and keep an eye on it constantly. I bought just when the £ started to slide earlier in the year at just under $1.50/£1. I will buy some more now at £1.50 odd and still keep an eye on it. I allowed a safety net in my budget for the rate to drop to $135 if the worst came to the worst so by buying now when it is better, at least if it suddenly goes pear shaped, I can offset an awful rate with the better one I have at the moment. I don't put all my eggs in one basket, but I do determine a workable range for budgeting purposes and anything better is a bonus. You never know. It is always going to be a gamble.

 

[irishthemeparkfan]

Has anybody used crown currency? They seem to offer exchange rates for whenever you need the money. For when I am going the rate is 1.57, which is pretty good. Anybody any experience with them.

 

[london75]

Has anybody used crown currency? They seem to offer exchange rates for whenever you need the money. For when I am going the rate is 1.57, which is pretty good. Anybody any experience with them.

Plenty, my fourth order delivers in 4 weeks time.

It's a tricky subject on here. Overwhelmingly the actual experience of them to date has been brilliant, I don't think anyone has ever said a bad word regarding the actual services.

However, it appears to be the case that if they go bust you are quite likely to lose some or all of your money. That's a risk you have to take.

It's one we're prepared to take which is why my May holiday is at the belting rate of $1.77 to the pound and August will probably be $1.58 given an email I've just this minute received from them.

 

[irishthemeparkfan]

Would your money be safeguarded if you used a credit card to pay for the currency exchange?

 

[2Tiggies]

Would your money be safeguarded if you used a credit card to pay for the currency exchange?

I don't know about this one but there have been several detailed discussions on this board on prior threads. If you do a search for Crown Currency and see what comes up I am sure it has been addressed there.

Lots of people very happy and you can't beat the deal. For me, not a gambler and not willing to take the risk with all my spending money. I am the kind of person who takes absolutely everything with to spend

Very personal choice but as long as you make an informed one, you've done well.

 

[london75]

Would your money be safeguarded if you used a credit card to pay for the currency exchange?

Unfortunately I'd doubt it as you'd be doing a money transfer rather than a straight purchase.

Don't get me wrong there are plenty of people happy to use them including us. In fact they've just got in touch to get me to fill in money laundering prevention forms to verify my identity I've bought so much from them!

 

[kristieuk]

I don't think so as it is a basically the same as a cash withdrawal and the same regulations don't apply.

I used them this year, bought at 1.75 or 77 can't remember, delivered a day early at a time when the rate was 1.40. Great service, I wouldn't take the risk if losing all the money meant we couldn't go, and I only bought £500. I would only do it in bits, rather than put all my cash in in one go.

 

[Trixster]

So far for our trip in July we have used CC three times and got $2,700 at some very good exchange rates. Money always delivered on time and am very pleased with their service. Some people will warn you that if the company goes bust, you will lose your money if they haven't delivered it yet.

I, like many others, have not had any issues but you need to be aware that there are risks.

 

[stephensmum]

We have used them & it was a great service. I don't think you can use a credit card, we used a debit card.