Hi all, Todays exchange rate (1.4750) is so close to the 1.5 that we have budgeted on that Im getting jumpy!! Do I take the 1.47 and swap all our money now or wait for a few days to wait see if its get even closer ? Obviously nobody really knows whats going to happen but m hoping someone can give me an honest answer on wether they would buy or not ! I read earlier that once the interbank rate gets to 1.5 (which it has today) it will stay there for a while as its a nice round figure to trade in !! Ok so what would you do? Louise
As you say, nobody knows. If you are happy with the 1.47 then get it now. If I had budgeted at 1.50 and it was at this rate I would take it. If your nerves canm handle waiting and watching, then hold your horses. Can't really tell you what to do except to keep a close eye on it.
I will take whatever rate I get on the day I spend with fee free credit card. Today it would be $1.49. hope for better in August but given up stressing over exchange rates and losing out on exchange fees. Friend has just got back this week, he changed his money a while back at $1.36 (£5,000 got him $6,800) if he had used a fee free card over past 2 weeks $6,800 it would have only cost him £4,595. So exchanging cost him £405. No wonder he was complaining to me how expensive Florida is now and they probably won't be going again.
If it was me - and I am no expert - by a long shot I would wait. That would be based on what I heard watching the news the other day and that they are expecting the £ to gain a little strength as a result of the emergency budget, and how they think the American stock market will react to the measures being taken to improve the national debt. But what it basically comes down to is what you are happy with. If $1.47 sounds good to you then go for it - and promise yourself you won't look at the exchange rate anymore between now and your holiday. Also work out what the difference is between 1.47 and 1.50 in your pocket - it might make it easier to make the decision.
Louise, you've got 5 months until your trip. A lot can happen in that time - I would leave it a little while. You would be gutted if you bought today and then it hit 1.5 in the next couple of weeks.
Like every one has said its a personal thing.I pithered for a while and got 1.58 through crown currency but then I heard people say it is a gamble booking through them which worried me as never used them before. I have 1900 dollars reserved and want to change a few more but have decided to wait to see if I can get a similar rate. If in doubt change some and wait to see if it improves cus if you dont and it drops you will kick yourself BUT if it goes up then you will wish you had waited
Same old advice as to no-one knows, do what you're happy with - but!!- if I were you, I would wait a while. The rate has been slowly going in a favourable direction, and in my view it has a little way to go further. I think the measures being taken to shore up debt here are meaningful and is creating a slight air of positivity, and will hopefully attract investment in the pound, but then I am a lawyer and not an economist! We are travelling in October and I have been hanging on to our pounds and will do so for the foreseeable future. But who knows, I may eat my words Good luck with your choice!
Hi As my DH will confirm - I am DEFINATELY not an expert with money However I look at the exchange rates on the BBC website every day and we're not going until next September . The dollar has been rising steadily over the last few weeks - admittedly not by much but today it was showing 1.49, and it was as low as 1.42 (or there abouts). Aparently the markets liked the budget which in turn means that the £ gets stronger against the dollar as the £ market is a good place to invest in again. (hope you're following this!) So although all us public sector workers may have pay cut or lose our jobs - the £ rate will be good enough for us to eat whilst on holiday! I'd hang on for a while if it was me.
Sorry should have put its not for our spends its for the things we need to pay off in dollars totals around £1500 and we need to pay it in around 6 weeks time ill defnatly hang on before exchanging our spends as I believe you spend what you have !! Ohhh Im rubbish at making decisions
America has a congressional election this november as well, might cause the same market insecurities we suffered a few months back. btw week before last american election, pound dropped from 1.8 to 1.3 in about 2 days though.
