What are you doing re exchange rates?

[Melcatfish]

We have a number of things for our holidays that require payment direct to the US in dollar prices.

We have paid some working on the basis that when we worked out costings we worked on 1.55 dollars to the pound becaus ethat was a bit less than what we were getting at the time and we like to budget for "worst case scenario."

I have almost $1500 left to pay on a cruise and various other items still to buy (including tickets) which are costed in dollars. Would you pay now and take an exchange rate which is better than you thought you would get or would you hold off for an even better one.

Initially I thought it was only a a few cents higher or lower either way but when you are spending this much it makes a lot of difference.

Regards
Mel

 

[Scotfan]

I'm sitting tight at the moment. Dad paid his timeshare maintenance at 1.66 before christmas and is kicking himself now. (not due until Feb)

 

[rob@rar.org.uk]

While I'm no expert I have read in the press that the dollar may well continue to weaken a little further, possibly approaching $2 to the £ by the summer.

Why not set yourself a limit, say $1.75 which is still 20 cents better than you budgeted, and wait until you reach your payment deadline. If the exchange rate falls below your limit then you pay your bills, safe in the knowledge that you are 20 cents to the pound better off than you budgeted. If the rate continues to improve in your favour you get a better exchange rate, and you get to keep your money in your account until you need to spend it.

Regards

Rob

 

[kazzie]

Good advice Rob

 

[pauldents]

Just noticed TTT moneycorp are doing a special offer rate of 1.81 with 1.75% commision.
It says the rate is available at London branches ONLY, but I managed to get their special offer rate at Gatwick South Terminal last year.

 

[Melcatfish]

Think I will follow the advice and wait til payment date unless the rate drops below 1.75

cheers
Mel