What to do?

[sharon-o]

Looking at the fantastic exchange rate at the moment would you

1.Get cash ASAP????

2. travellers cheques ASAP(is the rate the rate you buy them at or the rate you exchange them at???)????

3. just hold fire and wait untill we go in july at a risk the rate could go up or down????

What a dillema...any help?
sharon

 

[ejones999]

You coould average out the exchange rate by buying some dollars now and buying some later on.
Eric

 

[Stella_the_Staff]

I know exactly what you mean Sharon. We are going in Oct and I decided to get some travellers cheque on Tues, I got $1110 for £600.05 (rate was 1.849 something with HSBC). We've still got to get some more as there are 5 of us going but I thought whilst the rate was so good I'd get some just in case. Does anyone think the outcome for our forthcoming election would affect exchange rate? Just interested.

 

[wendye]

Hmm difficult decision! I'd probably have to wait because I won't have the funds that far in front (although I don't go until next year so it's not an option for me as I have this year's holiday to save for first).

Not sure if the election will affect the exchange rate it could do I suppose it depends on whether the financial institutions are happy with who got in! One thing that could affect it though is the final decision to close longbridge and the loss of those remaining jobs as that will have a knock on effect on the economy.

 

[wildwood]

we are not going till october but we got our money at christmas when it was so good we thought that it was to good to miss as last time we went in 2003 we only got 1.50 and it really made a great diffrence in our spending power . my advice would be to buy while it is good

 

[carolfoy]

Last week I bought $374 for £200 from onlinefx.com as I can't afford to get too much in advance of my Nov trip, I was going to pay £200 off my balance but thought that the exchange rate is so good at the mo that I'd have to but some currency at some time so may as well take advantage, I'm still watching the rates every day and if they go up again I'll get a bit more soon, I agree its a difficult decision but it IS unusual for the exchange rate to keep crawling up so close to the election, it usually stabilises in the few weeks running up to it, keep watching and if it goes well above £1.9 then get some NOW!!!

 

[Frances999]

I have been ordering currency in stages for our trip this August. Because all of our accommodation is payable upon arrival, I will need a lot of $s and prefer to pay with TCs rather than use a credit card. The best way to spread the cost is by saving up the total $s over the next few months.

I ordered £1000 worth last night from M&S who were offering a rate of $1.855. How great would it be if hit $2:£1

 

[GarryK]

Sharon

I think the general message is you could hedge your bets by getting some now. I've certainly been doing that for our trip in July and have bought some at a lower rate than the current level and some at a little higher - whatever, it's certainly better than the $1.36 I got for our first trip in 2000 !

Personally, I don't believe the Gen Election will have a significant impact on the ER unless the Gov bring in a surprising new policy between the election and July. Given I fully expect another Labour victory - despite recent revelations - that's probably not likely.

Having re-read that last para I've suddenly realised there's a lot of ifs, buts, probablys. Clearly I don't know !!!!!

As for point 2, as you're buying US Dollar traveller's cheques it's the rate you purchase them at in the UK that counts. When you use them in the US (as cash) you get $100 dollars for each dollar $100 dollar cheque (and so on)

Garry

 

[sharon-o]

Thanks for all the info got £800 yesterday, i think i'll save and purchase ASAP
Many thanks sharon

 

[Trish100]

I reckon if it hits 1.90 go for it!! That's almost double your money so gotta be worth it! We bought all our $s and travellers checks months ago 'cos the rate was £1.87. Hard to beat and we haven't regretted it (It also means you can't spend it before you go!!!)

 

[ely3857]

Hiya

Bought our cash with onlinefx as soon as the excahnge rate looked good.

Would always advsie to buy as much as you can afford if the exchange rate is in you favour. This plan has not let me down whilever I have been using it wether buying Euros or Dollars.



Jodie

 

[Mumof2]

Couple of points of interest. I was in First Choice buying doallrs today. Got $1,000 for £546. The man behind the counter told me they price match the best available on the high street AND that in the Summer of last year the rate started to drop. He thinks the same thing will happen again this year so I'm thinking it might be wise to buy some more now?!?!?

 

[Miffy2003]

Or it could just be that he's trying to get you to hand over your cash earlier rather than later, LOL

I don't pretend to understand the fluctuations of the exchange rate but everything I've read suggests it should stay good (for us Brits) for some time.