Any finance peeps - Currency Question

huds1475

huds1475

Journeyman Pro
Joined
Apr 9, 2013
Messages
2,906
Location
Manchester
Visit site
Off to USA end of May and trying to figure when might be best to buy $, 2 - 3k

Some long term forecasts seem to predict upwards trending but don't justify?

Seems odd given the political situation

Are there any general things worth bearing in mind, eg No Deal - Bad, Extension- Good.

Is it worth the effort watching?

Cheers.
 
If youre risk averse, buy half now and half the day before you go

The cable rate could go either way at the end of March depending on what happens with Brexit, but unless you want to spend a load of time trying to work out what might happen and what impact it will have on rates I would leave that to the experts (and guessers as most will be the next few mths!)

Bigger battle is buying them somewhere close to the middle of the spread rather than being screwed by the banks etc
 
Not a finance peep, but you now have unpredictability on both sides, so it seems like a gamble either way.

Brexit up or down?
Next US government shutdown just 9 days away?

But how much difference is it going to make to your holiday cash? Are you making yourself unnecessary worried about £20 on a £3k+ holiday?
 
fundy said:
If youre risk averse, buy half now and half the day before you go

The cable rate could go either way at the end of March depending on what happens with Brexit, but unless you want to spend a load of time trying to work out what might happen and what impact it will have on rates I would leave that to the experts (and guessers as most will be the next few mths!)

Bigger battle is buying them somewhere close to the middle of the spread rather than being screwed by the banks etc
Click to expand...
sound advice
 
Get a card that lets you draw dosh out in that country without any fees. That way you only have to draw out what you need at the time.

Yup I've found one !!!!!

PS you may have to lie a bit to get it. I did, no problem.
 
Thanks for the input folks.

With all the talk flying round was just sanity checking my assumptions, ie;

1. Nothing major going to happen
2. For the amount im talking about it's not worth the time
 
huds1475 said:
Thanks for the input folks.

With all the talk flying round was just sanity checking my assumptions, ie;

1. Nothing major going to happen
2. For the amount I'm talking about it's not worth the time
Click to expand...

Regarding point1, you may as well ask for the winning lotto numbers for the next draw?
The point being, no one can predict the future. If it was easy to do this accurately with currency markets, everyone would be incredibly wealthy.

As for 2, it depends on what is significant to you. Over the last couple of years, the highest and lowest rates for the year would have made the following difference per £1k. Ignoring point 1, how much is your time worth?
2019 - $70
2018 - $180
2017 - $160
2016 - $280
2015 - $130
 
I think you've just got to search the best rate you can find on a given day and accept it, there's always the chance that if you exchange today the rate could get better in a week but it could also get worse, you could be waiting for a long time if your after a certain rate and miss the best rate before you go.
 
You must log in or register to reply here.
Top