Suggestion on GBP to USD

[Len3]

We're not going until next July, however, I converted $2,000 USD to GBP and will watch to see what happens between now and then. We figured that it can only come out to our advantage as our USD doesn't look to be getting stronger in this market. Any thoughts from other CC members?

[cberge]

We're not going until next July, however, I converted $2,000 USD to GBP and will watch to see what happens between now and then. We figured that it can only come out to our advantage as our USD doesn't look to be getting stronger in this market. Any thoughts from other CC members?

 

 

I was just in London in Nov.,and all I can say is if you are there for any length of time take more or get more when there.The US dollar does not go far at all.:eek:

[Twickenham]

It's always a good idea if you're planning a trip months in advance to watch the daily currency rates to get a feel for which way the currency you need to purchase is headed. I do know that the CAN$ has been quite strong of late, so if I were planning a trip to the UK I would be looking at buying some UK£ soon. On the other hand, waiting can pay off as well: a few years ago when we were going to London, my mom converted all her money when she saw it hit 2.07, but I only converted about half, and waited another 2 weeks. When I went to get the rest of my money, the rate had dropped to 1.97!

 

I agree that the US$ isn't going to go up any time soon, and looking at the rate on XE right now I see it's at a better rate than I've seen for a while vs the UK£. At the end of the day, it's a gamble. Watch the rate for a few weeks, then when it hits a level you feel is a good deal, buy.

One tip I can give those who purchase traveller's cheques: firstly, always get them in UK£, and cash a few right when you get in at Heathrow - the Bureaux de Change there don't charge a fee for cashing them, contrary to the ones in Central London.

[whogo]

We're not going until next July, however, I converted $2,000 USD to GBP and will watch to see what happens between now and then. We figured that it can only come out to our advantage as our USD doesn't look to be getting stronger in this market. Any thoughts from other CC members?

Currency exchange is the biggest gamble there is with the potential for big gains and big losses. No one knows where the value of the dollar is heading. According to Oanda.com, a pound cost $2.10500 on November 10, 2007. Today a pound costs only $1.9840. The value of the dollar has improved about 6% in those six weeks. If the dollar swings back the other way you have made the right gamble.

[Flick]

three weeks ago I paid $333.00USD for 150 pounds. I'm waiting till the first of the year to buy more plus the Euros I will need in some of the other Ports.

[Globaliser]

Any thoughts from other CC members?

Travelling as frequently as I do, I wholeheartedly agree with whogo's comment:-

Currency exchange is the biggest gamble there is with the potential for big gains and big losses. No one knows where the value of the dollar is heading.

About the only sure guide in the financial markets is the adage that when the elevator boy gives you tips on which stocks to buy, it's time to sell everything. When the doom and gloom about a particular commodity or currency reaches the consciousness of the general population, its long-term price turning point may not be far behind. (Or it may still be a long way off, of course.) Gamble away to your heart's content! :D

[Keith1010]

I wouldn't exchange money so far in advance. I would just wait and exchange money through an ATM when I arrive. And, if you use a Capital One credit card for purchases it is one of the few cards that does not charge the 3% fee.

 

Keith

[Globaliser]

And to underline what the currency markets are all about, today's news is this. Never mind the perception in the US that the pound is unbelievably strong, the business headline is: Pound at record low against euro.

[jgsmuzzy]

Currently the dollar is trading at $1.993 to £1. If there is another drop in UK interest rates in January (widely tipped), the pound will probably fall back against the dollar to about $1.94 to £1.

 

Just a prediction, and I will come back and check after January's rate announcement!