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Quick currency exchange question

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Hi Gang It's a stupid question but I'm having trouble with it I have a balance in my PayPal account in USD ( US dollars). When is the best time to ask PayPal to convert to gbp Is it when the d… Read More
dougrobbins78 Avatar
6m, 2w agoPosted 6 months, 2 weeks ago
Hi Gang
It's a stupid question but I'm having trouble with it

I have a balance in my PayPal account in USD ( US dollars). When is the best time to ask PayPal to convert to gbp

Is it when the dollar is weak such as now or wait for it to strengthen? I'm not sure what will get me more pounds when converted

Hope that made sense

Thanks in advance
dougrobbins78 Avatar
6m, 2w agoPosted 6 months, 2 weeks ago
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All Responses

(13) Jump to unreadPost an answer
Responses/page:
#1
Weak dollar will get you more pounds obviously.
#2
Paypal gives you awful rates anyway. Just leave it in dollars.
#3
p_ist_a
Weak dollar will get you more pounds obviously.


As OP is converting dollars to pounds then strong dollar will give you more pounds not weak.
#4
wait for the dollar to strengthen
#5
Yes, you have to wait for USD to strengthen, your best time to convert was before the high court decision on Brexit :)
#6
Great. Thanks guys that clears it ups. I think I'll listen to the coolguy as PayPal do have rubbish rates

I've only got a usd balance and i use PayPal regularly. It naturally takes the payments from the usd balance

Am I losing out (slightly) every time I make a purchase and PayPal work out how many dollars to deduct?
#7
sydney871
p_ist_a
Weak dollar will get you more pounds obviously.


As OP is converting dollars to pounds then strong dollar will give you more pounds not weak.

I'm sure he meant that but the terminology may have thrown him.

Pops
#8
Can you transfer it to a cash card in Dollars that will convert it to GBP free of charge like-

http://news.iceplc.com/_act/link.php?mId=C93321651038360844263104524335&tId=175910037&subjId=259940.
#9
bandit17
Yes, you have to wait for USD to strengthen, your best time to convert was before the high court decision on Brexit :)

Your totally wrong.
if he had $100 dollars to sell on the 23rd june it would have been worth £67.57.
Today that $100 converting to £ would get £80.50
I used bank rates
#10
This is interesting. The first answers were logical and most likely correct
However, I've read up on it and it says the pound is the weakest it's been against the dollar for 31 years

Surely if I have dollars, I should do it when the pound is weakest against the dollar i.e. Now according to google

Am I making a mountain out a molehill? The PayPal issue balance is only $700
#11
Basically, focus on the maths of it. If the pound is worth more to the dollar today than it was yesterday then you can get more pounds for your dollar on exchange now. When you use language such as a currency being stronger/weaker than the other then it is a subjective expression when comparing to a range of currencies.

The people above are all saying the same thing (their maths is correct) but have been caught out in language.

Pops

Edited By: popolou on Nov 10, 2016 13:32
#12
$700 at 1.23 is £560 at 1.33 its £526 since its around 1.23 at the moment now has never been a better time to exchange it. A few years back we got $2 to the pound, everything over there was dirt cheap, not any more.

Edited By: eslick on Nov 10, 2016 13:33
#13
Right got it finally :3
Thanks all much appreciated.
I'll exchange it now thanks to Donald trump

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