$US up to $2.02 to the £ Crown Currency (other good exchange deals also.)

guv

Just thought I'd add - if you are going now or soon, this thread offers a better short term rate.

But in the long term, this is a good deal.

alchemista

You've gotta compare this to what you can get by sticking your money in a high-yield saving account. It doesn't sound like a good deal to me when you could put these in an account and have more money available by the time of your vacation.

Adidas Addict

Can reccomend Crown, used them a few times and always offer good service.

guv

alchemista:
You've gotta compare this to what you can get by sticking your money in a high-yield saving account. It doesn't sound like a good deal to me when you could put these in an account and have more money available by the time of your vacation.

Do you know of any high yield saving accounts for US$ ?

Ive looked into this in the past and the only thing I found was them wanting to Charge you for looking after your currency - not pay interest.

Any links for what you speak of? If you have, then taking the other currency thread on the go at the mo, is the way to go by buying today and saving in an account for the future.

Just saving GBP and hoping the interest rates will be fine next year is not what you are aspiring to I hope?

jaydeeace

guv:
Do you know of any high yield saving accounts for US$ ?

Ive looked into this in the past and the only thing I found was them wanting to Charge you for looking after your currency - not pay interest.

Any links for what you speak of? If you have, then taking the other currency thread on the go at the mo, is the way to go by buying today and saving in an account for the future.

Just saving GBP and hoping the interest rates will be fine next year is not what you are aspiring to I hope?

Under normal circumstances, a high-interest deposit account will out-perform FX deals. What I would suggest is a spot of hedging could minimise risk even further...

thankshotdeals

if you put 100 in high yield eg 5.25 you would have 105.25 less tax you would end iup with about 104 at exc rate of 1.98 = $205.92 therefore $ would have to go up to 2.06 in the next year before you would lose money
Its about what you feel comfortable with. Better people than you or me are forecasting where the $ will be in a years time so the simple fact is if you think it is a good rate now then buy it. Otherwise make a comparison on a good website nearer the time or phone post office or marks and spencers who usually do a reasonable rate. Better still get a nationwide or saga credit card they dont charge a commission and give great rates although they do charge for cash advances. In the USA everyone takes credit cards.

keeperbear · *Last edited by keeperbear : 03-06-2007 at 12:00.*

If I understand this correctly, I can immediately pay for my currency and wait until July 2008 for a rate of $2.02. In addition I have to pay a minimum fee of around 1% for this wonderful bargain. Exactly how is this a great deal? I could leave, say, £1000 in a savings account for a year at 4% and then buy my currency in July 2008. In addition, how do I know if this company is going to pay my currency in July 2008?

Much better to get a Nationwide CC or DC and avoid all fees. Nationwide cards give you the current exchange rate with NO exchange fees. Last month I got $2 to £1 from an ATM in the USA with no fees.

keeperbear

guv:
Do you know of any high yield saving accounts for US$ ?

Ive looked into this in the past and the only thing I found was them wanting to Charge you for looking after your currency - not pay interest.

Any links for what you speak of? If you have, then taking the other currency thread on the go at the mo, is the way to go by buying today and saving in an account for the future.

Just saving GBP and hoping the interest rates will be fine next year is not what you are aspiring to I hope?

You are missing the point.

If Crown currency are offering you $2.02 in July 2008, then the exchange rate may be better than this by then!

With Crown you pay upfront in £ for a better future rate. Why not invest your £s in a savings account and use this interest to "secure" a high amount of dollars in the future?

guv · *Last edited by guv : 03-06-2007 at 15:20.*

keeperbear:
If I understand this correctly, I can immediately pay for my currency and wait until July 2008 for a rate of $2.02. In addition I have to pay a minimum fee of around 1% for this wonderful bargain. Exactly how is this a great deal? I could leave, say, £1000 in a savings account for a year at 4% and then buy my currency in July 2008. In addition, how do I know if this company is going to pay my currency in July 2008?

In July 2008 you might be getting $1.60 to the £. Who'll be kicking themselves then? True, you could argue that it might go up to $2.40 - but realistically which is more likely? Having been to the US when it was $1.18, I can tell you it makes a big diffeence!

In fact I was there in March 2006 and got $1.71 to the £. (In March 2007 I used this company and got $1.99 - and it peaked at that time also. True, I might of saved £25 in interest in buying at that time - but it could have been very costly if I had waited and that peak didnt come.)

:
Much better to get a Nationwide CC or DC and avoid all fees. Nationwide cards give you the current exchange rate with NO exchange fees. Last month I got $2 to £1 from an ATM in the USA with no fees.

If you are getting todays $ rate, then fair play, but I'll wager you you wont get $2.02 or above for next March from your ATM machine.

guv

keeperbear:
You are missing the point.

If Crown currency are offering you $2.02 in July 2008, then the exchange rate may be better than this by then!

True. It is a gamble and if its not for you, then dont take it. As I said in another post, I will gamble you wont get better when the time comes around.

:
With Crown you pay upfront in £ for a better future rate. Why not invest your £s in a savings account and use this interest to "secure" a high amount of dollars in the future?

Because by the time that comes around, your £1040 might only buy you $1500 because of a downtrend on the $. Personally going the route you suggest is a bigger gamble because of the unknown. This way you KNOW what you will get and that rate is damn good.

guv

thankshotdeals:
if you put 100 in high yield eg 5.25 you would have 105.25 less tax you would end iup with about 104 at exc rate of 1.98 = $205.92 therefore $ would have to go up to 2.06 in the next year before you would lose money

Other way round. It would need to go down to lose money if you have amassed a larger amount by saving.

:
Its about what you feel comfortable with.

Precisely.

Which ever way it pans out (ie up or down exchange rate), I would be safe in the knowledge I dont have to worry about a £ crash against the $. I have already conceeded it could go the other way - however, its already crashed and I firmly believe its gone pretty well as far as its going to. If people feel differently, then the way forward is clear. If they feel the same as me, then remove the uncertainty by getting a good deal now.

cadmus

im off to florida in 13 months time . i would love to get this $2 rate. i have a spare grand earning 5% ,. can anyone advise a good move for me .... buy now or what .
if i dont do nothing , my grand will be worth £1050 ish , but if i do the $2 .02 ill have $2020 and if the £ weakens to a more realistic exchange of around $1.65 - $1.70 , my £1000 will only get $1650 - $1700 , a difference of over $300 . if i new what was the correct move to make id be RICH. any advise appreciated.

FF99

cadmus:
im off to florida in 13 months time . i would love to get this $2 rate. i have a spare grand earning 5% ,. can anyone advise a good move for me .... buy now or what .
if i dont do nothing , my grand will be worth £1050 ish , but if i do the $2 .02 ill have $2020 and if the £ weakens to a more realistic exchange of around $1.65 - $1.70 , my £1000 will only get $1650 - $1700 , a difference of over $300 . if i new what was the correct move to make id be RICH. any advise appreciated.

The flaw in the analysis is to assume that a $1.70 exchange rate is "more realistic". I am old enough to remember when it was actually $2.40, so I can't see why any one rate is more realistic than any other.

guv

FF99:
The flaw in the analysis is to assume that a $1.70 exchange rate is "more realistic". I am old enough to remember when it was actually $2.40, so I can't see why any one rate is more realistic than any other.

So am I and was there when it was (thankyou Freddie Laker!) July 1980 to be precise. It peeks to $2.49 when I was over there as well. (The following year, it went down to $1.68 and I can tell you it made the cost almost crippeling from my previous years excursion.)

However, suggesting that a rate that existed a year ago is less likely than one that happened 26 years ago is quite absured.

$US up to $2.02 to the £ Crown Currency (other good exchange deals also.)

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