| Author |  Topic  | |
ccarcher
 United Kingdom
282 Posts
Joined: 09 Feb 2007
Status: offline |  Posted - 15 Feb 2007 : 12:36:13  
| have been thinking that as the exchange rate is currently very strong in favour of pound to the dollar
Whilst I am not going until July - August time I guess it may well make sense to get a significant proportion of any travellers cheques / cash we are planning to take now
For example with a rate currently available of £1 = $1.86
£3000 would give me $5580
Come nearer the summer time when I imagine the rate is likely to drop significantly to a more realistic £1 = $1.50
then £3000 would only give me $4500 thats like a $1000 difference
As I am going for 4 weeks this would seem to make sense
Anyone got any thoughts | | Report this post to a moderator |
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Snapper
 United Kingdom
4275 Posts
Joined: 11 Apr 2004
Status: offline | Posted - 15 Feb 2007 : 13:20:00
| What if the $/£ rate is higher come July?
IMHO, I can't see it moving so much so quickly. A few cents maybe, but not 25%.
Why not buy some of your dollars now, some in two month's time and some closer to when you travel? It's called pound-cost-averaging (sometimes) and it helps you remove some of the risk from the exchange rate. |
Steve.
http://www.orlandovillas.com/villas/1418.aspx | | Report this post to a moderator | goto top of page |
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wrpac00
 United Kingdom
3386 Posts
Joined: 21 Sep 2003
Status: offline | |
Robert5988
United Kingdom
1494 Posts
Joined: 15 Apr 2004
Status: offline | Posted - 15 Feb 2007 : 13:31:55
| Firstly there is absolutely no way any of us mere mortals can predict which way the UK£-US$ exchange rate will go. There is as much chance of the rate rising to £1 = $2.50 as it is to falling to £1 = £1.50 as you suggest. The probability is that it will not be much different to today's rate.
With regard to your other thread about a US bank account. Without doubt the best way to obtain US$ is to open a UK Nationwide BS account and/or get a Nationwide Credit Card. Nothing, but nothing, gives you a better exchange rate for US$(Yesterday was £1=$1,96) which you can obtain in cash from an ATM using a debit card or a credit/debit card for purchases. Both the current account and linked saving account(E-Saver) have very attractive interest rates.
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Clare R
United Kingdom
795 Posts
Joined: 25 May 2004
Status: offline | Posted - 15 Feb 2007 : 13:48:47
| Always use Nationwide debit and credit cards when in Florida but did have a problem on a trip last year when I exceeded the otherwise un-notified number of transactions within a 24 hour period. Apparently this un-notified number of transactions is a somewhat fluid number and once you get to 'around' 8 credit card transactions in a 24 hour period your card, like mine, is then flagged up as 'fraud'.
No chance in trying to ring the number on the back of the card to sort it out as the number is encrypted by the embossing of my name on the front of the card!! I am still waiting for Nationwide to get back to me on this one from last November. |
Clare R
http://www.orlandovillas.com/villas/1367.aspx
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Robert5988
United Kingdom
1494 Posts
Joined: 15 Apr 2004
Status: offline | Posted - 15 Feb 2007 : 17:42:23
| quote:
Always use Nationwide debit and credit cards when in Florida but did have a problem on a trip last year when I exceeded the otherwise un-notified number of transactions within a 24 hour period. Apparently this un-notified number of transactions is a somewhat fluid number and once you get to 'around' 8 credit card transactions in a 24 hour period your card, like mine, is then flagged up as 'fraud'.
No chance in trying to ring the number on the back of the card to sort it out as the number is encrypted by the embossing of my name on the front of the card!! I am still waiting for Nationwide to get back to me on this one from last November.
Clare,
I assume you always call Nationwide beforehand to tell them you will be in Florida?
I suppose though the possibility of Fraud would be flagged up if you use your card 8 times or so in 24 hours anywhere! It must take years of training and dedication to use a card that much | | Report this post to a moderator | goto top of page |
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Clare R
United Kingdom
795 Posts
Joined: 25 May 2004
Status: offline | |
Robert5988
United Kingdom
1494 Posts
Joined: 15 Apr 2004
Status: offline | Posted - 16 Feb 2007 : 10:20:51
| quote:
Local branch tells me that there is no need to inform the company that the card is being used abroad however often I try to tell them.
Head office told me that it was vital? and they must have it in writing.
I send a quick message on their on-line site - this is what I get back
quote:
Thank you for your enquiry.
The information you have provided about the use of your card/s whilst abroad, has been passed to our Special Investigations Department. This information is used by this department when monitoring the use of cards.
If you should be unfortunate enough to lose, or have your card/s stolen whilst abroad, please report this immediately to our 24 hour Call Centre on 44 1793 456789. For Credit Cards please contact us on 44 1268 567213.
Regards,
Vicky Mitten
Internet Services
http://www.nationwide.co.uk
Nationwide.
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Clare R
United Kingdom
795 Posts
Joined: 25 May 2004
Status: offline | |
florida4sun
 United Kingdom
6905 Posts
Joined: 16 Feb 2002
Status: offline | Posted - 16 Feb 2007 : 10:48:50
| They are wrong as we have used the same card abroad in different countries fo large sums of money and multiple transactions in one day (just checked and one day was over 20 transactions). We have never warned them about this.
Still it doesnt hurt to call them. The main thing is that if you do not have a track record of sepnding abroad you could easily get a stop put on your card. Very often this is not doen by your bank but a pass through house.
We get this all the time with ticket sales. The payment gets stopped but the issuing bank denies all knowledge of stopping it. Its not until you explain the problem to them that it gets sorted
quote:
Originally posted by Robert5988
quote:
Local branch tells me that there is no need to inform the company that the card is being used abroad however often I try to tell them.
Head office told me that it was vital? and they must have it in writing.
I send a quick message on their on-line site - this is what I get back
quote:
Thank you for your enquiry.
The information you have provided about the use of your card/s whilst abroad, has been passed to our Special Investigations Department. This information is used by this department when monitoring the use of cards.
If you should be unfortunate enough to lose, or have your card/s stolen whilst abroad, please report this immediately to our 24 hour Call Centre on 44 1793 456789. For Credit Cards please contact us on 44 1268 567213.
Regards,
Vicky Mitten
Internet Services
http://www.nationwide.co.uk
Nationwide.
|
Martin
Resident Ticket Guru
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Robert5988
United Kingdom
1494 Posts
Joined: 15 Apr 2004
Status: offline | Posted - 20 Feb 2007 : 15:32:58
| I have used a variety of credit/debit cards abroad for many years and never bothered to inform the bank.
Some years ago, when spending some substantial sums in a short period of time(furnishing my property) the security people of Citibank called my UK phone, fortunately my daughter answered and explained the situation. The guy said they were about to stop the card.
My pal with a Nationwide account had his card stopped in Florida when trying to buy an expensive ring, he had been using it for the previous week without problem. He was told exactly the same as I about prior notification being required when travelling abroad, which prompted my call.
Anyway to clarify I sent a message to Nationwide and got a response.
quote:
To: Call Centre
Subject: Credit Card general query
I use my Credit and Debit cards frequently abroad.
I always notify you of the dates when I will be abroad and using these cards.
I have been told that this is not necessary by other Nationwide customers; and it is not a requirement in your terms and conditions.
Can you please give me Nationwide's official position on this issue.
-------------------------------------------
Thank you for your enquiry.
It is not compulsory to advise us of any trips abroad, however it is advisable, so that your account is noted should any security issues arise.
Regards
Maureen Bushaway
Customer Advisor
Nationwide Credit Card Services
As said above It does no harm to notify them. and on-line it takes seconds.
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Advance Purchase Cash / Travellers Cheques
