Exchange Rates

Today's Business Rates are:-

Morning Market Rates

GBP/EUR: 1.4421
<span style="color:red">GBP/USD: 1.9165 </span id="red">

Today,s rate on XE.Com is:

1.94171 USD

Our daughter is thinking of buying dollars now for her trip in March.

Keith & Jacqui

I have bought in @ this rate but think it will go higher, either way you cannot lose considering when we signed it was at $1.66[msnsmile2]
Tony

Well, I've certainly missed the boat....just checked on my bank's ex rate and it is quoting 1.80 to the GBP [msnmad][msnmad][msnmad][msnmad][msnmad][msnmad]

The forcast is for it to track very close to 2004, the current drop was caused by the prospect of the US rate going up.

So I am right in thinking it may go up again??

Should I wait for feb trip or buy now?, really undecided as i thought it would remain high.

It's very difficult to predict short-term movements in currency rates so if it's for February you might as well buy now because there probably won't be much movement in the meantime.

You need to bear in mind that a cent or so movement doesn't make significant differences unless you're exchanging large amounts such as for a property purchase. For example, the difference on £2000 at $1.80 against $1.82 is just $40 - worth having but in the great scheme of the total holiday cost probably not something to lose sleep over.

The exchange rates in Atlanta Georgia just before I left today were $2.09. That's what they were offering there.

<blockquote id="quote" class="ffs">quote:The exchange rates in Atlanta Georgia just before I left today were $2.09. That's what they were offering there.[/quote]

That must have been buying £1 for $2.09 not getting $2.09 for £1

If you have a Natinwide current account you can get dollars at the business exchange rate and they do not charge commission. They charge £3.50 delivery as they have to send you the money by courier but I have always found them to give the best rate - you can ring them 08457 302010 or check out their web-site.

Is it not more convenient to use ATM's with the card as and when you need cash in the US and get the same rates? That way you don't to pay a delivery charge or have large amounts of cash/travellers cheques to keep safe.

That's what we did Phil on our recent trip (used ATM with Nationwide card).
No extra charge at the ATM with either our local Suntrust or Bank of America. Don't believe in giving Banks or Building Societies a penny more than I have to!

I keep meaning to apply for a Nationwide Account for the very reasons you give Maureen. I'm with Citibank at the moment and they've been good for the ATM usage but they have started to charge the foreign exchange loading like most of the others.

I got $1.87 on Monday with HIFX, they said they expect it will go up again late Feb early March

Tricia

<blockquote id="quote" class="ffs">quote:Originally posted by Southsider


I got $1.87 on Monday with HIFX, they said they expect it will go up again late Feb early March

Tricia
[/quote]

Thanks for that tip Tricia, we are going late February so will wait and see what happens.[msnsmile2]

don't rub it in Sarah!![msnwink]<blockquote id="quote" class="ffs">quote:Originally posted by Ray&Sarah
<blockquote id="quote" class="ffs">quote:Originally posted by Southsider


I got $1.87 on Monday with HIFX, they said they expect it will go up again late Feb early March

Tricia
[/quote]

Thanks for that tip Tricia, we are going late February so will wait and see what happens.[msnsmile2]
[/quote]

The Dollar is still under pressure globally, the trade deff in the USA has reached a record highs. Most trade accross the world is done using the USD and a lot of country's banks/financial establishments hold large quantities of Dollars.

If the finace houses decide to unload some of thier USD holding as the dollar strengthen, this will further weaken the dollar. Most financial institutions in the UK appear to be very weary of the dollar at the moment, so its short term strength may well weaken again, kep an eye on the USA's economic data as a guide.

Heres a tip for you all (hopefully) if you are regular visitors to the USA, go into your bank and open up a USD account, you only need to keep a few $ in there, (it will pay poor interest), but when you want to change your money from sterling to USD its easy, transfer from your sterling savings account to your USD account and you can check every four hours or so what rate of echange you get.

Heres the best bit, You get a much better rate than using the foriegn exchange counter or any foriegn exchange agency.

Check with your bank first, I bank with Barclays and the service is very good.

patrick

Is it possible to open a USD bank account with a UK address?

Does anyone know if you can do this with Abbey? This would be a good way to save for me, once it's dollars I won't touch it!!

<blockquote id="quote" class="ffs">quote:Originally posted by E. Cosgrove
don't rub it in Sarah!![msnwink]<blockquote id="quote" class="ffs">quote:Originally posted by Ray&Sarah
<blockquote id="quote" class="ffs">quote:Originally posted by Southsider


I got $1.87 on Monday with HIFX, they said they expect it will go up again late Feb early March

Tricia
[/quote]

Thanks for that tip Tricia, we are going late February so will wait and see what happens.[msnsmile2]
[/quote]
[/quote]

Sorry Liz, just excited.[msnwink]:D

<blockquote id="quote" class="ffs">quote:Is it possible to open a USD bank account with a UK address?[/quote]

You can get a US$ account with CitiBank in UK. You get a debit card linked to the US$ account and a US$ chequebook(or checkbook even!!)
You can transfer between UK£ and US$, on-line or or by phone, and get a good rate. No direct Debit facility though.

I did try to open a US bank account before I owned a property and neither bank would entertain me - even though I did not want any overdraft facility. They said it was against banking regulations - money laundering etc - but I don't know if that is accurate.

Robert, let me get this right. Do I need to own property in the USA to open a $ account at Citibank-UK or can I just walk-in and do it? Do they need US references or will UK ones do?

<blockquote id="quote" class="ffs">quote:Robert, let me get this right. Do I need to own property in the USA to open a $ account at Citibank-UK or can I just walk-in and do it? Do they need US references or will UK ones do?[/quote]

Nostromo,
Anyone can open an Citibank account in UK - you can apply on line or by phone or in person - subject to status etc. USA does not come into the equation.

You open a sterling current account and then a linked dollar and/or Euro account. To avoid charges you need to have £2000 across the relationship( the equivalent in all currencies). I have a citibank UK£ savings account in which I keep the £2,000 at 4.5%.

I don't use the Sterling current account other to pay in the odd cheque. Any transfers into Citibank I do by BACS.

Robert

Nostromo

I also have a Citibank account. Very useful for moving in and out of US Dollar and Sterling as rates dictate.

You can also have a linked Euro account and move between Euro/£/$ as suits your need.

Can get a bit complicated if you don't keep track and there are very few branches in the UK (and in Florida for that matter) but you can do everything you need to online.

Lloyds Tsb offer an off shore USD account on the Isle of Man - open to anyone.

Thanks Robert, KG and Lal. As a matter of fact, I have a Lloyds TSB account and am one of their Premier customers. So, I'll ask their terms first and then check with Citibank to compare.

<blockquote id="quote" class="ffs">quote:Originally posted by Nostromo
Thanks Robert, KG and Lal. As a matter of fact, I have a Lloyds TSB account and am one of their Premier customers. So, I'll ask their terms first and then check with Citibank to compare.
[/quote]

The thing I liked with the Lloyds is that you can secure your rate before you transfer funds if that makes sence[?]

<blockquote id="quote" class="ffs">quote:The thing I liked with the Lloyds is that you can secure your rate before you transfer funds if that makes sense[/quote]

Lucy,
Agreed it is most useful. What are the charges/interest rates at Lloyds?

With Citibank you can phone and ask the rate or go on line and set up a transaction. Before it is finalised it says exactly how many US$ you will be getting. You press ‘continue’ if you like the rate ‘cancel’ if not. I don’t know if Lloyds are the same but they tend to fix the internet rate and it stays fixed all day. So if the pound weakens, say 2 cents, you can go on-line that evening and change money at the previous day’s rate.

On a more general point, I am surprised that more people who visit America even once a year or so, don't get a US$ account. The convenience alone - not to mention the savings - make it worth while. I wish I had done so earlier.

If you get $$s from an US ATM with a UK card you often get stung.

You can also buy in the USA on the Internet without getting a poor exchange rate and/or charges.

Some firms – and villa owners –fix their UK£ and US$ prices a long way ahead based on the, then, current exchange rates. When the exchange rates change they do not change their prices. Obviously this is understandable when all their expenses are in US$.

For instance there are Villa owners who use an exchange rate of £1 = $1.65. So, for example, the price for 3 weeks is £1,800 or US$2,970. At today’s rate Citibank will give me US$3,366 for UK£1,800. Send US cheque for $2,970 and pocket $396.

Robert

I rent directly from a US owner so he wants a US$ check because he doesn't have credit card facilities. I can change into US$ when the rate is favourable to me so I save money without any negative impact upon him. If I rent from a UK individual I can choose their £ or $ rate to get the best deal.

I absolutely agree with Robert that any regular visitor to the US can benefit from a US$ account

Hi,
Personnaly I wouldn't touch a UK bank for travellers Cheques. We used 2 online sites. First we used Saga Holidays site. (No you don't have to be a memeber or over 50!! lol) The other is online FX. Both charged no commision and no charge for next day delivery. Although I think Online FX now charge £3.50.

Steve & Dawn