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There is a strange mentality with buying currency. If we had been offered a rate of $1.90 6 months ago we would have grabbed it with both hands. Now it's at $1.95 we don't see it as a great rate and all hold back, hoping for more. My guess is that if it went to $2/£1, we'd still wait for better. I think it's called simple GREED.
The end result is that most of us miss out on the best rates.
Phil (Katy's Grandad) you have hit the nail on the head, everyone is chasing the odd cent here and there. For those of us who are villa owners of course our properties in the States are now worth less than they were last week - people seem to forget that.
<blockquote id="quote" class="ffs">quote:Originally posted by Katys Grandad
There is a strange mentality with buying currency. If we had been offered a rate of $1.90 6 months ago we would have grabbed it with both hands. Now it's at $1.95 we don't see it as a great rate and all hold back, hoping for more. My guess is that if it went to $2/£1, we'd still wait for better. I think it's called simple GREED.
The end result is that most of us miss out on the best rates.
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:(
Phil/Claire I totally disagree with it being greed or chasing the odd cent here and there. When you are changing CONSIDERABLE sums of money a "couple of cents" per £ makes a vast difference[V]
<blockquote id="quote" class="ffs">quote:Originally posted by Cruella DeVilla
<blockquote id="quote" class="ffs">quote:Originally posted by Katys Grandad
There is a strange mentality with buying currency. If we had been offered a rate of $1.90 6 months ago we would have grabbed it with both hands. Now it's at $1.95 we don't see it as a great rate and all hold back, hoping for more. My guess is that if it went to $2/£1, we'd still wait for better. I think it's called simple GREED.
The end result is that most of us miss out on the best rates.
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:(
Phil I totally disagree with it being greed when you are changing large sums a couple of cents per £ makes a difference
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The point I was trying to make was so many people seem to hold on for a better rate and it all too often results in them missing out. Nobody knows where the rate is going (and I trade currencies on the FX markets regularly where even fractions of a cent either way makes a big diffeeence).
The 'couple of cents' principle you refer to works in the downward direction as well!!
we changed money in august when we went to our villa, and the difference from the previous feb gave us another $450 which we spent on the villa, when you change a large amount it does make a difference, pat
I understand that Phil, we are quite wise to it all and don't generally lose out, we always have an agreed rate which we will wait to and go for it, if it goes up so be it but also if it goes down as you say we have not lost out.
All down to personal choice I guess. [msnsmile2]
<blockquote id="quote" class="ffs">quote:Originally posted by Pat M
we changed money in august when we went to our villa, and the difference from the previous feb gave us another $450 which we spent on the villa, when you change a large amount it does make a difference, pat
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Of course that's true Pat and I'm glad you got a good rate then. However, what would the difference have been if you had changed your money today? A lot more that $450 I suspect. On the other hand, you could have received less if the rate had gone the other way.
My only point is that if you constantly hold out for a higher rate, eventually you will miss out. We all decide when we buy/sell using our own judgement (or perhaps, luck) and only know what the highs and lows are in hindsight.
I think on Xetrade you can set a trigger i.e. if it hits $1.96 it will buy automatically the amount you have stipulated.
They are saying on the FT website it is the highest for 14 years!!!!
<blockquote id="quote" class="ffs">quote:Originally posted by carrie
thanks, another daft question, looking at the link you posted, are you able to buy at that price everywhere i looked today shows it as being still in the 1.87 ish
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As an owner, I tend to send money over in large quantities which is why I am able to use a trade company such as Moneycorp or XE. All companies, including these sell at a rate slightly lower than the mid rate advertised 1.96240 as I write so they make their money by selling at a slightly lower rate. Travel companies tend to deal in much smaller amounts, hence the rate being even lower as their costs would be greater with a high number of small transactions.
The pound traded as high as $1.9588 against the dollar this morning its highest level against the greenback since its ejection from the European Exchange Rate Mechanism in September 1992.
The forecast is will touch 2 to 1 sometime next week,but it's a gamble that's what it is all about
That's the risk we take if we hold on,It's human nature to want the best deal
I will wait until Monday then I will have to deal [msnsmile2]