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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.
[/quote]
:(
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.
[/quote]
:(
Phil I totally disagree with it being greed when you are changing large sums a couple of cents per £ makes a difference
[/quote]
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
[/quote]
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]
We will be buying our $ next week at what ever the rate is. If 2 - 1 then great we have an extra few $ to spend if not who cares. [msnwink]
I have just bought some dollars as the rate has gone up another 2 cents today and nearly topped $1.97 to the £. I managed to get 1.9431 which is pretty good. I use HIFX and you can watch the currency movements and just buy with a phone call. There is no other charges, they remit directly to the bank nominated within 3 days.
Blott, it was daylight robbery whoever sold your mum dollars at $1.69 as the rate has been good for quite a while now well into the 1.80s. Whatever the rate, the sharks don't go away [msnmad]
<blockquote id="quote" class="ffs">quote:Originally posted by becbecs
We will be buying our $ next week at what ever the rate is. If 2 - 1 then great we have an extra few $ to spend if not who cares. [msnwink]
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You took the words right out of my mouth
[msnsmile2]
<blockquote id="quote" class="ffs">quote:Originally posted by luckylady
I am waiting to transfer money, I will wait until the very last minute in the hope it will go to $2.00 to the £
[msnwink]
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Brenda, I presume that you did not notice that Blott posted about the rate her mum got on 28th April, not recently[msnwink]
Karen
<blockquote id="quote" class="ffs">quote:Originally posted by brendawilliams
I have just bought some dollars as the rate has gone up another 2 cents today and nearly topped $1.97 to the £. I managed to get 1.9431 which is pretty good. I use HIFX and you can watch the currency movements and just buy with a phone call. There is no other charges, they remit directly to the bank nominated within 3 days.
Blott, it was daylight robbery whoever sold your mum dollars at $1.69 as the rate has been good for quite a while now well into the 1.80s. Whatever the rate, the sharks don't go away [msnmad][/quote]
More up to date news... Mum got 1.8757 on currency at the PO this morning. :)
Travelex is currently standing at $1.9092 12.12pm today
1.87. I would not be happy with that at the mo, is that the going rate on the HIgh Street?
Since she was only changing £300, it's hardly a disaster rate for her CDV and is nearly 30 cents more than she got in April 2006.
XE is showing the rate as 1.98060 right now, that has crept up another 2 cents since I checked this morning...quite exciting isn't it :D
$2 to the £1 by Monday
That poses another problem to I buy or wait may go higher towards the end of next week
:D
I changed a lump sum today with HIFX and got $1.93
So.........knowing my luck it will be $2.00 on Monday Barbara!!!!!!!!!
Tricia
I am waiting maybe it will rise to that $2 figure before I leave for Fl in a couple of weeks time.:)
The rate has gone up yet again today and you may yet achieve the $2 figure before you leave Tricia.
Got $1.920 on high street earlier today. Can't complain at that [msnsmile2]
If it keeps going will get some more [msnwink] but its still a good rate.
So were not going to complain. [msnsmile2][msnsmile2]
where did you get that rate ? as i need some and it would be good to get that rate !![8D]
Eurochange on high street. Thomas Cook were $1.913. M&S were $1.913. All good rates;)
thanks mike , don ' t think we have eurochange in glasgow , still the others are good too .roll on christmas
just a word of warning on the Travelex price,($1.909) this is an online price . i'm a bit annoyed as this is the only price you can find with them even going through the bhx website,tried to phone but kept being put on hold , the actual amount on offer at b'ham airport is $1.80.
eventually bought online through M & S and got $1.913
Great price's though. [msnwink] As already been mentioned earlier on this thread, not that long ago we were praying for it to get to $1.75 or something like that.
Roll on $2.00!!:D:D
Sterling broke through resistance close to 1.9550 against the dollar and strengthened to highs of 1.9690 in US trading, a fresh 14-year peak for the UK currency. Sterling continued to gain ground on Friday with a move to near 1.9750 before a retreat to 1.9670. Following the convincing break of 1.9550, markets will be looking to target the 2.00 level by Monday /Tuesday although the main feature is likely to be a sustained increase in volatility
The long range forcast is even better but its all a gamble ,but still great fun
Let see what happens this week [msnwink]
At the minute on XE the mid price is 1.97738 [msnsmile2][msnsmile2]
just spoke to M&S in newcastle upon tyne and they have no dollars till wed it will be my luck for them to drop by then pat
<blockquote id="quote" class="ffs">quote:Originally posted by blott
Since she was only changing £300, it's hardly a disaster rate for her CDV and is nearly 30 cents more than she got in April 2006.
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Every cent counts;) 1.87 just seems low to everywhere else in the current climate, still someone has to make a profit out of it all I guess[msneek]
just been online to m&s and one question was what is the date of your holiday
by any chance if holiday in january and you order now could you receive in january with todays rates
What if it is higher by then though Tezz:D:D
<blockquote id="quote" class="ffs">quote:Originally posted by Pat M
just spoke to M&S in newcastle upon tyne and they have no dollars till wed it will be my luck for them to drop by then pat
[/quote]
<blockquote id="quote" class="ffs">quote:Originally posted by tezz7628
just been online to m&s and one question was what is the date of your holiday
by any chance if holiday in january and you order now could you receive in january with todays rates
[/quote]
<blockquote id="quote" class="ffs">quote:Originally posted by Cruella DeVilla
What if it is higher by then though Tezz:D:D
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not neccessarily in jan but was thinking it would cover the above situation
so why the question of when your holiday is?
I think its if you are due to go within a day or two of ordering.
We always put an earlier day to our actual date. Just to be on the safe side[msnwink]
<blockquote id="quote" class="ffs">quote:Originally posted by Pat M
just spoke to M&S in newcastle upon tyne and they have no dollars till wed it will be my luck for them to drop by then pat
[/quote]
Hmm, curious...my Mum tried to get some in Bristol M&S today and was told the same thing...
I told her she should have just got travellers cheques instead but she gave me the money and I ordered from my bank at the same rate.
<blockquote id="quote" class="ffs">quote:Originally posted by tezz7628
just been online to m&s and one question was what is the date of your holiday
by any chance if holiday in january and you order now could you receive in january with todays rates
[/quote]
Hi Tezz
You can do that using currency derivatives such as options. For small amounts options aren't really an option.(pun intended).
I use spread bets to hedge rates - sometimes it works but sometimes it doesn't. To be honest, it all a bit of a gamble but just holding on for a higher rates all the time has never worked for me in many years of hobby currency trading.