$ to the £

[orangetiggs]

Oh My the dollar rate is dropping like mad!! Does any one know the best way around this?? We are getting married at disney in sept and if the rate keeps dropping we may have to cancel as we wont have saved enough!!

Does anyone know if it will level off ??

 

[castanea1985]

Oh My the dollar rate is dropping like mad!! Does any one know the best way around this?? We are getting married at disney in sept and if the rate keeps dropping we may have to cancel as we wont have saved enough!!

Does anyone know if it will level off ??

Hi Sarah,
If anyone really knew which way the exchange rate was going, they'd be millionaires?! So its hard to predict!
Crown Currency are offering $2 to the £ for July! Some people don't like paying 'up front' but we have used them a couple of times without any problems!
Take a look at their website...

http://www.crowncurrencyexchange.com/content/us-dollars.asp

I doubt it will go as high as this summer/autumn as things seemed to have calmed down, but you never know!

Tracy

 

[Richard Bruvofetc]

Considering when we first went to WDW the exchange rate was $1.43 to the £ I still consider $1.95 to the £ an extremely good exchange rate.

With regards to what is going to happen I would suggest that it will probably drop a number of cents. The Bank of England held interest rates the same a couple of days ago but indications are that they will cut them soon. If this happens there will be less interest in the £ on the money markets and institutions will sell causing it to drop more. I wouldn't be surprised if it dropped to $1.80 - which is still excellent value.

However, as Tracy said, if we could predict this we'd all be millionaires....you only need someone to get bored of the Euro in the next couple of months and heyho! up goes the £ again.

 

[crabbie1]

Do you know what the exchange rate is at the mo for paying in dollars.I will be using my egg card.Thsy only want the deposit.Do you think it is worth paying it all incase it drops too much as the balence isn't due till sept.

 

[Mrs Doubtfire]

We just got 1.987 on AMEX

 

[Jakey Rowling]

For what its worth, our company does a lot of business with the states.
Our money men are looking at the rate continuing to weaken.

Nothing guaranteed, just another opinion and in these economic conditions anything is possible.

 

[wayneg]

I will still keep my money in the bank and use Nationwide credit card. No worse off now useing it compared to if I had bought TC a few month back and lost interest. Only thing I should have done is pay the cruise off but its only £50 again after taking interest earned into account.
TC and cash is too insecure for me, after losing my wallet(got it back) with £500+ in will only ever use CC in future.

 

[paulh]

I will still keep my money in the bank and use Nationwide credit card. No worse off now useing it compared to if I had bought TC a few month back and lost interest. .

We use and advise folk to get the nationwide. Just relying on nationwide works both ways,but when it reached $2.03 when we were there in aug we used our nationwide flexaccount to get £600 out ,plus we have some $2-£1 TCs from the offer earler in the year left.
The high recentley has been around $2.04 so a 10% drop would bring it to $1.84(rounded up) so buying now still a good bet,personly think it will go around $1.70,thats a drop of about 15% but i`am not a millionare yet
Sarah if crown are offering $2 to £ you can lock in the cost of your wedding,never used them but lots on here have
As with Richard we have still been in the bad times,think worst was around $1.10 to £.the average since weve been going has been $1.60
Thats what we bought our dvc at so thats what i take as my standard
Paulh

 

[Andrew DEREK UK]

The pound fell to an all time low against the Euro today, the main economic forecasts is for the pound to weaken further agaisnt the dollar, with an interest rate cut here next month.

 

[crabbie1]

Thats it then I am paying for the cruise upfront.

 

[Andrew DEREK UK]

Thats it then I am paying for the cruise upfront.

Yes,

Well my DCL Panama cruise plus a stateroom credit is paid for as well as Disneyland California, I paid a bit more off my 2009 cruise off as well now, but as its 2009, I have other thnigs to do in the meantime as well.

 

[wayneg]

Yes,

Well my DCL Panama cruise plus a stateroom credit is paid for as well as Disneyland California, I paid a bit more off my 2009 cruise off as well now, but as its 2009, I have other thnigs to do in the meantime as well.

Its only worth paying anything off our cruises for Aug 09 if you think it might drop below around $1.80 anything above that rate and you will lose in lost interest. Thats working on only 5%/annum which you could be getting more, if so then the exchange would have to drop more than $1.80.
Money I have in one fund has returned 39.52% in past 3 years, I never think its worth paying off things early, you can make a lot more in investments than the small amout you might lose in exchange rates.
Just my thoughts, I know we all run our finances differently, its worse than gambling is investments and exchanges, who knows you are probably right and I will be wishing I had paid it all off now.

 

[mandymouse]

Yes,

Well my DCL Panama cruise plus a stateroom credit is paid for as well as Disneyland California, I paid a bit more off my 2009 cruise off as well now, but as its 2009, I have other thnigs to do in the meantime as well.

Yep, I paid off my August Cruise yesterday too I hope it doesn't drop too much

 

[jmagla]

To me there seems to be no right or wrong answer to this, personally I prefer to buy early if a good rate is available, I bought from Crown Currency for July this year, I got £4000 at $2.10 (the max it went up to was $2.13). I am happy with that, yes I have lost interest but at 5%pa - tax, I think I have done ok. Others are reluctant to commit large sums so early, as others have said it is down to the individual. Looking at some comments from the money men the consensus seems to be that it has further to fall.

Crown Currency for example are still offering $2.00 for delivery in July, if you are concerned, you could buy at that rate, if not its a case of wait and see. As my father said to me you can never buy shares at the bottom and never sell at the top and the same applies to currency.

 

[wayneg]

You are right there is no right and no wrong way but I would be concerned with giving £4,000 to a company that is unregulated, they are not like a bank with protection, they have difficulties your money goes.
I know many use them no problems but too risky for me.

 

[Andrew DEREK UK]

Its only worth paying anything off our cruises for Aug 09 if you think it might drop below around $1.80 anything above that rate and you will lose in lost interest. Thats working on only 5%/annum which you could be getting more, if so then the exchange would have to drop more than $1.80.
Money I have in one fund has returned 39.52% in past 3 years, I never think its worth paying off things early, you can make a lot more in investments than the small amount you might lose in exchange rates.
Just my thoughts, I know we all run our finances differently, its worse than gambling is investments and exchanges, who knows you are probably right and I will be wishing I had paid it all off now.

Good points also remember any interest income is taxed usually at source by 20%, but if you are a 40% tax payer your tax code is changed.

Cruises are a high cost and as I use an USA TA, they can add unexpected cost, I balance out and pay off more when the rate is good, I would not pay off too much of 2009, but like to reduce it to a manageable level where exchange Rate changes would not have a great effect.

Yep, I paid off my August Cruise yesterday too I hope it doesn't drop too much

Congrats.

 

[jmagla]

Wayneg, I do take your point, but I have used them a couple of times before and also spoke to them about their organisation (and their parent organisation) and was happy with what I heard.

As to leaving my money with unregulated organisations it brings to mind two instances that cost me a lot of money, a Norwich Union endowment and an Equitable Life pension , both regulated.... allegedly........ but I digress

 

[wayneg]

Wayneg, I do take your point, but I have used them a couple of times before and also spoke to them about their organisation (and their parent organisation) and was happy with what I heard.

As to leaving my money with unregulated organisations it brings to mind two instances that cost me a lot of money, a Norwich Union endowment and an Equitable Life pension , both regulated.... allegedly........ but I digress

As has been said with this subject no right, no wrong. If you are happy with them thats the main thing.
On the whole my financial advisor has done really well for me over the past 10 years. I went against his advise a few years back with Hi-tec stocks, thankfully cautiously and only put about £15,000 in but I lost the lot, I leave investmeants to him now
It is great having the money to do what want but life was a lot easier and simpler growing up without any.