Question of the Week: When should I buy my foreign currency?

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Former_MSE_Natasha
Former_MSE_Natasha Posts: 672 Forumite
edited 22 April 2009 at 3:06PM in Flights, currency & car hire
From Martin

Q. I'm going on holiday in August. Should I buy my foreign currency now?

A. I don't know, no one does, but it's important to know there's no right answer. Exchange rates fluctuate as wildly and unpredictably as shares on stock markets. There's nothing wrong with trying to guess movements by buying early or holding off, but it's called currency speculation, and is a gamble even highly-paid City traders can't always get right. The pound may be weak right now but that doesn't mean it can't get weaker (or stronger).

Whatever you do, DON'T leave it till you get to the airport. You're a captive customer so rates are terrible. At least pre-ordering for airport pick-up is much better. Use comparision services in the Cheap Travel Money guide to find each country's best rate.
If you'd like to discuss this click reply below

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do i buy now?or wait?or other? 5 votes

Buy Now
20%
strawarms 1 vote
Wait for the euro to go up
0%
other and please state
80%
bigfoot125Incapuppyinspector_monkfishbibi_neko 4 votes
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Comments

  • John_Gibbs
    John_Gibbs Posts: 1 Newbie
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    Obviously you need some cash when you get abroad, so get some from Money Shop I found most reliable. Otherwise best to exchange your Stirling when you're there. En route always keep cash on you secure and out of sight. JG.
  • Incapuppy
    Incapuppy Posts: 5,713 Forumite
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    other and please state
    Hoorah for MSE Natasha. Any chance of making this a sticky - I lose count of the number of times this question is asked every week!!!
  • dzug1
    dzug1 Posts: 13,535 Forumite
    First Post Combo Breaker
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    John_Gibbs wrote: »
    Otherwise best to exchange your Stirling when you're there.

    As a generalisation that's totally untrue. Yes there are a few places where it's so. But equally there are loads of places where it isn't and a few places where you won't be able to change your ££ at all.

    I'm assuming 'best' = most local currency for your ££, not simplest or easiest
  • Rhodri_2
    Rhodri_2 Posts: 1 Newbie
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    I'm off to Bulgaria in mid June and want to exchange some money into the bulgarian levs. As this is not the euro or the dollar, when do people think would be the best time to get the money? The best rate I've seen so far is Tesco's 2.1 Lev to the pound. What's a good rate for Bulgaris? What do people think?
  • dzug1
    dzug1 Posts: 13,535 Forumite
    First Post Combo Breaker
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    Rhodri wrote: »
    I'm off to Bulgaria in mid June and want to exchange some money into the bulgarian levs. As this is not the euro or the dollar, when do people think would be the best time to get the money? The best rate I've seen so far is Tesco's 2.1 Lev to the pound. What's a good rate for Bulgaris? What do people think?

    The answer to your main question is in the first post in this thread
  • inspector_monkfish
    inspector_monkfish Posts: 9,276 Forumite
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    other and please state
    bit of a non-starter this thread isn't it?
    seeing as we already have dedicated Euro and USD threads:confused:
    Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
    (MSE Andrea says ok!)
  • neilbond007
    neilbond007 Posts: 2,111 Forumite
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    inspector_monkfish wrote: »
    bit of a non-starter this thread isn't it?
    seeing as we already have dedicated Euro and USD threads:confused:
    it's the hot topic of the week!

    i suggest for next week -
    "how much should teacher A pay teacher B for an 80 mile round trip to work?"

    i reckon that's got some legs in it...
  • inspector_monkfish
    inspector_monkfish Posts: 9,276 Forumite
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    other and please state
    neilbond007 wrote: »
    it's the hot topic of the week!

    i suggest for next week -
    "how much should teacher A pay teacher B for an 80 mile round trip to work?"

    i reckon that's got some legs in it...

    hahaha
    would love to know if that ever got sorted out !!
    Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
    (MSE Andrea says ok!)
  • whatusername
    whatusername Posts: 894 Forumite
    First Anniversary Combo Breaker
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    neilbond007 wrote: »
    it's the hot topic of the week!

    i suggest for next week -
    "how much should teacher A pay teacher B for an 80 mile round trip to work?"

    i reckon that's got some legs in it...

    Depends if the are English, British or European. ;)
  • inspector_monkfish
    inspector_monkfish Posts: 9,276 Forumite
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    other and please state
    whatusername wrote: »
    Depends if the are English, British or European. ;)


    RACIST :eek:;)
    Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
    (MSE Andrea says ok!)
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