Falling Pound

I'm_With_Stupid

I'm currently saving up to do a course abroad, which will mean I will have to pay in US dollars, and obviously the plummeting pound isn't exactly making things easy. Is there any way to transfer my existing savings into dollars to avoid any further loss?

And if so, is it worth it, or has it already lost pretty much everything it's going to lose at this point?

johnfc

no expert, but I've read that the pound is predicted to fall further through December maybe going as low as 1.20. Perhaps you could transfer your funds to Western Union in USD.

eeja

johnfc wrote: »

no expert, but I've read that the pound is predicted to fall further through December maybe going as low as 1.20. Perhaps you could transfer your funds to Western Union in USD.

Wait until tomorrow.
Rumour has it that George Osbourne's mention over the weekend of a run on the pound might actually cause it to happen !

I'm_With_Stupid

eeja wrote: »

Wait until tomorrow.
Rumour has it that George Osbourne's mention over the weekend of a run on the pound might actually cause it to happen !

And presumably that makes its value drop even further?

nick22_2

Would it be worth changing my savings into dollars ?
Is anyone on this forum doing that?

stogiebear

Er... if any of us knew the answer...

Blah99

Note, this is just my opinion and is not based on measurable facts. Forex is incredibly complex and no-one can properly predict what's going to happen. That said, taking into account economic factors, I believe we'll see further drops in the £:$, but early next year we'll start to see a slow recovery. By the middle of next year I would expect £1 = $1.60 to $1.65, and stabilization around that rate.

aqueoushumour01

I'm_With_Stupid wrote: »

I'm currently saving up to do a course abroad, which will mean I will have to pay in US dollars, and obviously the plummeting pound isn't exactly making things easy. Is there any way to transfer my existing savings into dollars to avoid any further loss?

And if so, is it worth it, or has it already lost pretty much everything it's going to lose at this point?

i think it depends when you'll need the money, and how much you are willing to gamble on currency movements. if i needed it soon I would exchange to dollars now as the general consensus is that the pound will continue to fall (and of course if everything thinks this it will become self-fulfilling.). If you don't need it until middle of next year I'd hold on to pounds.

gozomark

the general consensus is that the pound will continue to fall (and of course if everything thinks this it will become self-fulfilling.).

or alternatively, its in the price already...