Currency Exchange?

euanmac

hi,

this is my first post, so any advice that could be given would be much appreciated.

I have a student loan in the USA (in dollars) which i am currently repaying, i would like to pay this off as quickly as possible and need to transfer funds into my US bank account, however with the exchange rate of the pound against the dollar crashing over the last couple of weeks i am not too sure when will be the best time to transfer these funds.

Can anybody give me any advice on when the best time to transfer the funds would be? Is it best to go now or is the dxchange rate likely to pick up in the favour of the pound in the next couple of weeks/months?

Many thanks.

thebowler

No one can be sure of that. You are really asking advice on the money markets, and if anyone knew for sure they'd make a fortune. Why not repay some of the loan, maybe half, and see what happens over the next couple of months. If there's no sign of the pound strengthening, then you could pay off the rest. You may have a long wait for the pound to strengthen, the British economy is in a poor state. At least if you start paying back the loan you're saving on the interest.