Now a good time for USD to GBP?

R0CKY

I've some money sitting in my paypal account in USD. Would now be a good time to convert it to GBP and transfer it to my bank account?

I never could get my head around exchange rates, so probably a daft question, but anyway, is it the time to convert it now?

Thanks.

ailuro2

The rate for having dollars and changin them back is better than, say, a year ago when everyone was talking about having 2 dollars to the pound. So yes, if it's not a large amount of money or you need the money, then transfer it now.

If the rate were to drop further then you'd have missed out, though. That's the trouble with crystal balls and seeing into the future.:p They're not very accurate for the currency markets.

Big_Bucks

The rate now is like 1.5 dollars to the GBP. So not worth it

mymoneyfish

Waiting for the 'best' time to exchange currency is a gamble, as rates go up and down. Certainly the US rate is a lot better now than it has been for a long time, but will it get better - who knows?

Forecasting experts are paid a lot of money by banks to guess which way currency will move, and even they get it wrong sometimes.

Go with your gut - and promise yourself no regrets afterwards if you think you could have made more. Because it might have gone the other way and you would have made less.

Hope this helps!