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

poohster

Were off to New York in 4 weeks time and cant make our minds up whether to buy our dollars now as the rate is falling everyday or wait and hope it picks up, what would you do? :money:

Also Ive read posts saying wait till you get there, how does that work im a complete novis

morecash_2

there is talk about - Crowncurrencyexchange- how creditable are they?
i telephoned today and asked how theyu secure purchasers money- i.e. Escrow a/c etc but i was told your (my!) money was not protected-which seems a frank response to say the least!!
How come they have 'Canceeld contracts' when the funds are -or should be secured only on receipt of payment??
Why do they seel at 1.75 etc on 'forward contracts' when these funds -which should have been paid for would be snapped up much cheaper?
Are they using clients money to do the day to day tradfing????
look forward to your views- or indeed those of CCExchange!!
after all when i asked for some refs they did quote MSE!!- and the 'One Show.

diane_diff

The rate of exchgange changes daily, so there is noi good time. However donb't listen to Martin Lewis about the cards from hell - he bad mouths all the banks except Barclays, howeve their charges are more than Halifax. Using yur debit card abroad is fine even if you bank with Bank of Scotland or Halifax. Cheaper than the others - best still available is Nationwide.
If you want to budget and buy Euro's before you go, buy online.

dzug1

diane_diff wrote: »

The rate of exchgange changes daily, so there is noi good time. However donb't listen to Martin Lewis about the cards from hell - he bad mouths all the banks except Barclays, howeve their charges are more than Halifax. Using yur debit card abroad is fine even if you bank with Bank of Scotland or Halifax. Cheaper than the others - best still available is Nationwide.
If you want to budget and buy Euro's before you go, buy online.

As you've signed up just to moan about an article you haven't read properly, I'm not sure you warrant a reply

The cards from hell are specifically those that charge a fee for spending overseas.

The charges for getting cash are listed - separately - for all the major UK banks including Barclays. If you had read those charges you could have worked out the relative cheapness or otherwise of each bank.

Inactive

diane_diff wrote: »

The rate of exchgange changes daily, so there is noi good time. .

Go on, you don't say.... really?:rotfl::rotfl:

Some people.:(

moneysavingmatthew

I posted this in the other pounds or dollar thread but may be useful here:

I have used this to my advantage in the past...

Travelex

They allow you to buy currency for collection up to 60 days in advance - you pay up front and the rate is locked in. You can cancel for free up to 24hrs before collection so if the rate changes against you just cancel and rebuy your currency from someone else (or them). Note: this only works if you intend to collect the currency at one of their locations.

Their rates are usually competitive as long as you buy in advance and not at the airport - the 60 day rule makes them ultra competitive.

The only downside is they don't have as many airport locations as they used to.

Ts and Cs here: http://www.travelex.co.uk/uk/personal/terms_and_conditions.aspx

Paddy2eyes

I'm going to Vegas, can you advise me whether to put my money on black or red?

DriftingBore

Heading off to America on the 15th July for a month and a half. Do I load up a FairFX card with all I need now or wait and use my Barlcays debit when I'm there?
Cheers guys.

jnm21

moneysavingmatthew wrote: »

I posted this in the other pounds or dollar thread but may be useful here:

I have used this to my advantage in the past...

Travelex

They allow you to buy currency for collection up to 60 days in advance - you pay up front and the rate is locked in. You can cancel for free up to 24hrs before collection so if the rate changes against you just cancel and rebuy your currency from someone else (or them). Note: this only works if you intend to collect the currency at one of their locations.

Their rates are usually competitive as long as you buy in advance and not at the airport - the 60 day rule makes them ultra competitive.

The only downside is they don't have as many airport locations as they used to.

Ts and Cs here: http://www.travelex.co.uk/uk/personal/terms_and_conditions.aspx

thanks for this - very useful tip - a gem obscured by a load of stupid comments. Obviously no one can predict rates, but with this tip, you get two chances to get the best deal. Surely worthy of inclusion in the main article?

od6600

moneysavingmatthew wrote: »

I posted this in the other pounds or dollar thread but may be useful here:

I have used this to my advantage in the past...

Travelex

They allow you to buy currency for collection up to 60 days in advance - you pay up front and the rate is locked in. You can cancel for free up to 24hrs before collection so if the rate changes against you just cancel and rebuy your currency from someone else (or them). Note: this only works if you intend to collect the currency at one of their locations.

Their rates are usually competitive as long as you buy in advance and not at the airport - the 60 day rule makes them ultra competitive.

The only downside is they don't have as many airport locations as they used to.

An additional benefit is that they'll match any other price; I sent them a screen capture from the money maximiser and they honoured the better price (which would have meant treking into central London to collect) and I collected the cash at my regional airport.