When to buy dollars?

rightlife

I'm off to NY in three weeks. I've been watching the Dollar and it's now 1.93 dollars to the pound...
I'm getting really itchy feet and want to buy the dollars now because that is a fabulous rate!! But is it likely to go up anymore between now and Dec 13th? or worse is it likely to go down?

Any ideas?? What would you do?

itsakidsworld

The general thought about the dollar is that it will go higher against the pound as it will also against the euro.

But the current rate is very good and so you have to look at it from an honest view without the greed, which we all do so don't worry not a negative comment.

If I was going to the USA within the next three months I would buy now because even if the rate goes up I would be very happy with the price as against a few weeks ago when it was 1.87 which was also very good.

A three point swing higher will be worth no more than about £18 pounds to £1000 so accept that the rate is great now and buy and then forget about the rate or you will tie yourself in knots wishing you had waited if the rate goes up!!

Have a nice trip.

RDA

Make sure you apply for a Nationwide FlexAccount (for cash withdrawals) and a Nationwide credit card.

Get your cash out of ATM's and don't exchange it before you go.

budgetflyer

Travelex rate is now 1.874 , thomas Global is 1.915 so I dont know where 1.93 comes from unless you are checking the BUY £s with $ rate instead ?

richardw

How many US dollars do you want to buy?

RDA

budgetflyer wrote:

Travelex rate is now 1.874 , thomas Global is 1.915 so I dont know where 1.93 comes from unless you are checking the BUY £s with $ rate instead ?

I think the current inter-bank rate is being quoted rather than the rip-off tourist rate banks and bureaux de change use for over the counter transactions.

Nationwide always charge the inter-bank rate quoted on the day of the transaction, so for today that would be around 1.9487 :j

zolablue25

rightlife wrote:

I'm off to NY in three weeks. I've been watching the Dollar and it's now 1.93 dollars to the pound...
I'm getting really itchy feet and want to buy the dollars now because that is a fabulous rate!! But is it likely to go up anymore between now and Dec 13th? or worse is it likely to go down?

Any ideas?? What would you do?

If I knew that I wouldn't be working here for a living I would be working from home dealing in currencies!

Voyager2002

Standard advice: use HALF your holiday spending money to buy dollars now, and change the other half at the time you travel. That way you will get some benefit from the good rate now, and still be able to benefit if the rate improves some more.

Of course, the problem is that if you buy dollars here you get a far worse rate than you would by withdrawing them from an ATM there using a Nationwide debit card. And of course, you lose interest on any cash that you buy now.

CHEEKYFLYGIRL

Hello,

I too am going to New York on December 13th, but don't have a Nationwide account. I was planning to take a small amount of dollars/cash (from M&S - good rates, no commision) but wanted to take some travellers cheques too for added security. I want to avoid using my expensive Lloyds TSB card abroad!

I have discovered the American Express travellers cheque card - where you 'top-up' the card with funds before you leave home, then use the card in the US (or elsewhere) as a kind of debit card - ie ATMs, and in shops as you would your normal cards. Sounds great, and convenient, but does anyone have answers to the following...?

1. What is the initial 'fee' for purchasing the card? I believe thre is one, but don't know how much...?

2. When I take dollars out of an ATM, will I be subject to any extra fees?

All asssistance/advice gratefully recieved!

Thanks guys....

G x

RDA

Full details of the terms and conditions of the American Express Travellers Cheque Card can be found here.

There doesn't appear to be a charge for issuing the card, but there is a £5.00 charge for reissue upon card expiry.

ATM withdrawals are £1.50 each and with a daily ATM withdrawal limit of £250, that could prove expensive.

I haven't looked at all the details, but you should remember that there's no such thing as a free lunch and they will recoup the cost of managing the facility somewhere, probably in a loaded exchange rate.

photome

M and S today is 1.907