the dollar's gone up..what shall i do?

BartGirl

Apolgies if this is in the wrong place..
seeing as the dollar is so weak now - compared to the pound - how can i take advantage of this ? I have about £50 spare this month...

frogman_2

Err...not much to worry about...it's got further to go.

BTW, the dollar has actually gone down (ie. weaker) against UK Sterling. It's actually just the way it's quoted...£1=$$$'s

vishpatel

£50 spare?

lol

anyway, you can take advantage of it by buying stuff from the US online/on ebay.

Aegis

Currency speculation is probably not a great idea unless you're very knowledgeable on the subject, especially not with just £50 per week.

Have you considered just putting it into a savings account?

egamar

Unless you have a pressing need for cash $ (in which case minimum charges are gonna kill the deal) the only way you can benefit is, as vishpatel said, by buying something denominated in US$ (which is the only way $ cash is any good to you, unless you plan to exchange it on some far flung black market) or a currency tied or closely linked to the $, But then there's delivery charges to factor in so .... forget it.

I'm sorta kinda confused what sort of answer you expected ......

Vans_101

I'm heading to New York at the end of next month and have yet to change any money into Dollars. Do you think the rate will get higher in the coming weeks or should I just get them now?

egamar

Vans_101 wrote: »

I'm heading to New York at the end of next month and have yet to change any money into Dollars. Do you think the rate will get higher in the coming weeks or should I just get them now?

Are you a gambler? If yes: wait.

Are you happy with an excellent deal, but maybe not quite the absolute best you might possibly get and maybe make $10 or $20 extra? If yes: buy now.

Aegis

Or get a Nationwide credit card and forego any of the commission costs and rate adjusting that goes on when you convert money pretty much anywhere. The likely fluctuations in dollar price between now and then will probably be more than offset by the lack of charges, plus you get to buy now, pay later AND you get the usual added protection afforded by buying on a credit card.

robp

I'm off to the US this Saturday, and just made an extra $50 by waiting an extra day to order the currency.

Quite lucky really! Should pay a few tips......

lordgaino

have a look at http://www.etoro.com/

I must stress that i have no idea how reputable they are, although i have played around for fun with their platform and it is quite user friendly and fun!

egamar

robp wrote: »

I'm off to the US this Saturday, and just made an extra $50 by waiting an extra day to order the currency.

Crikey! To win $50 on a movement of a cent or two indicates spending something between £2500 and £5000 on your cash $ purchase! I normally try to manage SWMBO's entire trip cost to be about £2,500 including hotels,flights etc.

And yes: the Nationwide card is fantastic for using overseas: she's had one for several years now, pretty much just for o0verseas trips. She preloads it in case she needs to draw cash (as we think that avoids interest on cash advances although you till pay say $1.50 for a withdrawal). Excellent exchange rate and no commission: it's a deal!