US ($) Currency Thread 1 (closed - use thread 2)

buttonmoon

What are everyone's thoughts on how the US election today will effect the $ to £ exchange rate? I am going to New York on Friday so I need to buy some currency pretty sharpish.

I just tried to buy some currency at 1.58 but when I got to the payment section it kicked me out and the rate had changed to 1.51. :mad:

cjc3001

buttonmoon wrote: »

What are everyone's thoughts on how the US election today will effect the $ to £ exchange rate? I am going to New York on Friday so I need to buy some currency pretty sharpish.

I just tried to buy some currency at 1.58 but when I got to the payment section it kicked me out and the rate had changed to 1.51. :mad:

Good question & one I was just about to ask! I've got a month until I go & was aiming to try my best to get a good rate, although understand you can't predict this sort of thing!

FEvans

Baz wrote: »

I studied forward contracts and put and call options when I became an ACA, I'm well aware of what they are and do not need wikipedia to gather my knowledge.

For the third time. I did not buy a forward contract. There was no specified date in the future. It was the same order as I made with teg, i.e they give me a rate, I ask them to fix it and they give me the time it takes for a BACS payment to clear and get the money in their account and they send me my dollars immediately. You do understand that if you accept their rate on the day, that does not constitute a forward contract?

Are you trying to say all orders placed with crown are forward contracts, but the same order with teg is not a forward contract despite the mechanics being identical?

I think you just like to be awkward, its the only reason why you just plain ignore the facts presented to you.

i think i owe baz an apology. it now seems that crowncurrency offer an instant money transaction service. there has not always been offered as far as i am aware (its on their web site now). Obviously their £50 cancellation charge should only apply when dollars are purchased for a set day in the future (hence my argument that their would be able to apply the charge). if baz used the instant transaction then there does not seem to be a clause dealing with that sort of transaction

Baz_2

FEvans wrote: »

i think i owe baz an apology. it now seems that crowncurrency offer an instant money transaction service. there has not always been offered as far as i am aware (its on their web site now). Obviously their £50 cancellation charge should only apply when dollars are purchased for a set day in the future (hence my argument that their would be able to apply the charge). if baz used the instant transaction then there does not seem to be a clause dealing with that sort of transaction

Thank god for that, I thought I was going mad.

Apology accepted, sorry for the abuse.

So I guess it depends what dealmad ordered as to if he needs to pay them a fee.

007JUNKY

elliedfwannabe wrote: »

hi,

i need to buy about 2,500 pounds worth of dollars in the next 3 weeks, where is the best place to change that amount of money? noticed people on here talking about crown currency exchange, are there any others you would recommend for that amount of money?

Yeah your best bet is TMS or crown currency they offer much better rates for forward ordering or the next best bet would be someone like m and s and TEG. I would suggest buying soon aswell as the dollar has been awful been following it myself as I am considering buying for future trip;)

Froggitt

FEvans wrote: »

i think i owe baz an apology. it now seems that crowncurrency offer an instant money transaction service. there has not always been offered as far as i am aware (its on their web site now). Obviously their £50 cancellation charge should only apply when dollars are purchased for a set day in the future (hence my argument that their would be able to apply the charge). if baz used the instant transaction then there does not seem to be a clause dealing with that sort of transaction

So, if you buy instant dollars over the phone at say $1.60, and it goes up to $1.70, you can cancel without penalty and rebuy at the higher rate?

Similarly, buy at $1.60, it falls to $1.50, and you sell on ebay for $1.55.

Its like being a currency trader but with no downside.

Baz_2

Froggitt wrote: »

So, if you buy instant dollars over the phone at say $1.60, and it goes up to $1.70, you can cancel without penalty and rebuy at the higher rate?

Similarly, buy at $1.60, it falls to $1.50, and you sell on ebay for $1.55.

Its like being a currency trader but with no downside.

But it does mention that phone orders are binding, wether thats phone orders for forward contracts or normal it isn;t clear.

They give you 4 days to pay until they cancel your order.

So in effect you can order at one rate and have 4 days to see if it gets better. You do that enough however and they will get sick of you I would imagine.

As for selling on ebay, you can do that anyway, but the exchanges are changing all the time, if it changes by the end of the auction it wont sell. Not exactly risk free.

Froggitt

Hmmm - so phone orders are binding, but theres no cancellation penalty if you cancel.

Baz_2

Froggitt wrote: »

Hmmm - so phone orders are binding, but theres no cancellation penalty if you cancel.

It says phone orders are binding. But if you order over the internet it seems they are not.

If that means theres a penalty for cancelling phone orders I've no idea.

Don't you get confusing too.

robb01

Baz wrote: »

It says phone orders are binding. But if you order over the internet it seems they are not.

If that means theres a penalty for cancelling phone orders I've no idea.

Don't you get confusing too.

It gets so confusing