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Dollars Buy now or later

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Hi Guys, this is my 1st post so I hope it’s in the right area (if its not -sorry). I currently have a quandary I am due to go to the US in Nov and will be taking around 1200-1300 pounds with me.

What I am wondering is if its best to buy the dollars now or wait so see if the exchange rate will go up. I have read Martins article where he suggests using a Credit Card however I don’t trust myself to monitor my spending so I would prefer to take travellers cheques. Most forecast sites seem to suggest the pound will fall further against the dollar. Recently the best I have seen is if you buy more than $2000 they will give you a rate of 1.79.

Just looking of a little bit of guidance I realised this is a bit of a lottery but any help would be appreciated. Once again sorry if I have posted this in the wrong area.

Cheers
EK.

Comments

  • vicky1_2
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    only you can decide, but most experts agree that the pound will fall further
    :T :beer: :beer: :beer: :j :confused: :money: ! :money: money!!money :A !money!
  • worldtraveller
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    Hi ekblue and welcome to MSE and congratulations on your first post! I travel to the States several times a year and I used to have the same concerns as you, but, it's really not worth worrying too much about. Sometimes I "gained" by waiting that extra few weeks, sometimes I "lost". Personally I would just buy them and be done with it and not worry yourself if the rate then goes up or down slightly. The current rate is still relatively close to the best it's been for us Brits for many years now and should ensure you have fun! Have fun!! :beer:
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
  • N9eav
    N9eav Posts: 4,742 Forumite
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    I am off to the US at Christmas. I am $$$$ watching too. It seems pretty stagnant at the moment. I thought it would rise in my favour after Katrina, but not much movement at all. It's currently dropping. Now the construction may help the economy, but the government has to pay for it and insurance companies. I expect little change is a good guess.

    Watch it here

    Just take a credit card, the rates are good and you can get cashback on your purchases too.
    NO to pasty tax We won!!!! Just shows that people power works! Don't be apathetic to your cause!
  • ekblue
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    Thanks for all your help guys, went and got them today after fighting with my bank to make sure they did not charge me for using a delta card. Once again guys thanks for all your help.

    Cheers
    EK
  • mellymell_2
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    Hiya, hope someone can help me, im confused!!
    Im going on holiday to New York in December and will be taking about £1000 spending money. My problem is, I'm not sure in which form to take my money i.e. travellers cheques, cash or one of those new travellers cheques re-loadable cards. Im reluctant to use my credit card too much due to the loading fee, I got charged for using my CC in Thailand last year, not a nice surprise!
    The only problem I have with travellers cheques is that I will have to take my passport wherever I go in order to cash them which is obviously a pain if they get nicked!
    I could really do with some advice!
    Thanks
    Money burns a hole in my pocket, but I'm trying to be good!!
    :confused: :grouphug: :A
  • halloweenqueen_2
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    I took £2000 with me to florida, cashed it in for dollars for I went- knowing that the hotel had a room safe - had no problems at all.
  • Finishrich
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    mellymell wrote:
    Im reluctant to use my credit card too much due to the loading fee, I got charged for using my CC in Thailand last year, not a nice surprise!
    I could really do with some advice!
    Thanks

    Get yourself a nationwide cerdit card they don't load the exchange rate like other CC companies who usually add 2.5% - 2.75%. Plus you get the benefit of the banking dollar rates rather than the tourist rates.
  • alanrowell
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    mellymell wrote:
    Im reluctant to use my credit card too much due to the loading fee, I got charged for using my CC in Thailand last year, not a nice surprise!
    Use your DEBIT Card - the one that takes money straight from your current account.
  • catsilversword
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    Usually take traveller's cheques, a little cash and cc. Haven't ever used my switch to get cash out as I understand you're charged for each withdrawal. T cheques are at least safe, if you lose them or they're stolen, you can get them refunded quickly. Most hotels and car rentals want to take an imprint of a current card in any case.
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