hitchw

see my previous post...coming up at the end of the year...from what i gather, this will mean that brokers will also be able to speculate on the markets, ie, advise you on what to do rather than just tell you the rate...

Mitzyboy

Yes, but to be fair do they really have any accurate idea. And I'm not taking a shot at brokers, they do a job. But a few years back I had occasion to transfer over about €180k in three or four different lots. Each time I asked which way they thought the rate was going and if they thought it was a good time to buy euros. Each time the answer was "the rate was going to deterioriate" and "now is a good time to buy". In reality the rates over the transfers went up and down so my take was that they would say anything to make me buy at that time

PhilBen

Hi Mitzyboy to answer some of your questions bank to bank transfer companies are not regulated by the FSA as it is not spspeculativerading.The reason I built my website is to try and be upfront with people and it does say the it is not an exact science. The market is driven by data, that data may be anything from an interest rate announcement, retail sales falling or the price of oil changing. The fact is no one really knows where the rates will end up until after the event. Yes we are more in the know than most people, the advice I give does reflect the market quite well most of the time.
Phil
(SNIP)

PhilBen

Sorry won't happen again

hitchw

assuming they do get regulated by the fsa, surely that will mean the brokers themselves will have to go throught he process of passing the fsa exams and becoming speculative brokers...i understand what you mean about them saying...its going up or down, but from what i gather, it is quite indeterminable as to where exactly the rates can go...rates are governed by movements in the markets and as to what data is being released...and also, it seems that gbp takes a slip whenever anyone in the government or more specifically, mervyn king, speak as all they seem to do is talk the pound down as if they actually want a weaker pound.

PhilBen

Very true, but no really knows where the market will end up. Some people think they know, but if we did, we would all be worth millions. We have a bit of an edge as we know what market data is coming out and we can also look at trends. But if you look at what the Analysts say 50% say one thing and 50% say the other. The fact is no-one really knows!

anita.patt

Yep, lot of people recommend xe as being reliable. I use xe too .

Regards

Anita Patt

rolypolyworld

i used xe all the time!

anyway, their domain name is short and sweet.

easier to remember.

British Friend

+ very speedy connection too

SteveandGalina

One thing that you have to understand is that your rate of exchange depends on the amount you are sending.

So, if you can afford to, don't make monthly transfers, make them every three months or even six.

All it means is that you have to fund the first few months without a transfer and from then on you should be OK, sending your mony actually in advance.

It makes little sense to transfer 500 pounds a month because banks charges and exchange rate will eat into it.

3000 pounds every six months means less charges and a better rate.

jdr

So I will get a better rate tomorrow for my 6 grand than I would of done a year ago ? I think not.

SteveandGalina

Mr Angry from Benalmadena - do I denote that you are a little annoyed that the pound has devalued?

I mentioned waiting six months and you would certainly get a better rate for your pound now at 1.16 than you would have done six months ago when the pound euro rate was 1.05.

But that is beside the point, unless you are a very clever financial investment analyst you cannot foresee how the pound exchange rate will move (if you can then you should be a multi millionaire and not be bothering with posting comments on Expats).

My general statement is true, given the same exchange rate it's better to group money transfers together - you get a higher rate and less charges.

Now if you want to gamble on the exchange rate and try to foresee the future then that is going to have to be specified in another post.

Mitzyboy

Mr Angry? You're a brave one tussling with our JDR

I bring over a fixed amount every month, not a huge amount. I get a better rate for it because it is a monthly direct debit than I would if I went to the company for a one off transfer. Strange, I know, but true

SteveandGalina

Wow, interesting, and which company do you use? Whenever I transfer money (and I have made several transfers around the globe this year) the first question Travelex ask me is how much!

Maybe it's a bit like a regular monthly savings plan, if you agree to make transfers every month then they give you a better rate?

Seriously though, don't know JDR from Adam but it's easy to make a statement based on what we already know about the pound - you could also have made a fortune if you had wished to transfer Euros to pounds - maybe having sold a property abroad?

Early in 2008 my wife and I were looking at buying in Spain until the exchange rate made it impossible, given the current state of the Spanish market, thank goodness we didn't.

Property investment gives no guarantees any more.

It's a shame.

:-)

jdr

Isn`t that just what you did ?

When I moved mine it was 1.58 (Lloyds Bank) and that was the best deal around from anyone, but I don`t post about it cos it doesn`t help anyone now does it.