AlphaTangoMike

I'm in the same predicament as a few others here - i.e. a fair chunk of GBP. I was hoping to transfer it and enjoy a better rate. Fortunately, I don't need that cash in the short term and can wait for the FX rates to improve.

Wintersong

I was lucky - came into a sizeable inheritance at a time when the exchange rate was pretty good so transferred it there and then at around $1.65.

If there's no immediate need for cash, I'd definitely hang tight and ride it out - hopefully the pound will recover once Brexit actually happens and the sky doesn't start falling.

durham_lad

I was in a similar position in 1993 when I sold my house in the UK and the exchange rate was 1.49 so I decided to wait awhile before moving money over to the US. It went down to ~1.40 I recall but came back into the 1.6 range after a couple of years which is when I moved it over. The past is no guarantee of the future but if I had a large holding in GBP I would not trade if I didn't need to.

I am currently in the opposite position, looking to buy a house, so have been transferring $ to GBP this last couple of days. I transferred a bunch of $ to GBP earlier this year when it went 1.30 as I thought the Remain camp would win and £ would rise quickly.

btnphx

I suffered back in 2007 timeframe when I used to send dollars to the UK to pay my outstanding credit card debt and part of mortgage payment not covered by the rent. I could not have avoided those payments even thought that was expensive.

Now that the situation is reversed, I have a question - do you suggest I send dollars to the UK making up for the FX losses I suffered earlier and also pay off some mortgage?

sherbert

Timely:

"
The pound fell almost 10% at one point to US$1.1378, prompting confusion among traders who were struggling to identify any news or market event that could have been to blame. As the currency recovered to around $1.2415 there was speculation a technical glitch or human error had sparked a rash of computer-driven orders."



https://www.theguardian.com/business...why?CMP=twt_gu

durham_lad

I would certainly consider taking the opportunity to knock a bit off the mortgage with FX rates as low as this.

Bermudashorts

That would be a good plan I think. We paid off our UK mortgage completely whilst we lived in Australia 2010-2014 when the £ was particularly low.

To the original question, if the funds are not needed I would ride it out. People often talk about currency dips being permanent but it is rarely the case - it would take complete basket case economic and political meltdown for that to happen.

MidAtlantic

Maybe that's not so far away in the UK or here.

Marc_ely

http://www.xe.com/currencycharts/?fr...o=USD&view=10Y
Looks like a fairly permanent or at least consistent fall over 10 yrs...

Pulaski

Not really. Nearly ten years ago sterling was unusually strong, reaching $2. I see very little to suggest that sterling's long term value isn't still around the $1.60 mark, around which it has oscillated over the past 30 years (since it slid from over $2 in 1982-83).

jimakos

In a similar boat here. I just sold my flat in London, hoping to buy in the US soon.
Completed pre-brexit vote but exchanged after.
I was hoping for a rate circa 1.46 to even consider transferring any cash to USD...

Who ever did this https://brextit.com/ has indeed got some tears brewing.

I guess I have to sit on my GBPs for some time, hoping for a decent recovery. My losses are currently in the 6 digit range in USD
(and thats with rates right before the vote, which were already low in my opinion)

Marc_ely

I'm not convinced it will rebound in a hurry.
I'm probably not on my own either, as plenty of the people on this board left the UK to try and improve their lives.

The share of inheritance my Mum and Dad left my kids is sitting in a bank over there and it's losing daily. I just don't know whether to hang on and hope for a recover, or take the loss and try and recoup it over here for them.
I guess the perverse truth is my parents would have probably been brexiteers.

Pulaski

Sorry, I don't see the connection. I left with the same hopes. I am also a Brexiteer.

Bermudashorts

It is exchange then complete. Not complete then exchange.

Sometimes FX rates don't go your way, Brexit or not.

jimakos

Aha true, but exchange rate moves 1-3% either way, not 18%