Originally Posted by Steve_ (Post 9605709)

Which is unlikely. The Canadian rate is more likely to move up in the short term and already has. Which is one of the reasons why the £ is at its lowest ever levels against the Canadian dollar.

The main reason however is that in times of uncertainty people like to put their money into resource companies and precious metals etc. and as Canada has a lot of that you have to buy Canadian dollars to invest in them, which makes the Canadian dollar more valuable.

Really what will cause the Canadian dollar to go down in any significant way is a recovery of the US economy and then people will plough their money back into the stock markets, I can't see that happening in a major way until 2014 at least. Then the £ will become more valuable as the city is a major financial hub as well.

I can remember back in 2003 the Canadian dollar was at $2.50 to the pound, I never dreamed it would ever go under $2.

Originally Posted by mapleleafbull (Post 9602901)

Hi All,

Do any of you follow the exchange rates and have any predicitions as to if the exchange rate is going to improve any time soon or even get worse?

I know nobody can say for sure but I would welcome any advice as I don't have any idea!

I will be changing hopefully upto £40,000 if I get what I want for my house.

Thanks

Thanks
Sophie

Originally Posted by The Aviator (Post 9605714)

It went to $2.62.

Originally Posted by Steve_ (Post 9605733)

Personally I wouldn't move to Canada with the exchange rate the way it is, not from the UK at any rate. Imagine five years from now it goes back to that and how much money you'll have lost.

I saw some stats that said that emigration from the UK had plunged in the last year or two, the exchange rate must be one of the main reasons.

Originally Posted by helcat12 (Post 9605845)

You won't have lost anything - you never had it in the first place!
There was only ever envying what other people got 5 years ago and then there will be envying what people are getting 5 years after you!

What a sad way to live a life!

If you wait for 5 years before you go, you may have lost the chance to go, never mind the money.

el richo I think said in a post not long ago something along the lines of, "You can always make more money but you never get the time back in your life" and he is so right.

Originally Posted by mapleleafbull (Post 9602901)

Hi All,

I flew into Vancouver and activated my PR back in July and now back in UK making arrangements to make the big move.

I was hoping you could help, as I want to sell my house and convert the money to canadian dollars to buy a home out there but am put off with the current exchange rate, but am no expert on exchange rates etc

Do any of you follow the exchange rates and have any predicitions as to if the exchange rate is going to improve any time soon or even get worse?

I know nobody can say for sure but I would welcome any advice as I don't have any idea!

I will be changing hopefully upto £40,000 if I get what I want for my house.

Thanks

Thanks
Sophie

Originally Posted by helcat12 (Post 9605435)

Here in the UK if I want short notice access to the money I will hopefully be getting from the equity when I sell the house, I have very few options.
Even a tax-free ISA will only probably get me 2.5% and even for that I might have to commit to a year. I am not even sure if I am still allowed to have an ISA once I move permanently abroad.:unsure:

Originally Posted by JonboyE (Post 9610415)

You can as long as you make the investment while you are still in the UK. However, the Canadian Government do not recognize its tax-free status so any interest you earn will be taxable in Canada, which makes it rather pointless.

The Canadian equivalent is a Tax Free Savings Account and you accrue $5,000 contribution privilege for each year you are tax-resident in Canada. Your OH might have $5,000 room but you won't have any yet.

ING direct currently offer 1.5% on instant access savings and they are usually as good as you can get. There is a new online product called ally that is advertising heavily on TV at the moment. Thye offers 1.75% or 2% depending on product. Mrs JonboyE has a savings account with ING Direct and we have no problems with them. I have no idea if ally are any good to deal with.