Canadian Exchange rates
May 1st 2010, 1:07 am
#1
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Thread Starter
Joined: Dec 2008
Location: Glasgow, Scotland - heading for Toronto
Posts: 285
Canadian Exchange rates
Hi all,
We have been watching the exchange rate closely and it seems to be much more healthy.
We were wondering if/how we could 'lock in' our savings at 1.49 CAD/GBP as we don't land until December....
We don't have a Canadian bank account.... is the only option to buy the dollars now and store them in a safe place??
Any thoughts on a much better option?
Thank you so much!
FS
We have been watching the exchange rate closely and it seems to be much more healthy.
We were wondering if/how we could 'lock in' our savings at 1.49 CAD/GBP as we don't land until December....
We don't have a Canadian bank account.... is the only option to buy the dollars now and store them in a safe place??
Any thoughts on a much better option?
Thank you so much!
FS
May 1st 2010, 1:20 am
#2
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Joined: Jun 2009
Location: Hubley, Nova Scotia (from Scotland via Yorkshire and London)
Posts: 1,190
Re: Canadian Exchange rates
You can lock in rates using someone like Moneycorp or Halo, who can also give their view on whether they think the rate will get better/worse.
Have never tried it, so don't know the advantages/disadvantages or cost! Maybe someone who has done it will be able to give their opinion.
Regarding rates, a lot of people things will get better after the election - I'm no expert, but perhaps those who are will chip in.
Have never tried it, so don't know the advantages/disadvantages or cost! Maybe someone who has done it will be able to give their opinion.
Regarding rates, a lot of people things will get better after the election - I'm no expert, but perhaps those who are will chip in.
May 1st 2010, 1:24 am
#3
Forum Regular
Thread Starter
Joined: Dec 2008
Location: Glasgow, Scotland - heading for Toronto
Posts: 285
Re: Canadian Exchange rates
You can lock in rates using someone like Moneycorp or Halo, who can also give their view on whether they think the rate will get better/worse.
Have never tried it, so don't know the advantages/disadvantages or cost! Maybe someone who has done it will be able to give their opinion.
Regarding rates, a lot of people things will get better after the election - I'm no expert, but perhaps those who are will chip in.
Have never tried it, so don't know the advantages/disadvantages or cost! Maybe someone who has done it will be able to give their opinion.
Regarding rates, a lot of people things will get better after the election - I'm no expert, but perhaps those who are will chip in.
Lets hope some others chip in!
Do you think this post should be in the general section perhaps?
May 1st 2010, 1:29 am
#4
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Joined: Mar 2010
Location: Blind Bay, BC
Posts: 237
Re: Canadian Exchange rates
Hi flyingscottie........not sure that I can grasp the true intent of your message
I have just checked the inter-bank rate for CAD v GBP....at the moment it stands at around 1.54......this is NOT a good rate......so how on earth can 1.49 seem good to you?????
Seems to me that you have your thinking cap on the wrong way round......you want to get as many dollars for your pound as you can
I should have thought that the best way to fix your rate for exchange in December is to speak with the various FX dealers and forward buy......they are able to give you a guaranteed rate for your time-frame...BUT.....there is a cost which they would explain to you....and you would be under contract to buy with no option to pull out!!!
I'm pretty confident that if you approached an FX company telling them that you want just 1.49 in December....they would snap your hand off!!! Take my advice....DON'T DO IT.
I'm sure there will be plenty of others on here who would offer advice to you....lets wait and see!!!
I have just checked the inter-bank rate for CAD v GBP....at the moment it stands at around 1.54......this is NOT a good rate......so how on earth can 1.49 seem good to you?????
Seems to me that you have your thinking cap on the wrong way round......you want to get as many dollars for your pound as you can
I should have thought that the best way to fix your rate for exchange in December is to speak with the various FX dealers and forward buy......they are able to give you a guaranteed rate for your time-frame...BUT.....there is a cost which they would explain to you....and you would be under contract to buy with no option to pull out!!!
I'm pretty confident that if you approached an FX company telling them that you want just 1.49 in December....they would snap your hand off!!! Take my advice....DON'T DO IT.
I'm sure there will be plenty of others on here who would offer advice to you....lets wait and see!!!
May 1st 2010, 1:35 am
#5
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Thread Starter
Joined: Dec 2008
Location: Glasgow, Scotland - heading for Toronto
Posts: 285
Re: Canadian Exchange rates
Hi flyingscottie........not sure that I can grasp the true intent of your message
I have just checked the inter-bank rate for CAD v GBP....at the moment it stands at around 1.54......this is NOT a good rate......so how on earth can 1.49 seem good to you?????
Seems to me that you have your thinking cap on the wrong way round......you want to get as many dollars for your pound as you can
I should have thought that the best way to fix your rate for exchange in December is to speak with the various FX dealers and forward buy......they are able to give you a guaranteed rate for your time-frame...BUT.....there is a cost which they would explain to you....and you would be under contract to buy with no option to pull out!!!
I'm pretty confident that if you approached an FX company telling them that you want just 1.49 in December....they would snap your hand off!!! Take my advice....DON'T DO IT.
I'm sure there will be plenty of others on here who would offer advice to you....lets wait and see!!!
I have just checked the inter-bank rate for CAD v GBP....at the moment it stands at around 1.54......this is NOT a good rate......so how on earth can 1.49 seem good to you?????
Seems to me that you have your thinking cap on the wrong way round......you want to get as many dollars for your pound as you can
I should have thought that the best way to fix your rate for exchange in December is to speak with the various FX dealers and forward buy......they are able to give you a guaranteed rate for your time-frame...BUT.....there is a cost which they would explain to you....and you would be under contract to buy with no option to pull out!!!
I'm pretty confident that if you approached an FX company telling them that you want just 1.49 in December....they would snap your hand off!!! Take my advice....DON'T DO IT.
I'm sure there will be plenty of others on here who would offer advice to you....lets wait and see!!!
http://www.exchange-rates.org/history/CAD/GBP/G
It's getting better and we were worried that with the European (Greek) financial crisis it might go lower so we thought about getting some CAD now as an insurance....
Seems people think it will get better not worse mind you....how can you know?
May 1st 2010, 1:56 am
#6
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Joined: Feb 2005
Posts: 1,533
Re: Canadian Exchange rates
Hi
To add my five penny'orth to the discussion....the rate is so poor at the moment, that in my opinion, I would not lock into it now while it is so low.
If you lock in at 1.49 and for arguements sake change £100,000 in $cdn you would get $149000.......If it then goes back up to 1.89 for arguements sake...you would get $189000 a massive $40,000 difference, thats a huge difference.
I would keep it in sterling until the rate improves if you possibly can. Moneycorp, you can put money in sterling on deposit with them and wait for the rate to change...that way the money is not available for you to chip into....but ready to move when the markets improve. They will always transfer it back if you need it back too. You would not be under contract with them to change it and no forward purchasing agreed.
Hope this makes sense
lol
Stef
To add my five penny'orth to the discussion....the rate is so poor at the moment, that in my opinion, I would not lock into it now while it is so low.
If you lock in at 1.49 and for arguements sake change £100,000 in $cdn you would get $149000.......If it then goes back up to 1.89 for arguements sake...you would get $189000 a massive $40,000 difference, thats a huge difference.
I would keep it in sterling until the rate improves if you possibly can. Moneycorp, you can put money in sterling on deposit with them and wait for the rate to change...that way the money is not available for you to chip into....but ready to move when the markets improve. They will always transfer it back if you need it back too. You would not be under contract with them to change it and no forward purchasing agreed.
Hope this makes sense
lol
Stef
Hi all,
We have been watching the exchange rate closely and it seems to be much more healthy.
We were wondering if/how we could 'lock in' our savings at 1.49 CAD/GBP as we don't land until December....
We don't have a Canadian bank account.... is the only option to buy the dollars now and store them in a safe place??
Any thoughts on a much better option?
Thank you so much!
FS
We have been watching the exchange rate closely and it seems to be much more healthy.
We were wondering if/how we could 'lock in' our savings at 1.49 CAD/GBP as we don't land until December....
We don't have a Canadian bank account.... is the only option to buy the dollars now and store them in a safe place??
Any thoughts on a much better option?
Thank you so much!
FS
Last edited by lins and Stef McLachlan; May 1st 2010 at 1:59 am.
May 1st 2010, 2:38 am
#7
Forum Regular
Joined: Mar 2010
Location: Blind Bay, BC
Posts: 237
Re: Canadian Exchange rates
Hi
To add my five penny'orth to the discussion....the rate is so poor at the moment, that in my opinion, I would not lock into it now while it is so low.
If you lock in at 1.49 and for arguements sake change £100,000 in $cdn you would get $149000.......If it then goes back up to 1.89 for arguements sake...you would get $189000 a massive $40,000 difference, thats a huge difference.
I would keep it in sterling until the rate improves if you possibly can. Moneycorp, you can put money in sterling on deposit with them and wait for the rate to change...that way the money is not available for you to chip into....but ready to move when the markets improve. They will always transfer it back if you need it back too. You would not be under contract with them to change it and no forward purchasing agreed.
Hope this makes sense
lol
Stef
To add my five penny'orth to the discussion....the rate is so poor at the moment, that in my opinion, I would not lock into it now while it is so low.
If you lock in at 1.49 and for arguements sake change £100,000 in $cdn you would get $149000.......If it then goes back up to 1.89 for arguements sake...you would get $189000 a massive $40,000 difference, thats a huge difference.
I would keep it in sterling until the rate improves if you possibly can. Moneycorp, you can put money in sterling on deposit with them and wait for the rate to change...that way the money is not available for you to chip into....but ready to move when the markets improve. They will always transfer it back if you need it back too. You would not be under contract with them to change it and no forward purchasing agreed.
Hope this makes sense
lol
Stef
I have an arrangement with my FX broker whereby I have given him the rate that I want......he will contact me if we get to, or very close to, that figure!!! This has worked very well for me historically....and I'm sure it will in the future.
I suppose that the real question has to be.......how many $ do you want to buy for each of your hard earned £s.
Steveh
May 1st 2010, 2:43 am
#8
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Joined: Feb 2010
Posts: 63
Re: Canadian Exchange rates
Stef, you might want to also take into consideration that the UK is looking more and more likely to have a hung parliament this would further weaken the pound. While i know that $1.54 is poor (it was over $2 when i visited Canada last September) its not hard to believe that the rate will drop even further. My partner and i held off and held off exchanging in the hopes that it will go back up. Now we have put as much as we can in ISAs till that happens, with the election looking the way it is, we might be in for a very long wait.
May 1st 2010, 2:44 am
#9
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Joined: Mar 2010
Location: Blind Bay, BC
Posts: 237
Re: Canadian Exchange rates
As a PS to the above.........I'm sure you are are aware that the so called high street banks are very unlikely to quote you a rate which will be on a par with the FX brokers. If you're looking at tens of thousands of pounds......you really do need to be buying at a wholesale rate
Steveh
Steveh
May 1st 2010, 2:45 am
#10
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Joined: Feb 2005
Posts: 1,533
Re: Canadian Exchange rates
Hiya Steveh
Just for the record...I am Stef (female) and my husband is Lins (as in Lindsay)...Yep all woman...can't you tell by the way I can rabbit....lol
lol
Stef.
Just for the record...I am Stef (female) and my husband is Lins (as in Lindsay)...Yep all woman...can't you tell by the way I can rabbit....lol
lol
Stef.
I have to say I agree with Stef when he says "you can put money in sterling on deposit with them and wait for the rate to change...that way the money is not available for you to chip into....but ready to move when the markets improve."......but of course this method would NOT lock you into a rate
I have an arrangement with my FX broker whereby I have given him the rate that I want......he will contact me if we get to, or very close to, that figure!!! This has worked very well for me historically....and I'm sure it will in the future.
I suppose that the real question has to be.......how many $ do you want to buy for each of your hard earned £s.
Steveh
I have an arrangement with my FX broker whereby I have given him the rate that I want......he will contact me if we get to, or very close to, that figure!!! This has worked very well for me historically....and I'm sure it will in the future.
I suppose that the real question has to be.......how many $ do you want to buy for each of your hard earned £s.
Steveh
May 1st 2010, 2:47 am
#11
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Joined: Mar 2010
Location: Blind Bay, BC
Posts: 237
Re: Canadian Exchange rates
Stef..................oooooooops!!...sorry!
Steveh
Steveh
May 1st 2010, 2:49 am
#12
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Joined: Feb 2005
Posts: 1,533
Re: Canadian Exchange rates
Hi
I hear what you say...in 2007 we were getting 2.21.....but I honestly can't see it being a hung parliament...not since Gordon Brown shot himself in the foot when he forgot to switch off that mic.....People were not keen on him just taking over from Blair like he did...now the copybook is well and truly blotted. A more insincere man I have yet to meet. He certainly showed TRUE COLOURS that day.
lol
Stef
I hear what you say...in 2007 we were getting 2.21.....but I honestly can't see it being a hung parliament...not since Gordon Brown shot himself in the foot when he forgot to switch off that mic.....People were not keen on him just taking over from Blair like he did...now the copybook is well and truly blotted. A more insincere man I have yet to meet. He certainly showed TRUE COLOURS that day.
lol
Stef
Stef, you might want to also take into consideration that the UK is looking more and more likely to have a hung parliament this would further weaken the pound. While i know that $1.54 is poor (it was over $2 when i visited Canada last September) its not hard to believe that the rate will drop even further. My partner and i held off and held off exchanging in the hopes that it will go back up. Now we have put as much as we can in ISAs till that happens, with the election looking the way it is, we might be in for a very long wait.
...so I have got into the habit of instant forgiveness
May 1st 2010, 2:51 am
#14
Forum Regular
Joined: Mar 2010
Location: Blind Bay, BC
Posts: 237
Re: Canadian Exchange rates
Hi
I hear what you say...in 2007 we were getting 2.21.....but I honestly can't see it being a hung parliament...not since Gordon Brown shot himself in the foot when he forgot to switch off that mic.....People were not keen on him just taking over from Blair like he did...now the copybook is well and truly blotted. A more insincere man I have yet to meet. He certainly showed TRUE COLOURS that day.
lol
Stef
I hear what you say...in 2007 we were getting 2.21.....but I honestly can't see it being a hung parliament...not since Gordon Brown shot himself in the foot when he forgot to switch off that mic.....People were not keen on him just taking over from Blair like he did...now the copybook is well and truly blotted. A more insincere man I have yet to meet. He certainly showed TRUE COLOURS that day.
lol
Stef
PS thanks for your forgiveness!!
