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-   -   Exchange rate (https://britishexpats.com/forum/canada-56/exchange-rate-442788/)

Danny B Apr 17th 2007 1:00 pm

Exchange rate
 
Damn it's down to $2.25 now :( almost 10c less than what it was in Feb.
They reckon interest rates will almost certainly be going up next month to stop inflation rising any more.

It is so frustrating watching the rate going down while you are weeks away from selling your house to convert to dollars...

gloveman Apr 17th 2007 1:04 pm

Re: Exchange rate
 
In exactly the same boat!!

The TWs Apr 17th 2007 1:13 pm

Re: Exchange rate
 
It was (very briefly) at $2.70 earlier this year!!!!!!!!!

Are you exchanging it with someone like Moneycorp or HiFX? I beleive they both have services where you give them a range of rates you want (i.e. $2.4 - $2.7) and as soon as it hits that amount you're guarenteed that rate if you pay up a percentage of the transfer amount (10% for Moneycorp)!

Good deal if your money is in limbo for a bit!

Souvenir Apr 17th 2007 1:21 pm

Re: Exchange rate
 

Originally Posted by Danny B (Post 4654623)
Damn it's down to $2.25 now :( almost 10c less than what it was in Feb.
They reckon interest rates will almost certainly be going up next month to stop inflation rising any more.

It is so frustrating watching the rate going down while you are weeks away from selling your house to convert to dollars...

Count yourself lucky you weren't doing it in 2005/06. In 2005 the rate dropped from 2.40 to 2.00 between Summer and Christmas. It stayed below 2.10 for most of 2006.

2.25 is roughly where it should be most of the time. I grumble if it goes below and rub my hands when it goes above.

Iain Mc Apr 17th 2007 1:50 pm

Re: Exchange rate
 
It's up in the high 2.26's today and I expect it'll be back up toward 2.3 in a couple of weeks as the next UK rate decision approaches (now that there's real worry it might be a half-pointer).

I won't have my hands on my home sale loot until probably August so I'm just a spectator at the moment (although I do have some I can shift earlier if needs be... am holding out for that big 5 x millionaire June Premium Bond win though... ho ho)

Cheers, Iain

Madmac Apr 17th 2007 1:53 pm

Re: Exchange rate
 

Originally Posted by Souvenir (Post 4654724)
Count yourself lucky you weren't doing it in 2005/06. In 2005 the rate dropped from 2.40 to 2.00 between Summer and Christmas. It stayed below 2.10 for most of 2006.

2.25 is roughly where it should be most of the time. I grumble if it goes below and rub my hands when it goes above.

Too true - when we moved over in August last year the rate we got was only 2.09 - and that was a good rate from a currency exchange company. :thumbdown:

Thankfully we left some money in the UK.

Danny B Apr 17th 2007 2:46 pm

Re: Exchange rate
 

Originally Posted by The TWs (Post 4654698)
It was (very briefly) at $2.70 earlier this year!!!!!!!!!

Are you sure about that? I've been keeping an eye on it for a while now and never seen it go above $2.35 in 2007.

What I'd do for it to rise to $2.70 on my completion date :)

mkmurrays Apr 17th 2007 3:04 pm

Re: Exchange rate
 
Hi
OH works in banking and he's with Iain Mc on this one.
Rate likely to rise again in the next few weeks. We're due to transfer our cash shortly, so I've got everything crossed that he's right!
Do sympathise with those who moved 12 months ago - when we were over in April 2006 it was a very different story.

cneldred Apr 17th 2007 3:09 pm

Re: Exchange rate
 
it has not traded CAD$2.70 this year at all. Check your sources. I trade for a Hedge Fund and the highest we have iseen it n the last 15-18 months is mid 2.30's.

steve666 Apr 17th 2007 3:20 pm

Re: Exchange rate
 

Originally Posted by gloveman (Post 4654656)
In exactly the same boat!!

And me:frown:

edinburgh Apr 17th 2007 3:25 pm

Re: Exchange rate
 
hi this article in the bbc today backs up the above comments

http://news.bbc.co.uk/1/hi/business/6562723.stm

expected rises from .25 to .5% are on the cards with more to follow

ann m Apr 17th 2007 3:31 pm

Re: Exchange rate
 

Originally Posted by mkmurrays (Post 4655222)
Rate likely to rise again in the next few weeks. We're due to transfer our cash shortly, so I've got everything crossed that he's right!
.

Ditto !!

I tranferred £20,000 this week - only got 2.22 on spot rate - and have the rest sitting in a pot holding out for a slightly better rate.

Did see it hit 2.36 for one afternoon a couple of months ago - oh, if I'd had liquid assets on that day .... :)

Souvenir Apr 17th 2007 4:03 pm

Re: Exchange rate
 

Originally Posted by cneldred (Post 4655261)
it has not traded CAD$2.70 this year at all. Check your sources. I trade for a Hedge Fund and the highest we have iseen it n the last 15-18 months is mid 2.30's.

According to the Bank of Canada, the highest it has been in the last decade (monthly average) is 2.61. That was in 1998.

The average since Jan 1997 is 2.29.

Danny B Apr 18th 2007 9:54 am

Re: Exchange rate
 
It's on 2.25999 at the moment.

The TWs Apr 18th 2007 10:13 am

Re: Exchange rate
 

Originally Posted by cneldred (Post 4655261)
it has not traded CAD$2.70 this year at all. Check your sources. I trade for a Hedge Fund and the highest we have iseen it n the last 15-18 months is mid 2.30's.

I received the email from a friend who's a trader - I don't think it was there for very long. In fact I think his email said it hit it for a minute! He may have been wrong I suppose!


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