dazzlerdaz

I`m waiting for $3 now

dexdaw

May be a bit of a long wait for that but im always optimistic!!

dazzlerdaz

long wait.........na, give it a week or two

IckleHelen

Does anyone know how far in advance you can book a rate with a foreign exchange company? e.g. Could I agree a rate today for an amount to be transferred next March? or can you only book a couple of weeks in advance?

(Sorry I do not know the proper terminology for this type of contract)

RANDW

Hi,
Yes, you can do a forward contract to secure the rate, but the company shave a bit off as they are buying it for you up front, most ask for a 10% deposit to seal the contract, you then pay 90% at the future date to get your funds.

R

IckleHelen

Thanks for explaining.

Monkey Puzzle

Hi ..I've been looking at HiFX today and am impressed with their site and how straightforward it all seems. We have managed to get a comparable rate from our Canadian HSBC account manager though so we'll just do that. We feel so bloomin lucky that we're exchanging our house deposit today and not a couple of weeks ago. Drinks will be had this evening methinks!

(Then I'll be back to "what are we doing buying a house?" but that's another story!)

Anyway, I gathered that of course it's a bit of a gamble to fix the rate in advance ..remember you may be able to get a BETTER rate come March if you don't fix. If you are tied into a deal you make now you might lose out if, say, the rate goes up beyond $2.05 or whatever you could fix at.

Or then again it might not. Oh, the stress!

(Now we've changed the bulk of our money I am BANNED from exchange rate websites. I'm going to take up knitting or something to keep my wee fingers busy! )

dazzlerdaz

I was under the impression that you had to pay the full amount upfront so they can earn the interest off the money you pay

IckleHelen

What would be the point of a forward contract if you have to pay it all up front? Instead they earn their money, by giving you a lower exchange rate than they would offer someone doing a spot contract.

dazzlerdaz

The further in advance you order the money the higher the rate they give ! if they were to give you less of a rate for a future transaction then why would you wait ?
See this link !

http://www.crowncurrencyexchange.com...areTravelMoney

Sorry if you mean a contract that you dont have to part with money until you have to ! personally i would keep my cash and wait instead of letting some one else take a profit from it ! in this case see this link http://www.moneycorp.com/personal/op...gle&kw=forward exchange contract

IckleHelen

We haven't saved up the money yet. Though we have our Visas we have decided to stay in the UK until next March as save as much money as we can.

Thanks for the links though. I've only ever done a spot contract, so don't know what the other options are.

Aviator

If you don't have the cash, don't do an advance contract. Once the buy date comes up you are contractually obliged to complete the transaction. It can cost big time if you fail to complete.

RANDW

Hi,
Some companies get your money up front, but companies like HIFX and Halo Financial allow you to do a forward deal, so if the rate comes real good and you know your getting a lump sum at a future date you don't have to miss out, I have got quotes that are just .3 off the spot rate.

R

emmae

Is there one company that seems to give the better rate consistently? Also, how do Moneycorp compare as I have an account set up with them already?

RANDW

Hi,
I used HIFX for years, but recently tried Halo after reading a tread on here and their rates came out better for me. I have never used Moneycorp, so don't know how they compare, as the rates you see on companies sites differ to what you get, if your not doing a spot transfer, it's worth giving Halo or other companies a call to see what they can do.

R