Re: Exchange rate
 

Hi

We are now in a position to exchange some money, we are looking at next June time for our actual move.

I appreciate it's anyones guess at the moment as far as what is happening with the rate, but it would be really great to get some feedback from people, answers on a postcard please;):D

we are talking a few thousand ,not tens of thousands:huh:

a- swap it all now

b- wait a while

c- bit now and save the rest for nearer the time?

Thanks:thumbup:

Re: Exchange rate
 

wait

Re: Exchange rate
 

nikki

just be sure you have the minimum landing funds safely in canada

for 2 reasons
one we had some cash in icesave bank now we did get it back but it took a couple of months

this could have been a disaster if it was needed for landing funds

UK economy as bad as it is absolutely any bank could go bust at anytime and yes you are likely to get your money back but thats no use if you need landing funds cash for canada and cant wait up to 6 months to get your money out of a failed bank!!

reason two

a friend of mine had just about the minimum funds for landing but due to the excahnge rate now has a shortfall:eek:

after everything we all go through to get to utopia it wwpould be a tradgedy if plans got sucppered due to the failure of a UK bank or exchange rates

for peace of mind we have got landing funds and a bit for safety safely planted in canadian banks

canadian banks are considerably more secure than any UK ones at least for now
as far as the rate goes yes its terrible but its all about safety

you might be only getting 1.8 today but if it goes to 1.5 will you still have enough?

personally to me its all about security and not money eg yes we got a c$%p rate wehn we changed a large amount but at least we dont have sleepless nights thinking we might lose our cash entirely for months and our landing funds are safe

huge luck
all
by the way 1.8 is still in fact great value just dont think about when we used to 2.3 else your hair will fall out:eek::lol:

Re: Exchange rate
 

And the reason is ?

Re: Exchange rate
 

I wouldn't. It's gone from $2.35 > $1.71 in almost 2 years, I reckon it will go as low as $1.50 within 2 months. I'd change it now and be done with it.

I remember feeling choked at getting $2.15 or whatever it was back in July 07, I'd be suicidal at $1.70 :blink:

Re: Exchange rate
 

If it were me, I would convert sufficient now to meet the required landing amount unless you know that should the rate fall further you will still have sufficient to meet the requirement. Should the rate rise the loss should not be great and would be compensated for by peace of mind.

Re: Exchange rate
 

I would set an order to exchange XXX at say $1.90 within the next month. That way when it reaches it, and it will, you automatically get that rate. I use custom house (xe.com) :)

However I think it will go back to $2.05 by end of jan.

Re: Exchange rate
 

i track it several times a day and have done so for 18 months its never gone as low as 1.71:huh:

when was this??

good luck all scary stuff all this

Re: Exchange rate
 

I haven't checked the rate since I changed all mine back in July 07, sorry I thought I read a few posts up that it was on $1.71 today...my bad.

Re: Exchange rate
 

what make you think it will reach 2.05? i doubt we'll see $1.90 again for a long while? The CD is still strengthening against the £ even though the Oil price continues to fall which everybody keeps quoting will weaken the CD it doesn't seem to be having this affect at the moment?

Re: Exchange rate
 

If I changed my money today instead of August 2007 I would be $80.000 worse off .. Now that is scary

Re: Exchange rate
 

But it's all relative really. The houses are probably cheaper now than what they were during the peak of the boom in August 07.

I know what you mean though, losing 40c in every pound hurts.

Re: Exchange rate
 

Yeah I know I could have probably bought this house for $80.000 less than I paid for it

Re: Exchange rate
 

Look at this, according to the IMF, for 2008, Canada ranks 171 out of 181 countries for GDP growth, way below the UK:


http://seekingalpha.com/article/7195...-of-181-by-imf

Re: Exchange rate
 

It was $1.90 just 10 days ago and will get there again soon. Once the mad panic of Christmas is out the way you will see it rise. Im holding out for $2.05