British Expats - Exchange rate

We changed most of our savings at $1.748. Not a great rate even now, but we had a small window between funds becoming available and buying a house.

The pain soon passes, and since we had planned our initial getting-established finances at $1.50, we even felt a bit flush. Now we're earning dollars and life is good.

Had we moved back in the heady days of $2.00+, our house would have cost a great deal more and we would now have less equity in it. Swings and roundabouts! Plan pessimistically and get on with life.

For me the thing is knwoing where you stand. Once you've changed your money, and I changed at the same rate, you can think how much that will buy you etc. The best advise I have read recently about currencies is to hold the one in the country you intend to live in.

Alan2005

Feb 21st 2009 7:17 am

Re: Exchange rate

Quote:

Originally Posted by TheBear (Post 7308118)

Yep - currency speculation is very risky. I don't want to be in the position of worrying about what the FX market is doing ever again. When a day's movement is hundreds if not thousands of dollars - it does tend to keep you awake at night.

geedee

Feb 25th 2009 3:46 pm

Re: Exchange rate

Well it was going up quickly at the end of last week.... and is now dropping just as fast. moron broon must have opened his gob.

So we bit the bullet. I have now got an overdraft at mortgage rates (line of credit) and a local credit card. I'm going to pretend I don't have any savings in the UK, and just let them sit there, rotting (they're not earning any interest to speak of!).

This whole exchange thing has been a nightmare, so we've decided to just use Canadian Dollars in Canada, and keep the UK savings for a rainy day.... i.e. we don't get PR and have to go back.

Et voila! Problem solved.:frown:

geedee

Mar 31st 2009 12:44 pm

Re: Exchange rate

Are you there, Cneldred? It's been in the 1.70's for ages and today it whacks up to 1.81+ ! Any reason?

I was adamant that I wouldn't change a penny until it got over 2 again.... but these days 1.8 looks like a deal! Any advice (anyone???)

G77	Mar 31st 2009 12:49 pm

Re: Exchange rate

Quote:

Originally Posted by geedee (Post 7440203)

Dunno where you've been looking, but it hasn't been 1.70 since Jan - it's been around about 1.8 for weeks now. I've been watching as we have relatives over shortly, no doubt be telling us how expensive things are :curse:

http://finance.yahoo.com/q/bc?s=GBPC...=on&z=m&q=l&c=

geedee

Mar 31st 2009 1:05 pm

Re: Exchange rate

Quote:

Originally Posted by G77 (Post 7440221)

You missed an 'S'.... 1.70'S

I use the Beeb's business pages and look every day.... it's rare to see it 1.8+ these days. And yes, at these rates, Canada is certainly not "cheap" for a Brit. Mind you, where is?

G77	Mar 31st 2009 1:09 pm

Re: Exchange rate

Quote:

Originally Posted by geedee (Post 7440269)

Mind you, where is?

I was going to say Britain, but even that wouldn't be accurate... ;)

scottymallo

Mar 31st 2009 1:21 pm

Re: Exchange rate

I transferred 8k across today at 1.7925 been watching for a couple of months. Think that's as good as it going to get for a while. Im not sure what needs to happen to get the rates up to 1.85+

scottymallo

Mar 31st 2009 1:25 pm

Re: Exchange rate

Cneldred hasnt posted on this thread since August 08.

geedee

Mar 31st 2009 1:37 pm

Re: Exchange rate

Quote:

Originally Posted by scottymallo (Post 7440305)

Cneldred hasnt posted on this thread since August 08.

Oh... hope s/he's Ok. Maybe found a better forum?

Novocastrian

Mar 31st 2009 1:41 pm

Re: Exchange rate

Quote:

Originally Posted by geedee (Post 7440321)

Oh... hope s/he's Ok. Maybe found a better forum?

Maybe broke?

geedee

Mar 31st 2009 1:44 pm

Re: Exchange rate

Quote:

Originally Posted by Novocastrian (Post 7440328)

Maybe broke?

Tut tut...

Novocastrian

Mar 31st 2009 1:49 pm

Re: Exchange rate

Quote:

Originally Posted by geedee (Post 7440333)

Tut tut...

Why tut, tut? Chris whatsisname is/was a perfect example of the practitioners of all the mumbojumbo which has got us (at least some of us, not me thank dog) into this horrendous mess.

geedee

Mar 31st 2009 1:53 pm

Re: Exchange rate

Quote:

Originally Posted by Novocastrian (Post 7440346)

Why tut, tut? Chris whatsisname is/was a perfect example of the practitioners of all the mumbojumbo which has got us (at least some of us, not me thank dog) into this horrendous mess.

Maybe. But his heart was in the right place. I don't once recall that he had an agenda to sell... he offered what he thought was good advice to people who asked. Free of charge and in the right spirit.

What's got us into this "mess" is greed, pure and simple.

Novocastrian

Mar 31st 2009 1:55 pm

Re: Exchange rate

Quote:

Originally Posted by geedee (Post 7440360)

What's got us into this "mess" is greed, pure and simple.

Yup. And stupidity.

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