Exchange rate
Oct 18th 2007, 7:42 pm
#662
BE Forum Addict
Joined: Apr 2005
Posts: 4,842
Re: Exchange rate
Yes I agree with you, it's just my iPOD battery still hasn't arrived, I had to take it out on someone.
Oct 18th 2007, 8:59 pm
#663
BE Enthusiast
Joined: Apr 2005
Location: Wellington, Nova Scotia
Posts: 717
Re: Exchange rate
and there was me thinking it was your PMT week
Oct 19th 2007, 3:42 pm
#664
BE Enthusiast
Joined: Feb 2007
Location: Canmore, AB
Posts: 345
Re: Exchange rate
Sorry for the minor thread hi-jack, but this is a related question at least.
We are in Canada and decided not to sell our place in the UK, the intention is it will be rented. Unfortunately we have been here nearly three months and the place is still empty
so I now have to start sending money across to the UK to pay the mortgage each month. I have just sent the first payment which cost me CAD 4030.00 to buy GBP 2000.00. This included a CAD 20.00 charge for a wire transfer, I used CustomHouse.
My question is, is there a cheaper way to transfer this sort of amount on a monthly basis? Obviously with the exchange rate the way it is we certainly don't want to sell the place in the UK and if it does rent then we won't have to. However we do have to keep sending these relatively small amounts every month regardless of exchange rate and so losing nearly 1% on every transaction is annoying.
We are in Canada and decided not to sell our place in the UK, the intention is it will be rented. Unfortunately we have been here nearly three months and the place is still empty
so I now have to start sending money across to the UK to pay the mortgage each month. I have just sent the first payment which cost me CAD 4030.00 to buy GBP 2000.00. This included a CAD 20.00 charge for a wire transfer, I used CustomHouse.My question is, is there a cheaper way to transfer this sort of amount on a monthly basis? Obviously with the exchange rate the way it is we certainly don't want to sell the place in the UK and if it does rent then we won't have to. However we do have to keep sending these relatively small amounts every month regardless of exchange rate and so losing nearly 1% on every transaction is annoying.
Oct 19th 2007, 3:53 pm
#665
Immigration Consultant
Joined: Jun 2007
Location: Halifax, Nova Scotia
Posts: 2,144
Re: Exchange rate
Sorry for the minor thread hi-jack, but this is a related question at least.
We are in Canada and decided not to sell our place in the UK, the intention is it will be rented. Unfortunately we have been here nearly three months and the place is still empty so I now have to start sending money across to the UK to pay the mortgage each month. I have just sent the first payment which cost me CAD 4030.00 to buy GBP 2000.00. This included a CAD 20.00 charge for a wire transfer, I used CustomHouse.
My question is, is there a cheaper way to transfer this sort of amount on a monthly basis? Obviously with the exchange rate the way it is we certainly don't want to sell the place in the UK and if it does rent then we won't have to. However we do have to keep sending these relatively small amounts every month regardless of exchange rate and so losing nearly 1% on every transaction is annoying.
We are in Canada and decided not to sell our place in the UK, the intention is it will be rented. Unfortunately we have been here nearly three months and the place is still empty
so I now have to start sending money across to the UK to pay the mortgage each month. I have just sent the first payment which cost me CAD 4030.00 to buy GBP 2000.00. This included a CAD 20.00 charge for a wire transfer, I used CustomHouse.My question is, is there a cheaper way to transfer this sort of amount on a monthly basis? Obviously with the exchange rate the way it is we certainly don't want to sell the place in the UK and if it does rent then we won't have to. However we do have to keep sending these relatively small amounts every month regardless of exchange rate and so losing nearly 1% on every transaction is annoying.
Of course I agree with you about the exchange rate but selling your house in the UK doesnt mean you have to convert the equity you release into Canadian dollars right away. I would sell (if you can), put the money you make into a high rate savings account in the UK and earn interest on it instead of it costing you money instead. Then exchange when you feel the time is right (but be warned that several posters on here think the rate could go lower still over the short term)
Oct 19th 2007, 4:07 pm
#666
BE Enthusiast
Joined: Feb 2007
Location: Canmore, AB
Posts: 345
Re: Exchange rate
I do expect the house prices to drop in the UK, but our house is a large period property (about 450 years old) in a village location. It is therefore quite rare and desirable, so does tend to be a little more stable in its price than 'typical' homes.
However the main two reasons we want to hang on to it are first we might change our minds about Canada and want to come back to the UK! Second, if it does rent then it would be an excellent long term investment. House prices may well fall over the next 2 years, but I am prepared to bet that over the next ten years they will still out perform any risk-free investments either in the UK or in Canada.
However the main two reasons we want to hang on to it are first we might change our minds about Canada and want to come back to the UK! Second, if it does rent then it would be an excellent long term investment. House prices may well fall over the next 2 years, but I am prepared to bet that over the next ten years they will still out perform any risk-free investments either in the UK or in Canada.
Oct 19th 2007, 4:10 pm
#667
Account Closed
Joined: Jan 2007
Posts: 494
Re: Exchange rate
I do expect the house prices to drop in the UK, but our house is a large period property (about 450 years old) in a village location. It is therefore quite rare and desirable, so does tend to be a little more stable in its price than 'typical' homes.
However the main two reasons we want to hang on to it are first we might change our minds about Canada and want to come back to the UK! Second, if it does rent then it would be an excellent long term investment. House prices may well fall over the next 2 years, but I am prepared to bet that over the next ten years they will still out perform any risk-free investments either in the UK or in Canada.
However the main two reasons we want to hang on to it are first we might change our minds about Canada and want to come back to the UK! Second, if it does rent then it would be an excellent long term investment. House prices may well fall over the next 2 years, but I am prepared to bet that over the next ten years they will still out perform any risk-free investments either in the UK or in Canada.
If your house is in/near Oxfordshire, I can recommend a firm that I would trust to do a good job.
Oct 19th 2007, 4:21 pm
#668
BE Enthusiast
Joined: Feb 2007
Location: Canmore, AB
Posts: 345
Re: Exchange rate
In case anyone is interested, or knows someone who is, then details with the three agents are here: JacksonStops, MichaelGraham and MarcusJordan
Oct 19th 2007, 4:36 pm
#669
Immigration Consultant
Joined: Jun 2007
Location: Halifax, Nova Scotia
Posts: 2,144
Re: Exchange rate
I do expect the house prices to drop in the UK, but our house is a large period property (about 450 years old) in a village location. It is therefore quite rare and desirable, so does tend to be a little more stable in its price than 'typical' homes.
However the main two reasons we want to hang on to it are first we might change our minds about Canada and want to come back to the UK! Second, if it does rent then it would be an excellent long term investment. House prices may well fall over the next 2 years, but I am prepared to bet that over the next ten years they will still out perform any risk-free investments either in the UK or in Canada.
However the main two reasons we want to hang on to it are first we might change our minds about Canada and want to come back to the UK! Second, if it does rent then it would be an excellent long term investment. House prices may well fall over the next 2 years, but I am prepared to bet that over the next ten years they will still out perform any risk-free investments either in the UK or in Canada.
Also, at a rental income of GBP1,500 per month you would be getting s terrible return so I'm not sure I agree with the statement about it being "an excellent long-term investement". I don't know how much you house would sell for. Lets assume GBP500k for argument sake. The GBP18,000 per year rental income you would get (probably nearer to GBP15,000 after you factor in the letting agents fees, insurance, council tax etc) would only get you a return of about 3% per annum. That doesnt sound like a great investment to me. Arent some UK banks and building societies overring 7% savings accounts now? And that would certainly be risk free - you wouldn't suffer a loss on the principal.
But hey, its your money.
Oct 19th 2007, 6:31 pm
#670
Born again atheist
Joined: Jul 2005
Location: Europe (to be specified).
Posts: 30,259
Re: Exchange rate
1.9742 @ noon today.
Oops.
Oops.
Oct 19th 2007, 6:48 pm
#672
Born again atheist
Joined: Jul 2005
Location: Europe (to be specified).
Posts: 30,259
Re: Exchange rate
Originally Posted by Souvenir;
It can stay there for the next week or so. It'll make the bitter cheaper. Id like it back to 2.25 by month-end though (pleeeeeeeeeeeeze).
Oct 19th 2007, 7:03 pm
#674
Account Closed
Joined: Jan 2007
Posts: 494
Re: Exchange rate
We are on with 3 agents at the moment, house is between Milton Keynes and Northampton at the top of Buckinghamshire. Please do let me have your recommendation if they have offices that cover that area.
In case anyone is interested, or knows someone who is, then details with the three agents are here: JacksonStops, MichaelGraham and MarcusJordan
In case anyone is interested, or knows someone who is, then details with the three agents are here: JacksonStops, MichaelGraham and MarcusJordan
Oct 19th 2007, 7:29 pm
#675
Forum Regular
Joined: May 2007
Location: Near Calgary, Alberta
Posts: 256
Re: Exchange rate
1.95 offered around 5pm today... agent called me with fears of it going lower...in turmoil.............
