Re: Exchange rate
 

thanks - will check them out

Re: Exchange rate
 

So I'm seriously thinking about changing my £ to US$ and holding that until the US$ shifts up against the Can$.

Seems such a shame to waste a 26-year exchange high against the US dollar.

I can deposit it in an account with my Canadian HSBC branch, the only downside being it earns 0.5% interest rather than the 3.5% or whatever I'd get in my Canadian savings account.

Anyone else done this?

Cheers, Iain

Re: Exchange rate
 

Hi Iain

Did exactly as above back in late 2003 when the $US hit an 11 year high expecting it to shift up againsts the $CAD. It didnt.... and as we all know now the $US continued to slump taking our potential profit with it.

if you do decide to take this route the ING will give you 3.5% on a $US account or the RBC will give you 4.5% for a $US GIC with a little negotiation. Have also heard that ScotiaBank will pay 4.82%.

Playing with Forex looks exciting but it comes with a risk!!

Re: Exchange rate
 

I think your US$ could be sat there for quite a long time :)

The big boys in the city make and lose millions speculating like this. Unless you have a good amount of money market knowledge I wouldn't gamble any sizeable amounts like this.

I'm sure if you asked an advisor from one of the exchange companies talked about here they'd soon tell you if it is a crazy idea or not.

Re: Exchange rate
 

Thanks chaps, just the sort of reality check I need from time to time.

:thumbsup:

Re: Exchange rate
 

Have just bought a house and need to exchange and transfer my funds, which need to be cleared before about 28th May.

Can those in the know tell me, what, if any announcements are due in next month that may have any bearing on the rate, ie, B of E announcements, chancellor reporting massive reduction in inflation, first canadian company lands on Mars, you know, that kind of thing ..... ?!

Will it honestly make much difference if I do the exchange in the next day or so, or next few weeks? Can't wait any longer unfortunately re the great surge in the rate that is/was anticipated earlier in this thread for the summer.

Now, how long is that piece of string I had a moment ago ? :p

Re: Exchange rate
 

Can't help you with the Martian thing but I believe the next BofE rate decision is due May 10th.

I presume the markets have already priced in a quarter point rise but if there are half-point jitters that week prior to the decision it might go up a bit.

Then again...

Cheers, Iain

Re: Exchange rate
 

When we came out to visit Canada in 2005 the exchange rate was 2.38, then in July 2006 when we actually moved here and needed to exchange our money it was at 2.09 - bummer! Since being here we have seen it rise to just below the 2.30 range - double bummer!

We seemed to have caught it just at the wrong time, but you can never really predict these things.

Jane

Re: Exchange rate
 

$2.23

Re: Exchange rate
 

even the experts don't get it right so what chance have we, but, yes the best time may be when the next B of E rise is announced.

Deano

Re: Exchange rate
 

Am I correct in thinking that exchange rates tend to go down in the summer (GBP to $ CDN) :confused:

Re: Exchange rate
 

$2.22 today :(

Re: Exchange rate
 

Actually it isn't the BOE as a central bank are pretty transparent, they tend to inform the market what they are going to do. Have been a couple of exception in the last year or so, but the market fully expects them to hike in the next 2 months. What you are looking for is a BOE minutes that is interrupted as hawkish (higher rates) by the market. The reason for the sell off in the last week or so is due to the one of the BOE members who is usually very pro rate hikes announced that the peak is probbaly very close. If the minutes come out after the next hike and it is 6-3 for the hike of even stronger, then the pound will gain in strength again. Either that or another set of really strong inflation numbers.

Re: Exchange rate
 

Same for us - $2.35 in April 2005, got between $1.97 and $2.11 when we moved the money over in lumps to buy properties. The only good news is the property prices shot up so I guess we shouldn't complain. Best thing I found was to stop doing the mental arithmetic when we got here and just work in dollars. Ellsie is still converting I think, but she's rubbish at maths (or math).:lol:

bad.andy

Re: Exchange rate
 

Surely you mean garbage at math? :p