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-   -   Exchange rate (https://britishexpats.com/forum/canada-56/exchange-rate-442788/)

lauder99 Nov 6th 2007 8:00 pm

Re: Exchange rate
 

book an exchange rate ahead of time. All you have to do is pay a deposit and agree to have the funds on a certain day ready for exchange. Once you have booked a rate that removes the currency fluctuation risk.
Thanks for that advice I didn't know that could be done. We have sold our house and have the capital in the bank so that when we get a WP we are set. I don't think we will be moving before the spring so hopefully there will be a bit of a bounce.

Cheers
TL

Iain Mc Nov 6th 2007 8:00 pm

Re: Exchange rate
 
It's in the 1.92's?

Stuff this, think we might forget buying a place altogether and leave the money under the mattress in the UK.

Paul Wildy Nov 6th 2007 8:05 pm

Re: Exchange rate
 

Originally Posted by lauder99 (Post 5519940)
Thanks for that advice I didn't know that could be done. We have sold our house and have the capital in the bank so that when we get a WP we are set. I don't think we will be moving before the spring so hopefully there will be a bit of a bounce.

Cheers
TL

its called a "forward rate" (as opposed to a "spot rate"). the rate you get will be slightly lower as they are factoring in the interest cost of the money until you exchange (effectively you are "borrowing" the money and exchanging now although you dont actually see the money! - your deposit is their security)

Danny B Nov 6th 2007 8:57 pm

Re: Exchange rate
 

Originally Posted by Iain Mc (Post 5519943)
It's in the 1.92's?

Stuff this, think we might forget buying a place altogether and leave the money under the mattress in the UK.

That's probably not a bad idea, keep it in the UK earning a decent wedge in interest and when the over inflated CDN$ finally sorts itself out and goes back to $2.10 you can then change a load.

Historically February has always been the month when the exchange rate is at it's highest.

mandymoochops Nov 6th 2007 9:40 pm

Re: Exchange rate
 
We started off with the dreams etc when it was at 2.35! We haven't sold our house yet so are not too worried but ya know what.........

We are moving there for the lifestyle and less pressure and if that means moving the goalposts so be it, the fave saying in our house at the mo is

"Well there's f*** all we can do about it so lets not worry about it!" :)

cneldred Nov 6th 2007 10:50 pm

Re: Exchange rate
 
good attitude i like it....exactly, yeah it is hurting financially, but at least my family are out of the UK and we are going to have a great life in Canada.

Chris

Iain Mc Nov 7th 2007 5:27 am

Re: Exchange rate
 
Into the 1.90x range then.

What is fueling this rapid change - FX traders or the oil price?

I am now thinking, again, of moving money into USD, with the logic that although Canada might not give a stuff what the dollar is worth against the pound the exchange differential with it's biggest trading partner must be hurting industry some. Is it? At all? Might we see some correction against the USD (1.08 today!)?

Damn our protracted property sale which has just completed, it's cost us at least $30,000 since the date it SHOULD have been wrapped up! (if we choose to move the money across now, that is!)

Ho hum.

manghams Nov 7th 2007 10:59 am

Re: Exchange rate
 

Originally Posted by The TWs (Post 5518775)
In the time that it took to write the post it lost another point. So we just bought. I have never felt more sick - we scraped and saved so much to be able to afford our house here and lost $13k in 48 hours.

Well its done. going to go an cry now...


We did exactly the same at about 6pm last night on a Forward Contract. We have just maxed out the Credit Cards and emptied the bank account; no food now til next month. :mad:
If this house sale doesnt' go through soon we are really going to be in trouble! :curse:
Hope we managed to get a good rate; rang round played two off against each other - fingers crossed. :thumbdown:

Howard1944 Nov 7th 2007 12:09 pm

Re: Exchange rate
 
The positive spin is that the strong dollar is forcing prices down, many people are buying cars in the U.S and are saving thousands of dollars.

Prices on T.V's etc are coming down.

What you might lose on your initial purchase will be recovered by lower costs and possibly lower or firm interest rates.

$1.80 is a definite possibility.

loose moose Nov 7th 2007 12:26 pm

Re: Exchange rate
 

Originally Posted by mandymoochops (Post 5520592)

"Well there's f*** all we can do about it so lets not worry about it!" :)

loving your mantra! just might adopt that myself

manghams Nov 7th 2007 1:54 pm

Re: Exchange rate
 

Originally Posted by Howard1944 (Post 5523345)
The positive spin is that the strong dollar is forcing prices down, many people are buying cars in the U.S and are saving thousands of dollars.

Prices on T.V's etc are coming down.

What you might lose on your initial purchase will be recovered by lower costs and possibly lower or firm interest rates.

$1.80 is a definite possibility.


Hubby has already decided that we will buy a car in the US, we are lucky that we will be on the border. :thumbup:
I'm sure that TV prices will help lift his spirit! :thumbsup:
If $1.80 is possible I'm glad be commited last night. :frown:




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Iain Mc Nov 7th 2007 3:16 pm

Re: Exchange rate
 

The market is now poised for the Bank of England's interest rate decision at the end of its two-day meeting on Thursday, with most economists expecting it to hold at 5.75 percent.

"About 30 percent is priced in for a cut so not changing rates will be a slight surprise on the upside, even though most people are expecting no change. So that might be mildly positive for sterling," Robinson (LSE: RBN.L - news) said.
(from Yahoo Finance)

Fingers crossed. Up into the heady heights of $1.93 today.

Mind if, if they do chop the rates it'll be back to the downward slide no doubt.

Member123 Nov 7th 2007 3:27 pm

Re: Exchange rate
 
[QUOTE=mandymoochops;5520592]We started off with the dreams etc when it was at 2.35! We haven't sold our house yet so are not too worried but ya know what.........

We are moving there for the lifestyle and less pressure and if that means moving the goalposts so be it, the fave saying in our house at the mo is

"Well there's f*** all we can do about it so lets not worry about it!" :)[/QUOTE]

:rofl:Thats class...like your style girl and its very true so we agree:thumbup:

mandymoochops Nov 7th 2007 11:00 pm

Re: Exchange rate
 
1.96? thats bloody shot up a bit!!!!! (obviously not that I care - see last post!;))

geedee Nov 7th 2007 11:39 pm

Re: Exchange rate
 
You could go mad with this pair! 1.90 yesterday, and up to 1.96 today, a 6 cent swing in 24 hours.

Lets say you were lucky, flogged your house in the UK for a profit, and had 100k (gbp) sat in the bank.

The difference is a whopping 6000 dollars... enough to buy a not-too-shabby car! Or, quite a bit more than most take home in a month!

I think we'll all have to adopt mandymoochops' attitude.... there will always be the potential for disappointment when you change..... grin and bear it.

But my dream house is still unaffordable at this rate!


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