Re: Exchange rate
 

Me too!

For now, as it doesn't look like we'll see 2.35 for a while, and I'm hoping to buy a house, I'm hoping to reduce the deposit to an absolute minimum and then pay off lump sums later when/if the rate improves.

Re: Exchange rate
 

Err, there isn't. Pick a bunch of different time-frames and you'll get completely different "trends". The movement is essentially random.

Re: Exchange rate
 

Hi Gary, I have exchanged currencies several times and every time my UK bank (First Direct)has achieved a better exchange rate than the brokers. I cant understand why as it seems to fly in the face of most of the other peoples experience on the board? Anyway that is my experience so I hope its helpful.

Re: Exchange rate
 

You are not the only one to find this, I have spoken to others who have done the same. The best thing is always to shop around.

Re: Exchange rate
 

Taking into account the fundamentals of both Candian and UK economies I personally dont think we will see a return to 2.30's for a very long time. My personal prediction is that the UK housing market will get worse with prices dropping further (according to Halifax they dropped 2.5% in March) and this will help to drag the UK eceonomy into recession in exactly the same way it is doing in the US. I'm not saying canada well get off scot free - the US recession will affect things here - but oil prices will probably remain high and this will help to prop up the economy. So if things are bad everywhere but relatively worse in the UK than in Canada then we probably wont get much above 2.00 except for the occassional spike. Remember that the excahnge rate has been as low as 1.5 in the past.

Re: Exchange rate
 

I concur - my regular bank here in Canada got me a better rate than HIFX

Re: Exchange rate
 

That was my experience on 2 out of 3 transfers. I was told on here in no uncertain terms that I must have dreamt it and no way was that possible. I think a lot of people get misinformation from their bank and get tourist rates, or don't make it clear how much they're transferring.

The third time I couldn't get a live rate from my UK bank, I was trying to arrange it from Canada and all I could reach was call centres in Bangalore and no-one knew what I was on about. I had to make a quick decision as the rate was dropping and take what I could get and that meant HIFX in SF. Scrolling back through this thread to see what I got and when, I'm pleased I didn't hang around for my bank on that occasion :unsure:

OH also used HSBC for a large draft transfer after checking HIFX and moneycorp. I remember there was a mix up and they didn't order the draft when they should have, but they honoured the rate he'd been given on that date which was to his advantage as it had dropped in the meantime.

Re: Exchange rate
 

Yeah, I should have added that you do need to tell them the amount and assuming its 10k or more tell the branch (or call centre) to phone through to their FX department to get you a "special rate". But definitely my experience is that that rate is better than what the currency brokers offer.

Re: Exchange rate
 

Well we had to go for it and managed to get a rate just above 2 - but only just! :ohmy: Oh well it's done now and hopefully the money will be here this week ready for us to buy our house.

Zoe M. x

Re: Exchange rate
 

We have got fairly good rates from the banks (our account type gets us a bit above the posted rate), however the banks have never beaten the rate we have obtained through our FX dealer. With banks , they will give you an indication rate on the phone, but you cannot book a rate, you'll have to wait until you get in the branch to do the exchange. With our FX dealer, we do the trade over the phone, and the rate is fixed. This is a contract to buy and the money is transfered to their account withing 2 days.

Works really well, never known the GBP to be so low for so long though!!

Re: Exchange rate
 

I've done transfers through First Direct from Canada (UK funds are in a FD account) - all done over the phone, rate confirmed there and then, money in my Canadian account within 2 working days (although they quote 5, I think). I've always been transferred direct to the FX dept who have always offered a pretty decent rate.

Re: Exchange rate
 

The last time I transferred (10 k GBP for a car.... couldn't lease:( ) I compared rates on the spot with HSBC and Custom House... Custom House won by nearly 2 cents. I did a "swift" transfer to CH's Barclays account in London (cost 20 quid), in the next morning (because I booked too late), instructed CH over the phone, money was in my Canadian HSBC account in less than 1 hour.

Not bragging (nothing to do with me), just offering "alternatives".

Re: Exchange rate
 

Give CH a direct debit authority and they will take the money out of the account and deposit in Canadian for no charge.

Re: Exchange rate
 

I don`t know if this has been posted but if you are going to change your money you get a much better rate using companies like HIFX, there are other similar companies, rather then banks.

Re: Exchange rate
 

And HIFX are pretty quick!

After ringing Lloyds TSB yesterday to verify that I am the bank account holder and it is my money (well mine and the husbands!) in the account they finally transferred it first thing this morning (UK time) and it's been promptly plopped into our RBC account this afternoon! All in time to finish our sale in the next couple of weeks! Yay! :thumbsup:

Plus I was feeling pretty poo about the rate we got but seeing that it's now gone below $2.00 and we got just over that I'm feeling okay - ish!!! :p

Zoe M. x