G77

2.044

Southcote

2.047 on Moneycorp - keep going.......
I did notice that oil prices crept up a little today though, which isn't good news

G77

How much messing about does it need to set up a moneycorp account? All of the other FX houses I've seen need ID sending off etc, don't want to be messing about with that in my last few weeks.... I can do transfers with HSBC with none of that, but they are about 0.3 cents off the proper rate!

Southcote

I don't remember it being too bad - I think we set it up online and they carried our some electronic searches so we weren't hassled by it. We then got a call from someone to tell us it was all set up and ready to trade. Have a look on their website, but I think that was pretty much it other than having to sign something.

G77

Says they only do £5K minimum transfers - is that right?

Southcote

Can't recall to be honest. I guess if it says that on their website it must be true.

Inse

We have used Moneycorp for transferring our money over to BC.
We sent funds, several times, before we actually arrived here and some of these amounts were less than £5,000.
Always found them to be OK to deal with.

Southcote

Saw this today - could be good news for those of us looking to buy, although a mixed message if you're looking for a job:

Canadian Dollar Hammered
The Canadian dollar has fallen to its lowest level in a year after the release of a dismal June employment report. The Canadian economy shed 55,000 jobs in June, although the unemployment rate dipped to 6.1% as fewer people were in the workforce. Job losses were broad based across the economy including the loss of 37,000 service sector positions and 18,000 goods producing jobs. The data adds to concerns that the Canadian economy continues to be pressured by the stagnant US economy and a slowing global economy. Throw in crashing commodity prices and you have a recipe for serious trouble for the Canadian economy. Expectations are growing that the Bank of Canada may soon have to cut interest rates to cushion the downturn. Canadian bond yields have been falling sharply and 2-year GoC bonds are now yielding 2.64% and 10-year Canada’s are at 3.59%, well below US 10-year Treasuries.

Falling interest rates and slowing growth is a recipe for a weak currency and the dollar is certainly exhibiting that this morning. CAD has tumbled another 1.4 cents today and is trading well below 94 cents. With the dollar having crashed out of the 97-cent to 1.03 trading range, and now trading below its 200-day moving average, the next level of probable support is just below 92 cents. If that gives way, a move back to 87 cents cannot be ruled out. If there’s any good news, it’s that as the dollar falls, the manufacturing and export sectors will become more competitive and the economy will eventually get its legs back. It’s just a matter of how long this process is going to take and how low the dollar has to go to help it happen. It’s was fun having a strong Canadian dollar while it lasted. Hopefully everyone stocked up on cheap USD assets when we had the chance.

Big Stevo

I set up an HIFX account today, piece of cake. Rang them up and did it over the phone. Did a confirmation check on-line, then had a call from a chap an hour later, who will act as our advisor when we are ready to move some money. Very informative and explained things in easy-speak!!

G77

Did you not have to send them copies of ID etc?

Canada Dreams

sods law says when we wnt to transfer our funds over in sept the rate will be crap

Paul Wildy

Did you know you can "book" a rate for a future date? Its called a forward rate. You get slightly less than the current rate (called "spot rate"). Definitely dont do it unless you know for sure you will have the funds available on the date you book it for (e.g. if you are relying on getting funds from your house sale and you havent actually exchanged contracts yet) as you have to pay a deposit (usually 10% of the amount you plan to exchange) and you can loose your deposit if you dont go ahead with it.

But if you are happy with the rate at the moment (about 2.05 isnt it?) and want to make sure you dont end up getting much less than that then you could book a forward rate for a future date. Of course there's a chance the rate could improve further in which case you would have been better waiting. My own prediction is that we will see 2.10 by the end of September based on the little holes that are starting to appear in the Canadian economy but thats really based on guesswork as much as anything else - I certainly dont know for sure! After that its anyone's guess - if they start forecasting a mild winter then oil prices will fall (based on assumed lower demand for home heating oil) and the rate will improve further. On the other hand if it looks like its going to be a frigid winter and a load more bad news comes out about the UK economy and housing market then we could be back to 1.95 territory.

geedee

That's only against the USD. We're a long way off GBP to CAD rates one year ago (2.15) and further from the 2.35 it was in Feb 2007! Still, hopefully gordon brown will be out of a job soon and the GBP can hopefully prosper again!

G77

Optimism

Canada Dreams

i think we will have toait and see, take a risk that it will get higher