Exchange Rate
Feb 1st 2018, 11:39 am
#61
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Joined: Mar 2011
Posts: 1,274
Re: Exchange Rate
It's working for me. My January pay was $200 more than it was in December.
Incidentally, I am going to Scotia on Tuesday to buy RRSP. I will be using money I have in my Barclays account in the UK. Usually I get Barclays to do a transfer. It's a hassle and cost me well over $100 in fees last year.
My banking officer at Scotia has told me I can write a Barclays cheque to myself and he will clear the funds immediately for a nominal fee and using the bank's bulk exchange rate.
I didn't know you could do that.
Incidentally, I am going to Scotia on Tuesday to buy RRSP. I will be using money I have in my Barclays account in the UK. Usually I get Barclays to do a transfer. It's a hassle and cost me well over $100 in fees last year.
My banking officer at Scotia has told me I can write a Barclays cheque to myself and he will clear the funds immediately for a nominal fee and using the bank's bulk exchange rate.
I didn't know you could do that.
GBP1,000 will net CDN$1,742.03 in 9 hours.
This comprises a rate of GBP1=CDN$1.75128 with a GBP5.28 fee.
Ask your bank if they can beat that....I doubt it!
Feb 1st 2018, 11:43 am
#62
Slob
Joined: Sep 2009
Location: Ottineau
Posts: 6,342
Re: Exchange Rate
Does the value of currency even matter? If the £ is weak then prices just rise in the UK so that it consistent with other countries. Products aren't priced the same in every country. It's all relative. No need to worry about exchange rates unless if that's how you make a living.
My salary chart post-Brexit Referendum is not pretty to look at.
Feb 1st 2018, 12:04 pm
#63
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Joined: Mar 2011
Posts: 1,274
Re: Exchange Rate
Does the value of currency even matter? If the £ is weak then prices just rise in the UK so that it consistent with other countries. Products aren't priced the same in every country. It's all relative. No need to worry about exchange rates unless if that's how you make a living.
In 1971 this was cancelled by USA freely-floating the dollar which became the 'reserve currency' and, subsequently, all other currencies had to follow this free-float.
There were many UK seniors that were living abroad and their pensions were 'wiped-out' by the fluctuation of earning in one currency but spending in another. There were others that got lucky.
The same principle applies today unless wisely hedging currency bets...so it does matter!
Feb 1st 2018, 12:16 pm
#64
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Joined: Nov 2011
Location: Somewhere between Vancouver & St Johns
Posts: 19,849
Re: Exchange Rate
Somebody should develop an app and software that goes something like this
You live in Canada but get paid in pounds. Now rather than just the simple way of the employer probably paying your salary into an account that you hold in Canada set up to receive this payment converted to Canadian dollars by whatever the exchange rate is minus any transaction fees
This happens
The employer pays your salary into a super dooper computer system that looks at all exchange rates of all currencies against each other on the day you are paid. It computes that by exchanging pounds into the Argentina peso which is then exchanged into the Costa Rican colon which is then exchanged into the Danish Krone etc etc etc it eventually gets converted to Canadian dollars more than the amount you would get done the traditional way.
You live in Canada but get paid in pounds. Now rather than just the simple way of the employer probably paying your salary into an account that you hold in Canada set up to receive this payment converted to Canadian dollars by whatever the exchange rate is minus any transaction fees
This happens
The employer pays your salary into a super dooper computer system that looks at all exchange rates of all currencies against each other on the day you are paid. It computes that by exchanging pounds into the Argentina peso which is then exchanged into the Costa Rican colon which is then exchanged into the Danish Krone etc etc etc it eventually gets converted to Canadian dollars more than the amount you would get done the traditional way.
Feb 1st 2018, 12:34 pm
#65
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Joined: Mar 2011
Posts: 1,274
Re: Exchange Rate
Somebody should develop an app and software that goes something like this
You live in Canada but get paid in pounds. Now rather than just the simple way of the employer probably paying your salary into an account that you hold in Canada set up to receive this payment converted to Canadian dollars by whatever the exchange rate is minus any transaction fees
This happens
The employer pays your salary into a super dooper computer system that looks at all exchange rates of all currencies against each other on the day you are paid. It computes that by exchanging pounds into the Argentina peso which is then exchanged into the Costa Rican colon which is then exchanged into the Danish Krone etc etc etc it eventually gets converted to Canadian dollars more than the amount you would get done the traditional way.
You live in Canada but get paid in pounds. Now rather than just the simple way of the employer probably paying your salary into an account that you hold in Canada set up to receive this payment converted to Canadian dollars by whatever the exchange rate is minus any transaction fees
This happens
The employer pays your salary into a super dooper computer system that looks at all exchange rates of all currencies against each other on the day you are paid. It computes that by exchanging pounds into the Argentina peso which is then exchanged into the Costa Rican colon which is then exchanged into the Danish Krone etc etc etc it eventually gets converted to Canadian dollars more than the amount you would get done the traditional way.
Feb 1st 2018, 12:38 pm
#66
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Joined: Nov 2011
Location: Somewhere between Vancouver & St Johns
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Feb 1st 2018, 1:21 pm
#67
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Joined: Mar 2011
Posts: 1,274
Re: Exchange Rate
I take their word as I don't have the time to trivialize over it....let me know when you've done the analysis.
Feb 1st 2018, 1:37 pm
#68
Lost in BE Cyberspace
Joined: Nov 2011
Location: Somewhere between Vancouver & St Johns
Posts: 19,849
Re: Exchange Rate
Feb 1st 2018, 2:25 pm
#69
Oscar nominated
Joined: Jan 2008
Location: Moncton, NB, CANADA
Posts: 50,851
Re: Exchange Rate
When I first drew my civil service pension it was frozen for 5 years, then at the five year point I got the uprated amount I'd have been getting had it been uprated annually - but no back pay.
It was a big increase. But the exchange rate had fallen so much, all it did was pay me the same in $$ that it did originally.
Feb 1st 2018, 2:55 pm
#70
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Location: St Catharines, Ontario From Bournemouth UK
Posts: 417
Feb 1st 2018, 7:02 pm
#71
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Joined: Mar 2011
Posts: 1,274
Re: Exchange Rate
According to my wife's Facetime friend the weather from Vancouver to St. Johns is miserable....so I think not much else to do...
Meanwhile, in the tropics, I'm getting a tan and made another cocktail all while contemplating the increase in my pension due to the better exchange rate TransferWise offered.
Meanwhile, in the tropics, I'm getting a tan and made another cocktail all while contemplating the increase in my pension due to the better exchange rate TransferWise offered.
Feb 8th 2018, 1:19 pm
#72
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Location: St Catharines, Ontario From Bournemouth UK
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Re: Exchange Rate
£1 = $1.76
The Bank of England has warned that it will be raising interest rates sooner than markets expect, a signal that has markets firmly pricing in a May interest rate rise and making contingencies for a potential second interest rate rise in 2018.
https://www.poundsterlinglive.com/gb...lyst-reactions
The Bank of England has warned that it will be raising interest rates sooner than markets expect, a signal that has markets firmly pricing in a May interest rate rise and making contingencies for a potential second interest rate rise in 2018.
https://www.poundsterlinglive.com/gb...lyst-reactions
Feb 20th 2018, 9:06 pm
#73
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Location: St Catharines, Ontario From Bournemouth UK
Posts: 417
Re: Exchange Rate
Glad to see the £ is getting a bid today and now above $1.71. Target upside in the short term is $1.73 and hopefully a retest of $1.77 if the BOE announce the possibility of more interest rate rises in 2018.
For people moving to Canada from UK let's hope Brexit issues get resolved soon, otherwise the £ could be weak for another 2-3 years like it was from 2009-2013
For people moving to Canada from UK let's hope Brexit issues get resolved soon, otherwise the £ could be weak for another 2-3 years like it was from 2009-2013
Expect strong resistance at $1.78 the high from 2017
£1=$1.77
Feb 21st 2018, 10:28 pm
#74
Forum Regular
Joined: Dec 2016
Location: N Ireland to Cape Breton Island
Posts: 116
Re: Exchange Rate
Just got 1.77108 for transfer today on Transferwise...
Feb 22nd 2018, 8:07 pm
#75
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Location: St Catharines, Ontario From Bournemouth UK
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Re: Exchange Rate
Canadian retail sales disappoint hitting the Loonie. https://www.poundsterlinglive.com/ca...711-on-usd-cad
£1=$1.7738
£1=$1.7738