SNOWDUDE

When we first looked at moving to Canada a few years ago the exchange rate was well above $2 to the pound, today a pound will buy you $1.67. We have our medicals booked but are seriously thinking of pulling our application as by the time we come to move we could be looking at $1.50 or worse which simply won't fund our plans in Canada.

Is anyone else having second thoughts purely because of the exchange rates and what are your thoughts for the future of the pound which everyone seems to think is doomed

JET747

It's not that good especially when you may have quite a bit to transfer. But if you keep some back and have enough, you can always transfer the rest later.

No second thoughts as the reason for us going is nothing to do with exchange rate or economy.

JET

Souvy

The demise of Sterling against the Loonie is all my fault and I apologise. I am the kiss of death and the facts are there to support that.

In 1999, the year before I moved, the rate was comfortably in the 2.30-2.50 range.

My decision to move was made one Sunday morning in bed, in January 2000. The rate immediately began to drop.

By the time I arrived, in August 2000, we were down to about 2.25.

It then pretty much stayed in the 2.20-2.50 range for the next several years.

In mid-2005, I accepted a job with a Sterling-based salary. The rate immediately dropped below 2.20. It stayed there a good while but recovered somewhat in late-2006/early 2007. My annual bonus was worked out in May/June 2007, so you can guess what happened then.

It was all downhill after that. We hit par two years ago today. There have only been a few times since when we've reached a few cents above that level.

I get paid during the last working week of every month. Never transfer money from the UK at that time.

I should maybe start posting when I've been paid. The rate usually improves just after that.

Cookie

We arrived in Jan 2007 and got $2.24 for 1 GBP. I just calculated out how much the difference would be at today's rate for bringing over our equity and we would have lost over $100,000 That does not take into consideration any drop in house price.

We certainly feel lucky that after years of postponing and waiting, we moved at the right time (although we didn't know that then). I just don't know how I would feel about emigrating at today's rate - certainly doesn't give you the best start.

I think I would probably consider renting out my UK house until the exchange rate increased - but who knows when that may happen

gryphea

Souvy

Can you not just get it sent into a sterling account in Canada? HSBC have one

Of course I realise you need to eat etc and so it has to be transferred into a CAD $ account at some time, but at least you would be in control of it then?

Souvy

There is most certainly an element of luck in there. I never thought exchange rates would be so important to me. Within the next few months, I have to move a chunk of cash to buy my RRSP (to fund my dotage and get this year's tax hit down). When to do it, though? If I get it wrong, what I save on tax, I'll lose on the exchange rate......

Let us turn to more important matters. Corrie. What happens to Ken's wino son and to the dodgy Scotsman? I'm not asking for myself, you understand.

JamesM

I must admit it is affecting my decision and is stressful.

It was $2.24 in January 2007 when I applied- and with the rate as it is on my savings it would be a loss of nearly $8k which would have been a nice second hand car to run around in.

I am trying to secure a job before moving so that I can leave most of my savings in the UK. But I am not sure what to ask for now as if they push to pay me on sterling equivalent it will be $10k less than my desire!

Hobbess

So with it this low is anyone else looking at other options to have cash in Canada other than bringing money over?

We sold our place in Glasgow at the end of July and since then I've been able to trade over 2/3 of my cash and got an average rate of $1.81 which wasn't great but I needed the money in Canada.

Since then the rate has gone into free fall and I've not brought over the final 1/3 though I need most of that in the short term. Since I still need the cash in Canada I've set up a credit line which I can use to cover some of it, but I was wondering if getting a loan or something else would be worth it rather than losing out so much on the terrible FX rate. Anyone else thought this way?

antfarm

It is certainly making me think twice. The requirement to get work quickly when \ if we move is going to be all the more important as I don't want to convert a load of cash at any rate below 1.7

Cookie

[QUOTE=Souvy;8003388]There is most certainly an element of luck in there. I never thought exchange rates would be so important to me. Within the next few months, I have to move a chunk of cash to buy my RRSP (to fund my dotage and get this year's tax hit down). When to do it, though? If I get it wrong, what I save on tax, I'll lose on the exchange rate......

Let us turn to more important matters. Corrie. What happens to Ken's wino son and to the dodgy Scotsman? I'm not asking for myself, you understand.[/QUOTE]

Ahhhhhh of course you are not . I only look a little into the future episodes but do know there are some strange couplings and affairs ahead, including the dodgy Scotsman (Carla and Leanne heavily preggers so will be leaving).

What I really would like to see is Jed Stone walk out of Emily's house and head down to the Rovers wearing a white suit

http://www.classictelly.com/programm...rk%20(Deceased)

vegasrockstar

On the plus side - if, like me, you have to send money back to the UK to service UK commitments it is a great exchange rate!

Souvy

Don't be smug.

vegasrockstar

Of course, the downside of that is that I have to send money back to the UK - I'd rather keep it all here!

SNOWDUDE

A few commentators are predicting the pound will rally once when the General Election is announced and then rally agin if the cons win

Luckyone

Well, these guys always get things right eh?