MarkG

Yes. Once the City boys have finished taking all the speculators' money that was bet on 'Remain!', reality will reassert itself soon enough.

KuroKuro

I think it's safe to say that it's not a good idea to move money right now.

I also regret not moving some of my savings ahead of time, though the pound is slowly rising back up again (It's at about a 5% drop now, rather than the initial 10%). I'm no expert, but I think it won't be too long before it's not such a bitter pill to swallow.

ExpatCanadian

I use HiFX... very happy with them.

getoutofbritainquick

Not too concerned. A couple of years ago it was 1.5 CAD $ to the pound now at $1.73 - so much for a crash. Hang on for a while to see where the dust settles. If they manage to overturn the vote and the people start rioting it could get really interesting. Oh what fun times. England out of Europe twice in one week - that takes some doing!

goneforgood

We use XE Trade, very happy with them (since 2004).

weves

Been using CurrencyFair.com for 7 years. Very happy.

Though note: some banks have restrictions on where the funds can come from before you land. For example, Scotiabank will not accept funds from any exchange service, certainly before you arrive. It must come from your bank in your original country, not even another family member's account. I'm in process of asking RBC their policies on this. Worst case for me is I have to convert back to £ and then use a bank, but still was better to convert sooner.

On election night I was ready and waiting for a big jump, fortunate enough to react at 1am and get 1.85 before it totally crashed, but still only with half of my money as I just didn't have it in the currencyfair website ready to go as I, like most, just wasn't expecting it to go that way.

We're still in process of transferring the rest, but think that I will end up with an average of 1.8 or just below. We're so close to moving, I'm taking no further changes with the rate.

Just think, you've lost out a bit now, but you will be in so much a better position than if you were remaining in the UK

Hurlabrick

Ditto and ditto...


Gonna sit tight as regards moving money to see what happens. Now is not the time to move unless you have to IMHO (could end up eating those words of course!!).

laddo73

Thanks

laddo73

I agree, I'm sat tight trying very hard to not keep checking the exchange rate. Lets hope that its bottomed out :f ingerscrossed::fin gerscrossed:

BristolUK

I was faced with a period of no Canadian income and I was juggling some finances in preparation. Part of this involved transferring £1100.
I noted that the exchange rate was steadily climbing, almost 1c every day, at the beginning of the month.

Right, I thought, I'll give it until "next week" and then make the transfer.

Then the Bank of England cut interest rates and 4c were wiped off the £ overnight, something else followed and we were back (almost) to square one.

Another part of my juggling involved using one credit card for a major expense and then (almost) immediately transferring that amount to a different card to get a low interest rate.

But such transfers, while a good deal on the low % front, involve a fee based on the amount transferred. The quicker I transferred the ££ to $$, the quicker I could pay off a chunk and save money on the credit card transfer fee.

So last Thursday I arranged it. Using TransferWise.

Naturally when I check the £/$ rate today, one week on, I see that the £ has gained 4c.

It's not a fortune but if I'd held off just one week, the sum received would have been $44 more.

I could have bought a couple of bottles of good wine with that.

humanist

Mate, count yourself lucky.

I moved over a large sum 4 years ago when it was $1.59! I had to move quickly to buy a property.

You have to be philosophical about these things ....in other words don't think about it too much or you'll drive yourself mad.

BristolUK

Yes I know. Note how I trivialised it into a couple of bottles of wine.