Irri

I'm planning to move to Canada in the next year.

I have some savings, and am worried about the pound if we leave the EU. Would it be wise to transfer some money to CAD at this point?

Almost Canadian

What do you think? There's your answer

MarkG

My guess is that the rate will be worst just before the vote, and will improve afterwards regardless of the result.

But you might as well toss a coin, really. I transferred some money early, and ended up with a worse rate than if I'd waited. It's all down to how much champers the blokes in striped shirts and braces drank at lunchtime.

dave_j

Whatever you do will be wrong.

You'll look back with hindsight and say we should have done this, we should have done that, we shouldn't have listened to this or that etc etc. In a year or two you'll think 'should have waited' or 'why did we wait', it's always the same with fluctuating rates.

Like us, you'll do the best you can, then draw a line under it, move on and forget it.

Shirtback

What the others said.

Whatever the referendum result, the GBP will continue to fluctuate.

If the current rate is good (I haven't looked), go for it. But don't base any currency speculation on the referendum unless you have millions to play, a LOT of experience in the field, - and are willing to lose them...

Irri

Pretty much what I thought. I think I'll wait.

Pulaski

That is probably the wrong decision, ..... or maybe changing your mind is the wrong decision.

You could guarantee that you won't get the worst rate, on average, by sending some now and some later. If the amounts are small you may get a poorer rate and/or be impacted by additional fees for sending multiple transfers, but if you have enough to make it worth splitting it into two or more transfers you can ensure that you get some sort of average rate.

ChrisBan

It'll always be the wrong decision, whether you wait or transfer. I waited to transfer money when the rate took a hit after the polls recently came out showing leave had a lead. It continued to fall so took a decision to make a transfer rather than risk the downward trend. What happens the next 2 days... rate improves.

As Pulaski has suggested, what I do is just spread my transfers so it averages out. I've lost out, but sitting around hoping the rate improves hasn't really ever worked for me.

Hurlabrick

I'm in a similar situation. If I could have transferred money when the rate was around $2 = £1 a few months ago I would have.

Now I will wait until after the referendum and see which way it goes. No one know what will happen, hopefully it will be a 'stay in' vote and there will be a £ 'bounce', but that's just me hoping!!

So personally, I plan to sit tight for a few months unless it all goes 'north' of say $1.95 = £1.....

not2old

OP, don't worry your head about it, after all, you cannot guess which way the FX will end up ever.

Just take a look at the past 1, 2, 5 years exchange rates.... who would have guessed

When you are ready to move, then is the time to do the transfer of funds IMO

Irri

Oops.

ExpatCanadian

LoL! My thoughts exactly. I was playing this guessing game too. I sure do wish I had transferred yesterday

Engineer_abroad

XE.com - GBP/CAD Chart

Turmoil is going to continue for some time I fear.

Until the UK has negotiated its own trade deals the markets are going to show low levels of confidence in the pound. Interesting to hear Mark Carney this morning hinting at increasing the amount of money released by the BoE to steady the pound so we could see inflation rising soon.

As others have said there is never a right or wrong time you just have to accept it and move on.

Irri

Indeed. My feeling is that the pound will bounce back a bit quite soon.

A friend working in the city said the mood was similar to the Lehman Brothers collapse. I'm also wondering about foreign investors pulling out of the housing market.

I'm hoping to find a point after the initial drop, but before the reality kicks in.

laddo73

Who do people use for moving money from the UK to Canada??