kittycat1

Hi all,

I've got a sizeable ammount of cash to send home, sadly the exchange rate has drifted back up to 5.4 I'm debating whether to sit on it for a while- anyone any feelings about the exchange rate and whether it will drop again or should I just send it home now?

Cheers for the advice

xxx

Meow

Tricky question.

Whatever you do, don't send it via your bank as you'll get a lousy exchange rates and be charged a fee. I can refer you to a company that will offer you wholesale (i.e. much more competitive) rates without a fee. PM me for info.

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The Dean

Well, it's crept up by almost 3% since mid-May, but is still about 10% lower than it was in mid-January. You'll never hit the 'best possible rate' at the 'best possible time'.

Just do it, but use the right agent (as per Meow's suggestion).

I still think it will go lower in the longer term (see earlier post in this thread) but we can't always have the luxury of picking and choosing our timings......

Autonomy

heh... 5.4 - remembers the horrible years of 7....

Meow

Depends on which way you are sendig money. I've had a lot of my income paid in Sterling recently. Needless to say, it's staying there for now.

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The Dean

........ although some people seem to have stronger opinions.......

http://www.arabianbusiness.com/58958...currency-rates

RedRoar75

Unfortunately I didn't transfer when it was 5.3 and unfortunately I didnt listen to EmiratesMilhouse (lesson learnt). The "wholesale prices" of Global Currency Network get whupped by the rates offered by UAE exchange. I know via whom the next batch is going.

On c33K sterling, GCN were about 3-400 quid better than HSBC... but UEN exchange would have been a further 500 quid better (and that's rocking up with a cheque...)

The GCN guys seem to be getting pushed an awful lot by "Independent" Financial advisers.. but they wont be getting any more of my cash (and you wont be getting your % in future Miaow)

typical

I have found it really depends on the day you ask, and when the various places have moved their rates. There have been times when even Lloyds have beaten GCN, but generally GCN do come out on top.

Norsk-also

hah..my old man was at one point paid in ECU...that was $10 000 lost a year at one point. Unlucky.

Meow

I have always found that they offer decent rates for significant amounts. And they are very clear about the rate that you accept in writing. For the record, I make barely anything out of it.