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USD (in UK foreign currency account) to GBP

USD (in UK foreign currency account) to GBP

Old Jan 20th 2009, 6:45 am
  #1  
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Default USD (in UK foreign currency account) to GBP

OK, the way the pound is tanking, I think it's time I switched some of my USD into GBP. When I came back, it was about $2 to the pound and the idea of exchanging to GBP just killed me (so I only exchanged enough to have a deposit for my house).

I know people on the US forum use XE.com, and I think HFX (or similar) is also popular.

My question is this: Every thread I've seen on the topic was from people who wanted to send USD in their US-based bank account to GBP in their UK-based bank account. Is there any reason not to use XE.com for the same purpose, but where both accounts are in the UK?

[Both accounts are with Barclays. I could just ask Barclays to send money from my USD account to my GBP account, but I didn't get a great exchange rate from them last time I did that.]

We're talking about $14k ..... not sure if that's enough to ask for wholesale rate from the bank. Also, when I did it with Barclays last time, I couldn't really get an idea of what rate I'd get until I was about to sign the dotted line. With the exchange companies, can't you lock into a rate, or set a limit ("If it goes beow $1.40, make the exchange"-type deal)?
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Old Jan 20th 2009, 8:32 am
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Default Re: USD (in UK foreign currency account) to GBP

yes with the exchange companies you can lock in a rate etc. We used HiFx end of last year and they have that option.
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Old Jan 20th 2009, 10:49 am
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Default Re: USD (in UK foreign currency account) to GBP

You can do a forward contract at rate similar to today's cash rate, but not quite as good as there is a gamble on the part of the FX house that they may lose a bit, so they hedge a bit. This is a contract and you are committed to the purchase. If you purchase today, again it is a contract and you have to go ahead. You can also put in a bid for a defined period, if it hits the bid price, they buy on your behalf. You can cancel a bid at any time before it is filled, once filled it is a contract.

If you give an FX house a direct debit mandate they can take the money from your account and deposit into another account once the exchange is made. Custom House Currency House do a good job, offices in the UK as well as North America.
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