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Exchanging your £'s to $'s??

Exchanging your £'s to $'s??

Old Jan 11th 2007, 8:03 pm
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Default Exchanging your £'s to $'s??

Who would you recommend and why??!!

I get the principal and am quite drawn towards the one you can wait for the exchange rate to hit the level you want before the act. If you change your mind and need it before then, can you change it and ask them to act there and then at a lower rate than you had set?

Presumably you deposit your funds with them in advance - do you earn interest on the funds whilst waiting and is the rate comparable to say a deposit/savings account? Bearing in mind today's interest rate rise?

(How grown up to I sound?!)

Thank you.
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Old Jan 11th 2007, 10:11 pm
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Default Re: Exchanging your £'s to $'s??

HiFX seem pretty good. They email you the rates daily.You do a direct debit from your account to their's and they deposit the currency into your NZ bank account when you wanna buy buy buy! or is it sell sell sell!

time money money time gotta go sell sell sell!
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Old Jan 11th 2007, 10:13 pm
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Default Re: Exchanging your £'s to $'s??

Originally Posted by Am Loolah View Post
Who would you recommend and why??!!

I get the principal and am quite drawn towards the one you can wait for the exchange rate to hit the level you want before the act. If you change your mind and need it before then, can you change it and ask them to act there and then at a lower rate than you had set?

Presumably you deposit your funds with them in advance - do you earn interest on the funds whilst waiting and is the rate comparable to say a deposit/savings account? Bearing in mind today's interest rate rise?

(How grown up to I sound?!)

Thank you.
We used a firm called Halo Financial just recently. No money was exhanged until we agreed the rate at which we wanted to deal, and once this was done, the £'s were sent to Halo by e-transfer, they then confirmed receipt and forwarded the $'s to our Westpac account. Job done, and it's taken esactly a week.

These firms make their money by offering appx $0.02 ormore per £1 less than the live market rate. No fees or anything. In all honesty, it was a really simple thing to do, and much easier than I envisaged.

I did it this way as we are leaving for NZ in 2 days, so needed the money out there.

If you have time on your side, you can tell a Halo rep that you will deal with them when they can offer you $x.xx to the £1, where $x = your preffered amount. they'll then call you when the market can support what you want, but you will have to be patient as this could be a while - maybe even 12 months or more.

I may be wrong, but in this instance the same situation occurs, where it is only when you have made a verbal agreement that they buy your currency for you at the agreed rate, that you then send them the agreed amount of sterling.

A google for Halo Financial on google.co.uk will find them, but thereare othersout there. Shop around for the rate, and be sure to bargain with your broker. If you're changing over £15k, even a $0.01 difference can mean you gain or lose $150 straight away. We made a fair bit by doing this.

Hope this helps,

Wiz
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Old Jan 11th 2007, 10:17 pm
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Default Re: Exchanging your £'s to $'s??

Originally Posted by Wiz'n'Ton View Post
We used a firm called Halo Financial just recently. No money was exhanged until we agreed the rate at which we wanted to deal, and once this was done, the £'s were sent to Halo by e-transfer, they then confirmed receipt and forwarded the $'s to our Westpac account. Job done, and it's taken esactly a week.

These firms make their money by offering appx $0.02 ormore per £1 less than the live market rate. No fees or anything. In all honesty, it was a really simple thing to do, and much easier than I envisaged.

I did it this way as we are leaving for NZ in 2 days, so needed the money out there.

If you have time on your side, you can tell a Halo rep that you will deal with them when they can offer you $x.xx to the £1, where $x = your preffered amount. they'll then call you when the market can support what you want, but you will have to be patient as this could be a while - maybe even 12 months or more.

I may be wrong, but in this instance the same situation occurs, where it is only when you have made a verbal agreement that they buy your currency for you at the agreed rate, that you then send them the agreed amount of sterling.

A google for Halo Financial on google.co.uk will find them, but thereare othersout there. Shop around for the rate, and be sure to bargain with your broker. If you're changing over £15k, even a $0.01 difference can mean you gain or lose $150 straight away. We made a fair bit by doing this.

Hope this helps,

Wiz
Thank you both, hadn't heard of Halo will have a look for them tomorrow.

Blimey - leave in 2 days - how do you feel?!
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Old Jan 12th 2007, 7:42 am
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Default Re: Exchanging your £'s to $'s??

Originally Posted by Am Loolah View Post
Who would you recommend and why??!!

I get the principal and am quite drawn towards the one you can wait for the exchange rate to hit the level you want before the act. If you change your mind and need it before then, can you change it and ask them to act there and then at a lower rate than you had set?

Presumably you deposit your funds with them in advance - do you earn interest on the funds whilst waiting and is the rate comparable to say a deposit/savings account? Bearing in mind today's interest rate rise?

(How grown up to I sound?!)

Thank you.
From memory you do transfer a portion of funds that will be exchanged upfront (so they can act quickly - ie on the day, when the time is right) and sign a contract for the deal. If you don't go ahead that's fine, but a verbal instruction on a day when the rate hits say $3 for example gets the wheels in motion for the contract and at that point, there is no going back and you owe them the remainder of the GBP. Once they have this, you get the NZD. That bit only takes a few days.

Suspect you do not earn interest on the 'deposit', although I know you should. HifX are one of the big ones. Found them helpful, friendly, knowledgeable and professional.
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Old Jan 12th 2007, 7:47 am
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Default Re: Exchanging your £'s to $'s??

[QUOTE=Am Loolah;4272947]Thank you both, hadn't heard of Halo will have a look for them tomorrow.

Blimey - leave in 2 days - how do you feel?!QUOTE]

Erm... tired.

Very, very tired.

We leave in just under 36 hrs now, and I am typing this from my desk at work. Yup - I'm still here! We are *still* in the process of clearing our house. I've slept about 2 hrs a night for the past week.

I'm actually looking *forward* to sitting in a metal tube, flying through the air, for 24hrs. I need a break, and the chance to relax and drink free booze

Also a bit sad, and a bit excited, but I reckon tomorrow will see us feeling the full range of emotions at the airport. etc

Wiz
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Old Jan 12th 2007, 8:01 am
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Default Re: Exchanging your £'s to $'s??

[QUOTE=Wiz'n'Ton;4273950]
Originally Posted by Am Loolah View Post
Thank you both, hadn't heard of Halo will have a look for them tomorrow.

Blimey - leave in 2 days - how do you feel?!QUOTE]

Erm... tired.

Very, very tired.

We leave in just under 36 hrs now, and I am typing this from my desk at work. Yup - I'm still here! We are *still* in the process of clearing our house. I've slept about 2 hrs a night for the past week.

I'm actually looking *forward* to sitting in a metal tube, flying through the air, for 24hrs. I need a break, and the chance to relax and drink free booze

Also a bit sad, and a bit excited, but I reckon tomorrow will see us feeling the full range of emotions at the airport. etc

Wiz
good luck , happy travelling
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Old Jan 12th 2007, 9:06 am
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Default Re: Exchanging your £'s to $'s??

[QUOTE=poppets;4273979]
Originally Posted by Wiz'n'Ton View Post
good luck , happy travelling
Why, thanks very much. Next time we'll be on-line, it'll be from NZ.

Hoorah!
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Old Jan 12th 2007, 9:52 am
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Default Re: Exchanging your £'s to $'s??

[QUOTE=Wiz'n'Ton;4273950]
Originally Posted by Am Loolah View Post
Thank you both, hadn't heard of Halo will have a look for them tomorrow.

Blimey - leave in 2 days - how do you feel?!QUOTE]

Erm... tired.

Very, very tired.

We leave in just under 36 hrs now, and I am typing this from my desk at work. Yup - I'm still here! We are *still* in the process of clearing our house. I've slept about 2 hrs a night for the past week.

I'm actually looking *forward* to sitting in a metal tube, flying through the air, for 24hrs. I need a break, and the chance to relax and drink free booze

Also a bit sad, and a bit excited, but I reckon tomorrow will see us feeling the full range of emotions at the airport. etc

Wiz
You sound like me - my last day at work was the day they came for the furniture. We handed the keys of our rented house in, stayed in a motel that night and set off for Scotland the next day. Organised chaos I call it!
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