Guelder Rose

1 GBP = 1.851 USD

Just wondering whether anyone has any idea why the rate has dropped? It's been 1/1.9+ for a while now and I'm wondering whether this is just a glitch, or maybe something else? What chances are there of the rate going back to 1/1.75 ... or even 1/1.50?

There was another thread a while back ... seems that some thought the rate would go to 1 GBP = 2 USD, hasn't happened yet, or maybe I missed it?

evoal2003

I was wondering the same, I'm waiting on some money from the Uk and would have prefered it at the earlier rate.

Guelder Rose

We can never win ... I've been waiting for ages to convert some USD to GBP, only just checked the rate and now it's too late to switch it, so I'm keeping my fingers crossed that it won't go back to 1/1.9 first thing Monday!

I used to mess around with shares when I was in the UK ... just got oh so sick of everything I bought immediately taking a nose dive ... and everything I sold suddenly going through the roof. Gave up as I figured I was jinxed!

evoal2003

Oh Sh@t I wish I hadn't entered this thread with you...

Guelder Rose

Why not? If I'm truly jinxed then the rate will be back at 1/1.9 first thing Monday ... which will be perfect for you!

Big D

hadn't noticed the rate - the rate you are looking at is the true rate - the tourist exchange rates are lower and higher (typically 1.84/1.9/2) depending which way you are going. I work for a bank and they will exchange me at the 'true' rate - do you guys use places that get you better rates with no fees?

I am just hoping that the dollar strengthens for a month in August so I can send a shed load of cash home - then it can do what it wants!!

Guelder Rose

I've got a USD account linked to my current account in the UK and they give me the 'true' rate ... I don't get any interest on funds held in the USD account, but I can switch funds back & forth without charge as often as I need to. Charges only apply if the balance on the USD account falls below $3,000.

Guelder Rose

Hmmm, was hoping that there might be someone here who knows what is going on with the exchange rate at the moment ... or maybe has some idea of what is likely to happen over the next three to six months?

Eskimo

yeah I also know Saturdays lottery numbers and the winner of the 3.30 at haydock park - tomorrow

but seriously at work we have projected 1.89 as the average for the rest of the year, the re-election of Blair caused the spike in the $ you just saw.

Guelder Rose

Cheers, that is what I was looking for, some kind of 'reason' for the sudden change ... think I will get my funds switched back to GBP on Monday (so long as the rate doesn't go back up to 1.9 first thing), then at least I will be earning a decent rate of interest for a while.

immunise

Really? Who with and how do I get one. I move money every two weeks and I like the sound of your method!

Guelder Rose

The account is with HSBC. To get the best rate you need to have five figures + ... I'm not sure what rate they give for amounts less than 30k. Also, bear in mind that you won't be able to use the account other than for switching funds from GBP to USD (that is, unless the account conditions have changed). I opened this account purely to switch GBP to USD and vice versa, therefore I have no idea what other options HSBC offer.

vegas

Why do you think Tony Blair called an election 1 year before he had to. The British economy is not as strong as they like to make out and he new that trouble was ahead. it looks as though the pound is following the dollar in its fall against most currencies. The UK is a high wage high tax economy and is finding it difficult to compete in the World markets.

TRPardoe

Which bank(s) do you have these accounts with ?

immunise

Thanks for the info. Your comment sparked an idea in my mind that my current UK bank (Barclays) would have this...and they do. It's 5 quid a month for balances under 5000, which is less than I pay in fees now by miles!!

Thanks again!!