Exchange Rate going Down?
Xe is giving me 1.45 right now..
Mar 17th 2015, 9:15 pm
#64
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,965
Re: Exchange Rate going Down?
£10k is what I normally do. Wouldn't expect to get less than 1.5 cents below spot for that amount.
Mar 17th 2015, 9:17 pm
#66
Forum Regular
Thread Starter
Joined: Jan 2014
Posts: 277
Re: Exchange Rate going Down?
Mar 17th 2015, 9:32 pm
#67
.
Joined: Nov 2002
Location: Where bad things rarely happen in movies
Posts: 8,933
Re: Exchange Rate going Down?
Do they? That's interesting, a little surprising, but makes a bit of sense now.
I have never used them, as contrary to the experiences of most on here, they have never come up with competitive rates for me. I have used First Direct for every transfer I've done over the last decade - they have stepped rates, but the steps change so you have to ask where they are every time. Last time I think there was one "step" at 66k, and another at 91k (there were others higher and lower, but that was the range I was looking at) If XE use a single rate, then naturally they can be more competitive for smaller amounts, and less competitive for the amounts up in the "step territory".
I have never used them, as contrary to the experiences of most on here, they have never come up with competitive rates for me. I have used First Direct for every transfer I've done over the last decade - they have stepped rates, but the steps change so you have to ask where they are every time. Last time I think there was one "step" at 66k, and another at 91k (there were others higher and lower, but that was the range I was looking at) If XE use a single rate, then naturally they can be more competitive for smaller amounts, and less competitive for the amounts up in the "step territory".
Mar 17th 2015, 9:40 pm
#68
Forum Regular
Joined: Mar 2015
Posts: 78
Re: Exchange Rate going Down?
Do they? That's interesting, a little surprising, but makes a bit of sense now.
I have never used them, as contrary to the experiences of most on here, they have never come up with competitive rates for me. I have used First Direct for every transfer I've done over the last decade - they have stepped rates, but the steps change so you have to ask where they are every time. Last time I think there was one "step" at 66k, and another at 91k (there were others higher and lower, but that was the range I was looking at) If XE use a single rate, then naturally they can be more competitive for smaller amounts, and less competitive for the amounts up in the "step territory".
I have never used them, as contrary to the experiences of most on here, they have never come up with competitive rates for me. I have used First Direct for every transfer I've done over the last decade - they have stepped rates, but the steps change so you have to ask where they are every time. Last time I think there was one "step" at 66k, and another at 91k (there were others higher and lower, but that was the range I was looking at) If XE use a single rate, then naturally they can be more competitive for smaller amounts, and less competitive for the amounts up in the "step territory".
Mar 17th 2015, 10:59 pm
#69
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Exchange Rate going Down?
I suspect that you'd get a better rate for $50,000 and up. Even the banks offer better (custom) rates once you get over $50k.
Mar 18th 2015, 5:37 pm
#70
Forum Regular
Joined: Mar 2015
Posts: 78
Re: Exchange Rate going Down?
I'm currently liking transferwise. Got 1.4716 today as a test run today. XE wanted 1.445 and worldfirst 1.45. On a 1000gbp it still would have been 1.465 ish if I had to pay the fee.
Only draw back is the rate isn't locked and they say the conversion can take up to 2 days. The conversion on my first transaction took 10 minutes though. You can set a limit on the rate in case it dives too low for you so not a big issue really. I imagine the time will be longer the larger your transaction.
Only draw back is the rate isn't locked and they say the conversion can take up to 2 days. The conversion on my first transaction took 10 minutes though. You can set a limit on the rate in case it dives too low for you so not a big issue really. I imagine the time will be longer the larger your transaction.
Mar 18th 2015, 7:37 pm
#71
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,965
Re: Exchange Rate going Down?
I think transferwise have the edge on amounts up to about £10k. Not much after that their fee percentage swings against them.
Mar 18th 2015, 8:24 pm
#72
Forum Regular
Joined: Mar 2015
Posts: 78
Re: Exchange Rate going Down?
Good to see a big jump in the exchange rate today. 
May 7th 2015, 5:09 am
#73
Just Joined
Joined: Feb 2015
Location: California
Posts: 11
Re: Exchange Rate going Down?
Just checking in after a long break to say a massive thanks once again to lansbury, Pulaski, and everyone else who chimed in with great advice about transfering GBP to USD.
Worldfirst worked out very well, and my project of transfering money [to buy a house in California] was a success, thanks in large part to the advice of you guys. Brilliant.
I did start the project too late to avoid the bank rate [spot rate?] dropping below the $1.5 level from prior heady highs to ensuing multi-year lows, although it did bounce back to just above that level for the final two dollops in late April.
By splitting up the total amount into staggered transactions [which I had to do anyway to some extent because of my UK bank's daily limit] I was at least fortunate enough to surf-ride some high crests along the way, despite an overall weakening pound. However, lansbury's advice of not obsessing about timing the market is wise because it really ultimately is too unpredictable.
Meanwhile the California real estate market was rising so quickly, each time I moved a dollop over, it was absorbed by the house price increase.
I did not get completely caught up in that frenzy, however, and needed to get my buying ducks in a row, meanwhile detecting a "reality check" setting in regarding the upsurge in home prices. Again, trying to time that market to perfection is a mug's game: be sensible, don't rush in or hold off indefinitely, because of a perceived future scenario or a current herd mentality -- do what you gotta do based on your life situation.
So no house secured yet, but delighted at the help from this board, and with my GBP to $ now converted, I'm poised to pounce when the right house at the right price comes up. Again, thanks fellow britishexpats community. You're what the internet was invented for!
Worldfirst worked out very well, and my project of transfering money [to buy a house in California] was a success, thanks in large part to the advice of you guys. Brilliant.
I did start the project too late to avoid the bank rate [spot rate?] dropping below the $1.5 level from prior heady highs to ensuing multi-year lows, although it did bounce back to just above that level for the final two dollops in late April.
By splitting up the total amount into staggered transactions [which I had to do anyway to some extent because of my UK bank's daily limit] I was at least fortunate enough to surf-ride some high crests along the way, despite an overall weakening pound. However, lansbury's advice of not obsessing about timing the market is wise because it really ultimately is too unpredictable.
Meanwhile the California real estate market was rising so quickly, each time I moved a dollop over, it was absorbed by the house price increase.
I did not get completely caught up in that frenzy, however, and needed to get my buying ducks in a row, meanwhile detecting a "reality check" setting in regarding the upsurge in home prices. Again, trying to time that market to perfection is a mug's game: be sensible, don't rush in or hold off indefinitely, because of a perceived future scenario or a current herd mentality -- do what you gotta do based on your life situation.
So no house secured yet, but delighted at the help from this board, and with my GBP to $ now converted, I'm poised to pounce when the right house at the right price comes up. Again, thanks fellow britishexpats community. You're what the internet was invented for!
May 7th 2015, 5:31 am
#74
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,965
Re: Exchange Rate going Down?
I read an article a few weeks ago written by one of the bosses of a major UK currency broker. They predicted the pound would be down to $1.35 or below by UK election day. It stands at $1.5244 right now. If they can't predict it I doubt anyone can with any consistency. Glad you are ok with the way things worked out. You have your money where you need it, when you need it. As you say trying to second guess anything else really is a gamble. Glad to have been of help.
May 8th 2015, 2:40 pm
#75
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Exchange Rate going Down?
I sure there's going to be some whining about the election results in the UK but anyone with UK assets and/or UK income has benefited from a 2c bump in the value of GBP today. 
