welshgirl1

I am moving to the USA very soon, and am wondering whether to exchange my UK money to Dollars now...if I did, it would mean the hubby to be and I could have a deposit for a home of our own...if I do not and wait in the hope of the pound picking itself up it means living in a rented apartment for a good while longer. Im not sure what to do....

I also feel like exchanging the money in the UK will be cheaper (no commission / fees) especially as my bank doesnt offer great exchange rates usually, and it will all be done and dusted. I also dont want to risk the pound being even lower in 6, 9, 12 months time...

Thydney

Personally if your worried work out the costs. You'll have to rent for 6 months as thats the general minimum term. I doubt it will fall much more so (famous last words) you have time to think.

notacrime

I wouldn't be in a rush to buy somewhere. Home prices haven't finished falling yet by any account, and they're not going to spring right back up once they hit bottom which means you'll have plenty time to find a bargain. Rent for a year, watch sterling in the meantime, when it hits 1.60 or 1.65 exchange it.

chartreuse

That's a bit optimistic. I'd settle for $1.50

tonrob

And don't - whatever you do - use your bank to exchange. They're all crooks. Use http://www.xe.com/

welshgirl1

I think I am going to be realistic - take out the money I NEED (eg some money to buy essentials, and contribute to my AOS as I am travelling over on a K1 fiance visa) then wait a while to see if there is an upturn. My money won't go anywhere if it is waiting over here in my savings account.

Thanks everyone for the advice!

chartreuse

I use ukforex.com. They are not crooks either.

Oddly enough, I was in the wife's bank the other week. Wanted to put £50 into her account to cover some DDs. So I handed over the cash and the bird said "Is there anything else?" I said "Well, yes, can I please have a receipt for the money I've just given you?"

She said, "Well, I can write one out, if you want." To which I replied "Yes please. You're a bank. It's not as if you were trustworthy, like shoplifters or murderers."

robin1234

I hope I'm wrong, but you might both be a bit optimistic. Maybe the pound will keep drifting down to 1.20, 1.00, even 0.80. With North Sea Oil running out, Cool Britannia dead as a doornail and the financial sector moribund, what hope is there for a strong pound in the long run?

dbark

Or things might change if Britain decides to go ahead and join the Euro. A month ago the British government were denying they were closer to joining, but you never know, if the pound slides further and further.

http://news.bbc.co.uk/2/hi/uk_news/politics/7757830.stm

scrubbedexpat099

I doubt it, people leaving the Euro maybe.

Iceland excepted.

Thydney

twatcher sold off that little gem years ago

robin1234

But it contributes towards high-paying jobs & the balance of payments in the UK, doesn't it?

Thydney

As does selling toys from China

robin1234

Selling toys from China would tend towards a current account deficit though ...

Britain still exports oil, although British production has declined since 1999. Britain is now a net importer of oil -- but as North Sea Oil production declines even further, presumably Britain will increase its oil imports therefore adding to the balance of trade deficit.