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Purchasing Currency

Discussion in 'General Chat' started by MJC8719x, Mar 9, 2009.

  1. MJC8719x

    MJC8719x Senior member

    Messages:
    162
    Joined:
    Mar 18, 2008
    I am going to be in England from the end of December until sometime in May. I am considering purchasing some England pounds in the next few weeks.

    My reason for doing this is that I am under the impression that the dollar to pound conversion is usually something around 1 Pound = 2 American Dollars. Currently, it is 1 Pound = 1.30American.

    This seems like a good idea to me. The only real risk would be if the pound continued to fall vs the dollar and it reached a point of 1 pound = 1 Dollar.

    Does anyone have any thoughts or advice on this situation?

    Also, since I will be in England for such a long time, I had considered getting a credit card through an England bank. I do not want to have to continually pay the service charges on the account, and I believe it is easier to purchase some tickets etc. if you have a UK billing address. Does anyone have any advice here?

    Thanks for the help.
     
  2. Xiaogou

    Xiaogou Senior member

    Messages:
    3,793
    Joined:
    Sep 2, 2008
    Do it before inflation [domestically] kicks in.
     
  3. oli2140

    oli2140 Active Member

    Messages:
    25
    Joined:
    Mar 1, 2009
    As our interest rates continue to fall towards the 0% mark and that in the next few weeks we will be printing more money to inject into our economy, the value of the Pound is going to fall dramatically.

    This leaves you in a very strong position and I would recommend you wait a bit (I predict 2 weeks from now the USD will be significantly stronger against the Pound) before transferring any large amounts of money.
     
  4. hermes

    hermes Senior member

    Messages:
    1,020
    Joined:
    Jan 27, 2003
    Location:
    canada
    i usually buy some currency for whereever i may be about a week before i leave
    years ago i tried playing the currency exchange rate game and it just becomes a hassle
    sometimes you win by buying early, sometimes you lose
    so i just deal with the rate a week before and live with it

    as for a credit card in the uk, from what i understand, unless you have a permanent address there, you may have an issue getting one as a temporary resident
    (unless you're there with an employer who can cut you a company card)

    just some thoughts
     
  5. whallyden

    whallyden Senior member

    Messages:
    178
    Joined:
    Nov 20, 2007

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