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 Post subject: Exchange
PostPosted: December 6th, 2007, 4:59 pm 
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Joined: June 12th, 2007, 1:04 pm
Posts: 318
Location: Yorkshire
My instincts stink!!!

Rate is now 1.37

:cry:


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PostPosted: December 7th, 2007, 10:44 am 
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Location: Derbyshire
LOL - Mine too, I've been holding out for a rise in rates and it looked promising early this week. Damn stock market.


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PostPosted: December 29th, 2007, 2:08 pm 
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Is it best to try and secure a rate with a company now? If so any ideas on which company is best at the moment?


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 Post subject: Exchange
PostPosted: December 29th, 2007, 2:19 pm 
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Location: Yorkshire
Im registered with a few. But to be honest they all have their good and bad days. HIfx recommended me to lock in a rate at 1.41 and I thought better . Wish I had , they were right.


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PostPosted: December 29th, 2007, 2:53 pm 
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I understand you are using Max Gold as your solicitors, have they advised of a partner company or anything like that. Is there really such a big difference between using one of these companies or my bank?


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 Post subject: finance
PostPosted: December 29th, 2007, 3:10 pm 
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Location: Yorkshire
Max gold have a links area on their website with some fx companies on.

The banks charge hefty fees and give poor rates. There is a big difference.


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 Post subject: Re: Exchange
PostPosted: January 12th, 2008, 7:12 pm 
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Joined: August 5th, 2007, 4:17 pm
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Location: W.Wales / Parghelia
Not that it will cheer anyone up, but rates are still falling.
Thought we would post a chart to show how bad its got since last July when we first visited Calabria and signed our papers to buy!
Over 10% drop in six months .... and where next.......
(from http://www.exchange-rates.org)

Andy & Dee


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Euro rates slumping.jpg
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 Post subject: Re: Exchange
PostPosted: January 16th, 2008, 2:09 pm 
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Joined: June 12th, 2007, 1:04 pm
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Location: Yorkshire
I can get 1.30 for a 12 month forward contract at present. Think I'm going to take it.
Anyone else in the same situation at present?

Tyke


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 Post subject: Re: Exchange
PostPosted: January 16th, 2008, 2:58 pm 
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Joined: May 31st, 2007, 4:55 pm
Posts: 112
Location: BOLTON
not looked into this yet, but my gaffer has just started using moneycorp, who came recomended to him via his neighbour who has properties in france, uk and turkey, he has researched it to the nth degree as he is retired and loaded. I think i will bend his ear on the subject :?


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 Post subject: Re: Exchange
PostPosted: January 22nd, 2008, 8:08 pm 
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Location: England
:cry: :cry: :cry: Oh my goodness.... what are everyone's views on currency exchange now??

Am seriously kicking myself for not having locked into a better Euro rate a few months ago :cry:


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 Post subject: Re: Exchange
PostPosted: January 23rd, 2008, 10:17 am 
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Location: BOLTON
i know its pretty poor at the moment, but surely its just a case of swings and roundabout :?


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 Post subject: Re: Exchange
PostPosted: January 23rd, 2008, 11:55 pm 
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Joined: September 14th, 2007, 9:30 am
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Location: North London
I've hedged my bets. I have already bought my Euros for the deposit which I guess will happen in the next few months and in the meantime it sits in a euro bank account earning 4% which is a pretty amazing rate for a small sum of money (not to me, but small amount to the bank!), some accounts were offering like 1% - 2% only and other accounts offering 4% but on like £1 million balance!

If you need to buy and pay the remainer in the summer, I think you have got to forward book your currency now, it could well go down to 1.2 before it bottoms out, but even if it does not drop too much further from where it is now, who is confident in the next few months that it will go up significantly? The future looks gloomy; if bank rates in the UK go down (and not in Europe) then this is bad for Sterling, meaning a further fall against the Euro. I think we all know we are heading for a cut in interest rates pretty soon, look what has just happened in the USA, one of the biggest ever rate cuts for the U.S. To add to our misery, some say the European base rate could well be increased, going the opposite way to add to our concerns. We can only hope that Europe starts to join the struggle against recession like the US & UK and that an unexpected cut in European interest rates happen.

Like everybody else I saw the rates rolling down over the last 2 months and knowing I needed to buy or reserve a forward rate, I thought of holding on for a little increase (whilst knowing for the longer term rates would steadily decrease). For a day and bit around mid Dec. the rate popped back up from the 1.3's to 1.41, I missed 1.41 but was offered 1.4, silly me, I was hoping for it to make one more possible increase, I was wrong, look at the rate now! Every day after the 1.4 offered to me I tracked the rate...and it kept going down...every hour...I cut my loses and bought at 1.359 and now the rate is hovering between 1.3 and 1.4, so I feel a bit calmer knowing the deposit is resolved. My hope is that if your completion is some 18 months or more away, then hopefully the storm might be over and the rate back in the 1.4s (mid to high please!!). My hope is that between the deposit and the balance, maybe it'll average out at 1.42 / 1.43 etc. What will we all do if the rate ends up being 1 Euro : £1...let's not go there!!!!

I think if you are completing this Summer / Autumn and have not reserved your money, you're just gonna have to accept that the property might cost some 10% more now, but if you still buy, what will your property be worth 5 / 10 years or more from now when hopefully Easyjet, BMI etc are flying to Calabria and prices have increased to Southern Spain's prices.

Good luck everybody in whatever you decide to do!!!

Alex.


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 Post subject: Re: Exchange
PostPosted: January 25th, 2008, 12:08 am 
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This maybe a really silly suggestion but is it worth looking into converting £ to $ and then $ to euro? I have not checked the rates at all but it maybe better? Of course it may be complete rubbish.....


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 Post subject: Re: Exchange
PostPosted: January 25th, 2008, 3:06 pm 
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Location: England
I've just been offered a rate of 1.35 which I think we're going to take. Does anyone have any advice on what I do with it when I get it as money not due for deposit just yet - still a week or so away I think??


Gulp......


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 Post subject: Re: Exchange
PostPosted: January 25th, 2008, 4:50 pm 
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Joined: July 6th, 2007, 10:41 am
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Location: Derbyshire
http://uk.reuters.com/article/ukPoundRp ... 4420080125

Take a look at this link- seems the pounds is gaining some strength.
Regarding the comment exchanging into $ then back to Euro - unfortunately this doesn't work and means you'll be worse off!


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 Post subject: Re: Exchange
PostPosted: January 25th, 2008, 6:25 pm 
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:x ok now I am really really hacked off - the broker that offered me 1.35 has just sent the Trade Confirmation through and its set at 1.3400 Euros This is NOT what we agreed. Am I missing something or are they now trying to pull a fast one (Or am I naively missing something??)

I can't speak to the person involved as he's left for the day but the guy who's just taken my call said there's no way I'd have been offered 1.35 and his colleague has got it wrong!

Am now going to get microscope out and double-check the small print to make sure I don't have to commit to this.

:evil:


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 Post subject: Re: Exchange
PostPosted: January 25th, 2008, 6:35 pm 
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Location: W.Wales / Parghelia
Oh dear - sorry to hear this Sam :o .
You'll have to let everyone know if / how this is resolved....
...and let us all know who the naughty money brokers are!
(Hope its not the ones I've previously recommended ! ! !)


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 Post subject: Re: Exchange
PostPosted: January 25th, 2008, 7:43 pm 
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Joined: September 14th, 2007, 9:30 am
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Location: North London
Hi Sam

When I was about to book my Euros, as I was calling round 3 different FX companies the rate was falling every minute. One company offered me a rate and as I went off to other companies, by the time I returned to them the price had dropped quite a bit. As I had called them only 20 mins after they had offered me the rate, they ummmd and rrd and thankfully confirmed they would stick to this price (even though to be fair to them the rate had dropped quite a bit in 20 mins). Interchange were the good guys. The other 2 well known FX companies would not honour the price they offered to be some 20 minutes prior to my return call to them.

As for your question on where to put the money, read my earlier post, I found an amazing euro savings account with no catches, I tried to beat it but couldn't and so opened the account with them (after almost a whole day's googling and many call to banks where each and everytime there was a catch attached to the accounts with a decent rate).

I have sent you a private message on another matter.

Good luck

Alex.


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 Post subject: Re: Exchange
PostPosted: January 26th, 2008, 1:58 pm 
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Thanks Alex, I've replied in a PM.

Sam


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 Post subject: Re: Exchange
PostPosted: January 27th, 2008, 5:23 pm 
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I paid my 30% deposit at 1.38 which I suppose was not bad although I had bugdeted at 1.47 when I started looking at this project. I raised the money for the deposit like most by increasing my mortgage on UK main home.

My strategy is now to hope that the rate goes back over 1.40. If it does not I will get a euro mortgage with Barclay's which I may do anyway even if the rate does recover. This will remove the exchange loss if sterling does not go our way. Also the interest rate will be lower in Euroland assuming they do not charge higher rates to non-residents. Downside is likely to be a higher arrangement fee than you would pay in UK. Raising the main part of the funds in Euros also means that the monthly mortgage payment will be in the same currency as the rental income if renting which in theory should mean lower transaction costs ongoing.


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 Post subject: Re: Exchange
PostPosted: January 28th, 2008, 1:53 pm 
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Quick update on my exchange deal - the broker's admitted that the guy involved shouldn't have quoted me that rate BUT they have agreed to honour it. Yippee!!!! :D

Sam
PS Out of fairness to them (as they have tried to make things right) I won't name and shame them. So they better behave..... :wink:


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 Post subject: Re: Exchange
PostPosted: January 30th, 2008, 12:14 pm 
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Location: Yorkshire
Sam

I`m thinking of buying half now....gulp

Tyke


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 Post subject: Re: Exchange
PostPosted: January 30th, 2008, 4:15 pm 
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Good luck Tyke :wink:
(Which beach have you just returned from BTW? One in Calabria I hope??!)

Sam


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 Post subject: Re: Exchange
PostPosted: January 30th, 2008, 4:48 pm 
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SamInCalabria wrote:
Good luck Tyke :wink:
(Which beach have you just returned from BTW? One in Calabria I hope??!)

Sam


Alas no. Thats to be in May, just booking the hotel now. I chased the sun to Tenerife, hopefully for the last time before we have our own place in the sun!!

Tyke


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 Post subject: Re: Exchange
PostPosted: February 3rd, 2008, 10:51 pm 
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Hi everyone- quite a few people have asked who I used and the company is Sterling Exchange. I have no axe to grind & don't benefit in any way - but fair do's - they DID sort everything out and despite the c**k up did stand by their offer. As an aside, I have now been contacted by Halo Financial services and they seem to be offering a very good service. I'm talking to one of their guys at the moment (Re the balance of what we need to pay) so will keep you posted as to what they offer and whether they're any good!

Regards

Sam


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 Post subject: Re: Exchange
PostPosted: August 10th, 2008, 2:47 pm 
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:?: anybody got contacts as to what the xchange companies are expecting the £=euro rate to do in the next 6 months?

i spoke to one broker employee who dosnt want to be named. so how much i believe what he says is fact or fiction who knows hopefully there are others out there who know the answers.

this person told me that they believe the pound will be in the 1.35-1.40 region in the next 3-6 months his highest estimate was 1.45 and the lowest was 1.32,actual forex rates not what i would be able to exchange for.

he tells me alot has to do with the price of oil falling to around $100 per barrel something i find hard to believe will happen :?

and this having the effect of raising the $ higher and pushing the euro lower coupled with the interest cycle of the american doller v euro.
this was wayyyyy tooo heavy for me to understand so if anyone can put it more simpily and has any idea where the exchange rate £= euro will be in 6 months time.

very confused dups :oops:


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 Post subject: Re: Exchange
PostPosted: August 10th, 2008, 6:29 pm 
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if I could predict the exchange rate against the euro over the next 6 months I'd be rich. (along with many others). You will just have to read the papers and keep informed. If you listen to Richard Lambert Director -general of the CBI who admitted they may have got things wrong and is against any of the governments policies to improve the credit crunch, He says in the papers today that imposing a windfall tax against the energy companies, changing the Bank of Englands inflation rates and loosening the Treasury rules on public borrowing could result in a currency crisis that would send the pound plunging. So it's a matter of watching the markets and buying currency in chunks to get an overall exchange rate that keeps things affordable. Putting in a pre -order on currency at a particular rate might be the best you can do. Good Luck and if you get any tips from your advisor let us know.


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 Post subject: Re: Exchange
PostPosted: August 10th, 2008, 7:24 pm 
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thanks for the info jcricket,
yes will pass on any info given to me.
the lad i spoke to advised me to buy only on 3 month highs and in chunks just as you say which spreads the average rate.(this is providing the rate climbs)
i did think about forward buying at a higher rate if it is acheived during trading but unsure about it.
as you say there would be a lot of rich people about if we could predict the way exchange rates move.
its easy for us to second guess the way the rates are going but with conflicting advice from the professionals in the trade so to speak.
but it is our money and i want to make it go as far as poss (dont we all)
so i will spend the next wee while searching for up to date news, there is a lot of outdate info on the net :( .

dups


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 Post subject: Re: Exchange
PostPosted: August 28th, 2008, 4:30 pm 
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Posts: 777
Had some depressing news from my broker this past week. According to the Telegraph the GBP/DOLLAR exchange rate is going to decline as far as $1.50 within the next 6 months! This is incredible, for us, a country where we used to get $2.50 for the pound. Just a month ago, it was slipping to just above $2.00. Not going to get as much "bang" for my GBP now and sorry I didn't transfer/exchange it a month back, rather than leaving it in a UK bank to earn interest! Closing date is looming and it's going to cost me even more now!

Ah well, we can still dream of our lovely homes in Calabria and go and enjoy it, I hope!

They say, what goes around, comes around and it's also so on the financial scene, UK has to lower it's pound to get out of the black! I just hope they sort it out sooner, rather than later....


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 Post subject: Re: Exchange
PostPosted: August 28th, 2008, 6:59 pm 
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Hi Trigger
It's just as depressing for those of us dealing with euro- pound rate. The pound has now sunk to 1.24 , the lowest it's been. I have worked out that w including fees to be paid we are now paying an extra 13000
pounds for our small 1 bedroom apartment


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 Post subject: Re: Exchange
PostPosted: August 29th, 2008, 4:37 am 
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margaret wrote:
Hi Trigger
It's just as depressing for those of us dealing with euro- pound rate. The pound has now sunk to 1.24 , the lowest it's been. I have worked out that w including fees to be paid we are now paying an extra 13000
pounds for our small 1 bedroom apartment


I understand.


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 Post subject: Re: Exchange
PostPosted: November 8th, 2008, 5:55 pm 
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SamInCalabria wrote:
:x ok now I am really really hacked off - the broker that offered me 1.35 has just sent the Trade Confirmation through and its set at 1.3400 Euros This is NOT what we agreed. Am I missing something or are they now trying to pull a fast one (Or am I naively missing something??)

I can't speak to the person involved as he's left for the day but the guy who's just taken my call said there's no way I'd have been offered 1.35 and his colleague has got it wrong!

Am now going to get microscope out and double-check the small print to make sure I don't have to commit to this.

:evil:


Dear Sam:
I am a newcomer to money exchange corporations. We live in the US, plan on buying in Calabria in July after we locate the home. We want to buy euros soon and are thinking of World First. Is it reliable?
Secondly, the US does not permit foreign currency accounts and changes the euros to dollars. Do you know if HSBC Offshore is safe? The account would be opened in the Isle of Man and we would be depending upon the government of the Isle of Man for insurance, an element that concerns us. Do you think the government would come through if the bank collapsed?

XE Trade states you can order the money online and have the cash delivered to your door. Then we can save it, I guess, but then we would have to carry cash to Italy. Not such a safe idea.
Thanks.
MaryAnn


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 Post subject: Re: Exchange
PostPosted: November 9th, 2008, 12:20 pm 
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MaryAnn

I’ll send you a PM with details. But in brief:
- I don’t suggest you bring vast amounts of Euro cash into Italy, that seems to be all risk with little benefit
- On 9th Oct 2008 the IOM upgraded its compensation scheme for depositors offshore in banks trading in the IOM – the scheme varies, and it is rife with small print, but for a standard deposit it will compensate up to £50,000 should a bank fail. Now that is per depositor per bank – so don’t deposit more than £50,000 in any one bank. Having said that, you do not want to go the compensation route, it is not clear how quickly they would pay the compensation, or indeed the exact terms – it could be spread out over 20 years. Again, having said that, the HSBC International Bank (IOM) is registered in the IOM, and it is a major bank with significant assets and backing – however, in these days, you can’t guarantee that a bank will not fail – it is just that HSBC is a major bank, yet, an IOM bank, even a subsidiary of an international bank, is treated as a separate entity – in other words, the IOM bank could fail even though the holding bank is unaffected – there may be “parental” guarantees, but be wary of those.
- As a US citizen I’m not entirely clear why you would open the account in the IOM – you could open an account in the UK (even with HSBC if you like), if you earn interest on the account you need to pay tax on world-wide earnings in the US, but the money on deposit would be short-term before being spent on your property. Such an account could do the purchase of Euros for you without the need for a broker (although the brokerage companies will claim to get you a better rate – and they often can). I believe a UK account will simplify the process for you.
- In your case, I would suggest you open a USD account, either in IOM or UK – there is no benefit in exchanging USD to GBP and then on to EUR – just extra cost.
Hope this helps, you also posted a question on exchange rates somewhere else on the forum, I’ll try to find that and reply to that.


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 Post subject: Re: Exchange
PostPosted: November 9th, 2008, 12:28 pm 
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Location: West coast, Ireland & Calabria
Hi Mary Ann,
Why jump from the Dollar zone into Sterling zone when your business is in Euro land. I would find an Italian bank with US branches or failing that an Irish bank [all have US associates/subsidiaries ] and are guaranteed by the Irish government. Grumpy


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 Post subject: Re: Exchange
PostPosted: November 9th, 2008, 12:41 pm 
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Grumpy - yes agree.

But I suggested a USD account in the UK (or IOM) (NOT Sterling) - and an Irish account is ok too. All three, in theory, offer a guarantee - I would just not like to be in a position where I would need to call on it.
My suggestion of UK is that when it comes to exchange USD to EUR then it will be from a UK trading desk - and using dedicated USD to EUR traders. If MaryAnn deposits in Ireland then they will have to choose then to exchange USD to EUR - which given todays rate may not be such a bad deal. Otherwise an Irish bank is fine if they offer a USD account.


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 Post subject: Re: Exchange
PostPosted: November 9th, 2008, 12:58 pm 
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Location: West coast, Ireland & Calabria
Knowing the Irish banks they would open an account in Kwazulu shillings if they smell any money in it. Grumpy


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 Post subject: Re: Exchange
PostPosted: November 9th, 2008, 4:12 pm 
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MaryAnn - Ok – found your post in “Extra fees ..”, but will respond here as it seems more appropriate (also I can’t PM – apparently I caused a server 500 error by pressing that button, so that was me told off).

Today (9th Nov) the USD/EUR pair is trading at about 1.27 to 1.28. On 24th Oct I posted that that would be an interesting day for those buying EUR with USD, and it was with a 1.25 rate (although the 27th spiked even better at 1.23, but for a very short period of an hour or so). So even at 1.27 this is the best rate (for you) since October 2007 (excluding those few days last month). It all depends when you need to buy the EUR – currently the “indicators” show a range of 1.23 up to 1.38 (which is of no help whatsoever).
Although Trigger suggests (in the other thread) locking in a rate with a broker you would need to time that right. If we were having this conversation just 4 months ago in July you would have locked in a rate of 1.60 – that would have meant you would be out of pocket by a staggering $17,000 in the purchase of €50,000. Of course, you would not have done that because EUR/USD at 1.60 was the worse rate (for you) for 10 years, so you would have held off.
The best futures bet I could find today (being Sunday didn’t help) was 1.64 for a trade on 16th Sept 2009.
The charts say that the USD is strengthening (so the rate for you will get better) – BUT – any piece of bad (States-side) news could reverse that in the blink of an eye, but if you needed to buy EUR in the next few weeks you would certainly buy at 1.24.
Finally, your quote from WorldFirst at 1.27 sounds ok – but they might not quote you that now. Unfortunately, when you get a quote from a market you can’t “go away and think about it” – that’s why there is a lot of shouting and arm-waving in the trading rooms!
Another tip: if you plan to make a significant exchange (GBP or USD to EUR) say, over €30k, a major bank will let you talk direct to the trading desk and they will discuss with you when the best time for the trade might be – it is still your decision, you can’t blame them if you agree to hold off and the rate backs away from you, but they are watching the market and have tools to help make reasonable decisions.
Also, the brokerage companies (the good ones) will call you when they think they are seeing the best rates. So, if you need to make an exchange on a particular day, call them early and they will either do the trade then and there or might suggest waiting for later in the day – still your decision, you take the risk – but generally they can spot the best rate, if you can give them a week even better – at some point during the week they will call you if they spot the opportunity – just keep your mobile on.


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 Post subject: Re: Exchange
PostPosted: November 12th, 2008, 5:13 pm 
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I see the exchange rate is now 1.19. :(


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 Post subject: Re: Exchange
PostPosted: November 12th, 2008, 5:49 pm 
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- steady it will break back out
- more significantly GBP-USD broken through 1.50 (long time since I remember that rate!) - and no one expected that today
- looking like another GB interest cut coming
- hold in there, it will improve!!! (I hope!!)


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 Post subject: Re: Exchange
PostPosted: March 3rd, 2009, 2:10 am 
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TimJones wrote:
MaryAnn - Ok – found your post in “Extra fees ..”, but will respond here as it seems more appropriate (also I can’t PM – apparently I caused a server 500 error by pressing that button, so that was me told off).

Today (9th Nov) the USD/EUR pair is trading at about 1.27 to 1.28. On 24th Oct I posted that that would be an interesting day for those buying EUR with USD, and it was with a 1.25 rate (although the 27th spiked even better at 1.23, but for a very short period of an hour or so). So even at 1.27 this is the best rate (for you) since October 2007 (excluding those few days last month). It all depends when you need to buy the EUR – currently the “indicators” show a range of 1.23 up to 1.38 (which is of no help whatsoever).
Although Trigger suggests (in the other thread) locking in a rate with a broker you would need to time that right. If we were having this conversation just 4 months ago in July you would have locked in a rate of 1.60 – that would have meant you would be out of pocket by a staggering $17,000 in the purchase of €50,000. Of course, you would not have done that because EUR/USD at 1.60 was the worse rate (for you) for 10 years, so you would have held off.
The best futures bet I could find today (being Sunday didn’t help) was 1.64 for a trade on 16th Sept 2009.
The charts say that the USD is strengthening (so the rate for you will get better) – BUT – any piece of bad (States-side) news could reverse that in the blink of an eye, but if you needed to buy EUR in the next few weeks you would certainly buy at 1.24.
Finally, your quote from WorldFirst at 1.27 sounds ok – but they might not quote you that now. Unfortunately, when you get a quote from a market you can’t “go away and think about it” – that’s why there is a lot of shouting and arm-waving in the trading rooms!
Another tip: if you plan to make a significant exchange (GBP or USD to EUR) say, over €30k, a major bank will let you talk direct to the trading desk and they will discuss with you when the best time for the trade might be – it is still your decision, you can’t blame them if you agree to hold off and the rate backs away from you, but they are watching the market and have tools to help make reasonable decisions.
Also, the brokerage companies (the good ones) will call you when they think they are seeing the best rates. So, if you need to make an exchange on a particular day, call them early and they will either do the trade then and there or might suggest waiting for later in the day – still your decision, you take the risk – but generally they can spot the best rate, if you can give them a week even better – at some point during the week they will call you if they spot the opportunity – just keep your mobile on.


Hi, Tim,
Well, here we are, February. Tim, we are getting close to exhanging our money. I thought my husband was satisfied with what I had found and communicated with a company, but now that we near the range of $1.25 for one euro (US dollars), he is questioning the reliability and what I really know of the company called World First. A realtor recommended it; said his clients have used it. They emailed me license and credential numbers, but if something goes wrong, I can forget my move to Italy. So, I am trying to appease my spouse by further checking.
May I ask you , do you know of anyone who has had problems with this money exchange company? It is located in London, the main office is. Do you know of someone I can ask. We live in the US. We have Better Business Bureaus to call, but I am not sure what to do here. It is $1.259 now. I asked them to call me when it reaches $1.254. I have never ever wired money to anyone. It is a little nerve wracking, especially when our future depends on this.
I appreciate any input. Thank you. I hope you are doing well.
MaryAnn


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 Post subject: Re: Exchange
PostPosted: March 3rd, 2009, 4:31 am 
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tyke2 wrote:
Im registered with a few. But to be honest they all have their good and bad days. HIfx recommended me to lock in a rate at 1.41 and I thought better . Wish I had , they were right.


Yes! I'd go with HiFX every time...call it instinct. I like them.


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 Post subject: Re: Exchange
PostPosted: March 3rd, 2009, 4:43 am 
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alimcg15 wrote:
This maybe a really silly suggestion but is it worth looking into converting £ to $ and then $ to euro? I have not checked the rates at all but it maybe better? Of course it may be complete rubbish.....


Well, you will get more Euro for your dollar, that's for sure. But, I think you will loose on your purchase (exchange) US Dollars from GBP - it's lower than the Canadian as well.

I would say call open a HiFX account for nothing, then you'll get to talk to the market expert. He'll advise you.

I have been transferring GBP to CAD over the years and recently CAD to Euros. It was better for me to trade dollars to Euro as opposed pounds. The exchange rate pound to dollar has really plummeted, but not with the same force as the GBP to Euro.

HiFX advised me over 6 months back that the GBP to CAD was going to go as low as $1.50 before it "bottomed out". It's in the 1.70s now. (2007 it was still over the $2.00 mark). It seems to dither for a couple of months (or I should say "hover") before it takes another dip.

My recommendation to anyone in UK is go for it now! Get a good rate locked in with HiFX.


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 Post subject: Re: Exchange
PostPosted: March 3rd, 2009, 11:29 am 
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Quote:
This maybe a really silly suggestion but is it worth looking into converting £ to $ and then $ to euro? I have not checked the rates at all but it maybe better? Of course it may be complete rubbish.....


Don't do this! Unless you think you can beat the market - at each trading point the margin is closed, if you think USD might be a safe haven and you want to hold USD while you wait to purchase your EUR then fine - but it is not an arbitrage trading opportunity.

MaryAnne - if you are being offered 1.25 USD to 1 EUR then that is an offer 150 pips off today's mid-market - not sure how they can offer you that. If you need to do the transfer then it is probably better than you can get anywhere - ask them to quote again.

I've talked to the traders this morning and they can't match that.

Don't know anything about World First sorry. I will always recommend Halo, the traders always get you very close to the best rate, and they seem to read the market well (as good as anyone can at the moment).

The market has already priced in 50 point reduction of euro-zone interest rate, there is future point trading in the hope of a larger cut.
Tim


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 Post subject: Re: Exchange
PostPosted: March 3rd, 2009, 11:34 am 
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MaryAnn - ok just got a call! 1.259 they can do. So World First are "on the market". Halo and others will do the same. Tim


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 Post subject: Re: Exchange
PostPosted: March 3rd, 2009, 5:40 pm 
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maryann - I've sent you a PM (I think). But you should have got your call because USD/EUR hit 1.253 at 11:22EST. The euro is being over sold wrt to USD so the rate will move away from you. Hope your trade went well. Tim


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 Post subject: Re: Exchange
PostPosted: March 14th, 2009, 4:20 am 
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TimJones wrote:
maryann - I've sent you a PM (I think). But you should have got your call because USD/EUR hit 1.253 at 11:22EST. The euro is being over sold wrt to USD so the rate will move away from you. Hope your trade went well. Tim

Oh, Tim, I wish I got your PM. Hello. I have to explain that I have misunderstood what World First told me about the rates. Each day they send an update. There are 2 columns of numbers. I thought they had said to me tht the price I pay for one euro was under the "We Buy" column. That is not what I pay; it is the market price and they charge a bit over that. For example, if I want to pay $1.26, they told me, the market price would have to be $1.244. I should have taken it a couple of weeks ago, but my hubby felt that we should wait a couple of days to see what it does. Because of my job and the time difference, I could not call them. I regretted it. Now, the market rte today, is $1.297. To complicate it, we had an offshore bank where we thought we would place the euros. See, I amhaving a problem finding a place in the US that you can have a euro account.

Do you know what people do? See, we have no Italian bank account yet. I have been told you must go in person. My husband does not want to leave the money in World First because if they go out of business,what then?

I have not been on this forum for a while, and tonight I was surprised to see your posting. Do you have my personal email address?
Thank you for the information. You are quite nice, Tim Jones. Thanks.
Hope to hear from you and if you know what people do, please let me know.
MaryAnn


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 Post subject: Re: Exchange
PostPosted: March 14th, 2009, 6:41 pm 
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I only found out this week that you can upen a Euro account here in the UK. If you are an existing customer of Barclays Bank you can open a Euro account here. I am a bit wary of putting all my Euros in an Italian bank in this financial climate in case their banks are anything like their laywers.


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 Post subject: Re: Exchange
PostPosted: March 14th, 2009, 6:48 pm 
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alan wrote:
I only found out this week that you can upen a Euro account here in the UK. If you are an existing customer of Barclays Bank you can open a Euro account here. I am a bit wary of putting all my Euros in an Italian bank in this financial climate in case their banks are anything like their laywers.


You don't need to be a Barclays customer. I'm not, but it did take a lot of explaining and a bit of time. They might be a bit more knowledgeable now though. :wink:


Edited: I think you might be talking about something different to my account.


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 Post subject: Re: Exchange
PostPosted: November 6th, 2010, 12:57 pm 
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Location: Berkshire/Marina di Caulonia
I have just read an article about a new peer-to-peer money exchange marketplace which was launched in April, called Currency Fair. Have had a look at their website www.currencyfair.com and wondered if anyone has had any dealings with them.


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 Post subject: Re: Exchange
PostPosted: November 6th, 2010, 2:12 pm 
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Location: Carmarthen, south west Wales / Santa Maria di Ricadi, Capo Vaticano
Hi beauyash,
I have just read all the information on the currencyfair website and it looks really interesting.
It looks as if it will save a lot of money when transferring large amounts like deposits and completion monies.
I will certainly register and try it out when I next need to send funds to my Italian account.
Like you I will be looking forward to hearing from someone on the Forum who have used this service.

Hi Tim Jones, do you have any comments to make on this service?

davidnam


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