Locking in a semi good rate now?

[jonesy_86]

Hey, currently we have our spends on a Monzo card, does anyone think that’s it’s worth moving some of that money onto a travel money card to lock in the current rate, just looking at the way things are heading in this current state?

[Moorlandman]

I would buy your dollars now as sterling continues to depreciate

Since Brexit the pound has shown no sign of recovery. The days of $1.60+ ( only 2015) are long gone sadly

[Moorlandman]

It is a widely supported view that a no deal Brexit will see the pound as low as £1 = $1.10

[tspill]

Unfortunately no one knows. Otherwise they would be billionaires.
If the rate today is a big deal for you in that your holiday would be damaged if the rate went lower - then locking in now might be a good strategy. Otherwise, it is as likely to go up as down. Sorry, that's just the nature of the rates. All knowledge and speculation is already built into the rate so no-one knows.

[spikeybee]

What I do is when I get paid I buy Some dollars then over a period of time, this spreads the overall rate out a period of time.

[mick]

Originally Posted by tspill

Unfortunately no one knows. Otherwise they would be billionaires.
If the rate today is a big deal for you in that your holiday would be damages if the rate went lower - then locking in now might be a good strategy. Otherwise, it is as likely to go up as down. Sorry, that's just the nature of the rates. All knowledge and speculation is already built into the rate so no-one knows.

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I was about to say something similar and my usual response to these questions over the years is to buy $$$ in tranches when you feel personally happy with the rate.

To keep in context though the last batch of currency we bought was last October from John Lewis. We got $640 for £500.94. Funny amount but it's free delivery over £500.00

$640 today from JL would cost £504.69. Around £4 difference in around four months is not worth worrying about too much.

Mick

[tspill]

Originally Posted by mick

I was about to say something similar and my usual response to these questions over the years is to buy $$$ in tranches when you feel personally happy with the rate.

To keep in context though the last batch of currency we bought was last October from John Lewis. We got $640 for £500.94. Funny amount but it's free delivery over £500.00

$640 today from JL would cost £504.69. Around £4 difference in around four months is not worth worrying about too much.

Mick

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I think your £4 shows that it isnt the big deal that people seem to worry about.

[TheHughesCrew]

I remember someone saying on here a while back, that your whole holiday spends are likely to change by less than a family meal out, whatever rate you manage to bag. However, if it dips much more in the next few weeks, I may buy some more!

[sully301]

i got 1.30 on monzo a few nights ago buying american disney tickets

[mick]

Originally Posted by tspill

I think your £4 shows that it isnt the big deal that people seem to worry about.

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Never used any of these pre-loaded cards (if that is what a Monzo is - I thought he was one of the Muppets ). We are one of the much maligned group of Dibbers who use cash at gas stations, restaurants and supermarkets.

I'll never be as rich as George Soros making billions gambling on forex futures but we do have a system going with John Lewis who are usually the best of the High Street forex businesses.

Their rate reflects the previous business day's close so when we are ready we simply watch the business rate while it's on an upward trend because JL will follow it. When the business rate closes down we will buy early the next day before JL reacts.

I know it's not infallible and not in Soros's league but another $5 towards our first Longhorn of the holiday is good for us.

Mick