Loriinthedesert

Hi!

Just want to know the going rate of GBP versus USD? Where can I watch the going rate daily or weekly to be ready. I am looking to save money.

Will it ever get lower over the few months? What would you do if it happens to get lower awhile before the trip?

Can we somehow take advange of lower cost by using CC for car rental, hotel etc on that day of lower rate before trip? Or we must pay as it is at the time of trip?

Or how about buying GBP while in USA if rate get really good that you can stock up before trip?

THANKS!

tod

Lori - You are at a great advantage so why not take it!
If you were in my country, South Africa, you would not be permitted to buy any foreign currency until 8 weeks before your departure date.
Not forgetting of course to provise the Currency Exchange(Bank) with your airticket.
It seems to me we are more "inthedesert" than you Loris!

Neopolitan

And if the rate drops way down before you go, how are you sure it won't go even lower? How would you determine which day it has reached it's lowest point and NOW is the time to act?

I respect your question, but if anyone could answer this for you, he won't, because he'll be too busy investing all his millions he makes from his 100% correct results from stock market predictions.

The differences are likely to be so slight, that your best bet is to ignore it and just go with whatever it is at the time you go. I've prepaid rooms and car rentals and saved a few dollars when the rate went up and I've done the same and "lost" a few dollars when the rates went down. I wish I could predict, but I'm not psychic!

Lovejoy

Currency rates here.
http://finance.yahoo.com/currency

Christina

There are several good websites (www.oanda.com, www.xe.com) with daily information on currency rates. Any decent newspaper has them in the business section, also.

ira

Hi L,

Don't bother trying to play arbitageur. The amount of moey that you might save or lose is trivial.

Use your CC when you can and your ATM card for cash.

Have a nice visit.

Loriinthedesert

I had to laugh at some of the posts.

I understand that I cant see crystal ball or someone would be busy making millions.

It just that the first time we were in London back in 2002 , DH was kinda complaining that GBP was higher than our dollar and we only stayed one day before going on a cruise.

Then last April of 2005, we got to stay in London for 4 days and we had a great time but this time GBP was even higher than last time! So, I am trying to ease the pain for DH by doing research and buy some at lower price than last time hopefully.

I can't recall the rate of last year, so I will have to find the history to compare, so that I can go for the rate a bit lower than we spend last year. That would be my guideline. That might help DH feel good about going.... LOL

Flyboy

Lori, use this tool to check GBP to U.S. dollar exchange rates:

http://www.x-rates.com/d/USD/GBP/hist2005.html

Intrepid1

Tell the "hubby" to chill out and have another beer or whatever it is he is doing while you are sweating the details of this trip.

Use your CC at the time of purchase for the lowest and best exchange rates.

Banks and other currency "changers" make their money two ways with over-the-counter purchases: by either charging you a big commission along with a d ecent exchange rate; or charging you little or no commission and giving you a poor exchange rate.

Forget all that and use your CC at point of sale.

Worktowander

Your local newspaper's stocks or business pages should have the rates posted daily.

walkinaround

just remind your husband of all the free museums in london. when he says things like "this sandwich is US$7.00!!!". remind him that that free world-class museum might cost $10-$15 admission in the US.

also remind him that all costs include sales tax. in the US you will have sales tax plus often a special hotel tax. meals and everything else also include tax. you don't tip in a pub and in restaurants 10% is fine.

two real pints in a central london pub will cost you less than US$8 total. try to get 2 real pints with tip for that in NY, SF or boston.

most people know all of this but do not think of it when considering prices in london.

anyway, there is nothing more annoying than when someone is constantly complaining about prices. the truth is that most things will be poor value as compared to home. perhaps you should agree to not do any shopping if he agrees not to complain about the prices of food, etc. this is best agreed up front and if he cannot agree to keep quiet and wants to constantly compare things with the price in US$ then i would consider not going.

AAFrequentFlyer

Perhaps your SO will like Uruguay. It's ~24 Pesos per $1. It looks good on paper, but in reality it's no different, only more confusing. Some things are cheaper, some are more expensive than at home, but at the end it's a FREAKING vacation!!!

If he really wants to feel good, why not Chile, it's 530 Pesos to $1? or why not South Korea where it's ~975 Won to $1.

It's a ridculous question and that's why you are getting the replies you are.

For a vacationer, the BigMac meal conversion is the way to go. Estimate how much is the price of Meal #1 as compared to home and that's when you get the real conversion for the average Joe/Jane (and I'm not suggesting you are the average Joe/Jane) .

Where2Travel

I don't know if you're travelling just to London on this trip but people grumbling about the $/£ rate is quite a common thing here.

Yes, London is an expensive place to visit in some ways but a little time spent researching ways to save money here (if that's what you're trying to do) will work much more in your favour than trying to guess what the exchange rate will do over the next few months.

The people that grumble about the expense of London have typically not done much research and are eating out in the expensive well-known restaurants, paying full-price for attractions and shows and not taking advantage of the many ways to get great hotel rates here.

Heimdall

As someone living in the UK on a dollar income, I would like to know with some degree of certainty which way the £ will be going in the months ahead. Unfortunately I don't.

You are asking should you stock up pounds in advance of your trip, so let's see where that will get you. Buy £1000 at, say, $1.75, and if the pound then increases to $1.80 you have saved only $50. Subtract from that the higher costs of buying the currency over the counter in the US, and loss of interest on the funds you have set aside, you will be saving very little in the end.

On the other hand, you could lose a little money if the pound goes the other way. And unless you have a secure means of storing the funds, you risk losing it all even before your trip to the UK, or while carrying it around during your trip.

Take the advice of someone who lives here. Use your credit card for purchases, and your debit card for ATM cash withdrawals.