Locking in a room rate in London
Jan 22nd, 2004, 02:03 PM
#1
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Locking in a room rate in London
I just booked a hotel in London and my agent gave me "today's" rate but explained that may flucuate and be different when I arrive...is this your experience?? I can't lock in the price even with a credit card.
Jan 22nd, 2004, 03:02 PM
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Boarding - I'm sure she means that the US$ amount may change. This changes with the currency exchange rate and won't be locked until you are actually charged. The GBP rate would be the same.
The only way to avoid that is at hotels/websites were you prepay, thereby "locking" in the price.
Karen
The only way to avoid that is at hotels/websites were you prepay, thereby "locking" in the price.
Karen
Jan 22nd, 2004, 06:38 PM
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In the event you are talking about locking in a US dollars rate for the future, let me assure you that to do that the hotel will certainly cover themselves and set a very high rate. It just doesn't make sense to do so. Settle on the pounds rate that I assume they will confirm. If they can't confirm a rate in pounds, you need to find a new hotel -- pronto.
Jan 23rd, 2004, 08:59 AM
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Relax. The dollar should be relatively stable against the pound in the next few months. Take a look:
http://www.forecasts.org/pound.htm
http://www.forecasts.org/pound.htm
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Jan 23rd, 2004, 10:59 AM
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Simple solution to the problem of fluctuating exchange rates: Purchase the currency in question, in cash i.e. so you have it sitting in your wallet, with a definite rate of exchange i.e. the one you bought it at, rather than a fluctuating one. E.g. at present, and according to data for the past year the rate (tourist) is, on average, 1.38 EUR per GBP. When the rate has a small fluctuation, normally to a "high" of 1.42 per GBP I purchase maybe four or five thousand EUR, this way it will last for a few European trips. With any hotel room rate now having a guaranteed price. Obviously one can lose out in this way, but it is unusual for one currency, certainly the USD, GBP, EUR to crash, therefore the risk is minimal. If the rate does increase in your favour, it is usually only a few EUR/USD/GBP per thousand units of currency.
Jan 23rd, 2004, 11:43 AM
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m_kingdom, yes that is a simple solution. But I live in the US. For me to buy $5000 worth of euro now locally -- it would cost me something like an extra $250 due to the poor exchange rate any bank here will offer in exchanging dollars for euros. I think the gamble is better to just wait and eventually charge it or pay cash from an ATM in Europe, when you won't be paying those huge costs of poor exchange rates you get buying euro (or pounds) in the US.
