Anyone else facing a foreign currency dilemma right now?

SixTwoSix

SixTwoSix

SixTwoSix

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Got a holiday in September to Indonesia for which i'm paying the accommodation in local currency. Watched the cost rise by about £200 in the last few days due to the pound dropping.

I'm in a bit of a quandary right now, not sure whether to buy some currency before it potentially drops further or hope for the best and see how it stands in 10 weeks before I leave.

GBP against asian currency is being hit harder than against USD/EUR so it's quite volatile and i'm truly at a loss what to do. About a week ago, 1 GBP = 19415IDR, this morning it's about 17915IDR :(

Not asking for advice, just wondering if anyone else is in the same boat?
 
Nope, all my assets are in HKD/USD and EUR, and what little debt I have is GBP. As it seems the Leave campaign don't have a clue I expect further sterling losses, going to wait a bit before I pay off the debt.
 
Asian markets are betting on 1.2 against the dollar (not to say it will hit that) so I wouldn't rule out further big drops. It is anyone's guess though right now.
 
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MooMoo444 said:
I think it is unlikely to drop any lower so it can only get better from here. I'd stick it out.
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I disagree. It'll drop significantly if/when an announcement is made for Article 50 or the announcement of anything other than a direct course of action against the result.
 
Six6siX said:
I disagree. It'll drop significantly if/when an announcement is made for Article 50 or the announcement of anything other than a direct course of action against the result.
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If it were my money I'd not expect significant drops as the country gets closer to leaving. I think the government are pretty likely to stay on this path now so the markets should have priced an eventual leave in, i.e. whether article 50 happens now or at the end of the year.
 
Well despite my unhappiness at leaving, it does mean we're more likely to be able to transfer several thousand from France to the UK. Hoping it drops a bit further tbh. So yeah, our dilemma is when to transfer the money.
 
joeyjojo said:
If it were my money I'd not expect significant drops as the country gets closer to leaving. I think the government are pretty likely to stay on this path now so the markets should have priced an eventual leave in, i.e. whether article 50 happens now or at the end of the year.
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You reckon? I think uncertainty is worse than a definitive course of action.
 
Yup. Got a group ski holiday to pay the 25% deposit on for the accommodation. To be fair, a 10% movement only means about £60 difference (of which only £20 is on me), but still a bit annoying.

To pay now or leave it a day or two....
 
I suspect it will drop further before it starts to get better. EDIT, i believe HSBC were predicting the GBPvUSD was going to drop to about 1.2, (currently at 1.34)

If you've got to wait till September, you've still got 2 full months + to see what happens.

As for bulletv, i'd say you're more in a gamble with needing to get currency in the next few weeks. I don't think anyone can say whether to buy now in case it drops further, or wait until it might rise.

How much are you planning on converting? If you're talking a few hundred, then i don't think the hit is too bad, but if you've got a long trip and you're talking £1k+ then you might find the increase a bit annoying.
 
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Glad I paid in full for my New York hotel before all this happened, just a bit suckered now on spends, not going until November so will just ride it out see what happens.
 
Going to Florida in September and the flights haven't been booked yet, nor have I bought any dollars for spends - I held out too much hope that we'd be sensible and remain, oops.
 
Buy now through a currency provider which provides a 'buyback guarantee' service and give yourself some options.

E.g. With Travelex you can pay £3.99 to enable you to sell the currency back at the same rate for up to 45 days (make sure you book online to get a decent rate though). I think Moneycorp offers a similar service.

So, you could get the currency now and if the rates improve then just sell it back at the same rate as originally bought (losing just the £3.99 buyback fee) and re-buy at the better rate.

You probably won't get the very best rate available from any of the providers which offer a buyback service, but could be worth going this route for some peace of mind.
 
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