Can anyone help out? or even advise on a good time to look out for a good rate. I'm not looking for a hand out just some advice! Cheers all
Currencies are very volatile and exchange rates are very unpredictable. If other conditions stay the same, there is a good chance the USD will loose some of its value vs the GBP (and other major currencies such as EUR and JPY) when the US Federal Reserve starts to lower interest rates as expected later in Q1... so you may see a spike in the amount of USD you can get from your GBP.... however, its such a complicated topic and no one really knows or can predict what will happen - you may actually get a worse rate than now if other market conditions dictates so.... or even if they don't! Even if the rate would spike to 1.4 - which is quite unlikely - that would give you another $635 or $6985 .... but it could also drop to 1.2 and then you would get $6000 for your 5000 GBP.
Personally - and I know this is highly subjective - I would just roll the dice and buy the USD when you feel it, and put the money into a USD denominated Currency account with your Bank and have a secure card issued (a card that limits your spending to the amount of money in the Currency account) from where you pay in USD drawn from the currency account. This will retain the value of your Dollar amount... This is something that is easy do and set up here in the USA ... Make sure you get a VISA or a Mastercard - a surprisingly large amount of restaurant and shops in the US decline American Express due to their high transaction fees imposed on the retailers... go figure! anyway, I have absolutely no idea how this works in the UK. Also, bring a chunk of cash in small denominations 1, 5, 10, 20 dollar bills for small purchases, eventualities and tipping - yes, tipping is a big deal here, and people in the service industry are taxed on assumed tips whether you tip or not....you can of course tip at restaurants using the card.
Also, while I do like
@erwin123's thinking about this, I think thats more of a long play... short term US equities are not really a good idea unless you really, really know what you are doing or hire someone who does.... first you have to figure out what equities to buy with a high probability of a short term upside - since your trip is in 4 months, deal with transaction fees and of course short term capital gains taxes (subject to UK tax laws) and possibly a host of other issues....IF it turns out your investment makes any money!
After getting married in Florida (Pompano Beach for those that like exacts) in may of 2023
Congratulations! ... Pompano Beach is nice!
Also, thanks for spending your vacation in the United States! However I would much prefer if you would come to Minnesota to spend that cash and do some ice fishing
Cheers,
Michael
