Take it in USD or GBP? ...
Discussion
Say you were to about to recieve an inheritance from 'across the pond'
For the sake of argument, let's say it was around 30,000 USD. The money is not going to be put to real use for about 12 - 18 months so will go into a savings account of some sort.
The question is, given the option to recieve the funds in USD or GBP in the next couple of weeks what do you choose?
cheers
For the sake of argument, let's say it was around 30,000 USD. The money is not going to be put to real use for about 12 - 18 months so will go into a savings account of some sort.
The question is, given the option to recieve the funds in USD or GBP in the next couple of weeks what do you choose?
cheers
Why on earth would the random catalyst of an inheritance make you decide to take a 30k currency bet?????
If you have firm views on currency and have been long waiting for the free capital to make that bet than fair enough.
Otherwise you are simply being lazy (no offence).
Although, do you have any USD expenses?
If you have any USD expenses then set aside some of the money to cover them, but put the rest in GBP or EUR or whatever currency you usually spend in.
If you have firm views on currency and have been long waiting for the free capital to make that bet than fair enough.
Otherwise you are simply being lazy (no offence).
Although, do you have any USD expenses?
If you have any USD expenses then set aside some of the money to cover them, but put the rest in GBP or EUR or whatever currency you usually spend in.
walm said:
If you have firm views on currency and have been long waiting for the free capital to make that bet than fair enough.
Otherwise you are simply being lazy (no offence).
Ermmm.. no. I am asking advice on something about which I have no expertise and many on PH do. Otherwise you are simply being lazy (no offence).
Quite simply we have been asked whether we want the money in USD or GBP. The payment will be made next week. Clearly if we have it in sterling then that is at the prevailing exchange rate and no going back. If we have it in Dollars then we can decide when to switch. My question really was about whether the current rate is good / bad / indifferent ... those with experience in such matter may have been able to offer an opinion that's all.
Given the poor rates of interest on savings atm, we could stand to gain /lose more by making the right / wrong decision on the exchange rate.
Thanks to all anyway
H6CJF said:
Clearly if we have it in sterling then that is at the prevailing exchange rate and no going back.
Well, no... you can change it into $, EUR, Yen etc... whenever you want. As you can with any other savings you have.What you are asking is whether now is a good time to make a £30k USD vs. GBP bet.
All I am saying is why randomly choose to gamble on FX?
(Unless of course you firmly believe in the wisdom of PH FX traders inc.as a surefire money-making scheme!)
Why stop at £30k? Why not £100k or whatever cash savings you have?
People often ask "What is the best medium term investment for £30k cash?" which seems a more reasonable question.
You are saying "I have looked at ALL my other investment options and have chosen to gamble on FX rather than the FTSE/bonds/NSI/pay off mortgage etc..."
That seems a very odd decision to me, that's all! No offence!
walm said:
Well, no... you can change it into $, EUR, Yen etc... whenever you want. As you can with any other savings you have.
What you are asking is whether now is a good time to make a £30k USD vs. GBP bet.
All I am saying is why randomly choose to gamble on FX?
(Unless of course you firmly believe in the wisdom of PH FX traders inc.as a surefire money-making scheme!)
Why stop at £30k? Why not £100k or whatever cash savings you have?
People often ask "What is the best medium term investment for £30k cash?" which seems a more reasonable question.
You are saying "I have looked at ALL my other investment options and have chosen to gamble on FX rather than the FTSE/bonds/NSI/pay off mortgage etc..."
That seems a very odd decision to me, that's all! No offence!
This is the "correct" answer. You can transfer any money to any currency at any time. If the payment was going to be in Thai Baht or Uk GBP would you still be asking the same question?? Your base currency is always the correct default answer. The only reasons I can see for taking it in $US is that you either have US expenses / will live in the US at some point in the future or you have considerable saving in the UK and can use the $US holdings as asset diversification.What you are asking is whether now is a good time to make a £30k USD vs. GBP bet.
All I am saying is why randomly choose to gamble on FX?
(Unless of course you firmly believe in the wisdom of PH FX traders inc.as a surefire money-making scheme!)
Why stop at £30k? Why not £100k or whatever cash savings you have?
People often ask "What is the best medium term investment for £30k cash?" which seems a more reasonable question.
You are saying "I have looked at ALL my other investment options and have chosen to gamble on FX rather than the FTSE/bonds/NSI/pay off mortgage etc..."
That seems a very odd decision to me, that's all! No offence!
To the OP:
I think there's been some very sensible comments by other posters, which I'll try to word another way:
You'll receive $30k, but you can have it in GBP now (at today's rate) or you can leave it in USD and translate it into GBP later on. So what you're betting is that the exchange rate will net you more £ per $ in future.
If you had £25k of cash in GBP right now, would you consider turning it all into USD today and then swapping it back again in future? If not, then why not? It's EXACTLY the same as what you're proposing to do with that inheritance.
I think there's been some very sensible comments by other posters, which I'll try to word another way:
You'll receive $30k, but you can have it in GBP now (at today's rate) or you can leave it in USD and translate it into GBP later on. So what you're betting is that the exchange rate will net you more £ per $ in future.
If you had £25k of cash in GBP right now, would you consider turning it all into USD today and then swapping it back again in future? If not, then why not? It's EXACTLY the same as what you're proposing to do with that inheritance.
mrmr96 said:
To the OP:
I think there's been some very sensible comments by other posters, which I'll try to word another way:
You'll receive $30k, but you can have it in GBP now (at today's rate) or you can leave it in USD and translate it into GBP later on. So what you're betting is that the exchange rate will net you more £ per $ in future.
If you had £25k of cash in GBP right now, would you consider turning it all into USD today and then swapping it back again in future? If not, then why not? It's EXACTLY the same as what you're proposing to do with that inheritance.
I think there's been some very sensible comments by other posters, which I'll try to word another way:
You'll receive $30k, but you can have it in GBP now (at today's rate) or you can leave it in USD and translate it into GBP later on. So what you're betting is that the exchange rate will net you more £ per $ in future.
If you had £25k of cash in GBP right now, would you consider turning it all into USD today and then swapping it back again in future? If not, then why not? It's EXACTLY the same as what you're proposing to do with that inheritance.
ok ... I've been havin a 'tard moment!
ermmm... I think I'll tell them to give it me in GBP
Thanks guys
wonder if I should start a "what car should I buy with £25k thread"... maybe not
H6CJF said:
ok ... I've been havin a 'tard moment!
ermmm... I think I'll tell them to give it me in GBP
Thanks guys
wonder if I should start a "what car should I buy with £25k thread"... maybe not
(could be wrong though)
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