Pound / Dollar rate

[Neil Roberts]

With a trip booked in the summer, would now be a good time to buy US dollar travellers cheques with the pound seemingly at a good rate? What does the panel think?

[Richard Gandy]

Hi

I work for a Bank & have been keeping a check on rates over the last few mths. As you are probably aware, the pound is at an 11 yr high v the US $. Whilst I note Steve's comments on the info page, re the T & T $ still, more or less remain at 6.2 to the US $. Therefore, buying high on £/US$ will pay.

Whether you buy now now or later is anyone's guess. However rates are v.good, especially for T/C's which you get a better buying rate in the UK & also in T & T - 11.50 v 10.92 @ First Citizens bank today.

I have bought some already, on the basis that I am happy at the rate now.

[Neil Roberts]

Dear Richard, Thanks for taking the trouble to reply. I shall be following your lead; but will of course sue if anything goes awry! Kind regards, Neil.

[Marc Jones]

This may sound entirely dumb... but should I be getting US $ travellers cheques or T&T $?

Sorry if that's wildy ignorant!

[Neil Roberts]

For what my opinion's worth, I couldn't see a downside to buying US$ travellers cheques while the dollar is seemingly so cheap against the pound, and then buying T&T$ with them when I'm out there. However my experience in financial matters is not good. Marconi shares anyone!!!

[Richard Gandy]

You can buy TT ahead, but the rate at my Bank is only 10.68, against the rate I mention above.

Therefore, aside from a little cash for contingency purposes, & with the US $ rate being so strong, I will take some US $ T/C's - not cash, as you get a better arte both at the point of purchase & in Bank's in Tobago, and also use the ATM's.

Of course, no one can be sure if the £/$ will improve further, but at an 11 year high, I am happy with the rate now. I went to the US only 3 yrs ago, with a rate of c1.45 against c1.84 now, which is a hike of c25% !!

[David Watkins]

Take GBP travellers cheques and a few hundred TT's for immediate use.The exchange rate stirling to TT is better in the banks in Tobago than UK and there is a fixed charge of only 10TT regardless of value.The GBP is alot stabler than the US$ and anyhow why pay the banks for changing your currency £-$-TT and back?
David

[Neil Roberts]

But surely things like car hire are quoted in US$ and can be paid for in US$, so a saving must be on the cards.