Down, down, down with the book!
Sterling looks a whole lot like become cheaper in the next six months, if the new Governor of the Bank of England, Mark Carney, gets his way. Mr. Carney wants to inject billions in economic recovery (called quantitative easing) in the economy of the United Kingdom, to spur growth. If it does, the book will tumble, because all these billions devalue the currency.
Sterling is already at a minimum of 3 years against the U.S. dollar to 1.48 in anticipation of this stimulus. In addition, the euro could soon reach its highest level against the pound since November, 2011, at 0.88, on the same cause.
Of course, what this means for you, is that when you exchange currency, you will get a total plu book. Your money will go further, that you are able to go longer, do more things and see more of United Kingdom.
3 tips to get the best exchange rate book
Of course, everything simply because sterling is inclined in the fall, you will need still to know how to take advantage of the exchange rate. Here are three tips to help you do so:
1. don't expect the book to fall and fall forever.
If you plan to buy books, you might have an exchange rate in mind that you would be perfect. However, unless the exchange rate is realistic, may wait you for this 'perfect' exchange rate very long. In other words, the book is down, does not mean that it will fall forever! Instead, to know what rate of Exchange, you can reasonably hope, talk to a broker in foreign currencies for some tips.
2. keep an eye on fees and commission when you exchange currencies.
When you exchange currencies, the last thing you want is to pay for the costs and the commission. For example, if a bank allows you to transfer your money to the United Kingdom, you might pay up to $40 per transfer. To remedy this, shop around, then find a service that charges you extra to buy your books. Use a currency exchange broker, for example, and you don't pay extra for your transfer.
3. process with someone you love and trust!
If you are studying abroad in the United Kingdom, chances are that you will move a lot of money. Given that, it is vital that you are dealing with a money transfer service that you like and trust. So before you transfer your money, get an idea whether if you feel comfortable using the service you are thinking. If you do not, it could be worth trying elsewhere.
Peter Lavelle is a dealer in foreign currency broker to Exchange FX Pure.Pour learn to get the best exchange rate when you study abroad in England, email him at peter.lavelle@purefx.co.uk. It would be happy to give you advice of experts.
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