TAPRISA 97 Torrevieja area

I would just like to ask has anyone thought about taking out a forward contract in Euros I have just noticed that the rate is approaching 1.53 euros per £ which is nearly a record high this is very good news for us, I have been quoted 1.505  for a 9 month forward with a company called exchange direct  I thought this maybe somthing for people to consider.

Can you explain exactly how this works

 

Kevin

Chanta.

That rate you have been quoted sounds pretty good, as i have just been quoted by Currencies Direct in London W.C.1 a rate of  1.4755 to be held for 12 months. Worth making a note of the company, Exchange Direct.

                      Bob.

                   

 

Hi Kevin,  How it works is you phone up and ask the currency dealer, anything from a spot rate to a rate that can be fixed up to 2 years in advance, the spot rate is the rate you see ttoday , obviously you then have to take the currency exchange immediately so say the rate is 1.53 today that would be the spot rate. Because we will not need the exchange until sometime in the future , I have calculated approx 9 months for myself , the dealer will offer you what is called a forward contract, I was quoted 1.505  for a nine month forward contract yesterday this is a fixed rate that you can take at any time in the next 9 months.  You have to pay a 10% deposit to secure the rate of the total amount you want to exchange. Obviously know one has a crystal ball if sterling rises further against the euro you lose if it falls you win, its a gamble  but I will be taking out a forward contract soon to lock into a strong exchange rate for the reason that the £ is very nearly at an all time high against the euro. Shop around to get the best deal different companies offer differennt rates they will also give you their professional opinion on were rates are going. Chanta.

Hi All,

i got 1.5213 today when i transfered the remainder of my depsit to San Jose. this was from the halifax and made a big diffrence to the amount that i paid.

That is a great rate I have just been quoted 1.51 from worldwide currencies which is Barclays .

Hsbc quoted me 1.501

Harry haddock

Hi all.

My rate seems to be the worst by far but remember the rate depends largely on how much you are transfering. I just asked for a rate for £65,000 pounds held for 12

months. If i asked for a rate on say £120,000 to be transfered NOW the rate obviously would be much higher. £200,000 transfered NOW  would be even higher.

Worth remembering, when conpairing rates with other people.       Bob.                            

This message was last edited by HAWKINGS111 on 1/22/2007.

Be careful as some Spanish banks charge to receive the amount when it arrives in your account in Spain - I think its between 0.1 and 0.5%.  I use Moneycorp and they charge £15 when I buy it and there is no charge in Spain as far as I know.  I asked about forward buying last week.  The exchange rate goes down in relation to the time delay in buying the currency.  I got 1.50 last week on £3000 and I think he quoted 1.48 if I wanted to buy for the end of the year.  Your rate is obviously better than mine! Its worth checking with the company and bank that you deal with to see if there are fees in Spain. Sorry if I'm stating the obvious!

Karen

R-15

Hi there.

It pays to shop and look around whats available in the market. I see that Travelex offer a specialist service for overseas buyers.

Regards

You need to register with most companies so it is advisable to do this up front then you can play one off against another and tell a little porky about what you have been offered. It's amazing how the companies up their offer when they want your deal, especially if you can decided there and then.

Ian

From the cold cold north sea!!

Try currency solutions ask for Julian  08700 42 43 44   brilliant forward rates of exchange beat hifx and all the banks and superb customer service.

Hi All

I used Global Currency Network Exchange ( HSBC) for my first payment and got a fair rate 1 months ago

I will ring them tomorrow and  ask about  a  forward rate

let you all know the outcome as soon as I know

G.A.L

Sorry folks never got round to it been hellish busy at work

the website says at the moment it is 1.51

I will ring them tomorrow

GAL