 Poster: A snowHead
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Been looking at this: www.travelmoneyservices.co.uk
Seems like I can buy Euros forward for my Christmas trip at 1.12 (no fees) - just as a comparison, the Post Office is offering 1.07 and, according to "financial experts" it is reckoned that the Pound will weaken further this year like it did at the end of last year - the word "parity" is getting louder. So, on the face of it, 1.12 looks like a bargain. I'll be changing £2k so it makes a difference of around £100.
On that website it looks like I have to pay them now and they'll deliver the reddies via Royal Mail Special Delivery for the date I've bought forward to... in my case 16th December. I can't work out how secure my money will be though in the meantime and the site isn't exactly shouting about security. I'll be calling them in the morning.
Anyone had any experience of them or can recommend any other service.
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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so why not get them now and keep them yourself?
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Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
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| Bode Swiller wrote: |
| ... they'll deliver the reddies via Royal Mail Special Delivery for the date I've bought forward to... |
Probably a greater risk than fluctuating fx rates!
I've not done a forward contract for holiday money but did when buying our place in France and saved £6K. As an alternative to buying cash, would a pre-paid payment card (I used to have an Amex one) might allow you to lock into a rate but still have the convenience of plastic rather than getting hold of the notes? Not sure if there is a pre-payment card in euros (my Amex card was in US$) but it might be worth looking in to...?
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anarchicsaltire, their rate for buying Euros right now is 1.08 so I may well do exactly that if I'm uncomfortable with the buying forward arrangements.
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Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
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| rob@rar wrote: |
| Bode Swiller wrote: |
| ... they'll deliver the reddies via Royal Mail Special Delivery for the date I've bought forward to... |
Probably a greater risk than fluctuating fx rates!
I've not done a forward contract for holiday money but did when buying our place in France and saved £6K. As an alternative to buying cash, would a pre-paid payment card (I used to have an Amex one) might allow you to lock into a rate but still have the convenience of plastic rather than getting hold of the notes? Not sure if there is a pre-payment card in euros (my Amex card was in US$) but it might be worth looking in to...? |
A fine idea but my little Austrian friends enjoy the folding stuff 
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rob@rar, a few bottles of Scotland's finest single malt goes a long long way.
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I'm sure the forward buying means that they have guaranteed transactions at that time and then can use this money to leverage in the markets for the next couple of months. Oil and most commodities would generally be at better rates in forward markets and entire industries exist on this basis.
Still a good rate , but I'm not sure how rates are forecast to fluctuate. Best I've seen recently is http://www.bestforeignexchange.com/Exchange-rates-check-exchange-rates.php probably comparable with elsewhere. Still works out expensive compared to the days of 1.30. Last Easter in Tignes we were paying 1.04. Good job we took most of the food with us 
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You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
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Bode Swiller,
I have always used these for holiday money, the rate is always the official exchange rate at the time you place the order and not the tourist rate. You buy now and can have them delivered FOC in a minimum of 10 days. I guess what they get out of it is having your money interest free, but for the amount I buy and the length of time they have the money I doubt it will even cover the secure postage.
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You could look at buying options, I suspect the fee would be around the same and if the open market exch rate is better at the time your option falls due you don't have to honour your existing contract, on the other hand if the GBP hits the bin then you're option keeps you quids (or should that be euros) in.
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snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
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remember you lock in the rate now but the fact that you can buy EUR at 1.12 means the current actual expectation in the market (i.e. the market of people/companies buying and selling currencies) is that the EUR/GBP in December will be around 1.12.
it is not technically free as their "fee" lies in the spread (i.e. difference between what they will sell EUR at and the price at which they will buy it off you). so if they sell EUR at 1.12 and quote to buy EUR at 1.11, their "fee" is 1c/pound.
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And love to help out and answer questions and of course, read each other's snow reports.
And love to help out and answer questions and of course, read each other's snow reports.
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| boardiac wrote: |
| remember you lock in the rate now but the fact that you can buy EUR at 1.12 means the current actual expectation in the market (i.e. the market of people/companies buying and selling currencies) is that the EUR/GBP in December will be around 1.12. |
The expectation appears to be bleak for the Pound... http://business.timesonline.co.uk/tol/business/economics/article6888173.ece# - and that's what I don't understand. I'll call them and find out. Sometimes if things look too good to be true...
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Bode Swiller - let us know what the reply is, thanks, it will be interesting.
Alternative as suggested above you could take out a small future spread bet that the pound will fall at a level that equates to what you might lose for the holiday money you may change, and if it does fall you will be in the same position as if you exchanged it today.
My bet would be that it will fall slightly until the next GDP announcement, and if that is positive it will rise, if negative it will fall. Brown has said that we will be out of technical recession by the end of the year and if that is the case the Pound will rise. My take on things anyway 
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You know it makes sense.
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Bode Swiller,
Can I come on your holiday - 2K just on 'spends' sounds like my kind of ..hic.. trip
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Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
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AS the GDP figure was provisional, anyone want to take a bet that the actual will be a lot better. Pessimistic? me? never!
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Poster: A snowHead
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bertie bassett, You should have 3 kids. My lift passes for January will be around €1,000 and thats before ski school for 3  Thats why as Bode Swiller says the € rate makes a huge difference. It can save me hundreds of £'s.
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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thefatcontroller, and all that fuel for the Disco and the roofbox 
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Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
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Just got back from the Metro ski show in London - loads of Jan deals about - some even 2 for 1 on January passes. Worth looking around- every one has deals at the mo.
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| thefatcontroller wrote: |
| bertie bassett, You should have 3 kids. My lift passes for January will be around €1,000 and thats before ski school for 3 Thats why as Bode Swiller says the € rate makes a huge difference. It can save me hundreds of £'s. |
But that's what your nationwide debit card is for right? Pre-load the account with some STG and take it out in Euros at the best rate possible with no additional charges. In September in Greece I got 1.13 when most of the high streets were offering 1.04-1.06
simples and no risk of giving a bunch of money to a website run by a company you've never heard of?
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Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
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| Boredsurfing wrote: |
| AS the GDP figure was provisional, anyone want to take a bet that the actual will be a lot better. Pessimistic? me? never! |
were they provisional then ?
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A friend of mine called the company this morning before I could. He asked her about security of the money. He just emailed me:
"Her answer was we're not bonded or insured but we've been in business for five years, check us out on Google etc for references. A bit snotty about being asked."
Think I'll just buy Euros in the normal way then.
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Can I come on your holiday - 2K just on 'spends' sounds like my kind of ..hic.. trip
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bertie bassett, Only if you want to be the au pair. £2k goes nowhere where whole families are concerned.
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You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
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| rayscoops wrote: |
| Boredsurfing wrote: |
| AS the GDP figure was provisional, anyone want to take a bet that the actual will be a lot better. Pessimistic? me? never! |
were they provisional then ? |
Yep looky here 3rd paragraph
http://news.bbc.co.uk/1/hi/business/8321970.stm
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| But the figures could still be revised up or down at a later date, because this figure is only the first estimate. |
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Bode Swiller, I think you've reached the right conclusion.
This is not a pure forward as you'd be settling your payment now and they'd settle theirs a couple of months later. With the rates they're offering, it looks like they're planning to play the markets for the two months to make a profit. I would be worried that anyone doing this without a solid capital base and some supervision could run into difficulties if they guess the market wrong. Not sure that the return is sufficient to take on that kind of risk. (it's 4 - 5% for 2.5 months, a pretty high annualised return...which I guess gives a strong signal about the risk level).
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snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
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Bode Swiller, I used them last year, absolutely no issues. Their headline rates were genuine, service was excellent.
I did it because I decided that my holiday was only affordable at €1.20 to the pound (with a large accomodation balance to be settled in cash). So I locked into that rate (about €1.22 I think, it had been €1.30 a week before) on a 61-90 day forward and was glad I did - it was right down to €1.04 when I flew out.
For me buying a forward is about replacing the risk of the pound nosediving and blowing my holiday budget with the risk of the currency broker going out of business (rightly or wrongly i don't judge that a big risk). The extra 4-5% on the currency if the rates were to be the same is not to be sniffed at either.
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And love to help out and answer questions and of course, read each other's snow reports.
And love to help out and answer questions and of course, read each other's snow reports.
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Sterling on bit of a rally at the moment
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rayscoops, Noticed that this morning, nothing much in the news?
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You know it makes sense.
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| thefatcontroller wrote: |
| rayscoops, Noticed that this morning, nothing much in the news? |
and long may it last. keep it quiet.
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Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
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A morning rally!! Don't worry Darling Brown will come out and say something stupid before lunch.
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Poster: A snowHead
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thefatcontroller, well $ has been weak and there was a big jump yesterday afternoon from US shares to $, and i think it is just bit of a reaction to that...... or maybe some one knows a bit about the US GDP quarterly figures to be announced on Thursday and are changing their position on dollars in advance, or possibly that the GB GDP figures will be adjusted from the figure announced a few days ago to strengthening the £ ? could be anything really an have the time the analysist just make a storey fit the results.
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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This is a useful website:
http://www.comparetravelmoney.co.uk
From the above, Crown Currency Exchange always seem to have the best rates. I am thinking of giving them a whirl for euros and Canadian $ for the ski season....eg 1.1175 for euros delivered in Dec - and 1.1335 for March.
Seems particularly appealing if sterling is heading for parity .
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Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
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UPDATE RE. CROWN CURRENCY EXCHANGE:
Just had a look at the Travel Money Services website, as per the OP.
The content, layout, adverts and exchange rates are exactly the same as Crown Currency Exchange!! Same company, different name??
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You need to Login to know who's really who.
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mountainaddict, Yes, based in Cornwall.
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Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
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| mountainaddict wrote: |
UPDATE RE. CROWN CURRENCY EXCHANGE:
Just had a look at the Travel Money Services website, as per the OP.
The content, layout, adverts and exchange rates are exactly the same as Crown Currency Exchange!! Same company, different name?? |
Also - looking at the Flybe Travel money link it is almost exactly the same - just a slightly different rate. It even says "Powered by Travel Money Services" at the bottom of the page. Now, if you bought a s***load of euros through the Flybe site and something went wrong could you get your money back from Flybe or would they try and pass the buck to Crown Currency Exchange/Travel Money Services?
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| Quote: |
Mighty Man Utd changes fans money via tiny firm in Cornwall
Manchester United offers its fans a range of financial services, including a travel money service by post. But the company the Premier League champions has selected to provide forex to fans is a tiny, barely profitable firm in Cornwall. It is owned by Peter Benstead, a former conservatory salesman at one time barred from holding company directorships.
There is no suggestion that the firm, Crown Holdings (London) Ltd, which trades as TMS, has done, or is doing, anything illegal. The same applies to Peter Benstead. The firm's other director is Edward James, the Mayor of Glastonbury, Somerset. Last month he signed off Crown's latest accounts, showing profits of £28,118. James insists the business is well run and secure.
Read more: http://www.dailymail.co.uk/money/article-1221083/Could-cash-lost-conversion-unauthorised-foreign-exchange-firms.html#ixzz0VDKe0LSh
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Boredsurfing,  Gulp
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thefatcontroller, Well, you wouldn't want to make a profit and have to pay tax on it, would you .............
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FAQ
