Hi I have a UK account with £s in it. How can I translate the money to $ US dollars so I can translate it back to UK pounds it in a month or two and make a bit of cash?
2006-09-06 03:15:18 · 11 answers · asked by bizboz 1 in Business & Finance ➔ Other - Business & Finance
.......Yep your bank will do it, or trawl the high streets to get the best rate, then buy. Good luck in the future selling it, of course history says that the US $ will get better at some time, just a matter of waiting for the right time.
2006-09-06 03:24:33 · answer #1 · answered by KWB 3 · 0⤊ 0⤋
Simple enough to do, but do you really know what you are doing ? There will be a buying rate and a selling rate and both when you buy dollars and then again when you buy back the pounds you'll effectively be paying a commission and charges. The rate has got to change by a big amount at the right time for you and if it was as easy as that the Banks would do it - Not for an amateur in the month or two short term.
Contact your bank though, or any of the money dealers, probably best bet is to get a stockbroker !
2006-09-06 03:28:52 · answer #2 · answered by Barry G 2 · 0⤊ 0⤋
Unless the movement is huge you will lose out because of the commission or the "margin" (gap between the price they'll sell you dollars for and what they'll buy them back at), which normally works out around 10% (or more) for retail transactions.
To trade currencies effectively you really want to be doing at least $1 milllion at a time. How big is your balance?
Plus you also might want to check whether you can deposit your dollars, and what interest rate you'll get. Three month's interest is another 1% you'll have lost.
2006-09-06 04:50:40 · answer #3 · answered by gvih2g2 5 · 0⤊ 0⤋
I suspect you don't have enough £s to get better than the tourist exchange rate. Plus you will lose on the turn, both ways.
You're gonna need a big swing to make even a small profit, and if the rate goes against you, you will lose a lot.
2006-09-06 03:27:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The dollar has been falling...you could make more in a few DAYS with Mexican currancy, since it shifts between 8-10 pesos per dollar every few days...
2006-09-06 03:23:05 · answer #5 · answered by Crys H. 4 · 1⤊ 0⤋
Your bank should be able to do this for you with relative ease. I am surprised that you expect the dollar to rise relative to Sterling in a couple of months.
2006-09-06 03:20:02 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Thats called forex trading..Learn about it for free at -
http://the-forex-trading.blogspot.com
2006-09-06 13:05:15 · answer #7 · answered by rahul 3 · 0⤊ 0⤋
If you go to your local post office you can ask them for dollars.
2006-09-06 03:17:46 · answer #8 · answered by Cj 4 · 0⤊ 0⤋
visit www.xe.com for currency details.
2006-09-06 03:24:19 · answer #9 · answered by kamviag 2 · 0⤊ 0⤋
what do you mean do you come from an african country or something coz the us $ is not going to raise NEVER speculate.
2006-09-06 03:25:42 · answer #10 · answered by Anonymous · 0⤊ 0⤋