Relocation services for British Columbia, Canada

Foreign Exchange

Canadian Dollar News - March 8, 2010
LUCKY ESCAPE FOR STERLING
Positive economic signs from the UK economy allow a near-miraculous recovery for sterling after a sharp fall. Canadian interest rates will head north in June, maybe.

Sterling fell sharply last Monday, losing three cents before lunch. It continued lower and it was not until the following day that it found bottom at $1.54. The rest of the week was spent in what is generously known as 'consolidation' (i.e. it could not recover) between there and $1.56, where it opened in London this morning

Whilst sterling's recovery last week might be seen as a sign that there is life in the old dog yet, it is still hard to see the British currency as anything other than a dog. Opinion polls continue to indicate a hung parliament and investors fear that even after the general election Britain's government will be paralysed by indecision, unable or unwilling to tackle the budget gap.
Courtesy TTT Moneycorp

We used TTT Moneycorp for the transfer of the money from our house sale and have subsequently used them on several occasions. We found their service to be excellent and can recommend them.

If you want to find out more, you can get them to send you information using this link: TTT Moneycorp

The other foreign exchange bureau that we are able to recommend is HIFX who offer similar services to TTT Moneycorp.

Specialist Foreign Exchange Bureaux Services

These bureaux are set up to cater for currency exchange. They will have a specialist foreign exchange trading floor and should know the market.

You will have to set up an account with them. This is a simple process.

One of the reasons to consider using a specialist FX bureau is that they offer more sophisticated currency exchange facilities. For example you may be able to:

• Book a forward trade so as to lock in an exchange rate
  This usually requires you putting down a deposit and agreeing a date and exchange rate. You may be able to roll the date forward if you need to.
• Put in an order to buy when the exchange rate reaches a certain level
  If you have money ready to exchange, then this will allow you to trade when the rate reaches a level you want.
• A variant of the above is to buy when the rate rises or falls. This way if the rate improves enough you buy, but should it move the other way you can buy too.

When you contact these companies, check what services they offer. You should also check the same things as you would for the high street banks.

As we said earlier, the only service we can recommend from personal experience is TTT Moneycorp

HIFX, which has been recommended to us by several people, offers a similar service. They have a currency converter that you may find useful too (note that it opens in new window).