I want to change GB sterling into $50. I don’t need it until september, would it be better (Cheaper basically) to change it now or then?
Thank you in advance!
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February 28th, 2010 at 5:53 am
That’s a tough question. It all depends on how the rates change between now and September.
The good news is that you are exchanging a pretty small sum. So the exchange rate won’t make it drastically cheaper or more expensive.
For Example
According to Google $50 would cost you about 31.23 pounds today. This is about $1.6 per Pound.
If the rate changed to say $1.3 per Pound it would cost you 38 Pounds.
If it went the other way and went to $1.9 per Pound it would cost you 26 Pounds
Those 2 examples are a 20% change either way. Which would be a pretty big change between now and September.
So you are looking at either a swing of about 5-7 Pounds up or down way. In my book that’s not a HUGE difference and it probably doesn’t matter.
If you were exchanging say 5000 dollars you might be talking about a 500-700 pound difference which would matter.