Should I buy dollars sooner rather than later?

Hi guys

First off apologies if this is in the wrong section. I am off to Florida in September (I know - still a LONG way off) and I am wondering wether it is a good time to buy dollars or not. I know it is impossible to determine what exaclty will happen in the financial world but I was in Ulster Bank last Friday and they were selling dollars at $1.35 to €1. I was in PTSB today and they quotes $1.31 to €1. Again I know you can't compare these figures too much as they are different banks and will have different figures but it seems as though the value is dropping. Do you guys think they will continue to drop and therefore starting picking up dollars soon or do you think they will go back up and therefore take the risk and wait?

Thanks for the help

If I was in your situation I would buy half now and watch the rate over the next few months. Business jargon people call it "hedging"

Cheers for that. That was my intention but I just wanted to see if there was any better advice out there for me.

Thanks again

i am going in april and have been buying for the past few months. i got 3500 in total. 1000 at 1.45 . 1000 at 1.30 and the rest at 1.40. it really pays to watch it. im into currency trading anyway so i have the charts etc. in my honest opinion and its only an opinion you will see it go back up to about 1.39 and prob wont break 1.40 . i would buy them at that level as i believe it will then go way back down towards parity.

and buy the way florida is just a super place.

Jimbobman

I'm heading to New York in April and would like to benefit from your informed experience. It's my first time travelling to the States so dealing with dollars is a new experience. Should I buy the dollars now, use my visa when I'm there, or do a combination of both.

Thanks.

hi justsally

its impossible to predict but again this is my honest opinion .

its 1.35 this morning so the bank would give you 1.31. it looks like it will probably go to between 1.37 and 1.40 in the next few days. after that its heading back down in my opinion so i would buy now basically. at least buy half and you can use the CC over there then for anything extra

Hello jimbobman

sorry for not acknowledging your post before now. Your advice was very helpful, but unfortunately due to health problems I couldn't buy the dollars until now. Guess I won't get such good value now. But thanks again

Announcement.......Jimbob knows his stuff

I am always puzzled by people travelling with large sums of cash? Surely this is dangerous, most travel insurance policies only cover a couple of hundred.

FWIW I never buy dollars before I travel, I use ATMs and credit cards there, which is usually about twice a year. I could probably get a better deal if I bought cash when the dollar was low but I feel safer with little or no cash on me or stored in my home!

the dollar is getting stronger,buy buy bye.

I would buy half now and watch the rate over the next few months. Business jargon people call it "hedging"

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Would paying the exchange fee on two transactions rather than just the one not defeat the purpose? How many suitcases of cash are you bringing with you?