FairFX Press Releases > Dollar Related Posts
The pound has fallen significantly against the Euro and Dollar in the past 24 hours alone – falling from $1.6598 to £1 to $1.6479 to £1, and from €1.1366 to £1 to €1.1203 to £1.
Stephen Heath, Chief Executive of FairFX.com, said: “The value of Sterling fell dramatically yesterday morning after Mervyn King said the MPC will lower the deposit rates to free up lending between banks. We have now seen the pound take such a pummelling that you will get just $1.6479 or €1.1203 to £1.
“Anyone looking to buy their currency now should make sure they lock in the best rate for their holiday money or they could lose out on up to $95 or €70 for every £1,000 they spend.*”
FairFX offers customers market-leading exchange rates via either a pre-paid currency card or cash via their internet site: www.fairfx.com[http://www.fairfx.com].
Wednesday 16 September 2009, 10:55am
SO GET YOUR DOLLAR DEAL NOW BEFORE ITS GOING, GOING, GONE...
As the pound surges to a ten month high, anyone travelling to the States in the coming months could benefit from getting some of their travel money now, to lock in on the current rate of $1.67 for every £1 from FairFX.com.
Stephen Heath, Chief Executive of FairFX.com, said: “This surge in the value of the pound is good news not only for the UK economy, but also for British travellers planning to head across the pond. While still a long way below the $2 to £1 levels seen in July last year, the pound has rebounded 25% from the 23-year low of $1.35 it plummeted to in January this year.”
Don’t be fooled
Checking the exchange rate is very important as many travellers are misled by headline advertising for travel money such as “0% commission” or “no commission”, which often masks the true cost.
The true cost to consumers is not only the advertised commission rate, but also how many Dollars, Euros or other currencies they receive for each pound exchanged, namely the exchange rate. This can vary so much that some travellers, particularly if they use regional airports, could actually be paying up to 15% more than others.
Stephen Heath added: “No one likes to be fooled into buying something only to find out too late that they paid over the odds or that they have been stung by extra transaction costs when they return from their holiday. A good currency card gives travellers the choice about when they fund their trip, getting Dollars now could help someone to budget for a future holiday, or simply mean they’ve locked in the best rate available so far this year.”
FairFX offers customers market-leading exchange rates via either a pre-paid currency card or cash via their internet site: www.fairfx.com.
Tuesday 04 August 2009, 05:29pm
-69% of people say “every penny counts” when it comes to buying foreign currency
-Yet only 2% use the cheapest payment method for foreign currency – pre-paid currency cards
Despite the credit crunch putting a squeeze on everyone’s wallets new research from FairFX.com reveals British holiday makers still aren’t spending prudently abroad. 69% of people might say every penny counts when buying their foreign currency, but 98% still don’t use pre-paid currency cards – the cheapest way to spend abroad.
Two thirds (66%) prefer to spend foreign cash taken abroad with them, and a further 29% choose to withdraw foreign currency from a hole in the wall once they get overseas. Despite the extortionate fees involved, 21% of holidaymakers still choose to spend on their credit cards.
Stephen Heath, Chief Executive of FairFX.com, said: “Will 2009 be the year that travellers wake up to the savings they can make by using a pre-paid card for all their holiday spending? Two thirds of people might say every penny counts, but then don’t actually ensure they have the right tools to make it happen.
“A family of four could have an extra $300 or €200 to spend on their holiday this summer if they used a pre-paid card, more than enough to pay for a days entry for the whole family to Disneyland in Paris or Orlando.* What’s more, the FairFX.com card is the only card with no global surcharge.”
For example, a family of four planning to exchange £1,500 for their holiday, would get $2,347.50 or €1,691.25 using a FairFX.com card compared to only $2,170.35 or €1,575.15 if they exchanged at Heathrow airport.**
Before buying their holiday money just 9% of people check a comparison site, and 16% of people don’t bother to do anything and simply use the card they already have in their wallet – a costly mistake which will only come to light when they check the statement the following month.
58% say they look for a supplier that charges 0% commission when they get their holiday money, but simply opting for deals based on “0% commission” or “commission-free” doesn’t ensure the best rate of exchange, in fact in some instances they could lose up to 19% of their holiday cash value.
Sadly, a misplaced belief that there is little difference between the best and the worst rates (one in ten consumers), or the view that foreign travel is costly already so there is no point in penny pinching (one in twenty consumers), mean many people are simply not willing to shop around for their foreign currency despite the extra money they could have with minimal effort.
Stephen Heath, Chief Executive of FairFX.com, continued: “There seems to be quite a large divide between consumers’ desires to make the most of their cash, and the reality of their foreign spending habits.
“Many of us might intend to look for the best deals, but when it comes to the crunch people aren’t making the effort to get the best bang for their buck. But they might think twice if they knew they could save up to 18% if they use the FairFX.com card instead of changing their money at the airport – savings not to be sniffed at.“
Tuesday 26 May 2009, 02:05pm
Anyone planning to spend dollars in the coming months is urged to get their cash immediately and lock in the fantastic rate of more than $1.5 for every £1* - only available from FairFX.com.
Stephen Heath, Chief Executive of FairFX.com, said: “Credit crunched holiday makers have had a tough time trying to stretch their finances of late, as the Pound’s continued decent against the Dollar and the Euro has made trips abroad even more expensive. However, there is some good news for anyone planning a trip to the states in the coming months – FairFX.com is offering the fantastic rate of $1.5 to £1.
“Savvy consumers looking to take advantage of this amazing rate should act quickly and buy their currency online now from FairFX.com – the only provider currently offering this rate. Even if they aren’t planning to use it for a while they should buy it now to take advantage of the rate and keep it until they want to start spending.
“Given the recent volatility in the currency market, anyone planning to spend US dollars in the coming months could save themselves a bundle by buying their currency online now while this great rate is available.”
Wednesday 06 May 2009, 10:16am
Commenting on the Pound’s fall against the Dollar, Stephen Heath, Chief Executive of FairFX.com, said: “Despite getting off to a good start in 2009 the Pound looks to be in a sorry state again already, falling to just 1.3950 against the US Dollar – a seven year low – and 1.08 against the Euro. Sterling is also trading at an all time low against the Japanese Yen.
“After a horrific day for the UK banking industry yesterday, traders have failed to keep Sterling supported against the US Dollar. Investors around the world are beginning to cut exposure to the weakening UK economy and its distressed banking sector.
“We are close to the 2001 low of $1.3685 to £1, making the heady days of $2 to the Pound seems like a distant memory. The financial markets are expected to remain volatile at least for the first half of the year, and travellers should plan foreign currency purchases carefully to ensure they stretch their Pounds as far as possible. Brits would need a crystal ball to accurately predict the currency swings and roundabouts we are seeing at the moment, so until things settle down Brits should try to buy their currency in small increments on a periodic basis to try to protect their wallets from rate fluctuations.”
Tuesday 20 January 2009, 04:49pm
Commenting on the Pound’s gains against the Euro, Stephen Heath, Chief Executive of FairFX.com, said: “The end of 2008 saw the Pound beaten down to a measly €1.0195 to £1 on 30th December. However, 2009 is looking brighter for the beleaguered currency and we have already seen gains of more than 7.5 per cent since the lows of December.
“In the past few days, investors have been selling Euro-based assets and have taken an interest in Sterling instead. By the end of yesterday, the Pound had clawed back another three cent on the Euro to reach €1.11 to £1.
“Analysts expect the Euro to remain weak in the short-term as the European economy looks as vulnerable as its rivals. And despite predictions of further interest rate easing by the European Central Bank, traders do not expect recent Euro gains to be sustained.
“Sterling has also rallied against the US Dollar and is now trading at $1.52 to £1 due to US confidence being hit by weak economic data and the Federal Reserve having hinted at concerns of deflation.”
Thursday 08 January 2009, 09:20am
Commenting on the future of Sterling after yesterday's base rate cut, Stephen Heath, Chief executive of FairFX.com, said: "Yesterday was key for understanding where the Pound is heading. All the key technical indicators show we might see Sterling strengthen against the Dollar. However, November set a precedent and the markets are expected to rally behind the Pound if it falls to around $1.44 to £1.
"The $1.44 mark is currently a key technical trigger point for traders who will start to support Sterling heavily at that rate for the short to medium term. It is possible there will be further falls next year, but I doubt we will go below $1.30 to £1.
"As yet the Euro has not shown any sign of weakening against the Pound, so fundamentally we have no reason to expect Sterling to begin to strengthen against the Euro for a while to come.
"All in all the Pound isn’t looking strong, but the markets aren’t going to let it go under just yet."
Friday 05 December 2008, 03:32pm
Commenting on the Pound’s crash yesterday, Stephen Heath, Chief executive of travel money specialists FairFX.com, said: "Following a good week when the Pound started to look a little healthier against the Dollar, it came as a shock when by the close of trading yesterday the Pound had suffered its biggest one day fall since 1992.
"This was largely due to weak manufacturing and mortgage data fuelling fears Britain is facing a long and deep recession. Against the Euro, it was a similar story as Sterling lost four cents on the Euro.
"All eyes are now on the MPC as traders speculate another rate cut in the 100 basis point region is almost inevitable as policy makers try to revive the economy by any means necessary."
Tuesday 02 December 2008, 02:02pm
Stephen Heath, Chief Executive at FairFX.com, said: “Overnight investors have dumped the Pound and bought into the safe haven of the US Dollar, adding to the downward spiral which has seen the Pound lose over 20 per cent against the Dollar in the last three months.
“Yesterday, Mervyn King indicated the Pound could fall much faster and further than expected, as he admitted Britain is on the brink of recession and faces an extended and painful economic downturn.
“We are also seeing the Pound weaken against the Euro, with further falls expected.”
Wednesday 22 October 2008, 10:42am
Anyone planning to spend dollars in the coming months is urged to get their cash immediately and lock in the fantastic rate of more than $2 for every £1* - only available from FairFX.com.
Stephen Heath, Chief Executive of FairFX.com, said: “Savvy consumers should take advantage of the amazing rate they can get today and buy their currency online now from FairFX.com – the only provider to offer Brits this rate at the moment.
“Even if they aren’t planning to use it for a while they should buy it now to take advantage of the rate and keep it until they want to start spending.
“When you can get more than $2 for every pound anyone who might want to spend US dollars in the coming months could save themselves a bundle by buying their currency online now while this great rate is available.”
Tuesday 15 July 2008, 01:23pm
Latest 'Dollar' Posts
16 September 2009, 10:55am
04 August 2009, 05:29pm
26 May 2009, 02:05pm
06 May 2009, 10:16am
20 January 2009, 04:49pm
08 January 2009, 09:20am
05 December 2008, 03:32pm
02 December 2008, 02:02pm
22 October 2008, 10:42am
15 July 2008, 01:23pm
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