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Secured Loans > Is now a good time to exchange pounds into dollars?
Remember the old saying: when America sneezes, the rest of the world catches a cold.
Well, with Donald Trump now due to take his seat in the White House this coming January, the global economy has its tissues ready for a period of economic and financial uncertainty.
It remains to be seen how the relationship and exchange rate between the US and Britain will be affected in the long run – whether Trump seeks to make good on the ‘special relationship’ he’s spoken about, or maintain his stance against American free-trade policies.
But in similar circumstances to the UK’s decision to leave the EU earlier this year, we’ve already seen the value of the pound fluctuating in response to this week’s election results.
Sterling is currently performing strongly against the dollar, so if you’re planning a trip to the US in the near future then now could be a prime time to get your pounds changed into dollars.
The same goes for holidaymakers who are planning a trip to Mexico in the near future. The pound has strengthened by nearly 10% against the Mexican peso in the past few days, so getting your money exchanged sooner rather than later looks like a good option.
If you’re keen to get the best value for your money, shop around for the best rates and make sure you do so in plenty of time. Leaving currency exchange until the last minute (such as at the airport) is a surefire way to lose value for your money.
Representative 22.93% APRC variable.
For a typical loan of £26,600 over 180 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £484.00. This includes a Product Fee of £2,660.00 (10% of the loan amount) and a Lending Fee* of £763.00, bringing the total repayable amount to £87,030.00. Annual Interest Rates range between 11.7% to 46.5% (variable). Maximum 50.00% APRC. *Lending Fee varies by country: England & Wales £763, Scotland £1,051, Northern Ireland: £1,736.
Think carefully before securing debts against your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
