Grabbed £200 on my way out of London last year, because the £ was declining against the $ at the time (and I like to return with a little bit of quid already in my pocket anyway), and look what happened. Declined even more. Alack and alas. For those who already have an upcoming trip planned, lucky you guys!
I will be there overnight in Sept. Thinking about a trip to Ireland or Scotland next year. Have no idea what the timeline is for Brexit, except that it will be a long one. Plenty long enough for anyone to plan a nice trip next year or the year after.
As I type this, I am here in London (JW Marriott Grosvenor House) on a business trip. I was here on the day of the Brexit vote and my stay at the Marriott County Hall then was 20% less expensive from the day I checked in to the day I checked out. Noone here really knows how Brexit will play out, but the pound is at a 30 year low vs US$, so if you can swing it, do it. BA is running some Brexit flight sales, and if you can come outside of the peak summer travel season it is a good deal. Don't forget, that the Euro is also down vs the US$, so try Amsterdam, Frankfurt, Madrid, etc, as well
As a Brit, I can confirm Brexit will take a long time to complete and far longer to see how the dust settles.
One things for sure, foreign investment into the UK has already reduced thus reducing demand for sterling. In the meantime ordered imports are still arriving at our shores and need paying for by selling less valuable sterling to buy the goods in the sellers currencies. We spend £1billion more each week abroad than we make meaning there's always more sellers of sterling than buyers. Sterling has historically remained steady because foreign investors more than made up the gap (buying houses, or factories, or expanding businesses) thus keeping demand for sterling high. That has screeched to a halt. If, as anticipated, banks, airlines and cross-European businesses move head offices, or significant administration into the EU to keep market access to the remaining 27 nations then there will be a continuing drag on sterling and an effective sterling investment into the EU which means selling even more sterling to buy the Euros required, exacerbating an already increasing imbalance.
Supposedly deflating a currency should reduce demand for imports as they get more expensive and increase exports as they become cheaper worldwide, but although the 2008 recession saw sterling plunge, especially against the Euro, and both imports and domestic demand reduce causing a recession, UK exports barely increased. Not reassuring.
How low can sterling go? Well the mix of a strengthening dollar worldwide will exacerbate the effect so whilst I see the £ at maybe €1.15 over the next few months (4 Eurocents down) it's pretty likely we'll see more off the USD, so I punt at $1.20. Of course another Eurozone crisis, and there are several plates spinning very precariously, could play sterlings way, although the main winner would again be the USD. USD/EUR parity is a real possibility in those circumstances.
In short, this is already the best the USD has had it in 30 years and further upside is likely for our cousins stateside.
Unless of course you make a similar bet-the-house-on-red gamble in November!
I wanted to order some GBP and Euros from my bank. I decided to wait a bit to see if it does go lower. Right now is good, but I am holding off a bit to see if it gets better (for the USD). I want some cash in hand when I get there and not have to worry about exchanging at the airport as I hear its a terrible rate.
My trip is in May so now I just have to worry about Marriott category changes!
you want great service for currency change use FCI currency.it provide best exchange rate and no commission.
You know SeaTexan, I've ordered international currency from the bank in the past, but found it to be expensive in terms of fees (and I hate fees, especially bank fees). I understand the comfort level that having local currency in one's own pocket provides upon entry to a foreign country, but I've found that you can really get by without it during the first few hours in country. Taxi's all take C/C's as do the trains. The only thing is, if purchasing a train ticket at a kiosk, make sure that you have a pin number assigned to your C/C, as it is required to purchase (and be sure you have a foreign transaction fee FREE C/C, like the Chase Marriott Visa, for instance.) If there is a counter window operated by a real person, then you don't need to worry about a pin #, but in my experience, counter windows at train stations do not operate 24/7. As soon as you get settled in your hotel and get out into the city, you can then use your debit card at any large bank ATM, like Lloyd's in UK, Société Générale or BNP Paribas in France, or Deutsche in Germany, etc. They're everywhere. When I see you in September (queue music, ha!), since I'll be en route home from both economies, I'd be happy to sell you a few quid and euros if you'd like, at whatever the going rate is, no problem and no fees!
I think you mentioned elsewhere that you will be flying to London, then Eurostar-ing to Paris? Across the street from the Westminster Abbey gift shop is a Lloyd's sorry, Barclay's bank. And be sure to use your C/C whenever possible, as that will provide you with the very best exchange rate.
Message was edited by: pluto77
I was not sure about the bank fees and how much that would be. I don't like them either! I planned on taking the train from Heatherow to whatever Marriott property I decide on. I saw that I could preorder the Oyster card and have it mailed to me. This way I didn't have to worry about getting a train ticket right after landing. Counter workers are never there when you need them to be!
I do need to get a pin number for my CC. I forgot about that.
I have added those banks to my spreadsheet info!
I will gladly gladly buy any currency you wish to sell. Awesome!
I am hoping to buy my train tickets before I get there. Not sure how that works though. Are tickets "will call" or e-mailed?
For London St. Pancras to Paris Nord (or from anywhere to anywhere for that matter), definitely purchase your train tickets on-line a couple of months in advance. For the Eurostar, the price difference between purchasing a ticket today for tomorrow vs. purchasing a ticket today for two months from now is a couple hundred dollars, re: St. Pancras to Nord. They are e-tickets. European Train Network map - Voyages-sncf.com. I do the same with Italy, purchase on-line in advance on the Trenitalia website before the trip. Then just go to the train station and hop on the train. No front counter queues to deal with. They do have passport control between London and Paris.
I have always purchased the cheapest (no refunds) fare and have never been bit. The French rail industry is notorious for it's frequent striking however, so don't know how the cheap tickets would be handled in the event of a strike. Hmm.
I always bring back currency, so not a problem!
If you are thinking of currency change, try this :
I actually found this a few years ago on a Marriott thread and have used it since. its the best FX rate I have found. I used to do money changes at Marks & Spencer, they ahd good rates an no commission, but this is even better, especially if you are in London.
Good luck with what you chose.