Best time to switch from dollars to pounds?

Me and my husband(UK citizen) currently live in the US while saving up money to afford UK immigration. We are planning to move to the UK within the next three or four years. Since the pound crashed, I was wondering if it was worthwhile transferring some money into a UK bank account. My husband thinks that the best time to transfer money into pounds will be when Article 50 is activated, because it is predicted that the pound will reach 1:1 with the US dollar. Would this be a good time, or could we face a significant loss in the future?

Nobody knows. It's uncharted territory.

Me and my husband(UK citizen) currently live in the US while saving up money to afford UK immigration. We are planning to move to the UK within the next three or four years. Since the pound crashed, I was wondering if it was worthwhile transferring some money into a UK bank account. My husband thinks that the best time to transfer money into pounds will be when Article 50 is activated, because it is predicted that the pound will reach 1:1 with the US dollar. Would this be a good time, or could we face a significant loss in the future?

I'm currently struggling with the same issue, but in a different way. I'm going to pay off an American loan, but I'm waiting for the pound to rise to at least 1.30. Basically I'll wait until it makes it there. Until then I'm paying monthly.

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Hi,

As per above, it's impossible to predict the future and what will happen when Article 50 is invoked. The Brexiteers will tell you all will be fine with everything and the remainers will say there's a chance the pound will fall further.

If any type of prediction could be put forward, then I 'suspect' that if the Trade deals announced by the Brexit politicians are 'fantastic and excellent and prove very lucrative for the UK', then the pound's value may well rise. If the trade deals aren't all that, lukewarm, relatively uninspired, potentially not worth very much, then the Pound's value may well slide further lower...

Any particular reason you've both decided to move here? assuming the immigration rules aren't changed to make it even more difficult than it already is?

Cheers, DtM! West London & Slough UK!

Love and Trump lol

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Anyone who can actually predict currency trends will be too busy partying on their yacht than posting here. People get paid a lot of money to try to predict these things, and those people aren't sharing their secrets, they're (trying to) profit from them.

My perspective on these decisions is generally, if you are happy with current conditions, go for it, and then don't torture yourself if the landscape improves further.

The dollar is unusually strong at the moment so if you take the plunge now, you've got a good deal. Considering the pound has been between about $1.40 and as high as $2.00 since 2006, $1.20-ish is a good deal.

I plan to move almost all of my 401k over to the UK. If it weren't for higher-rate income tax, I wouldn't hesitate to move it all now. I hope to move it all over a 3-year period as long as the dollar doesn't seriously weaken. Who knows what will happen when Trump next opens his mouth?

Hi,

As per above, it's impossible to predict the future and what will happen when Article 50 is invoked. The Brexiteers will tell you all will be fine with everything and the remainers will say there's a chance the pound will fall further.

If any type of prediction could be put forward, then I 'suspect' that if the Trade deals announced by the Brexit politicians are 'fantastic and excellent and prove very lucrative for the UK', then the pound's value may well rise. If the trade deals aren't all that, lukewarm, relatively uninspired, potentially not worth very much, then the Pound's value may well slide further lower...

Any particular reason you've both decided to move here? assuming the immigration rules aren't changed to make it even more difficult than it already is?

Cheers, DtM! West London & Slough UK!

Both me and my husband prefer life in the UK, but he moved here since we were both recent college grads and couldn't afford the crazy financial requirements. However, my job in the US is greatly in demand, and I should have enough savings in a few months. Living in the UK is just generally less stressful, healthier(walking everywhere), and I don't have to worry about hospital bills that are tens of thousands of dollars. Honestly just the chocolate alone makes the move worth it!

And the pound is really just a guessing game. It seems to be hovering around 1.20-1.25, but it has been creeping up. I think I might hold off though and see how Brexit plays out.

Hi Roamingbee,

I'd say that there's much less of a divide between the US and UK in that life is 'less stressful' in the UK and it's 'healthier due to walking everywhere' ! it's also potentially possible that the NHS doesn't cover a particular ailment/disease/condition/medicine too - too many people think the NHS covers 'everything'...  it doesn't, so you could still face multiple thousands of pounds of a bill.

Chocolate.. well I live 2 miles from the Mars factory and growing up the amount of chocolate we had was astounding due to family members who worked there! I like the USA's Ghiradelli' chocolate, but Hershey's.. nope.

For the initial part of your response, keep in mind that 'stress' levels in many jobs and industry sectors is high, just like the US. Given the cost of living is higher in the UK and the standard of living is lower as compared to the USA, there's a lot more people feeling the effects of stress than I think you'd initially think. Just a few weeks ago, a particular statistic which made for horrific/alarming analysis is that around 16 million people in the UK have less than £100 to their name. This mainly means after monthly mandatory expenses have been covered and is among those who are employed. That makes up a massive part of the UK's workforce who are now known as 'JAMs' - Just About Managing. I'd suggest that stress levels amongst them is very high indeed. As for walking everywhere, that's not true by a long shot! After the USA, it's Scotland that has the most obese/overweight people per capita in the world! The rest of the UK and as a whole is very 'exercise' avoiding to the extent there's movements created into trying to educate young 4 year old and up kids to go out an run and play more and look to healthier foods - i.e tackling the problem at the grass roots level. The car is also 'king' in the UK, with most households having one and then driving everywhere.


I'd suggest, if you've not already done so to look at the Visa's section on this site to see how you could use your job/experience to move to the UK. It's very difficult to do so and even at better times of those moving here for/through work, it was for those with plenty of experience in a specialist skill/job or industry sector. I currently 'suspect' that if you are recent college graduates, you'll not have enough experience to meet the criteria to move over soon'ish. I do say that without of course knowing what your job is etc and that your husband may well already be a UK citizen. If that's the case, then maybe the move would be much easier

Given the turmoil over Brexit, the jobs market, the overall economic outlook being uncertain for the next 2,5=10+ years potentially, do ensure you evaluate fully before making a decision to move here given what you'd both like from your lives together.

Cheers, DtM! West London & Slough UK!