Currency exchange rates?

[Rohloff_Brompton_Rider]

I'm tired and my brain hurt...a relative asked me when is the best time to visit the UK in relation to exchange rates.

Say that their currency is 19,000 to the pound recently but historically has been 14,000 to the pound - when do they get the most pounds for their money?


At 14,000 or 19,000 to the pound? Logically it's 19,000 but I'm just too tired to think about it.

 

[Markymark]

Currently £1 costs them 19,000. Some time ago £1 cost 14,000. I'd rather pay 14,000 for something than 19,000 for something.

 

[User169]

Otherway around!

 

[Rohloff_Brompton_Rider]

Common sense indicates that the smaller number equals more pounds, but, this means their home currency is under performing which should mean less pounds....I'm obviously missing something simple.

 

[asterix]

their currency is 19,000 to the pound recently but historically has been 14,000 to the pound - when do they get the most for their money?

Historically, not recently. You had better visit them instead.

 

[twentysix by twentyfive]

If folks hang around to wait for favourable currency fluctuations they might never go anywhere. It's a question of what folks can or can't afford at the moment.

 

[asterix]

If folks hang around to wait for favourable currency fluctuations they might never go anywhere. It's a question of what folks can or can't afford at the moment.

Strangely the £ fell off a cliff 5-6 years ago relative to most important currencies, dollar, euro, remimbi (China) and has not recovered greatly. You just have to live with it as you say. I've just bought some Euros as I expect it to fall before it rises as it is relatively high within the year but who really knows?

 

[Cycleops]

Sounds like your relative has rampant inflation in their country. That is why most people in those places try to be paid and keep cash in a hard currency like us dollars or British Pounds. The government here in Ghana got wise to this and now we can't withdraw dollars from the bank! Only if travelling abroad.

 

[Cycleops]

The best thing your relative can do is change their local money there into dollars and bring that. Chances are if their currency is not a major one the rate they will get in the UK will be even lower than they can get locally.