Hi guys,
I'm looking for some advice from you experienced traders about my current situation, it's probably quite different than your usually used to but hopefully you won't mind answering my question. Basically, I'm moving to Taiwan for at at least 1 year in February and will therefore have money to exchange from GBP to TWD, the sum is quite big (around 10,000 GBP) otherwise I wouldn't be asking for your advice. The thing is I've noticed that the GBP has dropped against the TWD from 66 to 1 GBP to 52 to 1 within the last year and from 60 to 1 three months ago and is now 52 to 1.
So my question is when I arrive in Taiwan do I keep my money in my UK bank account and wait for the exchange rate to go back up in my favour or do I transfer it straight to my Taiwanese bank account because that current rate will probably be the best I'm going to get for a while. I know the GBP TWD is not a traded currency, but I guess you guys know alot about the strength of the pound its future state, at least compared to myself.
It would be much appreciated if I could get some advice on what to do to ensure I lose as little money as possible. Many thanks.
I'm looking for some advice from you experienced traders about my current situation, it's probably quite different than your usually used to but hopefully you won't mind answering my question. Basically, I'm moving to Taiwan for at at least 1 year in February and will therefore have money to exchange from GBP to TWD, the sum is quite big (around 10,000 GBP) otherwise I wouldn't be asking for your advice. The thing is I've noticed that the GBP has dropped against the TWD from 66 to 1 GBP to 52 to 1 within the last year and from 60 to 1 three months ago and is now 52 to 1.
So my question is when I arrive in Taiwan do I keep my money in my UK bank account and wait for the exchange rate to go back up in my favour or do I transfer it straight to my Taiwanese bank account because that current rate will probably be the best I'm going to get for a while. I know the GBP TWD is not a traded currency, but I guess you guys know alot about the strength of the pound its future state, at least compared to myself.
It would be much appreciated if I could get some advice on what to do to ensure I lose as little money as possible. Many thanks.