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Is there a 'best' time to make a Sterling/Euro payment online?

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  • 23-07-2015 3:48pm
    #1
    tomhenryford
    Registered Users Posts: 421 ✭✭


    Mods feel free to move if I've put this in the wrong place, wasn't sure where.

    I want to pay for an online course but the company is based in Derry and the payment is to be made through PayPal.

    I have checked the exchange rate on XE a couple of times since the start of the week and each day I get a different amount.

    I know nothing about markets and prices rising and falling so does anyone know if there is best time to do a transaction such as the one above, like for example is a Friday evening better than a Monday morning or is that all nonsense.

    Thank you.


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    #2
    coylemj
    Registered Users Posts: 25,438 ✭✭✭✭coylemj


    tomhenryford wrote: »
    I know nothing about markets and prices rising and falling so does anyone know if there is best time to do a transaction such as the one above, like for example is a Friday evening better than a Monday morning or is that all nonsense.

    No, the time of day or day of the week makes no difference at all. It fluctuates all the time in response to various issues that affect the two currencies you're comparing. Sterling will go up (against all currencies) if they think UK interest rates are going up soon or it will go up against the Euro if the Euro zone is in turmoil, the Euro can go up (as it did in the past 24 hours) if the Greek situation looks like stabilising, at least for the moment.


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    #3
    tomhenryford
    Registered Users Posts: 421 ✭✭tomhenryford


    coylemj wrote: »
    No, the time of day or day of the week makes no difference at all. It fluctuates all the time in response to various issues that affect the two currencies you're comparing. Sterling will go up (against all currencies) if they think UK interest rates are going up soon or it will go up against the Euro if the Euro zone is in turmoil, the Euro can go up (as it did in the past 24 hours) if the Greek situation looks like stabilising, at least for the moment.

    Ok thanks for explaining that. How do things look at that moment, this is a course I can start anytime, would you hang on for a week or two and see what happens or should I go for it now, it's a £1000 into Euro.


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    #4
    coylemj
    Registered Users Posts: 25,438 ✭✭✭✭coylemj


    tomhenryford wrote: »
    Ok thanks for explaining that. How do things look at that moment, this is a course I can start anytime, would you hang on for a week or two and see what happens or should I go for it now, it's a £1000 into Euro.

    The classic answer to that question is: 'If I could predict currency movements, I'd be typing this from my beach house in Bermuda'.


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    #5
    Marcusm
    Registered Users Posts: 10,322 ✭✭✭✭Marcusm


    Where will PayPal take the money from? Has it signed up to use one of the credit processing firms daily rates or is it using dynamic pricing?


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    #6
    tomhenryford
    Registered Users Posts: 421 ✭✭tomhenryford


    coylemj wrote: »
    The classic answer to that question is: 'If I could predict currency movements, I'd be typing this from my beach house in Bermuda'.

    Fair enough :D


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    #7
    tomhenryford
    Registered Users Posts: 421 ✭✭tomhenryford


    Marcusm wrote: »
    Where will PayPal take the money from? Has it signed up to use one of the credit processing firms daily rates or is it using dynamic pricing?

    I have no idea what you're talking about......


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