Always fathomed the perfect timing to nab those elusive pounds?
Well, this is it.
According to TODAYonline, the pound has been falling rapidly against a range of currencies…
And it’s expected to fall even further as uncertainty over Brexit deepens.
Students eking out a living in the United Kingdom…
Assemble.
S’poreans Rushed to Buy Pounds As They Weaken to Almost $1.68 Per Pound
After reports of sharp falls in the pound sterling (against a range of currencies), Singaporeans studying in the United Kingdom have invested heavily in British currency.
There’s no better time than now, right?
Predictions that the pound could fall even further definitely didn’t help either, as students and holidaymakers alike attempt to exchange as much money as they can, in a bid to save on school fees and daily living expenses.
Just yesterday, some local money changers told TODAY that they have seen an increase in the number of customers wanting to buy British pounds over the last couple of days.
And when TODAY visited money exchange counters in The Arcade at Raffles Place, the exchange rate on offer was reportedly S$1.70 per pound, which patrons express was lower than before.
For one undergraduate at the University of Birmingham in the UK, it has proven to be nothing short of a windfall
Speaking to TODAY, Nicky Sun, 23, said that this has resulted in “cheaper school fees, housing rentals and shopping” for him.
“I have been tracking the exchange rate consistently and changing it whenever the rate is favourable. A good example would be these few days, where the pound dropped quite a bit,” Mr Sun said, while back here on a visit.
Another undergraduate set to study in the UK this September, Mr Gordon Oh, 23, concurred.
“I would definitely exchange more when the British pound drops, but that would depend more on the Brexit news and updates,” he said.
Sinking faster than the Titanic
According to reports, the pound is currently hovering around S$1.69, despite incurring S$1.79 as recently as mid-May. On Tuesday (16 July), the amount sank as low as S$1.6832, its lowest level since at least 14 Oct 2016 when it fell to S$1.6833. The figure, however, inched back up on Thursday afternoon.
According to analysts, the pound’s likely to stay on rocky ground until 31 Oct, which is the latest deadline for Brexit.
By end-2019, economists said the rate may hit S$1.60, and S$1.58 by end-2020.
Apparently, currency markets have been shooked by “recent hard-line Brexit rhetoric” from Boris Johnson, who is expected to take over as British prime minister on 23 July.
And so… what’re you waiting for?
If you’re looking to holiday in London sometime soon, or just trying to eke out a living while cramming for exams over there, you know what to do.
It’s time to break your piggy bank and deliver it all to the money exchange counter.
Or of course, you could choose to wait a little bit till you commit, but considering how exchange rates work…
That’s essentially a gamble on your part.
To wait or not to wait, that’s the question.
Whichever you choose, however, I wish you all the best.
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