Fixing currency rate for transaction...need help !!

Discussion in 'Forex' started by gonnamakeit, Oct 25, 2008.

  1. Hope you guys can help me out …and apologies if ive posted in wrong section.

    Thanks in advance for your help.

    I live in the UK and only have UK bank accounts.

    I need to make large transaction in USD and after 6 months the funds will then be available for me to bring back into the UK.

    My concerns are :

    I buy USD now ( from sterling ) and I get a fixed rate – how do I get the best rate ??

    If after 6 months the gbp/usd has gone up I may be at a major loss to convert back into GBP.

    I have heard I can fix the currency rate for 6 months but not sure how I can do it and whether its feasible.

    Would appreciate your help as I need to do this transaction ASAP and because of the recent market volatility im not sure which way to go about it…