Taking advantage of the present US exchange rate
Hello,
I have a question of a financial nature.
I have been saving up for 2 years to go to the States and train for an FAA CPL/IR. I have about another month of saving to go. I am going to start getting detailed quotes from training providers then see about sorting a validation and visas etc. I estimate to be going out in May. These are my questions:-
1/. I would like to know what you think of taking advantage of the good Sterling/Dollar exchange rate? I have just a UK current account. I have limited knowledge of finance and I was wondering if it were possible to convert around 85% of my funds to US dollars now (leaving aside for airfares etc). It sounds stupid but can you hold an amount in foreign currency in a UK bank account? If not what account would allow this?
2/. Also what are the cheapest ways that people use to convert money when paying for training? I have heard the Post Office is OK.
I am wary as I have no knowledge in this area as I have always had to exchange only small amounts on holiday. I listen to Radio 2 and an accountant chap has a spot on the Johnny Walker show. He gives the commercial rates and has been saying that now is a good time to take advantage. But what's the best way for me?
Any advice greatly received. Bill