UK families sending child to study in USA 'could face unexpected cost'
British families sending a child to study in the United States should plan their currency exchanges early – or risk paying substantially more for tuition fees and living costs. That is the opinion of Tony Redondo, founder of Cosmos Currency Exchange, who believes there is currently a greater chance of the pound weakening against the dollar than strengthening.
TL;DR
- British families sending children to study in the US should plan currency exchanges early.
- There's a greater chance of the pound weakening against the dollar than strengthening.
- Calculate total dollar needs for tuition, accommodation, and living expenses.
- Consider exchanging funds sooner rather than later, especially if pounds are readily available.
- The dollar is considered a safe-haven currency, often strengthening during global uncertainty.
- Splitting transactions or exchanging half the amount now can help manage risk.