Pound eviscerated: buying opportunity in the UK

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Greg K
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Re: Pound eviscerated: buying opportunity in the UK

#51 Post by Greg K » August 4th, 2019, 9:51 am

Gus Siokis wrote:
August 4th, 2019, 7:17 am
Greg K wrote:
August 3rd, 2019, 9:30 am
Gus Siokis wrote:
August 3rd, 2019, 7:27 am
I am not sure Markus meant anything political....I think it’s a reference to when Soros shorted the Pound back in the early 80’s and made around $1B.
That’s obviously the reference, and the clear implication makes it political.
It’s also dumb - Soros is not British.
Hey Greg....totally missed your earlier comment in the thread. Funny or really sad how many folks think he is British though....
All good.
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Re: Pound eviscerated: buying opportunity in the UK

#52 Post by Mark Golodetz » August 4th, 2019, 11:06 am

Gus Siokis wrote:
August 4th, 2019, 7:17 am
Greg K wrote:
August 3rd, 2019, 9:30 am
Gus Siokis wrote:
August 3rd, 2019, 7:27 am
I am not sure Markus meant anything political....I think it’s a reference to when Soros shorted the Pound back in the early 80’s and made around $1B.
That’s obviously the reference, and the clear implication makes it political.
It’s also dumb - Soros is not British.
Hey Greg....totally missed your earlier comment in the thread. Funny or really sad how many folks think he is British though....
Not surprising; charm, good looks, intelligence, yak palates etc.
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Re: Pound eviscerated: buying opportunity in the UK

#53 Post by Jay Miller » August 4th, 2019, 11:06 am

If I wasn’t waiting to see what all my final hospital expenses will be I’d be buying a case or two.
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Re: Pound eviscerated: buying opportunity in the UK

#54 Post by Ian Sutton » August 4th, 2019, 2:14 pm

Hands off our wines!!!!
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Re: Pound eviscerated: buying opportunity in the UK

#55 Post by Mark Golodetz » August 4th, 2019, 2:50 pm

[stirthepothal.gif] Having the Yanks coming in and buying everything in sight will seem just like old times.
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Re: Pound eviscerated: buying opportunity in the UK

#56 Post by julianseersmartin » August 5th, 2019, 8:24 am

H Wallace Jr wrote:
August 2nd, 2019, 4:49 pm
On the flip side, due to this change and future uncertainty, our UK importer canceled their entire order this week. :(

I am sure this is effecting other US wineries, too.

Anyone itching for 2 pallets of Familiar Mourvèdre & Familiar Blanc? champagne.gif
Might be able to help you with that Hardy. Shoot me an email if you're interested.

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Re: Pound eviscerated: buying opportunity in the UK

#57 Post by Mark Golodetz » August 6th, 2019, 5:07 am

Mark Golodetz wrote:
August 3rd, 2019, 10:39 am
Arv R wrote:
August 3rd, 2019, 8:58 am
Mark - do you think if Trump imposes tarriffs on French wine that will extend to French wine being reimported from the UK? I saw that the US is going after some Chinese steel producers who smuggled their metal into Mexico and then on to the US.
God, I never even thought about this. Interesting, will get back to you after I talk to the shipper
If and when Trump does levy the tariffs, they will be subject to the same amount as the fresh imports coming from France. If the wine comes by sea, and if the tariffs are imposed between leaving and their arrival, they will still be subject.
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Re: Pound eviscerated: buying opportunity in the UK

#58 Post by Sh@n A » August 6th, 2019, 5:45 am

how do you folks purchase from the UK to avoid the credit card transaction fees? I noticed a wire I have set up for a purchase has 3% embedded in the FX rate, and a retailer says my Debit card keeps showing up as a Credit Card (with a necessary 3% fee to tack on)
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Re: Pound eviscerated: buying opportunity in the UK

#59 Post by Ramon C » August 6th, 2019, 5:52 am

Sh@n A wrote:
August 6th, 2019, 5:45 am
how do you folks purchase from the UK to avoid the credit card transaction fees? I noticed a wire I have set up for a purchase has 3% embedded in the FX rate, and a retailer says my Debit card keeps showing up as a Credit Card (with a necessary 3% fee to tack on)
Use credit cards with no foreign transaction fees.
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Re: Pound eviscerated: buying opportunity in the UK

#60 Post by Sh@n A » August 6th, 2019, 5:59 am

Ramon C wrote:
August 6th, 2019, 5:52 am
Sh@n A wrote:
August 6th, 2019, 5:45 am
how do you folks purchase from the UK to avoid the credit card transaction fees? I noticed a wire I have set up for a purchase has 3% embedded in the FX rate, and a retailer says my Debit card keeps showing up as a Credit Card (with a necessary 3% fee to tack on)
Use credit cards with no foreign transaction fees.
Two retailers have told me they charge 3% for using a non-debit card, (i.e. a credit card)
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Re: Pound eviscerated: buying opportunity in the UK

#61 Post by J. Ashourian » August 6th, 2019, 6:01 am

BBR accepts amex. I believe they convert at the spot rate. Also, their website is very easy to use and pay. Wiring is such a hassle.
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Re: Pound eviscerated: buying opportunity in the UK

#62 Post by Ramon C » August 6th, 2019, 6:03 am

Sh@n A wrote:
August 6th, 2019, 5:59 am
Ramon C wrote:
August 6th, 2019, 5:52 am
Sh@n A wrote:
August 6th, 2019, 5:45 am
how do you folks purchase from the UK to avoid the credit card transaction fees? I noticed a wire I have set up for a purchase has 3% embedded in the FX rate, and a retailer says my Debit card keeps showing up as a Credit Card (with a necessary 3% fee to tack on)
Use credit cards with no foreign transaction fees.
Two retailers have told me they charge 3% for using a non-debit card, (i.
e. a credit card)
That appears to be interchange that they're charging back at you. With all credit card transactions, merchants have to pay interchange to the issuing bank equivalent to (up to) 5% of the transactions amount.

It appears that they're tacking it on to the exchange rate.

Btw, whatever it is that your merchant is doing, I'd question it with the issuing bank.
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Re: Pound eviscerated: buying opportunity in the UK

#63 Post by Mark Golodetz » August 6th, 2019, 6:37 am

It is legal in the UK, but if you end up in long tern relationships, that becomes negotiable. Can't say I have ever paid a fee, but I certainly have in the US.
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Re: Pound eviscerated: buying opportunity in the UK

#64 Post by julianseersmartin » August 6th, 2019, 7:30 am

Sh@n A wrote:
August 6th, 2019, 5:45 am
how do you folks purchase from the UK to avoid the credit card transaction fees? I noticed a wire I have set up for a purchase has 3% embedded in the FX rate, and a retailer says my Debit card keeps showing up as a Credit Card (with a necessary 3% fee to tack on)
You can initiate a better value wire transaction via transferwise, although of course you lose the benefits of credit card protections.

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Re: Pound eviscerated: buying opportunity in the UK

#65 Post by dbailey » August 6th, 2019, 5:14 pm

Revolut...
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Re: Pound eviscerated: buying opportunity in the UK

#66 Post by AD Northup » August 6th, 2019, 8:19 pm

Any ideas on a good way to get UK wine to the US with reasonable shipping if not buying in bulk?
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Re: Pound eviscerated: buying opportunity in the UK

#67 Post by YLee » August 7th, 2019, 8:20 am

AD Northup wrote:
August 6th, 2019, 8:19 pm
Any ideas on a good way to get UK wine to the US with reasonable shipping if not buying in bulk?
I do not know but as for myself I purchase wines outside of the States and bring them over here in my luggage during my travels.
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Re: Pound eviscerated: buying opportunity in the UK

#68 Post by Anton D » August 7th, 2019, 8:45 am

ICAP Technical Analysis article predicted a pound of 1.14 if we see a No Deal Brexit. (And 1.0526-1.02 GBP/EUR. Reverse parity.)

Will BoJo be the last PM of the 'United Kingdom?'

Northern Ireland melding into Ireland and an independent Wales and Scotland would be fun (as in interesting) to see. (I know the economics don't favor them, but just fun to ponder.)
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Re: Pound eviscerated: buying opportunity in the UK

#69 Post by John Morris » August 7th, 2019, 8:52 am

Wales won't split from England. Scotland is another story.
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Re: Pound eviscerated: buying opportunity in the UK

#70 Post by Mark Golodetz » August 7th, 2019, 11:56 am

For those of you asking about shipping wines from
the UK, I have dealt with three shippers.

The best by far is Connoisseur International. Good rates, good follow up and if there is a problem, they have dealt with it quickly and hassle free. My contact is Nick Terry, a very nice guy, if you discount his unwavering support for Millwall, the hooligans of English football.
His contact is nickterry at cid dot uk dot com.

Seabrookes does most of the commercial shipments. More expensive and they are not as responsive to private customers.

Davis Turner. Avoid based on two horrible experiences.
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Re: Pound eviscerated: buying opportunity in the UK

#71 Post by John J » August 7th, 2019, 12:44 pm

Mark Golodetz wrote:
August 7th, 2019, 11:56 am
For those of you asking about shipping wines from
the UK, I have dealt with three shippers.

The best by far is Connoisseur International. Good rates, good follow up and if there is a problem, they have dealt with it quickly and hassle free. My contact is Nick Terry, a very nice guy, if you discount his unwavering support for Millwall, the hooligans of English football.
His contact is nickterry at cid dot uk dot com.

Seabrookes does most of the commercial shipments. More expensive and they are not as responsive to private customers.

Davis Turner. Avoid based on two horrible experiences.

I have never brought wine from the UK. How expensive is it to ship to the US?
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Re: Pound eviscerated: buying opportunity in the UK

#72 Post by Mark Golodetz » August 7th, 2019, 1:06 pm

Around $160 a case to NY. Not sure about elsewhere.
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Re: Pound eviscerated: buying opportunity in the UK

#73 Post by Mark Golodetz » August 14th, 2019, 10:46 am

Just got an e mail from a London merchant Fine and Rare, basically echoing my first post. Interesting
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Re: Pound eviscerated: buying opportunity in the UK

#74 Post by Robert.A.Jr. » August 14th, 2019, 10:52 am

Mark Golodetz wrote:
August 7th, 2019, 1:06 pm
Around $160 a case to NY. Not sure about elsewhere.
Using Mark’s dealer - and thanks again Mark - UK to Florida with insurance was 220 pounds or about $265 USD.

Incidentally, just got a very reasonable quote from William Gladstone, Hawaii to FL on 2-day delivery for $78. That is great. I’m paying that for a case from Cali.

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Re: Pound eviscerated: buying opportunity in the UK

#75 Post by J a y H a c k » August 14th, 2019, 10:58 am

We did that with a pound/dollar straddle when the Brexit vote first occurred. We bought all the Wendouree in GB the week of the vote (29 bottles, IIRC) and I had to pay in pounds by Friday. The vote was Thursday. I decided that the market had factored in a NO vote so that would not cause the exchange rate to change, but if YES won, the pound would get murdered. I waited until Friday and save a few hundred dollars, paying the same price in GBPs.
Yes, that's a DM of 1978 Mouton!

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Re: Pound eviscerated: buying opportunity in the UK

#76 Post by YLee » August 14th, 2019, 11:23 am

Robert.A.Jr. wrote:
August 14th, 2019, 10:52 am
Mark Golodetz wrote:
August 7th, 2019, 1:06 pm
Around $160 a case to NY. Not sure about elsewhere.
Using Mark’s dealer - and thanks again Mark - UK to Florida with insurance was 220 pounds or about $265 USD.

Incidentally, just got a very reasonable quote from William Gladstone, Hawaii to FL on 2-day delivery for $78. That is great. I’m paying that for a case from Cali.
Ordered from William as well and shipping cost was nice. I might be ordering more from him in the future.
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Re: Pound eviscerated: buying opportunity in the UK

#77 Post by Tom G l a s g o w » August 14th, 2019, 1:10 pm

bryan c wrote:
August 3rd, 2019, 2:04 am
Jayson Cohen wrote:
August 2nd, 2019, 3:18 pm
Dom 2008.
Actually just had a layover at LHR and picked up a btl at duty free. It was 114GBP...
I was happy with 2 bottles of Lagavulin at 48 GBP each, now I’m disappointed. That’s what get for not obsessively reading the Board on vacation.

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Re: Pound eviscerated: buying opportunity in the UK

#78 Post by Sh@n A » August 14th, 2019, 1:23 pm

someone needs to start a new thread of Pound eviscerated: what did you buy?
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Re: Pound eviscerated: buying opportunity in the UK

#79 Post by Mark Golodetz » August 14th, 2019, 7:13 pm

Bought some Cristal, old Magdelaine and Figeac

Champagne is much cheaper, you lose at least one tier of the three tier distribution system, and the markup at most merchants is half of what the retailer demands. And of course there is that eviscerated pound.
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Re: Pound eviscerated: buying opportunity in the UK

#80 Post by c fu » August 14th, 2019, 7:48 pm

Bought some n Rhone. Wouldn’t have even bothered to look if not for this thread. Thanks mark!
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Re: Pound eviscerated: buying opportunity in the UK

#81 Post by Tom Reddick » August 14th, 2019, 8:11 pm

Generally speaking and in relative terms, right now is a really good time to be looking at mature 70s and 80s Bordeaux. And in line with Mark's advice, I have been doing that in the UK quite a bit of late. Getting from NY to home properly is going to take a couple of plane trips, but happily upstate NY is well populated with good storage options. Mark of course gets yet another gold star from me for pointing the way on many logistical points- about as generous as a wine friend as you will ever find.
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Re: Pound eviscerated: buying opportunity in the UK

#82 Post by James Billy » August 14th, 2019, 11:14 pm

J a y H a c k wrote:
August 14th, 2019, 10:58 am
We did that with a pound/dollar straddle when the Brexit vote first occurred. We bought all the Wendouree in GB the week of the vote (29 bottles, IIRC) and I had to pay in pounds by Friday. The vote was Thursday. I decided that the market had factored in a NO vote so that would not cause the exchange rate to change, but if YES won, the pound would get murdered. I waited until Friday and save a few hundred dollars, paying the same price in GBPs.
Jay, how much did it end up costing per bottle inclusive of shipping fees?

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Re: Pound eviscerated: buying opportunity in the UK

#83 Post by C Wagner » August 15th, 2019, 12:11 am

I’ll be in London the first weekend in October. Sounds like a perfect time to go a bit wild and bring back some souvenirs.
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Re: Pound eviscerated: buying opportunity in the UK

#84 Post by Mark Golodetz » August 15th, 2019, 3:44 am

Thanks everybody. I love spending other people’s money.
I was comparing Champagne prices, and that looks like a strong contender if you are looking to buy. Retailers don’t have to deal with the three tier system; they buy from the agent and keep markups relatively small. I bought my Cristal 2008 at $180 per bottle, around $225 here, and I suspect they were direct imports. Most start around $240.

As others have pointed out, despite our best efforts to keep the dollar weak, the pound may continue to fall, as there is the possibility of a major government defeat and a general election in the offing.
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Re: Pound eviscerated: buying opportunity in the UK

#85 Post by YLee » August 15th, 2019, 7:27 am

Agree that Mark is very helpful. Thanks Mark!
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Re: Pound eviscerated: buying opportunity in the UK

#86 Post by Peter Kleban » August 15th, 2019, 2:17 pm

H Wallace Jr wrote:
August 2nd, 2019, 4:49 pm
On the flip side, due to this change and future uncertainty, our UK importer canceled their entire order this week. :(

I am sure this is effecting other US wineries, too.

Anyone itching for 2 pallets of Familiar Mourvèdre & Familiar Blanc? champagne.gif
Did GrapesTheWineCompany pick these up? Just noticed they are (for the first time, I believe) offering D&R. If so congrats, that's the big time!
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Re: Pound eviscerated: buying opportunity in the UK

#87 Post by H Wallace Jr » August 15th, 2019, 3:56 pm

Peter Kleban wrote:
August 15th, 2019, 2:17 pm
H Wallace Jr wrote:
August 2nd, 2019, 4:49 pm
On the flip side, due to this change and future uncertainty, our UK importer canceled their entire order this week. :(

I am sure this is effecting other US wineries, too.

Anyone itching for 2 pallets of Familiar Mourvèdre & Familiar Blanc? champagne.gif
Did GrapesTheWineCompany pick these up? Just noticed they are (for the first time, I believe) offering D&R. If so congrats, that's the big time!
That's awesome! I don't think that was a direct result of this, but I'm psyched they have some!

Due to the UK, other opportunities opened up. We were able to get some Familiar Blanc and Mourvèdre heading into Ontario for the first time (yay!!!!), some more heading to HI (which has come on strong), more glass pours some awesome places, and as we are almost all sold out of the fall wines, we chose to hold some back to offer them to new direct customers and existing customers that need a refill. It all worked out.
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Re: Pound eviscerated: buying opportunity in the UK

#88 Post by Peter Kleban » August 16th, 2019, 7:44 am

Great, glad to hear that. You guys deserve it!
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Re: Pound eviscerated: buying opportunity in the UK

#89 Post by J a y H a c k » August 16th, 2019, 10:25 am

James Billy wrote:
August 14th, 2019, 11:14 pm
J a y H a c k wrote:
August 14th, 2019, 10:58 am
We did that with a pound/dollar straddle when the Brexit vote first occurred. We bought all the Wendouree in GB the week of the vote (29 bottles, IIRC) and I had to pay in pounds by Friday. The vote was Thursday. I decided that the market had factored in a NO vote so that would not cause the exchange rate to change, but if YES won, the pound would get murdered. I waited until Friday and save a few hundred dollars, paying the same price in GBPs.
Jay, how much did it end up costing per bottle inclusive of shipping fees?
Don't recall exactly, but less that $100 a bottle all in, including duty and cold chain shipping with four layers of heat protection. A LOT less than the current US price, if you can find it.
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Re: Pound eviscerated: buying opportunity in the UK

#90 Post by James Billy » August 17th, 2019, 3:35 am

Thanks

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#91 Post by James Billy » August 17th, 2019, 3:37 am

Thanks

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Re: Pound eviscerated: buying opportunity in the UK

#92 Post by James Billy » August 17th, 2019, 3:37 am

Dupe
Last edited by James Billy on August 20th, 2019, 3:40 pm, edited 1 time in total.

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Re: Pound eviscerated: buying opportunity in the UK

#93 Post by Brady Daniels » August 17th, 2019, 5:28 pm

Several UK wine merchants sold at a tremendous discount during the 2009 financial crisis. I truly regret not buying much more then. If Brexit or an external event cause another crisis, the combination of dumping and exchange rate would be awesome for buyers, assuming one still has a job and the world economy eventually recovers, of course.

Regarding proposed tariffs on French wine, imho you might be better of aging the wine in-bond in the UK, anyway. I’d hope you’d outlast the tariff.
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Re: Pound eviscerated: buying opportunity in the UK

#94 Post by Mark Golodetz » August 20th, 2019, 3:59 am

Beware the credit card fees for currency exchange.
I was researching a new Visa, and in particular, a citibank 2% cash back. What I had to pry out of them was a 3% fee for exchanging dollars into pounds.

Amex does not, and the rate is excellent.
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Re: Pound eviscerated: buying opportunity in the UK

#95 Post by Jason T » August 20th, 2019, 4:57 am

Mark Golodetz wrote:
August 20th, 2019, 3:59 am
Beware the credit card fees for currency exchange.
I was researching a new Visa, and in particular, a citibank 2% cash back. What I had to pry out of them was a 3% fee for exchanging dollars into pounds.

Amex does not, and the rate is excellent.
Another good one is Costco. They advertise 'no fees'. Since most other firms make that up with an unfavorable exchange rate, I was skeptical. My family used it when they were over visiting me and I did some comparisons in the rate they were charged v the actual rate that day. It was really close - almost non-existent.
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Jason T
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Re: Pound eviscerated: buying opportunity in the UK

#96 Post by Jason T » August 20th, 2019, 4:59 am

Brady Daniels wrote:
August 17th, 2019, 5:28 pm
If Brexit or an external event cause another crisis, the combination of dumping and exchange rate would be awesome for buyers, assuming one still has a job and the world economy eventually recovers, of course.
I may be able to trade canned goods for wine at that point.
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Re: Pound eviscerated: buying opportunity in the UK

#97 Post by Karl K » August 20th, 2019, 5:06 am

Time to put up some ‘maters and beans.
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Dale Williams
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Re: Pound eviscerated: buying opportunity in the UK

#98 Post by Dale Williams » August 20th, 2019, 6:48 am

Mark Golodetz wrote:
August 20th, 2019, 3:59 am
Beware the credit card fees for currency exchange.
I was researching a new Visa, and in particular, a citibank 2% cash back. What I had to pry out of them was a 3% fee for exchanging dollars into pounds.

Amex does not, and the rate is excellent.
Not sure if current but Amex has different cards, some of which do charge fees (though exchange rate is good), or at least that was true a few years ago. My Amex is a Delta, and no longer charges fees, but did in the aughts. We got a CapOne card specifically for travel and for paying stepson's tuition etc at St Andrews (we got a lot of points!). That was when exchange rate was brutal for Americans- in 2007 it was basically $2/pound, US parents with kids in UK schools should be feeling pretty good right now.

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Re: Pound eviscerated: buying opportunity in the UK

#99 Post by Jason T » August 20th, 2019, 7:04 am

Does Amex's rate stay consistent across all of its cards (i.e. is the rate Amex uses for the 'Delta' Amex the same as with a non-branded Amex)?
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Re: Pound eviscerated: buying opportunity in the UK

#100 Post by Jason T » August 20th, 2019, 7:05 am

Curious about different Amex products as well - I've got both Amex blue and Amex corporate. Wonder if they are the same rate?
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