What can I do with 7,500 euros?

Woodney

I have 7.500 euros in a Spanish Bank but live in the UK, I want make the most of it's value but not squander it on holidays or spend it at Marks and Spencers. It's making little or no interest but if I change back to sterling I will lose money as this money has been in Spain for 3 years when the euro was at a better value? Please help!......What about gold?

jcl_2

i dont quite understand how you will lose changeing to sterling.
3 years ago the euro sterling rate was about 1.50 to the pound so it would have cost you £5000 to get your 7500 euros.
today the rate is approx 1.25euro to the pound so if you changed to back to sterling you will get approx £6000 which is approx 6.5% interest per annum
over the 3 years. not a bad return really.

regards
jcl

Paul_Herring

Woodney wrote: »

It's making little or no interest but if I change back to sterling I will lose money as this money has been in Spain for 3 years when the euro was at a better value?

You'll 'lose' less than if you just leave it sitting there devaluing because of inflation (3.8% today apparently) and continuing your currency speculation.

purch

I will lose money as this money has been in Spain for 3 years when the euro was at a better value?

No.

You hold EUR

EUR has appreciated in value by 17-18% in the past 3 years

Therefore you have gained by holding EUR instead of GBP

......What about gold?

Is this a seperate question ?