how to play the money markets...anyone know?

building

how to play the money markets...anyone know?


someone in the family has just sold a property abroad and they want to reinvest the money back in the UK. They have £70 000 to move between countries. i worked out that if euro is 1 euro is 0.67 pence one day and 0.68 pence the next then they could make something like £1000 or save £1000 depending on the day the transfer is made. what is the best way of moving money around and maybe playing on the money markets?
thanks in advance.

Pennywise

building wrote:

how to play the money markets...anyone know?


someone in the family has just sold a property abroad and they want to reinvest the money back in the UK. They have £70 000 to move between countries. i worked out that if euro is 1 euro is 0.67 pence one day and 0.68 pence the next then they could make something like £1000 or save £1000 depending on the day the transfer is made. what is the best way of moving money around and maybe playing on the money markets?
thanks in advance.

Or lose £1000 if it goes the wrong way. Rule one - never mess around with money you can't afford to lose - only gamble money you're prepared to lose. After all, that is exactly what it is - a gamble. Also don't forget the costs of conversion - you're £1000 profit could easily lose a few percent with bank charges etc.

ioscorpio

There are plenty of currency exchange companies to use for the purpose you need, I used https://www.isxfx.com for a one-off transaction.

If you want to trade currencies and play the markets then you need a different type of account, as not all currency companies allow you to trade the markets. http://www.ifxmarkets.com/PublicArea/IFXMarkets/code/english/main/index.aspx?MainMenu_Selected=FXIndBeginnersGuide

You could trade by spreadbetting http://www.finspreads.com/