what's happening to the pound??

johnfc

I'm about to buy some land in Vietnam so I need to change most of my pounds into Dong. With the pound continuing to depreciate should I just change ALL my pounds and get out of Sterling altogether?

The only thing that's stopped me so far is a hope that the exchange rate will improve... is that unrealistic?

Blah99

johnfc wrote: »

I'm about to buy some land in Vietnam so I need to change most of my pounds into Dong. With the pound continuing to depreciate should I just change ALL my pounds and get out of Sterling altogether?

The only thing that's stopped me so far is a hope that the exchange rate will improve... is that unrealistic?

I'd be extremely surprised if there's anyone on this forum that understands forex and Vietnam sufficiently well to give you a useful reply...

sabretoothtigger

Banks might make a small recovery in the short term, it depends on company results I guess
So the pound might strengthen some or might just continue to weaken

I think your own knowledge of vietnam is probably more usefull then anyone else here has. Arent they still communist but I heard they have a stock market and its awful

Without speculation why would their currency grow stronger particularly vs the pound, I dont know.

If you dont know either then you should probably just start moving money for this essential purchase asap, bird in the hand and all that


http://www.forbes.com/afxnewslimited/feeds/afx/2009/01/23/afx5956144.html

http://www.gda.com.vn/?page=news&code=news&id=1537

amcluesent

Tricky to say how long the Dong will remain firm.

RayWolfe

Naughty boy!

dobefan

Don't know a much about your situation, but my thoughts on this would be ...

Only change what you need to buy the property plus 3 months expenses.
Keep your money in the UK, it may be tanking but so is everywhere else and I feel the UK will always be the best of a bad bunch.
Get your self a Nationwide Debit card, you can withdraw funds from your account anywhere in the world at no cost to you.
If you are still of working age, pay your stamp, so you can get the basic pension, never say you are out of the country for long periods, only holidays.

Cheers

Inactive

dobefan wrote: »

Keep your money in the UK, it may be tanking but so is everywhere else and I feel the UK will always be the best of a bad bunch.

I hope you know something that I don't.. I certainly don't get that impression.;)

Cook_County

Your previous post said you had roughly £200,000 in Sterling.
http://forums.moneysavingexpert.com/showthread.html?t=1290087

You are now saying you are investing most of it in land in Vietnam.

Given the amount involved and the complexities of structuring for local law and tax plus your continued liability UK income tax, CGT and IHT I suggest you take professional advice on the optimum structure.