Euros???

porkchops

Hi,

I've got roughly £20k in savings and am thinking about changing it all into euros and deposting it into a foreign bank account, or keeping it with my current bank (if you can do that?).

My thought is that the pound is currently dropping like a lead balloon and looks like it will definitely fall below the euro.

Does anybody have any advice on this sort of thing, or can you let me know whether you think it's a good thing to do etc?

Look forward to hearing from you.

Thanks,

withnell

No one knows for sure where the euro's going at the moment - all it takes is for the UK banks to find out they're not as exposed / some euro banks to reveal massive exposure and things could swing the other way in no time

gozomark

what will you do if the exchange rate went the wrong way, to say 1.20 ?

could you afford to lose 15% of your £ 20,000 ?

Inactive

gozomark wrote: »

what will you do if the exchange rate went the wrong way, to say 1.20 ?

Indeed, the Euro isn't by any means strong, it is just that Sterling is even worse than the Euro at the moment.;)

withnell

and "at the moment" are the key words!

Inactive

withnell wrote: »

and "at the moment" are the key words!

Agreed.... Spain has record unemployment levels, the only difference between Ireland and Iceland is one letter, yet still the Euro is deemed better value than the £ ....just shows what a mess we are in.;)