Should we exchange our sterling now? (euros)

panagiotis

We are getting married in Greece in September and we are saving our money in London in sterling.

We had calculated the amount (euros) that we needed but now with the drop of the pound against the euro we are coming up quite short.

What does everyone think, should we exchange the money that we do have now- before things get worse?

And how worse are things gonna get if the government decides to print more money?

Thanks

stevsand

Dont get married is the best advice:cool:

Ian_Griffiths_Halifax

It won't be long before you will be able to use the £5 notes as confetti.

Sorry to be glib when you are wanting advice, but I don't have a proper answer for you.

Pssst

To be honest,its anyones guess how the £> euro exch rate will go. I suppose you could say that the only certainty is that you know what it is now so if your happy with the cost now then change the money.

HM Government are about to put another nail in the UK coffin with their quantitive easing experiment. They call it QE to try and blind people and make it sound tricky but simply put Quantative = more and easing means more money in the system to be lent out/circulated.

Now we all know that somethings value is linked to its scarcity so more ££ notes around = £ notes in circulation worth less. Simple economics for the lay person.

Reaper

Don't try to guess the currency markets. If you are saving up to spend on something abroad then you ought to be saving in the target currency. Why? Because otherwise you are adding gambling into the equation and you can't plan anything that way, certainly not a wedding.

So yes, even though my perosnal view is the Euro is set to weaken, I would suggest switching to Euros.

Masomnia

Maybe change half to Euros? Then if one crashes it isn't 50/50 as to whether you've lost out significantly.

To be honest the Eurozone is a terrible state, many countries in recession, governments collapsing, I really can't see it gaining significantly against the pound.

Ian_Griffiths_Halifax

Whatever happens to exchange rates, I suspect that you will be able to barter better prices for whatever you want to spend the money on. Cash is King, whatever the currency.

simpywimpy

It does seem to be stabilizing at the minute. Dont know how much you are thinking of changing but if it's more than a couple of thousand you could use a currency broker such as rationalfx or fttglobal where you will get a better rate than the high street