Money in France in Euros leave or move?

birdie61_2

Hi
My parents have just sold a property in France & have 96,000 Euros in a French bank. Thye have been told if they move it to England they will loose £16,000 approx in the transfer.

Should they leave this money over there in France or move it somewhere else? or should they just buy a small apartment as an investment until things get better?

purch

Thye have been told if they move it to England they will loose £16,000 approx in the transfer.

How can they possibly lose £ 16,000 by exchanging EUR into GBP ??

Danslagarrigue

Yes it's all true.
96k euros changed to pounds not long ago, was nearly the same £'s.
Now, at around 1.2, it's £80,000.
A depressing £16,000 loss. If you see things that way.
It looks as if your parents are in no hurry for the cash.
Appartments are boring.
Why not haggle a good price on a French boat, then anchor it in uk.
Advertise it when the exchange rate is in your favour, and meanwhile have fun with it.
There's potential drawbacks, but your euro / £ trade will cut out the middle man.

Who is KassandraWalker ? I'd like to be wealthy.

DarkConvict

Topic does sound iffy. Anyway you loose money on the conversion as a charge will be made. And basically you need to wait for the euro to creep up, however the pound is rising against the euro at the moment since too many euro countries are near bankcruptcy.

Thrugelmir

Danslagarrigue wrote: »

96k euros changed to pounds not long ago, was nearly the same £'s.
Now, at around 1.2, it's £80,000.
A depressing £16,000 loss. If you see things that way.

The £ didn't reach parity with the Euro.......

If the property has been owned a number of years then a profit has made. As the Euro used to trade northwards of the 1.40 exchange rate.

purch

A depressing £16,000 loss. If you see things that way

If you see things that way.

Trouble was when GBP/EUR was trading at 1.05 or so, the OP's parents still owned their house.

dwsjarcmcd

and the probably bought the place at an exchange rate of 1.4€ - 1.6€ to the £!

A_nice_fellow

Ah, I understand.

Birdie, there is no loss to speak of here, or at least not one you can do anything about. What you're asking us to do is to forecast foreign exchange, something which no one on this forum, despite their claims, can do with anything like enough reliability as you would want.

Two things here. Regarding investments, they should probably speak to an IFA. Regarding their foreign exchange possibilities, for a sum in that region they would be best off speaking to a specialist broker such as HiFX.

birdie61_2

Thanks guys It wasnt a wind up so rest assurred it was a genuine question for my 70plus parents
Ta