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will the euro crash? Should I save in euros or pounds?

Kia_Chia
Posts: 12 Forumite

I have some savings in euros as Im paid in euros but I also have my bank account un UK.
Im worried about what may happen to the euro with the state of euro zone, should i transfer my savings from euros into pounds? Will I get more for my money now or will it not make any difference? If so what is the best way of doing this?
I will be returning to UK at some point.
Thanks for any tips/advice.
Im worried about what may happen to the euro with the state of euro zone, should i transfer my savings from euros into pounds? Will I get more for my money now or will it not make any difference? If so what is the best way of doing this?
I will be returning to UK at some point.
Thanks for any tips/advice.
0
Comments
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If you are paid in euros and spend in euros then the rate doesn't matter much. If you are transferring money then you want a weak pound to get more of them per euro so now would look to be a good time in comparison to recent past rates.Remember the saying: if it looks too good to be true it almost certainly is.0
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You should look to move the money over a period of time to spread the risk.0
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Thanks for your responses.
Should i just transfer from one bank to the other or is there a better way?
And once I do transfer, how can I maximise on savings? I know interest rates are low now but what the best way to save? eg an ISA? (I just have an internet online savings account)0 -
The crux of the matter is surely this:I will be returning to UK at some point.
As for risk, the Euro might crash but Sterling might be urged to over the edge with it, especially if the Bank of England gives it a push - didn't Mervyn King say tonight that a weaker pound would aid growth (as if it wasn't weak enough already).0 -
Yes youre right. I havent thought about it like that before. (Not called a moneysaving newbie for nothing) Having only just paid my last payment to the student loans company, watching my savings grow in my euro account was a new experience for me.0
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Banks are likely to charge hefty commissions on Euro-sterling transfers. Investigate the currency brokers discussed on this site and elsewhere, who are likely to give you more pounds in your UK bank account for every 100 Euro that leaves your foreign account.0
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Voyager2002 wrote: »Banks are likely to charge hefty commissions on Euro-sterling transfers. Investigate the currency brokers discussed on this site and elsewhere, who are likely to give you more pounds in your UK bank account for every 100 Euro that leaves your foreign account.
what are currency brokers?0
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