When to exchange euros?

bigadaj

There are arguments for being in or out of eu, and these elements will interplay to provide positives and negatives on a huge range of issues including currency.

You can debate and argue these to your hearts content, the consensus seems to be an out vote will make sterling lose value. The expectation seems to be that we'll stay in but apart from limited numbers of people with specific reasons to vote in then I think most people are ambivalent and those wanting to come out are more likely to vote than those who aren't bothered but want to remain in.

On that basis you may want to short the pound over the referendum period, but there's no guarantee that even if we do come out that the pound will weaken.

If you are moving large amounts it would seem most sensible either to do it in stages to ensure you don't hit the absolute bottom, or buy ahead of time at a spot price that you're happy with.

The whole libor issue has now quietened down but given the size of the forex market and the fact that many of the market makers have also been trading then I wouldn't think any amateur could oudue the professionals.

VeryMan

where can I get professional help?

grumbler

Nowhere.
The problem is that different professionals have different opinions/expectations/forecasts, and the current rate incorporates all the opinions to balance the supply and the demand. If all (or even most) professionals were sure that £ will lose value they all would be selling it and the rate would adjust accordingly.

The options are:

• Take the best rate currently available.
• Wait = gamble. In this case you can equally win and lose.

As suggested above a compromise option can be to do this in several stages, two in the simplest case when you change, say, 50% now and gamble with the remaining 50%.

zerog

TheTracker wrote: »

Around 1030am, to avoid the pre-work people and lunchtimes. Wednesday is quietest.

Nobody is going to exchange 250000 euros in cash.

The best time (of the day) is around now, because London, New York and Frankfurt are closed so there will not be much movement in GBP or EUR, so you can be sure the rate won't change suddenly.

The best days are Tuesday to Thursday when there are no public holidays in all markets during the week, when spreads will be lowest.

VeryMan

Where can I exchange 250k in my uk euro bank account?

grumbler

At any currency broker.
€ transfer to a broker will cost you a flat fee.

It's the same as for sending € from abroad:

https://www.fxcompared.com/money-transfer/France-UK?amount=50000&aDir=0&bType=1&ref=filter

http://www.mycurrencytransfer.com/money-transfer-to-UK/50000-EUR

For some reason they don't show https://transferwise.com/ and https://www.currencyfair.com that are very popular because of the good rates (low margin). Search the board for more information.

Also, Revolut card is worth checking, but the amount is possibly far too big for it: Revolut – perfect rates & £5 bonus

MSE: Sending Money Abroad

VeryMan

excuse me, the brokers don't have euro bank accounts so that I will transfer for free?

also, how am I sure that they won't take my money and give me nothing?

VeryMan

transferwise seems to be the best deal

can I use it to send the money from my uk euro account to my uk sterling account? or I will pay bank fees?

grumbler

VeryMan wrote: »

excuse me, the brokers don't have euro bank accounts so that I will transfer for free?

They have, but € transfers aren't free in UK.

also, how am I sure that they won't take my money and give me nothing?

You can't. It's always a compromise between the cost and the security. If the latter is your priority, use some bank instead.

VeryMan wrote: »

transferwise seems to be the best deal

can I use it to send the money from my uk euro account to my uk sterling account? or I will pay bank fees?

You certainly will pay (a flat fee, not %) for sending €€ to Transferwise. Search the board - there is a long thread on it.
£ transfer is likely to be free unless they offer CHAPS and you chose it.

Slave_to_the_job

How can someone who wants to transfer such an amount be so naive to the process involved?