How to buy euros/dollars now to beat any EU vote shock

MSE_Luke

"How to buy euros/dollars now to beat any EU vote shock"

Read MSE Guy's full blog: How to buy euros/dollars now to beat any EU vote shock

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

citykid5

Just order online

ERICS_MUM

I thought the risks of buying currency had been addressed after the Crown currency fiasco ? Don't such companies have to hold customer money separately from their own, so that it isn't included in the company assets if it goes bust ?

Red_dog_Sam

Comments on the blog entry are describing the T&Cs at both Sainsburys and Post Office (First Rate) , both of which could incur cancellation fees of £10 or £20 for cancelling or not collecting pre-ordered currency. Not sure this "new trick" is risk free - even if these charges can be discretionary, it wouldn't be a surprise to see them invoked if there is a run on cancellations post referendum.

Its always worth looking at cashback deals to improve rates for holiday cash- for example , Quidco can pay £3 for £400 worth of euros from Post Office. Split 1020 euros into two orders of £400.50 at todays rates and get £6 cash back - equivalent to an extra cent in the pound.

JPears

Sainsbury's terms and conditions clearly state a £10 cancellation fee for currency order. This contradicts the statement on your website. Please clarify promptly.

King_Of_Fools

I would say there would probably be get out clauses for large fluctuations in fx rates. Otherwise people could use this a a risk free gamble on a change.

For example Travelex currently have Euro rates of 1.2508 buy 1.3434 sell. Say I place an order for €10,000 it would cost £7,994.88. If the rates do not change, I could cancel the order and it would cost me nothing.

If the rates fell to 1.0000 buy 1.0740 sell, I could collect my money and immediately sell it back to them for £9,310.95 and make an instant profit of £1316.07.

Former_MSE_Rosie

Hi everyone. To those asking about Sainsbury's Bank, we've been in conversation with them this morning and have added the following update to the blog:

Update, Wed 22 June, 12.50pm: Sainsbury’s Bank’s confirmed this policy is definitely in place despite its website stating the £10 charge applies regardless of when you cancel. The bank has decided to waive the charge on cancellations made more than 24 hours ahead if you order currency before the end of June. If you are wrongly charged you can call it on 0345 301 2724 for a refund.

Thanks

dfurn

MSE_Rosie wrote: »

Hi everyone. To those asking about Sainsbury's Bank, we've been in conversation with them this morning and have added the following update to the blog:

Update, Wed 22 June, 12.50pm: Sainsbury’s Bank’s confirmed this policy is definitely in place despite its website stating the £10 charge applies regardless of when you cancel. The bank has decided to waive the charge on cancellations made more than 24 hours ahead if you order currency before the end of June. If you are wrongly charged you can call it on 0345 301 2724 for a refund.

Thanks

If we call Sainsbury's and they say no, as they obviously legally will be able to, will Money Saving Expert refund our £10s?

Kernow666

people are panic buying off me today , sold about 300% more than I normally would they are convinced its going to crash