Brexit vote panic with life savings advice needed .

eskbanker

kingrulzuk wrote: »

A family member on the 23rd of June transferred all their savings to foreign bank as the rate was going good that day and now there are getting 7% interest, I was stupid enough not to listen to them.
So OP just sit back and relax as you are getting 6% way more than you can get it here.

It's clearly easy to be seduced by headline rates without any true understanding of what the consequent risks are! Please post links for whatever was claimed to be offering 7% interest and one or more of the good folk on here is likely to be able to reassure you that you weren't stupid not to listen....

teddysmum

There is no way that anyone can tell you the future financial position of any country , as all kinds of things can happen, from tragedy to the finding of huge valuable assets (eg oil).


'Experts' can only base their predictions on past experience and nothing is guaranteed. I recall seeing Martin Lewis , on tv, telling us that we really must take long term fixes from our power providers, but prices dropped and those of us, who chose not to take the advice, ended up better off.

kingrulzuk

eskbanker wrote: »

It's clearly easy to be seduced by headline rates without any true understanding of what the consequent risks are! Please post links for whatever was claimed to be offering 7% interest and one or more of the good folk on here is likely to be able to reassure you that you weren't stupid not to listen....

I know banks which gives 7 to 7.5% interest but the only problem is that ones you transfer the money there its best you keep it there, as for transferring back to UK will just cost more so its best for people who want to retire to foreign countries.

Ballard

kingrulzuk wrote: »

I know banks which gives 7 to 7.5% interest but the only problem is that ones you transfer the money there its best you keep it there, as for transferring back to UK will just cost more so its best for people who want to retire to foreign countries.

Are you saying that there are banks paying that level of interest on GBP deposits or are you talking about foreign currencies?

eskbanker

kingrulzuk wrote: »

I know banks which gives 7 to 7.5% interest but the only problem is that ones you transfer the money there its best you keep it there, as for transferring back to UK will just cost more so its best for people who want to retire to foreign countries.

So why were you citing that example as a way of trying to reassure OP about what they did (which made no mention of emigrating to follow their money)?

If the banks you refer to are so appealing as a way of earning high interest, why aren't you naming them?

kingrulzuk

Ballard wrote: »

Are you saying that there are banks paying that level of interest on GBP deposits or are you talking about foreign currencies?

Yes need to transfer it into foreign currency, earn the interest but to transfer it back to GDP will be a pain but if moving or retiring there will be ok.

JohnRo

Why are you being so cagey about what country and currency?

I seem to recall, without looking it up, it's probably India and the rupee you're talking about which has no relevance to the OP anyway.

dunstonh

veryintrigued wrote: »

From what I recall all markets were going to fall, jobs would immediately be lost, lots of posts stating sterling would rise and multinationals would stop investing immediately.

Maybe lessons haven't been learned hey?

I dont recall seeing one saying sterling would rise. I do recall the ones saying sterling will fall as that was a no-brainer.

There were posts saying that multi-nationals would stop investing immediately and there have been signs of that already with deals being cancelled. That will speed up in future with firms and agencies operating mostly within the EU relocating to be within the single market. That was never going to happen on day 1 but it will happen in future.

Markets did fall.

Jobs will be lost. The issue is how many will be lost and how many will the private sector be able to create elsewhere. That is unknown.

Dont mix up the media comments and the debate section of this board (where predictions were often wild) with the more level headed posts made in this section.

atush

jimjames wrote: »

I don't recall anything suggesting that savings should be moved abroad.
The fact that nothing has yet happened means it's not really surprising that little effect has yet been seen. Wait till hard Brexit happens and I'd expect a very different picture

I suggested before the vote, that anyone such as myself should move some money into USD and Euros if you have things to spend the currency on (i have bills to pay).

So I did. Even though I went to bed thinking we would stay and I might lose a little.

But ultimately it was a very good decision, as I have a wodge of dollars to help pay for my upcoming holiday in the USA, and to pay bills, and I used euros bought at a good rate on my recent holiday to france. Where for once I hardly used my CC lol.

But I certainly didnt panic and send my life savings that way (but I should have bought more dollars and almost did- (kicking myself on that one).

eskbanker

kingrulzuk wrote: »

A family member on the 23rd of June transferred all their savings to foreign bank as the rate was going good that day and now there are getting 7% interest, I was stupid enough not to listen to them.

So why say this two weeks ago then?

kingrulzuk wrote: »

My savings are in other country earning 7% interest