Long overseas trip, where to keep money post Brexit

JJ2017

HI,

My Fiancee and I are getting married in Asia early next year and as a honeymoon are going travelling around the world for a year after.

Whilst some (approximately half) the wedding will have been paid off before we go, the other half will be paid upon check out at the venue, and in addition to this we will be travelling in Asia, Europe, Africa and South America for the following year.

We've already 'lost' savings due to the drop in the pound and given that we plan to spend a considerable chunk of money overseas next year I'm curious what others would do with their money in the same situation?

Would it be worth putting some/half/all of it into a European bank now? Do you feel it's scaremongering and we've already seen the worst of it?

Any advice would be greatly appreciated!

Kind regards


JJ

DomRavioli

You perhaps need to ask this on the banking section, not the overseas holiday travel section.

JJ2017

oops, cheers, will do!

Voyager2002

Actually, this kind of question is regularly asked on the travel boards...

I am a bit confused about what the OP hopes to achieve. We can be very confident that if s/he puts £5,000 in a British bank now, the sum of £5,000 will still be there in a few months. Equally, if the same amount is deposited in a sterling bank account with a European bank, it is highly probable that £5,000 would be there and available to withdraw when needed.

The big concern, as I understand the situation, is that all the expenses in the Far East will be in currencies linked to the US dollar, and five thousand pounds today buys far fewer dollars than it did last week. You can't do anything about this problem by keeping pounds in a different country. You could of course eliminate this risk by keeping the money in US dollars, but since the pound has just fallen against the dollar there is a decent chance that it will rise ...

One option would be to convert the holiday money into US dollars and load them on to a prepaid currency card. That is an issue that is often discussed here. Another option would be to put some of the money into a US dollar account (and that is a question for the banking board). Other sets of questions would be about when it is sensible to change the money from pounds to dollars: my advice would be to do that a bit at a time on several random dates, and this issue is probably best discussed on the Savings and Investments board.