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Should you buy euros/dollars now before the general election?

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Should you buy euros/dollars now before the general election?

2 replies 8.3K views
MSE_EeshaMSE_Eesha MSE Staff
144 posts
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MSE Staff
This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.




Please click 'post reply' to discuss below.

Replies

  • robinhrobinh Forumite
    4 posts
    The Saga Platinum Credit Card was not mentioned when discussing the best way to withdraw cash abroad.
    This card is only available for the over 50's and for those who earn over £12k a year.
    However for cash withdrawals it is one of the best.
    There is a 0% interest rate charge for up to 55 days. After that it is 19.61%. The only charge, as long as you pay the advance off before the due date, is a withdrawal fee of 2% or £2.00 minimum for each advance.
    The 0% interest rate also applies to all card purchases in all foreign currencies worldwide.
    The conversion rates on all transactions are also very competitive.
    Full details on the Saga Website.
  • phillwphillw Forumite
    3.6K posts
    Seventh Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    dastep wrote: »
    Why gamble on what the exchange rates are going to do.

    You can't help it. If you buy euros now or buy them after the election then you're gambling. We're all here on MSE to save money & when you buy them is likely to save money.

    The 50/50 split where you buy half now and half closer to your travel date, mitigates the risk a bit. You could still end up missing out due to short term blips, but at least you won't get the "why did you buy them then when everyone knew that was the stupid time to buy them".

    If you're a full blown MSE and earning interest on the money & you buy now, if there is no crash then you've still lost money. If conservatives get back in then there is no change and so sterling will probably stay pretty much the same, if conservatives don't get in then there may be a period of instability which will probably result in a loss in sterling.

    I'd watch for sterling trends in the run up to the election and try to catch the peak and buy all of it.
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