Can I buy Euros to avoid savings erosion when the Brexit hits the fan next week?

MEM62

Economic wrote: »

The OP will have more pounds when they convert back to sterling than they had at the beginning to pay the inflated prices!

Minus the commissions/costs of changing the currency twice and the loss of interest - assuming that the Euro account would not be an interest bearing one.

Voyager2002

MEM62 wrote: »

Minus the commissions/costs of changing the currency twice and the loss of interest - assuming that the Euro account would not be an interest bearing one.

A response to the OP (although the question was rhetorical, I think): using the Fineco multi-curreny bank account one can switch between currencies at near-perfect exchange rates.



I anticipate that the shock of parliament rejecting the EU deal, although not unexpected, will cause a bit of a short-term fall in sterling and to a lesser extent in the Euro. I have therefore converted a few thousand into US dollars and plan to exchange them back into sterling immediately after the shock.


Of course, both parliament and the markets may well surprise us, but I can live with any losses that result.


I am not making any long-term predictions about currency movements, except to note that I would not invest in a post-Brexit UK and am shifting towards India. Note that I am usually wrong in my forecasts...