How Brexit impacts my Savings?

Jani101

Hey Everyone,


I lived and worked in the UK for 4 years and now I moved back to Hungary.
My question is related to Brexit since I have savings on my UK bank account and I don't wanna lose more money on it.
1£ was equal to 460 Hungarian forints before Brexit and after the vote it reduced to around 360 Hungarian forints. Since then there were no big changes but the final date of Brexit is coming.

My questions are:
1. I'm wondering if ( 360 Hungarian forints) is gonna decline after the final date March 29? What do you make of it?
2. What do you think about the future related to it :is it worth leaving my money on my UK Bank account hoping my money will worth more in Hungarian forints later?


Thanks for all your answers in advance.

enthusiasticsaver

Who knows. Your guess is as good as mine. My opinion is that the closer we get to 29 March with no deal on the table or suggestion of one the more the pound will fall so you will get less Hungarian currency. If there is a deal it could well rise. I am off to France the weekend before Brexit so have already got my euros just in case this vote on Tuesday causes any instability. If you take the money now you will undoubtedly suffer a loss so I would imagine it depends on when you would need the money and how much it is. Personally I think it will go up again once this uncertainty goes away but that won't be until we know what Brexit looks like.

It is certainly a mess.

AnotherJoe

If anyone here knew the answer we'd be billionaire currency speculators. Anything could happen.
Don't dwell on the fact you lost something already. Hanging on trying to recoup losses is a mugs game.
I would KISS, if you will have no further connection with the U.K. then change your money back to Forints now and just get on with your life. If you were over there now with no Pounds here you wouldn't transfer some over to try and benefit from future Pound/Forint movements.