Euros - when to convert

blackduck01

We had to cancel a holiday to Estonia early this year, for which I had stockpiled some Euros. I'm thinking about reconverting them to pounds, but at the current exchange rate I'm around £50 down. Should I exchange the euros now or wait?
I know nothing of exchange rates really, but at a wild guess I would say that if we leave the EU without a deal I'll lose more. If we do get a deal there's a chance I could reduce my losses.
Anyone comment please?

Browntoa

If you are going to holiday in Europe at some point I'd save them

I have a travel wallet with various currencies stockpiled from various trips . I used some us dollars I'd held for 10 years on a recent trip

HogMan

Given that the pound was at a 2 year low, today it would have been a good time to convert from Euros.

Migster

Your logic re Brexit is probably the wrong way round. If we crash out without a deal, the UK economy is harmed and the pound will probably weaken, meaning the euros you have will be worth more.

Your best bet is to find someone who needs euros for their holiday and sell to them at spot (e.g. the rate from xe.com).

EveryWhere

Cannot imagine how you can be £50 down, unless you bought them at a really poor rate in the first place.
If you bought at 1.14 and sell now at 1.14, where is your loss?

blackduck01

800 euros purchased @ 1.03 to 1.05 back in Jan/Feb, the sterling cost was around £770. Buyback quoted at £715 atm. If I sell now I'll be £50+ down, will I not? Where can you get 1.14?
Thank you for the replies.

Neil49

blackduck01 wrote: »

800 euros purchased @ 1.03 to 1.05 back in Jan/Feb, the sterling cost was around £770. Buyback quoted at £715 atm. If I sell now I'll be £50+ down, will I not? Where can you get 1.14?
Thank you for the replies.

You don't say where you purchased your euro from but the rates you quote are particularly poor.

If you had been abroad around mid January you could have got around 1.13 if you had used something like a Starling card at an atm. At the moment you could get 1.11 (which is what we got in Spain a few days ago).

I'm sorry to say that you are extremely unlikely to get your money back even with a poor Brexit outcome.

EveryWhere

blackduck01 wrote: »

800 euros purchased @ 1.03 to 1.05 back in Jan/Feb, the sterling cost was around £770. Buyback quoted at £715 atm. If I sell now I'll be £50+ down, will I not? Where can you get 1.14?
Thank you for the replies.

The rate on the 1st of Feb. was 1.14. If you had purchased the Euros from a reputable seller, you can knock a couple of cents off, so let's say 1.12.
So you should not have paid more than £715 for 800 euros at that time.If you were using a good card to withdraw from an ATM abroad, it would have cost you £702 for 800 euros.

This is the reason why you are down. You got ripped off on the initial transaction.

Who is quoting BuyBack of 800 euros for £715? You should rip their arm off to accept. Post all of the details.

Moneyguru

I will happily pay £720 for the Euros. I am in need of Euros at the moment.

blackduck01

Post Office. Four transactions spread over about 6 weeks. For the 715 quote used the first aggregator that came up on google and that was the top rate.
Shan't be using the PO again, then.:(
Selling some on to my son, so not expecting top rate there then!:)

EveryWhere

blackduck01 wrote: »

Post Office. Four transactions spread over about 6 weeks. For the 715 quote used the first aggregator that came up on google and that was the top rate.
Shan't be using the PO again, then.:(
Selling some on to my son, so not expecting top rate there then!:)

Unfortunately no. That is just the spot rate for buying Euros with Pounds.

That's not the same as the retail rate for buying Pounds with Euros

The best you can expect is having to give up 1.14 Euros for each Pound from a retail outlet.

But actually selling them privately is much better as people will be prepared to go by the spot rate of 1,11 or thereabouts.

in other words, they would accept an offer of 1.1111 Euros for each pound. Hence the offer of £720 for your 800 Euros. Of course you don't know the 'one poster' here, from Adam. So your son is likely a better bet.

In fact he should offer to pay the current 1.1111 wholesale rate, as it is fair for both you and to himself.

£100 per 111.11 Euros.
He won't find a better rate in the U.K.