Moving sterling account

Ro2124

AngelaOrkney wrote: »

I use Revolut. I’m back in UK now but opened it when I lived in Spain. The product is great - good exchange rates etc as long as you don’t have any issues. Customer service is abysmal and they can only be contacted from within the app. I think they have a banking licence now, but the app may still be e-money which does not have deposit protection.

Yeah did consider Revolut, but looking at reviews from others, seems they have the same opinion you had, its ok but service is appalling, so gave it miss.The German Euro version of N26, I am happy with reliable and quick answers to inquiries, shame cant use it for Sterling..Ce la vie:)

sal_III

If the GBP volatility is an issue for you, why do you keep it? It's unlikely that it will gain much if at all against the euro in the near future, more likely it will drop further - just convert it to Euro and be done with it.

Ro2124

sal_III wrote: »

If the GBP volatility is an issue for you, why do you keep it? It's unlikely that it will gain much if at all against the euro in the near future, more likely it will drop further - just convert it to Euro and be done with it.

Not really that simple is it, had I followed that advice fairly recently, would have lost near 2 Grand. Of late pound has risen, so now maybe a better time. But at the end of the day, nothing will be certain until this Brexit farce, which has dragged on for years is finally settled ... after that could go either way, only time will tell.

eDicky

Ro2124 wrote: »

As for Brexit I dont need fear mongering, just have to look at Exchange rates to get the idea. Pounds worth diddly crap compared to pre Referendum rate, although slightly improved lately.

I don't have any doubts about the idiocy of Brexit, but it's effect on currency is an advantage to those who earn in euros (or other) and expend in pounds. If you're not one of those, there's still an equal chance of gaining or losing by keeping your money in euros or converting your pounds to euros now, or more or less any time. If you have more insight and skill than the FX traders whose activity provides the current values, you should become one ...

If you want a GBP account in a long established bank, and you have enough to deposit to avoid monthly fees, there's always the 'offshore' branches of Santander, Barclays etc, in Channel Isles and Isle of Man, plus further afield in Singapore or Hong Kong. Some provide GBP debit cards, if you require, and UK direct debits are usually possible with CI and IoM accounts.

sal_III

Ro2124 wrote: »

Not really that simple is it, had I followed that advice fairly recently, would have lost near 2 Grand. Of late pound has risen, so now maybe a better time. But at the end of the day, nothing will be certain until this Brexit farce, which has dragged on for years is finally settled ... after that could go either way, only time will tell.

Exactly it could go either way, so it's a gamble. Add to that the risk of using accounts without the EU deposit protection. If you don't plan to come to the UK and spend in GBP, I would just sell, as close to being even as possible and move on. Currency speculation is not for the fainthearted.

Chino

Ro2124 wrote: »

Saw yesterday Tesla who intended major investment has decided stuff UK and moved factory to Europe!

What makes you think this factory would ever have been built in the UK, Brexit or no Brexit? Nothing was "moved" because there is no factory to move.

Ro2124

Chino wrote: »

What makes you think this factory would ever have been built in the UK, Brexit or no Brexit? Nothing was "moved" because there is no factory to move.

Moved may have been the wrong word- how about planned. What makes me think that? Well thats fairly simple, I would have thought, as the owner said publicly he had planned to open it in UK but because of Brexit will open it in Europe instead. He is the owner and pulls the strings, so see no reason to doubt him- unless of course you know better than the owner! And lets face it, he is only one business that plans to decamp to Europe ...some already have!

Ro2124

sal_III wrote: »

Exactly it could go either way, so it's a gamble. Add to that the risk of using accounts without the EU deposit protection. If you don't plan to come to the UK and spend in GBP, I would just sell, as close to being even as possible and move on. Currency speculation is not for the fainthearted.

Indeed it is kind of gambling and not for the faint hearted as you said, but of course gambling was not the intention Its just how it turned out with not living in UK and Brit banks at the time refusing accounts to non residents But that was some years ago things have improved since the online banks started up, who are more flexible.Disadvantage of course having no actual branches to go to, but since the trend seems to be toward online banking anyway, can live that.And yes protection is an issue, but should think for example, Transferwise which has ring fenced account at Barclays is a reasonable risk. I mean whats the chances of Transferwise and Barclays both going bust, possible but unlikely..at least I bloody hope so :-)

Ro2124

eDicky wrote: »

I don't have any doubts about the idiocy of Brexit, but it's effect on currency is an advantage to those who earn in euros (or other) and expend in pounds. If you're not one of those, there's still an equal chance of gaining or losing by keeping your money in euros or converting your pounds to euros now, or more or less any time. If you have more insight and skill than the FX traders whose activity provides the current values, you should become one ...

If you want a GBP account in a long established bank, and you have enough to deposit to avoid monthly fees, there's always the 'offshore' branches of Santander, Barclays etc, in Channel Isles and Isle of Man, plus further afield in Singapore or Hong Kong. Some provide GBP debit cards, if you require, and UK direct debits are usually possible with CI and IoM accounts.

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Yes I take your point its a gamble as to which way things will go and could be either way ...And no definitely dont have skills to be FX trader:)


Offshore? yeah well these days the reserve of the rich, with crazy high deposits ..out of my league unfortunately. Actually used to have one, many years ago in Isle of Man, but then it was far more reasonable...thats life, times change!