When to transfer savings from Brazil?

Macphisto93

I live in the UK with my partner, who is from Brazil. We're still renting currently, but we're keen to save up so that we can finally buy our first property together. 

I have just over £20k saved up so far, which isn't really quite enough for us to get started. My partner has about 250k Brazilian real in savings (about £40k) so potentially we could draw on this, but lately the exchange rate has been AWFUL.

We'd now get £2.5k less than if we transferred this money last year (and even less than the year before that, which doesn't bear thinking about).

To be honest I'm not that knowledgeable about these things so please forgive my ignorance. As far I can see we have the following options...

1) Cut our losses, transfer the money to GBP before things get worse.

2) Be patient. Continue saving and wait until the Real improves. 

I guess property prices in the UK could rise, which would make waiting redundant anyway, but I'm not sure...

I suppose there are two unknowns there really, exchange rates and property prices. Obviously no one can accurately predict either, but I'd appreciate any advice or perspectives. 

Thanks!

Alexland

Macphisto93 said:

I suppose there are two unknowns there really, exchange rates and property prices. Obviously no one can accurately predict either, but I'd appreciate any advice or perspectives. 

Yup my experience of volatile unknowns is that they tend to move in a range around a long term value until something might change and then they make a move in a particular trajectory which could indicate a new trend, an overall direction or nothing in particular. Good luck.

jonnygee2

Transfer now, that way you know what you have and can stop worrying about it.

No one can predict the currency market. However your savings should really be in the currency that you intend to spend them in. That way, the value is more stable. Right now you are essentially gambling with your house deposit on the currency markets and that's not great.

Also, frankly, although I cannot predict the currency market, if I was going to take a stab I'd say that Brazil has an imbecile in charge of it and is going nowhere but downhill.

blue_max_3

The pound isn't very strong at the moment, so may be as good a time as any.

NorthernJoe

Brazil's economy will get hammered by Coronavirus & inept leadership. 

Can't see the Brazilian currency strengthening any time soon.

Tildaplum

Also they say that the housing market will fall a little bit because of coronavirus so you may be able to get a good deal when you buy