Unused Euros

lollylou1

Due to covid-19 holiday to Teneriffe cancelled  and I have a load of unused euros, do you think it's best to hold onto them to hopefully use in the future, or would it be best to get them converted back to GBP in case they lose value. If anyone has any thoughts on this?

bradders1983

Maybe it would be helpful if you told us what rate you bought them at.

Aylesbury_Duck

As bradders1983 says, what rate did you buy them at and how much are you holding?  How they'll appreciate or depreciate is a total guess at the moment.  I'd hold onto them simply to avoid commission or sell/buy rate differences, both of which will eat into their value.  If you think you'll use them at some point, they won't go wasted, and the best you'd be able to get in interest if you converted and banked them is a few percent max.

Life__Goes__On

If anyone knew that they would be working in an investment bank.
The big issue of the day for exchange rates is are we going to leave the legal body of the EU on the 31st Dec and if we do  will it be deal or no deal.
You roll the dice, you take a chance.

lollylou1

bradders1983 said:

Maybe it would be helpful if you told us what rate you bought them at.

I bought 700 euros at 1.1529 so paid £607.16 for them

lollylou1

@Aylesbury_Duck yes I think you're probably right in that it would be best to hold onto them, hopefully will be able to use them in the not too far future. 

bradders1983

lollylou1 said:

bradders1983 said:

Maybe it would be helpful if you told us what rate you bought them at.

I bought 700 euros at 1.1529 so paid £607.16 for them

Well you wont get that rate today in the exchanges on the high street if they are open. 1.15 is todays bank sell rate, shops would be lower, and the buy back rates mean you will lose money.

Aylesbury_Duck

In which case, see what you can sell them back for.   Let's say you lose £20 between buying and selling. If the interest you can make on the £587 between now and the next holiday where you might spend euros is more than £20, sell them.  If not, hold them.

e.g. open a Nationwide Flex 5% account before tomorrow and you'd get almost £30 in the next 12 months in interest.  

Anything else on the relative strengths of the two currencies is pure guesswork.

lollylou1

Aylesbury_Duck said:

In which case, see what you can sell them back for.   Let's say you lose £20 between buying and selling. If the interest you can make on the £587 between now and the next holiday where you might spend euros is more than £20, sell them.  If not, hold them.

e.g. open a Nationwide Flex 5% account before tomorrow and you'd get almost £30 in the next 12 months in interest.  

Anything else on the relative strengths of the two currencies is pure guesswork.

I've just noticed on Asda website that:
 "for just £4.99 per currency, Asda Travel Money will buy back your foreign currency bank notes, at the original exchange rate you bought them from us."

bradders1983

Aylesbury_Duck said:

In which case, see what you can sell them back for.   Let's say you lose £20 between buying and selling. If the interest you can make on the £587 between now and the next holiday where you might spend euros is more than £20, sell them.  If not, hold them.

e.g. open a Nationwide Flex 5% account before tomorrow and you'd get almost £30 in the next 12 months in interest.  

Anything else on the relative strengths of the two currencies is pure guesswork.

The current Natwest buy back rate is 1.2521. On that basis they would get £559 back for a loss of around £48.

At the moment many places are closed so the only places that are going to buy them back are the banks and the Post Office. All the Sainsbury kiosks are closed, i suspect the ones in Asda and Tesco are also.

bradders1983

lollylou1 said:

Aylesbury_Duck said:

In which case, see what you can sell them back for.   Let's say you lose £20 between buying and selling. If the interest you can make on the £587 between now and the next holiday where you might spend euros is more than £20, sell them.  If not, hold them.

e.g. open a Nationwide Flex 5% account before tomorrow and you'd get almost £30 in the next 12 months in interest.  

Anything else on the relative strengths of the two currencies is pure guesswork.

I've just noticed on Asda website that:
 "for just £4.99 per currency, Asda Travel Money will buy back your foreign currency bank notes, at the original exchange rate you bought them from us."

So you would have to post them off? Add in the cost of special delivery.