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Brexit

Josquin
Josquin Posts: 130 Forumite
Seventh Anniversary 100 Posts Name Dropper
in Savings & investments
Hi


With the pound sinking further and further, is it

worth putting savings into a EU bank account?


Has anyone done this?


How is it done?


Many thanks
«13

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    £ is relatively unchanged for the past year against the €. Why do consider the £ to be sinking?
  • dunstonh
    dunstonh Posts: 120,844 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    With the pound sinking further and further, is it

    worth putting savings into a EU bank account?

    Do you go abroad at all?

    You say "sinking". Are you reading only headlines rather than the actual figures as sinking seems very extreme. Only a newspaper would call a drop back to what it was the previous month "sinking".
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • eskbanker
    eskbanker Posts: 39,586 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You might find it worthwhile to read some of the other threads where much the same question is asked (and answered):

    https://forums.moneysavingexpert.com/discussion/5838916/can-i-open-a-savings-account-abroad
    https://forums.moneysavingexpert.com/discussion/5875877/savings-in-euros-or-dollars-to-protect-against-currency-crash
  • Josquin
    Josquin Posts: 130 Forumite
    Seventh Anniversary 100 Posts Name Dropper
    Oh i thought it was 1.1 euro to the pound
    as opposed to 1.5 a few weeks ago.


    Is that not sinking?
  • westv
    westv Posts: 6,592 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Josquin wrote: »
    Oh i thought it was 1.1 euro to the pound
    as opposed to 1.5 a few weeks ago.


    Is that not sinking?


    Weeks??!


    ....
  • Wildsound
    Wildsound Posts: 365 Forumite
    Fifth Anniversary 100 Posts Photogenic
    Josquin wrote: »
    Oh i thought it was 1.1 euro to the pound
    as opposed to 1.5 a few weeks ago.


    Is that not sinking?

    Is was around 1.5 back in 2007 and hasn't been that high since. A few weeks ago it was 1.14, it's currently 1.12. Not sure where you're getting your figures from...
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Josquin wrote: »
    Oh i thought it was 1.1 euro to the pound
    as opposed to 1.5 a few weeks ago.


    Is that not sinking?

    When was the exchange rate last €1.50 ?
  • dunstonh
    dunstonh Posts: 120,844 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Josquin wrote: »
    Oh i thought it was 1.1 euro to the pound
    as opposed to 1.5 a few weeks ago.


    Is that not sinking?

    It is currently 1.12. It hasnt been 1.5 since 2007.

    This time last year it was 1.11 but fell to 1.08 late August. Since Sept 2017, it has been relatively stable moving between 1.12 and 1.15.

    are you mixing up an earlier dollar/sterling rate?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • eskbanker
    eskbanker Posts: 39,586 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Josquin wrote: »
    Oh i thought it was 1.1 euro to the pound
    as opposed to 1.5 a few weeks ago.


    Is that not sinking?
    If that's your level of knowledge of exchange rates (and/or ability to research) then currency speculation definitely isn't for you! :)
  • ColdIron
    ColdIron Posts: 10,325 Forumite
    Part of the Furniture 10,000 Posts Hung up my suit! Name Dropper
    Josquin wrote: »
    Oh i thought it was 1.1 euro to the pound as opposed to 1.5 a few weeks ago.
    Over the last year GBP/EUR has seen a
    • High 1.16
    • Low 1.08
    It's current value of 1.11 is somewhere between these two. Even with today's small dip it's over what it was a couple of weeks ago in July

    https://www.xe.com/currencycharts/?from=GBP&to=EUR&view=2Y
This discussion has been closed.
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