Euro's sell or keep?

natlie
natlie Posts: 1,687 Forumite
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in Debt-free wannabe
Hi i have about £120 in Euro's from a holiday a while ago - as I won't be going on holiday soon should I sell them and pay off some debt or keep them until rates are better/next holiday?

Thanks
Nat
DMP: £30,668 £3,364.02 DFD July 2024

Comments

  • D_M_E
    D_M_E Posts: 3,008 Forumite
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    I'd keep them - the way the £ is falling it won't be long before a euro gets you £2
  • worried_jim
    worried_jim Posts: 11,631 Forumite
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    D_M_E wrote: »
    I'd keep them - the way the £ is falling it won't be long before a euro gets you £2

    Come Brexit next year it will be only currency that shops will take besides gold sovereigns.
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    natlie wrote: »
    Hi i have about £120 in Euro's from a holiday a while ago - as I won't be going on holiday soon should I sell them and pay off some debt or keep them until rates are better/next holiday?
    Hi Nat,

    If it was me, I would consider this money sitting outside my budget, and would spend it accordingly. Half on existing debt and half on a treat for being such a conscientious MSEr!! :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • saajan_12
    saajan_12 Posts: 3,621 Forumite
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    The danger with keeping money in eur is you can't deposit it into most GBP bank accounts (without fees atleast) so you have to keep it in cash. As you can't spend it in the near future, it can be easy to keep it in a 'safe place' and forget about it by the time the next holiday rolls around. You're taking pure FX risk, so with the chance of downside (GBP is already quite low, so we could see a correction) and the chance of losing it I think its better to just convert it and move on..

    In other words your EUR 120 is worth GBP 106 now, it could get to more.. £120? £130? it could get to less if we see a correction £80? £60? it could get lost in the next year £0? I'd jsut take the £106
  • System
    System Posts: 178,093 Community Admin
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    worried_jim wrote: »
    Come Brexit next year it will be only currency that shops will take besides gold sovereigns.

    Based on what? The country that finances the majority of EU business borrowing and processes 75% of the entire global Euro stock trade clearing and forms 1/8th of the GDP of the entire EU is leaving in 7 months time and without a deal especially in the financial sector that'll see the value of the Euro fall as the ability to trade in stocks and commodities traded in Euros becomes massively restricted.
  • davetrousers
    davetrousers Posts: 5,862 Forumite
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    Keep it.


    You'll get shafted on the buy back exchange rate
    .....

  • vacheron
    vacheron Posts: 1,604 Forumite
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    natlie wrote: »
    Hi i have about £120 in Euro's from a holiday a while ago - as I won't be going on holiday soon should I sell them and pay off some debt or keep them until rates are better/next holiday?

    Thanks
    Nat

    What I do if I have some left over euros is wait until someone I know is going to Europe and ask them if they want them (or some of them).

    If you sell to them at the true exchange rate taken from any online currency converter (I tend to use XE.com) you both get a better deal as there is no middle man "spread" to have to deal with.

    Since I now use an overseas travel credit card all I usually need is 20-30 euros to get me to the first cash machine. Then as I'm only drawing out the cash I need as I go I don't end up returning with large amounts of leftover currency any more.
    • The rich buy assets.
    • The poor only have expenses.
    • The middle class buy liabilities they think are assets.
    Robert T. Kiyosaki
  • Hopeless_Case
    Hopeless_Case Posts: 949 Forumite
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    As it's quite a lot of money and you have debt and no plans to go away again soon, I'd exchange them and pay some of the debt

    You have time to start saving towards another holiday and your debt repayment will have a bit of a boost!
  • worried_jim
    worried_jim Posts: 11,631 Forumite
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    Tarambor wrote: »
    Based on what? The country that finances the majority of EU business borrowing and processes 75% of the entire global Euro stock trade clearing and forms 1/8th of the GDP of the entire EU is leaving in 7 months time and without a deal especially in the financial sector that'll see the value of the Euro fall as the ability to trade in stocks and commodities traded in Euros becomes massively restricted.

    Tough gig when you have to point out it's a joke. I do like your evaluation though.
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