Exchanging Euros after Brexit
Bobby_Roberts
Posts: 1 Newbie
If Brexit happens (and IF the pound is then devalued) will I get more pounds back (compared to before the devaluation) when I exchange my holiday Euros back into pounds?
E.G. if I spend £100 now on Euros and then, post brexit, I transfer this back to pounds will I then (in theory) get more than the original £100 back?
E.G. if I spend £100 now on Euros and then, post brexit, I transfer this back to pounds will I then (in theory) get more than the original £100 back?
0
Comments
-
You might but who can predict the future,also most money exchange place give you a terrible exchange rate to buy back unused currency,most people hang on to Euro,s as they can ue them again on holiday if they travel in Europe.ITS NOT EASY TO GET EVERYTHING WRONG ,I HAVE TO WORK HARD TO DO IT!0
-
When the value of the pounds drops you can buy more of them with another currency that's relatively stable.
But if you're talking about the mug's game of exchanging cash, you lose about 3% margin every time. If you want to play Forex, try Revolut (carefully) - straight interbank rate at the moment of conversion (weekdays).Evolution, not revolution0 -
Somebody correct me if I'm wrong - but if the £ is devalued it'll have less buying power so getting back more Sterling (if that were to happen) for your Euros will not be much of an advantage, if any.0
-
NoodleDoodleMan wrote: »Somebody correct me if I'm wrong - but if the £ is devalued it'll have less buying power so getting back more Sterling (if that were to happen) for your Euros will not be much of an advantage, if any.
Suppose my friend and I each start with a hundred pounds. He saves his; I exchange mine for dolars, Euro or whatever. Then the pound falls by 10 per cent against other major currencies, so prices in the UK rise by a corresponding amount. My friend finds that his hundred pounds now only buys what he could have bought for about ninety pounds at the time he saved his money. I can now use my dollars to buy 110 of the now devalued pounds, which I can use to buy good that would have cost me 100 pounds when this exercise began. So I have protected myself against loss, but my friend has not.
In the real world of course there are costs to exchanging money; it is easier to earn interest on sterling than on dollars; prices in the UK do not change exactly in line with changes in the exchange rate; and of course we never know whether the pound is going to rise or fall.0 -
That's what I thought too, more or less.0
-
Not so much the Exchange Rate you get.....it's how wise you spend the €uros, making sure you don't get ripped off.:)0
-
Just before the Brexit vote in 2016, I paid $500 to get onto the upgrade waitlist for a flight with United. The upgrade wasn't successful so I got a refund back onto my credit card. But because the refund came through after the leave vote, I actually got back more in £ than I had paid out originally.
As far as I can see it's been the only positive of the whole Brexit thing, but at least it's something.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards