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  • FIRST POST
    • Josquin
    • By Josquin 6th Aug 18, 5:06 PM
    • 13Posts
    • 0Thanks
    Josquin
    Brexit
    • #1
    • 6th Aug 18, 5:06 PM
    Brexit 6th Aug 18 at 5:06 PM
    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
Page 1
    • Thrugelmir
    • By Thrugelmir 6th Aug 18, 5:10 PM
    • 61,295 Posts
    • 54,542 Thanks
    Thrugelmir
    • #2
    • 6th Aug 18, 5:10 PM
    • #2
    • 6th Aug 18, 5:10 PM
    £ is relatively unchanged for the past year against the €. Why do consider the £ to be sinking?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • dunstonh
    • By dunstonh 6th Aug 18, 5:11 PM
    • 96,058 Posts
    • 63,875 Thanks
    dunstonh
    • #3
    • 6th Aug 18, 5:11 PM
    • #3
    • 6th Aug 18, 5:11 PM
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • eskbanker
    • By eskbanker 6th Aug 18, 5:14 PM
    • 8,738 Posts
    • 9,993 Thanks
    eskbanker
    • #4
    • 6th Aug 18, 5:14 PM
    • #4
    • 6th Aug 18, 5:14 PM
    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/showthread.php?t=5838916
    https://forums.moneysavingexpert.com/showthread.php?t=5875877
    • Josquin
    • By Josquin 6th Aug 18, 5:20 PM
    • 13 Posts
    • 0 Thanks
    Josquin
    • #5
    • 6th Aug 18, 5:20 PM
    • #5
    • 6th Aug 18, 5:20 PM
    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
    • By westv 6th Aug 18, 5:30 PM
    • 4,647 Posts
    • 2,238 Thanks
    westv
    • #6
    • 6th Aug 18, 5:30 PM
    • #6
    • 6th Aug 18, 5:30 PM
    Oh i thought it was 1.1 euro to the pound
    as opposed to 1.5 a few weeks ago.


    Is that not sinking?
    Originally posted by Josquin

    Weeks??!


    ....
    • Wildsound
    • By Wildsound 6th Aug 18, 5:32 PM
    • 232 Posts
    • 168 Thanks
    Wildsound
    • #7
    • 6th Aug 18, 5:32 PM
    • #7
    • 6th Aug 18, 5:32 PM
    Oh i thought it was 1.1 euro to the pound
    as opposed to 1.5 a few weeks ago.


    Is that not sinking?
    Originally posted by Josquin
    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
    • By Thrugelmir 6th Aug 18, 5:32 PM
    • 61,295 Posts
    • 54,542 Thanks
    Thrugelmir
    • #8
    • 6th Aug 18, 5:32 PM
    • #8
    • 6th Aug 18, 5:32 PM
    Oh i thought it was 1.1 euro to the pound
    as opposed to 1.5 a few weeks ago.


    Is that not sinking?
    Originally posted by Josquin
    When was the exchange rate last €1.50 ?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • dunstonh
    • By dunstonh 6th Aug 18, 5:34 PM
    • 96,058 Posts
    • 63,875 Thanks
    dunstonh
    • #9
    • 6th Aug 18, 5:34 PM
    • #9
    • 6th Aug 18, 5:34 PM
    Oh i thought it was 1.1 euro to the pound
    as opposed to 1.5 a few weeks ago.


    Is that not sinking?
    Originally posted by Josquin
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • eskbanker
    • By eskbanker 6th Aug 18, 5:40 PM
    • 8,738 Posts
    • 9,993 Thanks
    eskbanker
    Oh i thought it was 1.1 euro to the pound
    as opposed to 1.5 a few weeks ago.


    Is that not sinking?
    Originally posted by Josquin
    If that's your level of knowledge of exchange rates (and/or ability to research) then currency speculation definitely isn't for you!
    • ColdIron
    • By ColdIron 6th Aug 18, 6:10 PM
    • 4,846 Posts
    • 6,417 Thanks
    ColdIron
    Oh i thought it was 1.1 euro to the pound as opposed to 1.5 a few weeks ago.
    Originally posted by Josquin
    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
    • Josquin
    • By Josquin 6th Aug 18, 7:14 PM
    • 13 Posts
    • 0 Thanks
    Josquin
    meant




    1.12 etc
    1.15 a few weeks ago etc.
    • Josquin
    • By Josquin 6th Aug 18, 7:16 PM
    • 13 Posts
    • 0 Thanks
    Josquin
    Ok



    Thanks for replying.
    • Josquin
    • By Josquin 6th Aug 18, 7:17 PM
    • 13 Posts
    • 0 Thanks
    Josquin
    Sorry meant


    1.12 etc
    • dividendhero
    • By dividendhero 6th Aug 18, 9:30 PM
    • 287 Posts
    • 301 Thanks
    dividendhero
    There's no doubt that the British economy is facing headwinds post Brexit, on top of this there's a group of politicians doing their level best to try trash the economy in order to line their own pockets - given all this, betting against the pound does seem a sound strategy
    • Keep pedalling
    • By Keep pedalling 6th Aug 18, 9:36 PM
    • 5,677 Posts
    • 6,468 Thanks
    Keep pedalling
    There's no doubt that the British economy is facing headwinds post Brexit, on top of this there's a group of politicians doing their level best to try trash the economy in order to line their own pockets - given all this, betting against the pound does seem a sound strategy
    Originally posted by dividendhero
    I would rather have my saving in well balanced global equities, gambling on which way a currency shifts is exactly that a gamble.
    • simple_tenant
    • By simple_tenant 6th Aug 18, 10:10 PM
    • 13 Posts
    • 0 Thanks
    simple_tenant
    if you have a saving only in pounds then it is risky, always diversify your money.
    • Thrugelmir
    • By Thrugelmir 6th Aug 18, 10:46 PM
    • 61,295 Posts
    • 54,542 Thanks
    Thrugelmir
    I would rather have my saving in well balanced global equities, gambling on which way a currency shifts is exactly that a gamble.
    Originally posted by Keep pedalling
    Global equities are priced in local currencies. Something that needs to be considered before purchasing.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Glen Clark
    • By Glen Clark 6th Aug 18, 10:56 PM
    • 4,304 Posts
    • 3,324 Thanks
    Glen Clark
    Brexit affects the Euro as well as the Pound so the Euro is not the currency you should be measuring it by.
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
    • FatherAbraham
    • By FatherAbraham 7th Aug 18, 7:57 AM
    • 914 Posts
    • 680 Thanks
    FatherAbraham
    There's no doubt that the British economy is facing headwinds post Brexit, on top of this there's a group of politicians doing their level best to try trash the economy in order to line their own pockets - given all this, betting against the pound does seem a sound strategy
    Originally posted by dividendhero
    There is also no doubt that this information is available to everyone, so it's likely to be already in the price, together with all other foreseeable possibilities.
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