Chnaging some Euro into Sterling - good idea?

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RMCF

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With the strength of the Euro at present, does anyone think that changing perhaps €3k or €5k into sterling would be a good idea?

I appreciate that rates can go either way, but I can't see it getting any stronger than it did the this week (was told €3k would get me £2786 yesterday).

Hopefully then if the Euro drops back over coming months I will have made more money than lodging it into a savings/deposit account.
 
Sounds like a reasonable idea to me - as long as you won't need to access the money for a while. Although it's highly likely the exchange rate will end up in your favour, it's a matter of when.
 
RMCF said:
With the strength of the Euro at present, does anyone think that changing perhaps €3k or €5k into sterling would be a good idea?

I appreciate that rates can go either way, but I can't see it getting any stronger than it did the this week
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The euro was buying over 98p sterling as recently as the end of December.
 
demoivre said:
The euro was buying over 98p sterling as recently as the end of December.
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Missed the boat then.

The reason I asked is because I read that many analysts believe the Euro will drop back down to around the 85p mark over the next year. Now I know that this is based on nothing more than their own belief, but if it did then I see it as a way to make a better return than a deposit account.
 
RMCF said:
Missed the boat then.

The reason I asked is because I read that many analysts believe the Euro will drop back down to around the 85p mark over the next year. Now I know that this is based on nothing more than their own belief, but if it did then I see it as a way to make a better return than a deposit account.
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Where did you read this? Hubby gets paid in sterling and we too are trying to figure out when to transfer, especially with the Bank of England printing money. If the euros gonna head back down to 85p happy days!
 
MelF said:
Where did you read this? Hubby gets paid in sterling and we too are trying to figure out when to transfer, especially with the Bank of England printing money. If the euros gonna head back down to 85p happy days!
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tbh it was just various press articles over the last 6 months or so, can't really remember where exactly.

But as I mentioned, who is to know what will happen in the money markets? Its all a bit of a lottery.
 
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