Exchange rates sterling to Euros.

  • Thread starter marqueemark
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marqueemark

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My wife & I have moved back to Ireland in the last year, we have 40K plus currently in sterling in uk bank & have been looking to bring it over to Ireland for use in building a home. We have been watching the exchange rates over the last few months & at present is the best we have seen at 1.20 euro per pound. Does anybody have knowledge on these rates?
Should we exchange now or will this continue and be better to hold out.
A couple of years ago it was 1.40 will it get back to these rates?
Thanks for any insight.
marqueemark.
 
marqueemark said:
My wife & I have moved back to Ireland in the last year, we have 40K plus currently in sterling in uk bank & have been looking to bring it over to Ireland for use in building a home. We have been watching the exchange rates over the last few months & at present is the best we have seen at 1.20 euro per pound. Does anybody have knowledge on these rates?
Should we exchange now or will this continue and be better to hold out.
A couple of years ago it was 1.40 will it get back to these rates?
Thanks for any insight.
marqueemark.
Click to expand...

GBP has being appreciating steadily against the EUR over the past month.

By way of illustration, the first item on my wife's current credit card statement is a GBP transaction on 04 May, converted to EUR at 0.8613. There is another GBP transaction on 28 May, converted to EUR at 0.8361.

Whether it will continue to appreciate over the next day/week/month, is anyone's guess.
 
sterling euro exchange rate

live sterling euro exchange rate graph below
http://www.transfermate.com/en/exchange_rates_table.asp?currency=GBP&curr_lim=EUR

1.14 2 weeks ago, now almost 1.2, 5% move

No-one can really advise what way a particular currency is going as you are dealing with a currency pair and really anything can happen in short term.

make sure to shop around and get a better quote than the bank as the bank is generally not the best option, ask them for their rate that you will get right now, compare with currency.ie or other banks
 
it is near impossible to call the movements of rates exactly as so many factor effect the rates, it has been known for some time that the Euro has been overvalued against the Pound. The Current perceived fair value is around the mid 1.20s

The problems in the "PIIGS" is unlikely to be solved over night so it is possible that the Euro will continue to decline over the short term.

But as the beginning of my post it is near impossible to call, as if the UK post poor GDP and/ or a UK comes into trouble the recent gbp gains could be wiped out. Or another European country could announce difficulty and the Euro itself could come under pressure (and gbp/eur rate moves towards 1.30)

one thing with i am certain of is if you are looking to move 40k + you would be wise to look at using a currency specialist rather than a bank as you will get better rate of exchange. there are many brokers out there which will be recommended on this forum such as transfermate, omnisfx, xe . all of which offer very similar services and are far better than the bank.

also check out sites for more information on how the process works before jumping into it.
 
Today you will get about 48000 Euro for your 40000 sterling. Currency speculation is like buying shaers and is a judgement call.
 
Or spread it out - change over 5K every 2 moonths....you'll end up with average rate over time span.

impossible to say which way it will go. Next UK budget will be severe, Spain/Port or Ireland! could go bust and derail the euro...no one knows.
 
Giggsey said:
Or spread it out - change over 5K every 2 moonths....you'll end up with average rate over time span.
Click to expand...

that's not a bad idea giggsey ..... but you are likely to obtain a worse exchange rate from a broker if you decrease the tranche size to that small. I would recommend doing it in 10k tranches, this way you still get a decent exchange rate around 1% off interbank and you can average out the exchange rates over the coming months.
 
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