GBP in Offshore account

[EFO]

Hi All,

I currently hold a sum of money in an Offshore Account held as Sterling.

I am a novice when it comes to currency exchange monitoring ie how to monitor the ups / downs / latest forecasting etc - Any websites that are easy to use?

Also, as just a general heads-up, would it be advisable to change monies form GBP to Euro in the next 3 - 6months or ASAP (see I am a novice!!)?

I can hold off for a number of months / perhaps a year, before I may have to use the money...

Any help would be greatly appreciated,

Thanks...

 

[Brendan Burgess]

What were the reasons for having sterling in an offshore account? Do they still apply?

Generally, it is a good idea to have your assets in the currency in which you are planning to spend them.

No one can forecast whether sterling will rise or fall against the euro.

If you need the money for a specific purpose e.g. the deposit on a house, then you should probably convert it into euro now, as a fall in the value of the euro might knock you out of the market.

However, if your other assets or earnings are in euro, it might be worth holding the money in sterling in case anything happens the euro.

You mention an offshore account. Check the tax implications of this.

 

[mercman]

As Brendan pointed out, holding your money in an offshore account is a tad dangerous. I hop you're paying tax on it, as most of the banks offshore are obliged to tell the Revenue about your account. Whether you have told the Revenue or not, prepare yourself for a Tax Audit !!

With every respect to you, but it really is a bit Daft looking for particular investment advice on an open forum.