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Is it a good idea to convert savings from Euros to Sterling?

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  • 07-09-2011 7:38pm
    #1
    cbrady9
    Registered Users Posts: 41 ✭


    Hi All,

    I was talkin to my brother earlier and he said he was adviced by "somebody in the know" (i never met the guy) that he should buy sterling with any savings he has. Is there really that much risk with the euro and is sterling the safe bet at the moment?

    Any help or advice you can give me and my brother is greatly appreciated.

    Thanks,
    cbrady9
    Tagged:


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    #2
    cena
    Registered Users Posts: 9,974 ✭✭✭cena


    cbrady9 wrote: »
    Hi All,

    I was talkin to my brother earlier and he said he was adviced by "somebody in the know" (i never met the guy) that he should buy sterling with any savings he has. Is there really that much risk with the euro and is sterling the safe bet at the moment?

    Any help or advice you can give me and my brother is greatly appreciated.

    Thanks,
    cbrady9

    I would of thought dollars. AS you get more dollar and than the pound. Well thats the why I would be thinking.


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    #3
    soddy1979
    Registered Users Posts: 284 ✭✭soddy1979


    cena wrote: »
    I would of thought dollars. AS you get more dollar and than the pound. Well thats the why I would be thinking.

    It doesn't really work like that unfortunately.


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    #4
    cena
    Registered Users Posts: 9,974 ✭✭✭cena


    soddy1979 wrote: »
    It doesn't really work like that unfortunately.

    Hows that.


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    #5
    RATM
    Closed Accounts Posts: 3,591 ✭✭✭RATM


    Both the US and UK have been printing money on the quiet, avoid.


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    #6
    Low Energy Eng
    Registered Users Posts: 297 ✭✭Low Energy Eng


    There's a currency war on at the min and it seems the Swiss have recently joined in...
    The winner of the war is the one who destroys their currency the most


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    #7
    Mr_Roger_Bongos
    Registered Users Posts: 1,469 ✭✭✭Mr_Roger_Bongos


    cena wrote: »
    Hows that.

    The numerical value isn't important, it's the relative strength of the country's currency. I.e. If i told you a euro could get you a few million Zimbabwean dollars, would you choose that over the Dollar?

    cbrady9 - If you have a large amount of euro savings that's very important to your financial security long term, then of course it would make sense to diversify the risk a little.

    Opening a sterling account seems like a relatively straight forward method because as far as i'm aware, you can drive into the north with all the usual id (bills/statements etc) and open an account. However the euro has weakened recently against the pound so you'll have missed a few percentage points.

    I've heard similar rumours re eurozone collapse but nobody really knows for certain. America is struggling as is Europe and the UK is linked to the success of both, however the US and UK seem easier to analyze given the various factors affecting the eurozone.

    If the euro were to collapse in it's entirety (which i think is unlikely), we'd go back to punts and there would be a fixed exchange rate between euros and punts so the majority would all be in the same boat.

    If it's a large pool of savings you have, it will do no harm to investigate your options and more importantly the costs of diversification (including changes in conversion rates).


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