Move sterling back to Euro?

femur61

I moved a considerable amount of money to Newry during the crisis, I know it is still on going, any thoughts should I move it back?

Wertz

How much are you going to lose on it? £Stg has strengthened very slightly in the past 2 weeks... frankly we're not out of the woods yet as regards the euro crisis.
Hard to know if Cameron's move yesterday is going to negatively impact £Stg's strength
I still think it's safer down there than it is here for the moment, but that's my individual opinion and I'm far from an expert on the matter... I'd have said take it back if you need to spend it or invest with it down here, otherwise let it sit.

hmmm

If you're going to be moving money around based on the need by celebrity Irish economists to fill newspaper columns, you're going to be driven demented. Because this is going to take years to sort out.

jtcambo

Wertz wrote: »

How much are you going to lose on it? £Stg has strengthened very slightly in the past 2 weeks... frankly we're not out of the woods yet as regards the euro crisis.
Hard to know if Cameron's move yesterday is going to negatively impact £Stg's strength
I still think it's safer down there than it is here for the moment, but that's my individual opinion and I'm far from an expert on the matter... I'd have said take it back if you need to spend it or invest with it down here, otherwise let it sit.

I got a couple of sterling drafts and have just held on to them. Should I open N.Ireland bank account and lodge these or am I safe just holding onto the drafts.
Thanks for reading..

Wertz

Really not one I can answer with authority, but a draft is basically money in limbo...until they're lodged they're still in your Irish (?) account or the clearing account of the issuing bank effectively I think; perhaps as they're STG, in the event of a crash, the bank msut still honour them in that currency (open to correction here)...you've already paid commission and fees to have them converted to sterling? If so then perhaps best to deposit them in a sterling account...or else see how much you lose on having them converted back to euro.

Caveat: I am far from a financial adviser and you'd do well to seek proper advice as would the OP. It's really down to personal choice and how you feel things might play out in all this, which in truth no-one can tell you with any certainty.

Lockstep

You'd be better off asking this in the Banking forum.

Jet Black

femur61 wrote: »

I moved a considerable amount of money to Newry during the crisis, I know it is still on going, any thoughts should I move it back?

It's impossible to tell at this stage. Anything you hear from experts or otherwise is pure speculation. Its been asked on here everyday for about two weeks now. You can loose out on the exchange dependant on the market if nothing happens. The sterling rate hasn't changed much in about a year (or two) now. Its been around .85p.

My personal opinion is nothing will happen now. We'll get the money. If something like this happens again I'd start to worry. Best thing to happen would be to eventually phase out the euro over thr next 3-5 years so other countries aren't dragged down when there's a problem like this. Can't see that happening.

I got a couple of sterling drafts and have just held on to them. Should I open N.Ireland bank account and lodge these or am I safe just holding onto the drafts.
Thanks for reading..

The money is in a holding account with whichever bank you got them from. Its as safe as the bank. I don't think they expire like cheques.