£30,000 to Euro

Dats_rite

Hi,

I have £30,000 which I plan to transfer to euro to pay off the mortgage. I had planned to transfer last week when the rate was £1 = €1.115 or so. I just didnt get round tinit and now the rate is below €1.08.

Very frustrating and I'm annoyed with myself for not transferring when I had planned to.

Any thoughts on if sterling will improve in next few weeks or is it a crystal ball job with whatever Boris decides next?

Any opinion/advice appreciated

Mort5000

Opinion: do the transfer, don't look back. Whatever you lose here you'll gain elsewhere some other time.

MadYaker

Just do it and then forget about it. Don't go looking at exchange rates afterwards either, you'll only annoy yourself.

monkeycork

xe .com and revolut both have rate alerts they will notify you when your rate target is reached

Zardoz

I'd definitely hold on ,Sterling should go to 1.15 vs the Euro by the end of the year , it cant get much weaker than it already is.

listermint

Zardoz wrote: »

I'd definitely hold on ,Sterling should go to 1.15 vs the Euro by the end of the year , it cant get much weaker than it already is.

Oh it certainly can. And has been before . You might have missed the big vote ongoing today. A little thing to do with international law and treaty breaking.

That'll be a bit of a confidence boost...

Heres Johnny

For every person that tells you STG will streghten there'll be another who'll tell you it weakens further. Transfer the 30k, by shopping around for cheapest transfer and the return on your money by saving on mortgage interest it's like getting a better rate.

Zardoz

listermint wrote: »

Oh it certainly can. And has been before . You might have missed the big vote ongoing today. A little thing to do with international law and treaty breaking.

That'll be a bit of a confidence boost...

Enough of the sarcasm.

https://www.poundsterlinglive.com/gbp-live-today/14117-pound-to-euro-and-dollar-bnp-paribas

The lowest Sterling has been in the last 5 years is 1.06.

I had a lot of Sterling and was going to sell it last year when it was at a similar rate to now but it rebounded to 1.2 .
I plan to buy a good bit more now as I think it will strengthen again.

bobbyy gee

i would buy something i sterling import it to Ireland then sell it in euros you would add 30% in value
i would wait to change sterling for for months

bobbyy gee

sterling chart
https://www.xe.com/currencycharts/?from=GBP&to=EUR&view=1Y

listermint

Zardoz wrote: »

Enough of the sarcasm.

https://www.poundsterlinglive.com/gbp-live-today/14117-pound-to-euro-and-dollar-bnp-paribas

The lowest Sterling has been in the last 5 years is 1.06.

I had a lot of Sterling and was going to sell it last year when it was at a similar rate to now but it rebounded to 0.83 .
I plan to buy a good bit more now as I think it will strengthen again.

Enough of the cloud cuckoo land. Were entering end game. Sterling's done its parity dance before. It's not infallible.

Heres Johnny

bobbyy gee wrote: »

i would buy something i sterling import it to Ireland then sell it in euros you would add 30% in value
i would wait to change sterling for for months

What would you import and sell?

Sleeper12

The rate is the rate. Exchange it & forget about it.

Sterling is as likely to drop further as it is to increase in value. If it looks like a brexit deal is being done then it will jump but as you found out when it looks like no deal then it will fall. If UK crash out of the EU then most likely sterling will fall below the euro, at least for a period of time

stevenup7002

You have €32,400 right now. Does the €500 to €1,000 you could either gain or lose by waiting make that big of a difference to you?

Dats_rite

stevenup7002 wrote: »

You have €32,400 right now. Does the €500 to €1,000 you could either gain or lose by waiting make that big of a difference to you?

Well every little counts I suppose? An extra 1000 takes 2 months off the life of the mortgage I suppose

bilbot79

It'll flip back. I've been ten+ years watching sterling and whenever people have said 'the UK is finished' it always came back. Believe me, the Brits always come out smelling of roses, as does their currency

Sleeper12

bilbot79 wrote:

It'll flip back. I've been ten+ years watching sterling and whenever people have said 'the UK is finished' it always came back. Believe me, the Brits always come out smelling of roses, as does their currency

I don't disagree with you. The problem is knowing when they will bounce back.

bilbot79

Traditionally this is very untenable territory for sterling. So much so I bought some myself while the iron is hot. Time spent over .90 is very rare. Itll be back to .87 in no time. Once Boris' illegal legislation gets shot down.

I mean, lol, this time even William Hague is against him and thats even before we talk about Nancy Pelosi

stevenup7002

stevenup7002 wrote: »

You have €32,400 right now. Does the €500 to €1,000 you could either gain or lose by waiting make that big of a difference to you?

Very strange attitudes from a few posters here.

Why on earth would not want to maxamise how much you get by getting the best rate? Every euro counts never mind the hundreds you could make.

I put it this way, how many days and how hard will you have to work to earn 500 to 1000 clean in your hand after tax? A lot more and a lot harder than making 500 to 1000 by timing an exchange correctly that’s for sure.

Sleeper12

Kassandra Steep Shellfish wrote: »

Very strange attitudes from a few posters here.

Why on earth would not want to maxamise how much you get by getting the best rate? Every euro counts never mind the hundreds you could make.

I put it this way, how many days and how hard will you have to work to earn 500 to 1000 clean in your hand after tax? A lot more and a lot harder than making 500 to 1000 by timing an exchange correctly that’s for sure.

I think you miss the point in the advice from some posters. The underlying advise was that Sterling can drop further while op waits for it to bounce back. We could see sterling fall below the euro for a time if they crash out by the end of the year in only 3 or 4 months time. Sometimes in life it's better to bite the bullet of things & never look back. I don't see any advice to sell himself short

nogoodnamesleft

Sleeper12 wrote: »

I think you miss the point in the advice from some posters. The underlying advise was that Sterling can drop further while op waits for it to bounce back. We could see sterling fall below the euro for a time if they crash out by the end of the year in only 3 or 4 months time. Sometimes in life it's better to bite the bullet of things & never look back. I don't see any advice to sell himself short

Currencies are very hard to predict in order to gain. I have made a few quid on moving EUR - GBP using third party currency exhange companies as some track the spot rate a lot closer than others (<0.5% where as the Irish banks are around 3% off the spot rate). I transferred a sum to GBP in March when the interday rate was .94p to 1 Eur. It was .95p for a very brief period but you will never get it at peak. There is strong resistance at .95p as many UK companies and UK shares look cheap due to a depressed rate and foreign investment capalise on the preferrential rate and buy more pound.

The OP may or may not have the luxury of time. If the UK doesnt pass the controversial treaty bill it may have a considerable impact on the rate bringing it back down below .90 where it generally hovers around .87p. Similarily if a trade deal is struck it will drive the pound stronger.

It may also swing the other way and depending on what occurs in negotiations between the EU and the GBP. It has been parity in the past (very briefly) in Jan 2009.

Zardoz

listermint wrote: »

Enough of the cloud cuckoo land. Were entering end game. Sterling's done its parity dance before. It's not infallible.

Up to 1.1 now .;)

km991148

Kassandra Steep Shellfish wrote: »

Very strange attitudes from a few posters here.

Why on earth would not want to maxamise how much you get by getting the best rate? Every euro counts never mind the hundreds you could make.

I put it this way, how many days and how hard will you have to work to earn 500 to 1000 clean in your hand after tax? A lot more and a lot harder than making 500 to 1000 by timing an exchange correctly that’s for sure.

Sure - but while you wait it out, how much are you loosing on not paying that chunk to the mortgage? How much time waiting to see?

******************************
@OP - if you really want to try and edge out a little more you can transfer via https://www.currencyfair.com/ - they have a tool where you can setup an exchange and target a specific rate - so you can set up 10k at 1.10 and another 10k at 1.11 etc then leave it and if the rate hits overnight etc it will auto convert, if it doesn't, it densest.

Dats_rite

km991148 wrote: »

Sure - but while you wait it out, how much are you loosing on not paying that chunk to the mortgage? How much time waiting to see?

******************************
@OP - if you really want to try and edge out a little more you can transfer via https://www.currencyfair.com/ - they have a tool where you can setup an exchange and target a specific rate - so you can set up 10k at 1.10 and another 10k at 1.11 etc then leave it and if the rate hits overnight etc it will auto convert, if it doesn't, it densest.

So I did several transfers and averaged it out to £1=€1.10 so I think I e done well.

And I always use currencyfair.....I'd really recommend it

IRtax

My advice the money you gout save on the interest paying early will probably outweighs the exchange difference

Zardoz

Zardoz wrote: »

I'd definitely hold on ,Sterling should go to 1.15 vs the Euro by the end of the year , it cant get much weaker than it already is.

1.14 now.