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Euro to sterling exchange

  • 03-02-2021 1:09am
    #1
    Registered Users Posts: 273 ✭✭ Greenlights16


    Not sure if this should be in the Banking topic or here.

    I’ve been following the euro to sterling market since about November 2020 when it was really good (£0.93 GBP to €1 at one point)

    And now it’s away down to £0.88 = €1

    I need to change about €25-30K euros in March and I’m kicking myself now that I didn’t pre brexit.

    I’ve set alerts on Revolut, currency fair and TransferWise to whenever it hits £90p again = €1

    Any recommended websites or exchange services with reliable forecasts on when to pull the trigger and transfer all over to a Northern Ireland account from RoI ?


Comments

  • Registered Users Posts: 72,876 ✭✭✭✭ Atlantic Dawn


    It's a tad of a crystal ball prediction, right now on one hand Brexit seems to be going terrible, on the other the UK has really pulled out the stops on Covid vaccinations. Personally I'd be expecting the rate to go back to 90p again within the next 3 months as I can't see any massively positive financial news to push sterling higher for the near future. Make sure you choose a cheap provider like TransferWise, using a run of the mill bank could cost hundreds more.

    UK Budget is 3rd March, possibly a good marker to make a decision at, normally fluctuates with bad news on that day.


  • Registered Users Posts: 273 ✭✭ Greenlights16


    Brilliant stuff Atlantic dawn, just adding that as a reminder in my calendar now!


  • Registered Users Posts: 783 ✭✭✭ The Phantom Jipper


    Not sure if this should be in the Banking topic or here.

    I’ve been following the euro to sterling market since about November 2020 when it was really good (£0.93 GBP to €1 at one point)

    And now it’s away down to £0.88 = €1

    I need to change about €25-30K euros in March and I’m kicking myself now that I didn’t pre brexit.

    I’ve set alerts on Revolut, currency fair and TransferWise to whenever it hits £90p again = €1

    Any recommended websites or exchange services with reliable forecasts on when to pull the trigger and transfer all over to a Northern Ireland account from RoI ?

    I checked on Revolut and they have the option to do a "limit order". This allows you to select an exchange rate that you would sell your euros at, and will do the exchange automatically for you if (stressing the IF) that fx rate is reached.

    I use a similar process for buying/selling shares and its handy as it reduces the need to be constantly checking the rates, and does the purchase/sale automatically at your predetermined price.


  • Registered Users Posts: 273 ✭✭ Greenlights16


    I checked on Revolut and they have the option to do a "limit order". This allows you to select an exchange rate that you would sell your euros at, and will do the exchange automatically for you if (stressing the IF) that fx rate is reached.

    I use a similar process for buying/selling shares and its handy as it reduces the need to be constantly checking the rates, and does the purchase/sale automatically at your predetermined price.


    Thanks phantom Jipper!


  • Registered Users Posts: 783 ✭✭✭ The Phantom Jipper


    Thanks phantom Jipper!

    No worries at all. Just while I remember, with the basic Revolut plan, they cap the monthly amount you can exchange at €1k, and anything over that has a .5% charge applied. You can work around this by upgrading your account. The upgrade costs a few quid a month but has unlimited foreign exchange so would probably be a saving with the amount of money you're talking about exchanging.


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  • Registered Users Posts: 273 ✭✭ Greenlights16


    Do you have premium yourself? It’s €7.99 a month, 2.99 a month is plus but it looks crap.

    I don’t think TransferWise charge that much but if it’s free with Revolut and I’ll be doing it regularly then €84 per year might be wise investment .

    Where do you buy your shares out of interest? I’ll PM


  • Registered Users Posts: 3,818 ✭✭✭ Darc19


    Sterling v Euro was mostly under 90p all November. It's lowest point was 90.2p in early November.

    Back in September it hit 92.45p for a day and quickly moved back under 91p

    If anything, GBP EUR was boring from Oct to Dec trading 89p-91p.

    A combination of vaccine news and bank of England refusing to move to negative interest rates has seen it move to 87.5p

    But as above, the budget figures could change it.


  • Registered Users Posts: 273 ✭✭ Greenlights16


    Yeah I think at this stage with end of March approaching if it hit 90p I’d be happy enough to take the chance and go for it


  • Registered Users Posts: 273 ✭✭ Greenlights16


    Anyone use CurrencyFair? between the 3 apps I have - Revolut, Transferwise and CurrencyFair, CF always seems to only have a fee of £2.50GBP quote no matter the amount, however Revolut and TW are a lot higher for thousands of euros to GBP.

    Is this a catch on their app or hidden fees? very hard to tell from their website and T's and C's


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