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When to buy euros

 Poster: A snowHead
Poster: A snowHead
Given the impossibility to predict the future of the Euro/Sterling exchange rate, I am tempted to buy Euros in £500 nibbles monthly up until I go in the New Year, can anyone guide me as to a better way. I appreciate the sums involved are small but it would niggle me if I could have got a better rate.
Thanks
K
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 Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
@enigma, even at the best of times it would be difficult to advise. In the current political environment it's impossible.

Personally, I never try to second guess what is going to happen. Most stuff is just done on the Halifax Clarity card as and when. Over the years it's all going to even out.
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 Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
@enigma, Same as above, who knows with the shambles that the UK right now. I just pay by Halifax card (no fees) and hope for the best, given up trying to predict anymore rolling eyes
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Useless me worrying about it. I also use the Halifax Clarity card.
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 Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
+1
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Cant you UK folks ask your employers to pay you in Euros?
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 Then you can post your own questions or snow reports...
Then you can post your own questions or snow reports...
Good idea — and one that more than a few of us have had!

But you would basically be gambling; as it’s really difficult to predict currency prices. Even total pros with the big banks only average a 5% gain pa if they are lucky.

And remember, that the market often “prices-in” events before they happen. So you may find that when/if a no-deal Brexit happens, then Sterling will actually strengthen, as the uncertainty has been removed.

“Buy on the rumour and sell on the fact” it’s said.

The only good reason to buy Euros now, is if you are on a real tight budget, and you want to “fix” the price of your ski holiday 100%.

But if you do want to give it a twirl, then one of the very best ways is to use an international currency card such as www.revolut.com. That way, you can buy/sell at mid-market rates with no fees. And you can keep the Euros you have purchased in you Revolut Card — they even give you a free Euro bank account.

And if you want to join Revolut, use this link and get a free card, I don’t get anything in return, just the joy of knowing I have helped a fellow Snowhead snowHead

https://revolut.com/referral/peter1e
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 After all it is free Go on u know u want to!
After all it is free Go on u know u want to!
Used to get paid half and half. Sometimes you win, sometimes you lose.
Now I get paid fully in € (cos I work in eurozone), and pay attention to XE or similar and transfer at opportunistic moments. Obviously I'm having very little problem finding opportunistic moments to buy £ right now Wink If they sign the deal I'll have won. If there's no deal before end Sept I'd have been able to get a better rate to pay off the next credit card bill. But last weeks transaction gave me enough to pay half my August holiday accomodation, compared to the average I've been getting the last 2 years, so still can't complain.

If changing bit by bit, I'd certainly check that you wont get screwed by exchange fees. If the exchange costs a fixed £10 per transaction plus the difference between buy/sell rates, then doing lots of exchanges probably won't help you gain much, or restrict losses.
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get a revoult card or Starling bank account.
Alternatively, I find Ramsdens have good rates online/collect in store. Tesco can sometimes be good.
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stanton wrote:
Cant you UK folks ask your employers to pay you in Euros?


do you accept £GBP when driving your lada taxi?
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snowHeads are a friendly bunch.
Mr.Egg wrote:
stanton wrote:
Cant you UK folks ask your employers to pay you in Euros?


do you accept £GBP when driving your lada taxi?


Of course he doesn't cos it's worthless innit Very Happy
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 And love to help out and answer questions and of course, read each other's snow reports.
And love to help out and answer questions and of course, read each other's snow reports.
I use Revolut-the weekday rates are at the interbank exchange rate (don't change at the weekend). I think the max per month without any fees is £5000, and after that, it's best to upgrade to a premier card for £7.99 per month. I've been exchanging as best I can when the rate is bearable over the past 6 weeks for a deposit on a house purchase. You can set up an auto exchange when it hits a certain level, follow the rate movements by the minute on the App (ugh...£1=Eur1.0851 as I type)..
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 So if you're just off somewhere snowy come back and post a snow report of your own and we'll all love you very much
So if you're just off somewhere snowy come back and post a snow report of your own and we'll all love you very much
Three years ago.
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 You know it makes sense.
You know it makes sense.
the best time to buy them was 2003 Laughing Laughing
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 Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
Keep an eye on Italian government debt yields. At 132% of GDP in 2018 it comes second only to Japan in terms of debt burden. When Italian government debt yields start rising rapidly, then that will be a good time.

https://www.bloomberg.com/news/articles/2019-08-08/italian-bonds-fall-after-salvini-threatens-to-break-up-coalition

Within the next 6 months, this is an outside shot. Buying currency in £500 chunks can be inefficient in terms of commission charges as they can often be fixed and outweight the benefit of a good exchange rate. Best to buy all you need at once, from a low charge postal courier. (unless you are a big spender on holiday)

Alternatively, load up a pre-pay credit card.
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 Poster: A snowHead
Poster: A snowHead
@Poogle, +1 for the Revolut account. I used mine exclusively on my last trip to the Eurozone and the rate I got for changing was always better than any other options I could find - and it was fee free. Also, if you do cryptocurrency, you can have a Bitcoin and an Ether account alongside your Euro and Stg. Although if you are worried about currency fluctuations between Euro and Stg, Crypto currency might not be for you!
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 Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
Mr.Egg wrote:
get a revoult card or Starling bank account.
Alternatively, I find Ramsdens have good rates online/collect in store. Tesco can sometimes be good.


+1 for the Revolut card - and buying USD and Euros as a hedge against the pound devaluing.
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 Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
Quote:

you would basically be gambling

or hedging, depending on your point of view....
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Smokin Joe wrote:
the best time to buy them was 2003 Laughing Laughing


Yep, I opened a Euro bank account about then and changed several thousand pounds at a rate of about 1.60 Euros to the pound. Sadly all now spent on Eurozone holidays, but one of my better financial decisions. Madeye-Smiley
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 Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
Ask your employer to pay you on Euros..
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stanton wrote:
Ask your employer to pay you on Euros..



You've already mentioned that one Nige. Throw that book away, you're going round in circles. Laughing
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