 Poster: A snowHead
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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
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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 
https://revolut.com/referral/peter1e
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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?
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Pay close attention to transaction costs. If you are paying any sort of cost per transaction, you will get killed by doing lots of small transactions.
Other than that, buying small amounts over a period of time is a decent way of getting a reasonable average rate.
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You need to Login to know who's really who.
You need to Login to know who's really who.
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When Stanton says to sell them
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Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
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Careful with Revolut. I dont think the funds you keep on their prepaid card are protected as its not a bank account.
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You'll need to Register first of course.
You'll need to Register first of course.
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@ster, Pretty sure they have an eu banking licence now so €100,000 is covered.
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Bank accounts probably but not funds held on the pre-paid card unless you can point to the actual t&c explicitly saying this as when I asked them not so long ago they said these funds were not protected.
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You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
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