hi
I have some savings in French bank and want to transfer it to UK bank but for each 100 euro I am getting only 67.40£ whereas in July I got almost 68.7£ for each 100 euros. I am afraid in November if the Bank of England increased interest rate the £ will be strenghthened and I will lose much money on transer. When do you think is good time to change the currency before the end of this year? YOur help is very much appreciated.
2006-10-07 01:22:01 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The good time is when you need to transfer and when the exchange rate is favourable!
2006-10-07 01:24:43 · answer #1 · answered by Sami V 7 · 0⤊ 0⤋
Let's get down to basics. Work out how much you would "lose" in the event of exchange rate movement. If that will keep you awake at night then arguably you should send the money now - at least you know what you have got for your Euros. You will need to be philosophiocal about things if the Euro strengthens later.
Remember, there are people out there who make a living at this sort of thing and even they get it wrong sometimes. The difference is that this is your own money not someone elses so losses can hurt.
If the amount that you would "lose" is small then you may wish to ride the rate and see what happens but you should fix in your mind the worst rate that you are prepared to accept and act if the Euro falls that low - a "stop/loss" position, if you like.
Another alternative is to move some money now and some later. Work on the averages. You may not be the biggest winner but you may not be the biggest loser either.
Hope this helps.
2006-10-08 07:39:55 · answer #2 · answered by stukemann 1 · 0⤊ 0⤋
the Base rate recently increased in France, July I think.
Depending on how much you want to transfer and what it costs you to do it, you might average out the exchange rate by doing it in three amounts, one now, one in November, the last in December. You should get 68p per euro, I reckon.
If you put your savings in the UK into an ISA you should get 5% interest, there is no tax due on this.
2006-10-07 08:36:22 · answer #3 · answered by XT rider 7 · 0⤊ 0⤋
Do it now...
And then put the money in a profitable account (like an ISA)...
You will soon gain back all the money you lose from the exchange!
2006-10-07 08:41:36 · answer #4 · answered by MARCO 7 · 0⤊ 0⤋
Too complicated for me !! sorii, when the exchange rate is the best maybe, check them regular xx
2006-10-07 08:24:46 · answer #5 · answered by hello 1 · 0⤊ 0⤋
as soon as possible because world markets are increasing interest rates .and in that case you might lose.
2006-10-07 08:38:13 · answer #6 · answered by creed 1 3 · 0⤊ 0⤋
If you need the money, do it now. Go with what you know, and don't look back.
2006-10-07 08:24:50 · answer #7 · answered by Anonymous · 0⤊ 0⤋
watch the markets
2006-10-07 08:30:44 · answer #8 · answered by Anonymous · 0⤊ 0⤋
sooner the better
2006-10-07 08:29:10 · answer #9 · answered by Anonymous · 0⤊ 0⤋