International transfer (help me avoid Brexit £ screw-up)

[Oceanic]

Hello All,

I'm based in Sweden and I intend to buy a house here this year. I have a reasonable lump sum that will form the majority of the deposit, however this is currently deposited in my bank in the UK. Every time Terresa May opens her mouth the value of this amount of money drops against the Swedish crown. Now I'm sure there will be some good news for the UK at some point but when is a little unpredictable.

So, I'm pondering a couple of strategies...

1. Move it all now and get it into some Swedish account where I may earn a little interest on it and have some peace of mind that I'm not going to lose anymore.

2. Try day trading it and moving smaller tranches over picking up on the points when some good news comes out.

3. Move 50% now and 50% after the negotiations start as some form of hedge?


Any other ideas or thoughts would be welcome.

[Oceanic]

Thanks chaps!

My current thoughts are to just say bks and move it across straight away. Then I can at least not stress about it, also as I'm renting in Sweden at the moment I can kill that overhead more quickly by being able to move quickly on a potential house price and then also, I will know what I have to work with it in terms of a deposit. I suspect it wishful thinking the £ will recover anytime this year in any great rally unless we get news of a really soft Brexit.

[Oceanic]

walm said:

Your decision to buy in Sweden doesn't make you some sort of FX genius that should be gambling huge sums.
(As evidenced by the sums you have already lost, sorry!)

I agree with most of what you said, the only thing is the last part. I have not lost any large sums yet as I only came into the money today (inheritance) so have had zero control on proceedings until today! Now I'm actively looking at the best chance of getting the most money to Sweden, as I said in my post above, I'm now sort of convinced the £ is fooked for the next year or so unless some miraculous Brexit deal is done which I simply do not want to risk my chances on buying a property on. So in the absence of any other ideas, I think it is a direct transfer this week or next as soon as I can lock in a favourable/ acceptable exchange rate.

[Oceanic]

Planning to move it on Monday or Tuesday probably, thanks all!

[Oceanic]

FFS our Prime Minister opened her gob again at the weekend and the £ is tanking again, now not sure what to do!

[Oceanic]

NRS said:

Why did you wait the extra days? I think it was known last week she'd have a speech on Tuesday and from everything she has said before it was likely to push the pound lower...

Not sure what is is now, but I think most are predicting it to probably go lower in the shorter term considering all the noise coming out at the moment.

I had to wait for the funds to clear, that was close of play on Friday so I wasn't able to do anything until this morning at the earliest. Might have to wait a day or so to see if it recovers a little, otherwise I'll just take the hit.

[Oceanic]

I decided to move the money yesterday, having spoken to quite a few people the overall view is that the downside risks where a lot higher for me in the timeframe I was thinking of, so the money is moved. This also means I am now in a position to move a lot quicker on the right property here should something come up.