Store Money in Euros instead of Sterling?

[elise2000]

Hi

I'm in the process of buying a holiday home that will need to be paid for in Euros.

The sale should go through in the next few weeks.

Should I transfer the money into an offshore account in euros now in case the Article 50 thing happens and makes the exchange rate worse than it is now?

Any thoughts welcome!

Cheers

Andrew

[ellroy]

If you're happy with the rate today I'd recommend taking it. Why take any risk with a known cost coming up?

[elise2000]

ellroy said:

If you're happy with the rate today I'd recommend taking it. Why take any risk with a known cost coming up?

Wouldn't say happy, but I'm thinking the rate is more likely to get substantially worse over the coming weeks than substantially better!

[davepoth]

elise2000 said:

ellroy said:

If you're happy with the rate today I'd recommend taking it. Why take any risk with a known cost coming up?

Wouldn't say happy, but I'm thinking the rate is more likely to get substantially worse over the coming weeks than substantially better!

Quite. Happy probably isn't the word but if you change now your money will do the job; it's not clear if it will in two weeks' time. Get it changed now - in all likelihood you'll pat yourself on the back for a job well done, in the worst case scenario you have still bought the house.

[Lynch91]

To reduce the risk you could always change half now and half when you need it.

[davepoth]

Lynch91 said:

To reduce the risk you could always change half now and half when you need it.

That doesn't really reduce the risk when you have a hard floor. If you have enough money to buy the house now, there is 0% risk that you won't be able to buy the house if you change the money today. The house might cost a bit more (but all of the indications are it won't) but you will definitely get it.

[Yipper]

Guessing currencies anything more than about 5 seconds into the future is a mug's game. If you can afford it now, buy it now. And then forget about it. As above, if you still think you can second-guess the market, then buying in staggered chunks of, say, 25% or 50% is the way to do it sensibly.

[55palfers]

Bird

Hand

Bush

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