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I'm after a bit of advise. I'll be travelling abroad late next month and need to change some money. Am I better off changing it now, in case the UK votes to leave the EU and the value of the pound is affected, or better off waiting as surely the pound will strengthen if we vote to stay?
Depends on the value you are looking to exchange.
Take a look at Moneycorp/Travelex, and order for collection at he port of departure. One of them (Moneycorp I think) offer a 'best rate guarantee' where if the rate fluctuates between now and then, they will sell at the better rate.
If you're asking us whether we are going to vote in or out, we don't know.
Apart from Limmy. Limmy knows.
https://twitter.com/DaftLimmy/status/745541755072720896
If it was me I would wait to buy my Euros. Nothing is moving at the moment but I'm sure the pound will get stronger once we get the remain vote tomorrow.
Originally Posted by Rjk
Buy now. The markets are stable today as traders have priced in a Remain vote. I doubt there will be any great movement if Remain wins as expected. In the unlikely event of a shock Leave vote the GBP will tumble.
Surely the least risky option here is to go half-and-half?
Buy half today, and wait until nearer the date for the other half.
That way, if we remain, you'll get more for your money with the 2nd half than if you bought all today,
And if we leave, you won't get stung as much by the fall in the pound.
I have been loading and exchanging to $ on my Revoult card every week with what spare money i have, i have had a fairly good spread of exchange rates doing it that way
Oh and look at the REVOULT travel money card, most of the time its the best rates, you load money on, then can exchange when the rates are good
The rate isn't going to rise with Remain. It's currently around its six month highs. That's about the right level for PPP.
From lows of 1.25 last week, the pound is at 1.30 today and seems to be expected to rise towards 1.33 in the week after a Remain vote.
Rates fell around 6 months ago following announcements on this weeks referendum.
Markets have been fairly steady this week, but there is still uncertainty. Should we get a remain vote, I expect them to slightly rise over the next few months. An out vote will see them plummet over the same period.
Maybe. It's not my reading of it. I could be wrong. PPP is always a good guide as to the "true" LR rate.
No one knows, no country has left the union previously, any advice given on here is purely conjecture and with no facts to back their advice up.
Obviously - If we were able to accurately predict how markets would react to certain events we would all be millionaires ;)
Aye, but the financial experts on here actually believe that their advice is correct, but there is no case history or evidence to back it up, they really should be doing the lotto every night
It wil be better to buy early if we leave. And better to wait if we stay. So wait. will be quite a bit better.
Just curious. What do you mean by "case history or evidence"? Be specific.Aye, but the financial experts on here actually believe that their advice is correct, but there is no case history or evidence to back it up, they really should be doing the lotto every night
Some advise on Money Saving Expert about this - buy now with a company that allows you to cancel. If it falls you've agreed the rate and you complete the contract, if it goes up you cancel and start again. Some exclusions and you'll have to get your skates on, here's the article
http://www.moneysavingexpert.com/tea...&utm_content=3
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