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GBP/EUR - Exchange rate alerts
#1
Last week the rate was €1.12 for a pound. Monday went up and I was able to get 1.14 euro. Tuesday €1.15 and yesterday €1.16, both auto exchanged using the feature in Revolut. Set some pounds to auto-exchange at €1.17 and will keep my fingers crossed. The last time I was able to get €1.17 was back in May.

The exchange rate is currently between €1.15 & €1.16.



Don't really want to start a discussion about political situation or speculations if the pound will get stronger/weaker, just wanted to create a thread where we can have alerts once the pound hits monthly high.
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#2
Hi all - following our recent visit it is clear real progress has been made on the works, given the current exchange rates and upcoming UK election i contacted Tamara about paying Anjoca early to lock in the current rate, they are able to accommodate this and it would be covered by the bank guarantees if anyone is interested. I would be happy to hear from anyone with similar experience of waiting and watching exchange rates or any other wise words, alternative is to put it in our Sabadell account but not keen. UK Brokers will tend to hold it for a week or so then want you to make payment to the beneficiary. Many thanks to all that read this.
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#3
The only down side of this is that if the Conservatives get a majority & form the next government we will have a Brexit deal passed & the £ should rise 😁😁
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#4
Yeah the dilemma, the forex "experts" suggest this is priced in on to the rate at around a 50% chance of a majority, tough to call.
Always worked on 1.15 as a benchmark.
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#5
(06-11-2019, 03:51 PM)Spitfire58 Wrote: The only down side of this is that if the Conservatives get a majority & form the next government we will have a Brexit deal passed & the £ should rise 😁😁

Big Grin  Big Grin  Big Grin

Ron, I consider myself optimist but can't see the pound to rise fast enough (if at all) after Brexit to make massive difference for Jason, considering the risk involved. Apologies if it was sarcasm.

(06-11-2019, 03:56 PM)Jason W Wrote: Yeah the dilemma, the forex "experts" suggest this is priced in on to the rate at around a 50% chance of a majority, tough to call.
Always worked on 1.15 as a benchmark.

First of all, congrats on the progress.

In this case, I would go with the Forex "experts" rather than any expert here. I would worry about the pound taking the opposite direction just because I can still clearly remember the bad hit the £ took after the Brexit referendum results, but again you won't find any forex experts here.

If your benchmark was 1.15, today's 1.16 sounds like great deal already. The last time I've exchanged (1.17) was back in May. I'm still hoping for the pound to go higher but already exchanged enough to cover our trips until Easter. My strategy is "Cost Average", not sure if that's even a term. I simply wait until the rate is close to what it was the last time when we exchanged but also once a month exchange a little bit of Money just in case and a bit more if the exchange rate is more impressive. This way I don't have to become an expert to time the market to the minute because, as we all know, that's next to impossible.

When we bough our place down in Fuerteventura everything had to be done quickly due to our seller being in rush (private sale). We already had a bank account with Sabadell (thanks to our solicitor) and all we had to do was to send the cash from the UK. We used CurrencyFair and the moment I was about to send the whole amount, we realised it's really lots of Money to send at one go and managed to split the payments into half. Exchanged the first half straight away and send it the the Spanish account. Once we had a confirmation from Sabadell, we loaded the second half. If you have a time, simply register with them and have a look around. I was quite happy with the transaction as well as their rates. You can load some small amount in and set the exchange rate you are happy with and just wait. We don't use them any more because our priorities changed but will come back to them should we decide to buy another property in Fuerteventura or in need to send a large sum again.

With "Deposit guarantee scheme" you're covered up to 100,000 euro if you decide to keep it in Spanish bank. If it's join account, the amount is double. I wouldn't keep this kind of cash in Revolut but happily use Starling. I mean, if you're not planning to use Spanish bank. Yes, with CurrencyFair you can move Money only from your UK account to an account in your name. At least it was the case a few years ago.


(06-11-2019, 03:46 PM)Jason W Wrote: ...contacted Tamara about paying Anjoca early to lock in the current rate, they are able to accommodate this and it would be covered by the bank guarantees if anyone is interested...

I'm not sure about the bank guarantees if it's Anjoca's account, there are different rules for that and you can end up with nothing if things go horribly wrong. Talk to your solicitor about the guarantees, they might suggest having the Money in your Spanish bank account would be much more safe.

Check the attached example, please.


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#6
That's why i love this forum , more often than not someone takes the time to offer wise words, thanks Sam. I think for now i will continue to drip little and often into my Sabadell account in the run up to the election.
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#7
Hi Sam,
It wasn’t sarcasm 😁😁 just that the general consensus (in my understanding of things) seemed to be that if a deal was passed the £ would benefit. Even a small percentage increase would make a difference to the value of a few hundred £’s in the kind of Money needed for a property purchase.
I remember when buying ours the £ was as low as I can remember (think it was in the region of 1.105) but we had no choice as we needed to proceed to finish the deal ☹️☹️
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#8
If you are happy with the exchange rate why don't you just buy Euros on a forward basis to lock in the rate without actually having to move the cash?

The rate you get is just the current spot rate adjusted for the interest rate differential between the two currencies.
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#9
Yes i could if i had a completion date. 


https://www.poundsterlinglive.com/gbp-li...ve-victory
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#10
See if you can do a range forward to frame your expected completion date.

I don't put a lot of value into currency predictions.  Peter Kinsella was predicting the euro/dollar rate would rise to 1.17 back in April when it was 1.1230.   It never got above 1.13 and is currently 1.1050.
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