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Exchange rate for Euros...now or Oct?

Hawarden, United...
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44 posts
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Exchange rate for Euros...now or Oct?

I understand that only a few lucky people have the gift of foresight but I'm hoping someone can advise whether it's a good idea to wait to change my money or whether the 'little bit' better rate at the minute is as good as it's likely to get? I'm hoping someone who travels regularly out of season can help.

Stroud, United...
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1. Re: Exchange rate for Euros...now or Oct?

The anticipation of interest rates rising sends the pound higher. Interest rates are currently being forecast to rise by as early as October. The bank of England has also stated rates will continue to rise from the current historic low of 0.5% to an estimated 2.5%. I suspect the pound to continue to rise very gradually over the next 12 months. The Euro zone interest rate has just fallen again, so I can't see that changing any time soon.

So you should be safe to wait for a couple of months. But if for instance your taking approx. 1500 euros, it may be safer to get 500 now, then if the pound ccntinues to rise over the next month get another 500 then and so on. That should ensure you gain a safe but unspectacular advantage.

I'm no expert (disclaimer) but I've watched the habit of the pound for several years. It's always a gamble.

Here and there
Destination Expert
for Dubai, Pissouri
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2. Re: Exchange rate for Euros...now or Oct?

Me too. No expert but watch the £ against the euro on a daily basis.

With the greatest respect to you it has nothing to do with the holiday seasons and is entirely driven by the financial markets - the rate will fluctuate regardless of holiday season.

If you sign up for email alerts to a site such as Travel FX then you get an email every morning telling you that days interbank rate. It is as high at the moment as it has been for some time.

It's like betting on horses and no one can advise you what to do all they can do is suggest and action that may or may not result in a good rate for you.

I agree with the advise above but you might find you have no transaction charges to pay for currency bought on line if you buy more than £750 at a time and you will always find a better rate buying your currency online than you will at any high street option.

We are all in the same boat as you, even those of us that follow the currency every day have to make a decision on when to place our bet.

At anything much below £1,000 converted the difference is not so great unless it rises dramatically or drops like a stone.

It's interesting to look at it over the last 12 months.

exchangerates.org.uk/GBP-EUR-exchange-rate-h…

If you'd converted £1,000 this time last year the interbank rate was 1140 Euros.

If you do it today the interbank rate would get you 1262 euros

Good Luck deciding what to do and hope whatever you do decide to do moves in the right direction for you.

Hawarden, United...
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44 posts
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3. Re: Exchange rate for Euros...now or Oct?

Thank you for your replies. I have been anticipating a small gain by waiting but I think I will do as suggested and exchange a small portion at a time.

Many thanks

Blackpool
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4. Re: Exchange rate for Euros...now or Oct?

I would not exchange any money in the UK unless the rate drops dramatically.

The best way is get a Halifax Clarity Credit Card and pre-load it with cash the week before you go and draw money when you get there. That way you don't end up with currency that you want to change back

There are no foreign currency charges, no fees for using ATM's, and you get the full commercial exchange rate.

If you pre-load the card before you go there are no interest charges on withdrawing cash from atm's either

Stroud, United...
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5. Re: Exchange rate for Euros...now or Oct?

I loaded my Thomas Cook euro cash passport today. We have 4 weeks before we leave for Cyprus. Business news today sent the pound fractionally lower on poor manufacturing news here. That was enough to persuade me in the very short term there may be some fluctuation.The exchange rate I got today was €1.2314. I'm happy with that, I'm sure there are marginally better rates available for those in the know.

I've used my cash card for five years now and found it to be very flexible, and the charges negligible.

If I was starting over I might choose the Travelex version, which has no charges at all that I could find, all be it not an in depth investigation.

6. Re: Exchange rate for Euros...now or Oct?

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