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Post by StokieMatt on Nov 10, 2016 12:50:10 GMT
I have 500 euros left over from beginning of the year, with the pound plummeting over the last few months is it worth selling now or do I wait for the pound recover?
Can't get my head round money conversion and even if it's worth waiting at all.
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Post by Malex on Nov 10, 2016 13:20:54 GMT
It's better now (unless you feel that the £ is going to further weaken), stronger £ means you'll get less £'s for your euros!
For example, if the £ to EUR is 1.15 then your 500 euros will convert into near as dammit £435 (500/1.15). If the £ strengthened to 1.2 then your 500 euros would only be worth £417 (500/1.2).
The £ being weak is good for converting foreign money into £'s as you get more £'s for your currency, it's just bad for converting £ into other currencies as you get less for your money. (in the same as the above example, if you started with £500 and were converting into euros you'd currently get 575 EUR at 1.15 or 600 EUR at 1.2 - just multiplying your £500 by the relative exchange rate)
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Post by bringmesunshine on Nov 10, 2016 13:30:09 GMT
You'd be mad to sell unless you need the cash now, next time you go to Europe you won't get anything like the rate you got in Jan/Feb. Keep hold of it and save it for your next trip to the Eurozone.
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Post by StokieMatt on Nov 10, 2016 13:46:02 GMT
You'd be mad to sell unless you need the cash now, next time you go to Europe you won't get anything like the rate you got in Jan/Feb. Keep hold of it and save it for your next trip to the Eurozone. unless the pound recovers, but even then for the sake of £20 might as well just keep on to it. nice one
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Post by BuzzB on Nov 10, 2016 15:56:25 GMT
My advice is wait, today I took 75 Euros back (Tesco) and got £59!!! Bummer!
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Post by rogerjonesisgod on Nov 10, 2016 16:41:43 GMT
Depends the next time you're going abroad if it's soon then keep hold, if not then cash in and have a sweet 435 quid for Crimbo.
Next summer is next summer.
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