Exchange rate & Brexit impact

The only real answer is how many Euros you end up with. Ignore the whole smoke and mirrors of banks and FX companies - no fee etc. its all misleading. Everyone takes a cut somewhere - Transferwise/Revolut are clear about fees - the others hide it or simply skim the rate.

No apples - no pears - just Euros and Pounds. How many do I get is the only figure that matters. You’ll generally find Transferwise/Revolut beat the traditional layers by a fair margin - but simply ring round - then type the figures into Transferwise and see who offers you the most.

I prefer Transferwise - but others swear by Revolut

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Up to £4000 pa - I am sure you will get more Euros will Revolut as there are no fees at all. Up to £4k I think Revolut would beat Transferwise (which is a competitive FX company)

Revolut is quite a different approach to foreign banking and is more than just FX. You are given a fully operational Euro account with BIC/IBAN etc to make payments either to your normal account or to others.

I have both a Sterling and Euro Account with Revolut and instantly I can switch money between them.

For people who haven’t looked at Revolut - it is worth considering - but just dont see it as FX only - you could operate all of your euro banking using it.

I did then subscibe the £72 so I would transfer more than the £4k as it was for a house purchase - the difference between Revolut and traditional FX was hundreds of pounds so the £72 for this year was worth it - I will probably revert to the standard £4k free account for next year.

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Transferwise does all the above too… as I say heard good things about Revolut but TW works for me. I thought Revolut was Smartphone only - partly why I went for Transferwise.

But I have formal Sterling - Euro - Australia bank accounts via TW and “holding” accounts for other currencies - plus a linked but seperate account for my AE earnings in both Sterling and Euros. Its travel with work before anyone wonders why … saves all the oh by the way we charged 1.50 plus gave you an awful rate everytime you pay for something overseas - so each time a job takes me away I just load up on the relevant currency.

And I don’t pay fees other than the transfer costs. You don’t need to have the accounts/debit card with TW but they do have uses

Over the years I have jumped from one to another as the new kid on the block usually offers better terms to begin with. Originally with HIFX who simply blew away the competition as there wasn’t much aside from banks.

They have over the years been pretty good but slightly slower to catch up. The peer to peer FX were very good with low fees and small amounts but as I posted above the FCexchange rate wasn’t that good the other day when mid rates were 1.12X we received 1.10X and the €3 fee. I don’t mind the flat €3 fee but the rate offered had slipped from previously good rates only slightly under the mid market so maybe they are successful enough to not need to be as competitive on rates.

I will take a look at the Revolut but seriously 4k? or £72 unless it’s a house purchase that wouldn’t make it viable for me.

Looking at transferwise again, still seems the better of the option at the moment. I will take a look at the HIFX personal account again later as it’s down for improvement.

Mid market rate hasn’t change much over the last 3 days and is 1.123, Transferwise stating 1.119 with £4.29 fee. Still better than the FCexchange offering of 1.10

HIFX personal account has no fees? so just need to see the rate a bit later.

The likes of Fox & Co. should be strung up for treason!!!

Mind you, I thought the Governor of the Bank of England should have held his tongue too…

These ‘influencers’ prattling on about the increased likelihood of a no deal brexit are determined to drive the Pound through the floor.

Someone, somewhere, is going to make an awful lot of money out of this debacle - and it wont be you or I!!!

:rage::rage::rage:

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I had the same thought as you Carl. Some of Fox’s mates are making lots of dosh out of his musings. What a muppet :face_with_raised_eyebrow:

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I do sympathise…I completed my purchase at around 1.14 and have pretty much learned to live with the hovering between 1.14 and 1.12…

I would have completed come what may though due to my circumstances at the time…As you have the benefit of this being a family transaction there is the possibility of delaying and waiting but there’s no way of predicting the rise or fall…at some point you will have to go with your heart…

I used an FX company for my purchase but for monthly transfers from my partner in uk we like Xendpay…x :slight_smile:

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To be frank, we will most likely go ahead with the purchase on time even if the rate drops to 1.10 or so.

I have a nasty feeling that things could get very much worse next year:

Crash out of Europe in March
General Election very soon after
A Labour government with Comrade Corbin and his Politburo in charge

All scenarios equal a run on the pound the like we have not seen yet.

Oh how I do hope I am wrong…

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Sadly, I fancy you could be tragicly right Carl, UK and it’s currency plus everything else, Down The Pan :cry:

I can understand your worry regarding the exchange rate, people blame Brexit but when we bought our house in France 10 years ago the rate was only €110 to the £1. The rate will go up and down but will never reach what is was 12 plus years ago as these times have long gone.

People blame Brexit for the current exchange rate because, quite simply, at the present time, Brexit is to blame.

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Aye - I remember when it was that low before…and that was caused by the recession. This time, the markets are hammering the pound not just because of brexit per se, but the nature and form that it is taking and the consequences of it all going pete tong (collapse of present govt, Corbyn in power, return to 1970’s fiscal management et al.

I agree that we most likely will never see 1 to 1.5 again, but if Cameron had kept his wick in his trousers instead of waving it about and declaring a referendum, we wouldnt have the rate we have today.

Every 1c drop on the rate is £1000 less for me to spend (or, put another way, the house will cost £1000 more).

How’s your SIPP investments doing - any negation of the ccy position in your investment appreciation where holdings are in US/ EURO land?

Another effect of Brexit is that it has hit the euro as well. The pound has dropped relative to the euro but they have both suffered against world currencies.
On a positive note post Brexit Britain will need a weak pound if it is going to get anywhere without suffering a huge import/export deficit. British goods will need to be competitive on the world stage.

The SIPP is fairly spread over Euro/USD and £ and with a mix of tech and traditional stocks.
To be fair, it has performed quite well which goes some way to easing the pain and is reviewed quite regularly.

The painful part will be when I cash it in at the end of the month. I intend to probably work at my current job for another 5 years…max 10… and this means that I can take advantage of my employers generosity with their pension contribution. The downside being that I can only invest 4k per annum back into my pension without incurring a tax penalty. My employers contribution far exceeds that. I have done a fag packet calculation that shows that it would still benefit me to take his money even with the tax implications, but to be absolutely sure I have an appointment booked with an adviser to give me chapter and verse.

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You are so right in what you say, but houses are cheaper here in France as well as council tax and lots more but you get a better life style.
Sorry to say many Brits want to take and to live cheap but try that back in England , asda is cheap for shopping but phone / electricity / gas / have all gone up so much. To many Brits what to dodge out here and looking for cheap or free things. They are trapped here as sold there house in England for a lot of money and bought a cheap house, wasted thousands on doing it up and now cannot sell for what they have spent. Sorry sick and tired of the British wingers and time wasters when trying to sell various items that never turn up. France is a fantastic place to live if you embrace life and enjoy to the full.

And THAT is what I am looking forward to…SO much!

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