Recently we have been successful in selling our house in the UK which has put a tidy sum into our UK current account which is not immediately needed as we are now living in France in a house we have renovated originally as a second home. What to do with the money is the question we want immediate access to it and the best current account interest rate on offer is 1.65%. However today the euro/pound exchange rate hit 1.14 which if I had transferred my tidy sum would have given an even tidier (originally from Wales) sum in Euros. If I wait a few days / weeks then the rate will drop to 1.135 or thereabouts as it did after the August high and if I transfer back to sterling then It will be 5% greater than the amount I originally transferred which even taking into account Moneywise transfer fees is a darn sight more than 1.65%apr! I could carry on repeating this over and again couldn't I ? Am I being naive surely others do this is it legitimate or is there someone who will pick this up and collar me for some tax or other or even put me in jail!
yes, I was referring to your original post where you stated 1.14
transferwise rate at this present moment is 1.4029
need to add you could also open a French PEL account, I'm getting 2.5% although I think new accounts are 2%, and you can access all the money when you want by closing the account......
Where on earth are you getting that rate from?
Average transfer rate is 1.386 euros to the pound....
https://transferwise.com/u/5c09