cyprinus Posted April 17, 2012 Share Posted April 17, 2012 I'm moving to Germany in the Summer and am undecided what to do with my Sterling Savings. I have £50k which I need to convert. At the moment I am holding off converting into Euros because I am of the opinion that Sterling may appreciate considerably against it in the coming months. However, if a SHTF scenario occurs, the Euro collapses and Germany converts back to the DM would I be in a better position if I held onto my Pounds and converted then? Any advice appreciated. Quote Link to comment Share on other sites More sharing options...
The Eagle Posted April 17, 2012 Share Posted April 17, 2012 (edited) Convert half (but ONLY of you will keep them in a German bank account!) and keep half in Sterling. Never keep all your eggs in one basket... Edited April 17, 2012 by awake_eagle Quote Link to comment Share on other sites More sharing options...
LiveAndLetBuy Posted April 19, 2012 Share Posted April 19, 2012 Convert half (but ONLY of you will keep them in a German bank account!) and keep half in Sterling. Never keep all your eggs in one basket... +1 I'll also add that you should never try to play the currency markets (especially when they're being heavily manipulated like they are now). Half in a UK account and half in a German account should keep you better protected than most of europe. Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted April 19, 2012 Share Posted April 19, 2012 Make sure your Euronotes start with an "X" http://www.thisismoney.co.uk/money/news/article-1693427/How-to-find-out-where-a-euro-note-is-from.html Quote Link to comment Share on other sites More sharing options...
Guest_FaFa!_* Posted April 23, 2012 Share Posted April 23, 2012 I'm moving to Germany in the Summer and am undecided what to do with my Sterling Savings. I have £50k which I need to convert. At the moment I am holding off converting into Euros because I am of the opinion that Sterling may appreciate considerably against it in the coming months. However, if a SHTF scenario occurs, the Euro collapses and Germany converts back to the DM would I be in a better position if I held onto my Pounds and converted then? Any advice appreciated. I have recently moved to Japan and have ended up inadvertently hedging by leaving the UK savings where they are (the missus is Japanese and has savings here). I did this because the yen was close to record highs against the yen and also we were not 100% certain the move was permanent. If the yen was weaker and I knew the move was permanent we would have fully converted at the time. I think the 50% is not bad advice, but I would ask you when you say you "need" to convert. Clearly you don't need to convert now if you can hold off for a better rate. How long are you planning to live in Germany? Is the move permanent? Are you planning to use this 50k as part of the start up costs or is this separate? Quote Link to comment Share on other sites More sharing options...
abroad Posted May 16, 2012 Share Posted May 16, 2012 I've been away 10+ years. I have savings in GBP/EURO and USD. I'd hold onto UK savings simply as any exchange you make will incur a cost and you may need to do it twice(out and back). This position also hedges against Euro losses as you are no doubt earning in Euros so you're money is split. Moving to Euros would have everything in one basket and you are likely to return so better to keep something local. If Euro collapses you still have your savings in UK, if GBP collapses your earnings are worth so much more. Quote Link to comment Share on other sites More sharing options...
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