Smart money

You need a crystal ball and even they can be wrong sometimes !!

Who knows which way the market will go.

Best advice would be to lock maybe £10000 as and when you think the market is at a high.

Why are Smart money quoting you 1.13 when the rate is 1.1473 ??

Hi Paula

Unfortunately no one can give you that answer, as FX markets are very fickle and notoriously difficult to predict. As I write, the current live rate is 1.1487, although that could just as easily change by 5%+ either way tomorrow!

When I purchased my property in Spain, I converted 30% £ to Euro about 3 months before I was due to complete. I converted a further 30% a month later and the final amount the week before. This gave me a little difference in rates, but the rates were what I was comfortable with at the time.

It's a risk, either way I'm afraid.

Good luck with your choice

He may have said about 1.13. Ok maybe I will wait until after lockdown and see what the rate is then.

The "live rate" bandied about is the interbank rate, and unless you are looking to exchange hundreds of thousands of pounds you will not get that. The more you exchange, the better the rate you will get, but even the UK government does not get top rate when buying euros to pay pensions for us expat fogies.

The live rate I 'bandied about' was the rate I was quoted earlier today on an actual transfer on Transferwise. (I highly recommend them by the way)

You get an actual quote and they give you the exact fees also. (which are very low)

Glad to see that you use TransferWise.

I was going to recommend the to you actually.

I use Revolut and get the actual exchange rate at all times, no matter how small the amount I'm exchanging. Works the same when using my card to buy in shops/restaurants as well, and no fee.

Agree Gem. We have just transferred money via western union and got 1.148. When we bought last year, we locked in some of our purchase price, however the rate went up afterwards. It's a case of striking when you're happy with the exchange rate, then if it goes either way, you were happy with your original choice. Good luck.