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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4547
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I recently sold a property in Germany and the money

Customer Question

Hello, I recently sold a property in Germany and the money is held in a Euro account in Frankfurt. I am now buying a property in the UK and will live here permanently and have no plans to go back to Europe. Should I use the Euros to buy the property or should I keep them in the Euro account in the hope that the Euro to pound exchange rate will get better in the next year or two. The house I am buying will need a lot of work done to it and I will have to change Euros eventually but am wondering if it would be best to change them all now or keep them in the Euro account for as long as possible in the hope that the Euro to Pound rate will improve. Thanks, Barbara
Submitted: 2 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 2 years ago.
Dear *****, Hello and welcome. Thank you for providing an opportunity to assist you. If we see the historical data of Euro-GBP exchange, apart from 2015-13 wherein it witnessed some uptrend, it has been in downward falling trajectory since 2013, till today. Having said this, even if we presume that if would arrest the fall and attempt a pullback, I do not expect to see it trading in more than 2.5-3% band. To conclude, maximum upside I see is that of 3% in next 2 years. This is not significant and therefore, you may not take out all Euros at once. But to balance out, you may keep withdrawing as and when you need. I do not feel you would see a significant exchange gain in next year or so. I am sure this would help. I wish you good luck.You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.Warm Regards,