slump in euro

Hi all

  when we made our first payment to polaris we got

 1.39 euros to pound second payment 1.25 and we are

  expecting to complete on the island in may/june 09.

 Reading this forum some people were predicting euro to

 rise in 09 other people say it could drop to 1 for 1. Wondering whether

 to forward buy now or gamble and wait and see. Other thought to take

 repayment morgage in euro in the hope it will recover then pay it off.

 Any thoughts or comments most helpful.

Unfortunatley it is one of those things that if we could predict it we would be millionaires.  This euro slump is greatly affecting us all.  It has really crashed today but that is not unusual as the BOE rate has substancially decreased again, I would speak to some financial organisation for transferring large sums of money i.e. Moneycorp as they will have a better indication of which way it is likely to go.  I suppose if you secure the rate today though, as least you know to the penny how much it will cost you?  Also worth contacting other companies that offer you a better exchange rate the further in advance you require the money providing you pay for it now.  I have some web addresses if you want to explore that option further, although I found them after I completed and was gutted!!

Kind Regards

Kelly & Simon

Sorry to be pedantic, but it's the Pound thats slumping not the Euro.

Hi Cappielow,

The GBP is certainly not as strong as it was and our euro bank exhange rates are certainly slumping as a result, due to the fact that we are not getting as much for our money as we were this time last year.   The euro, USD etc are certainly a stronger currency than the GBP at the moment. 

But I guess that you already knew this and did not need it explaining?  In the same respect you knew what the previous posts related to?

Sorry if I sound pedantic.

Kind Regards as always Kelly & Simon

Hi Kelly and Simon,

Thanks for explaining how international currency exchanges works, much appreciated.

No problem any time, always happy to help, we are like Asda!

Kind Regadrs Kelly & Simon

Hedge your bets; buy half of your currency now and the other half near to completion. That's what the likes of moneycorp recommend.

I'd also be wary of your anticipated completion date, we were told June 2009 when we signed up last september and then  in august of this year we got told it would be October 2008.