The pound is on the brink

[Gardengirl]

Having missed some of the good rates recently, I went and stocked up on euros today; that should see us through the next few weeks, with enough in the French bank account for the autumn taxes. It stood at 0.849.

[mint]

Just looked:  1.182.  I tend to get some euros every time it looks a bit better.  I only get out fairly small amounts (200-500) each time and that spreads the "risk" a bit.

BTW, has anyone tried Nationwide to change large sums, such as for house purchase.  How do they compare to the foreign exchange companies?

[Judith]

[quote user="sweet 17"]

BTW, has anyone tried Nationwide to change large sums, such as for house purchase.  How do they compare to the foreign exchange companies?

[/quote]

Sweets,  I just tried this one. 

I find their system somewhat

laborious.  You have to fill in a form (either via the internet bank, or

post (or in my case I went in when I was back in the UK), and then you

pray.  They take the money, and charge you £20 for the privilege, and

with luck all goes well.  They give you a rate (and this is usually

about right), but since they pass on the transfer to do to HSBC (which I

found out only when I had problems), you don't actually know the rate you will be getting. 

In my case I tried to send it to a bank who would not accept it (because they will not accept non-French accounts etc etc), and so the money was rejected and sent back but NEITHER BANK TOLD ME THAT THIS HAD HAPPENED UNTIL I QUESTIONED WHERE THE MONEY WAS.

In fact, it was only when I rang NW having discovered by contacting the bank here that they had rejected it, that I find that NW did not do the transfer itself, and it was sitting - somewhere - they found out where eventually - and sent it back - at a loss because the rate had changed.  This took three phone calls to the UK to solve it.

OK, I stupidly tried to send to a bank who didn't want it (!), but what incensed me was that neither bank told me what had happened.

The outcome was that I got NW to transfer the money to my First Direct account (and NW "graciously" did not charge me the CHAPS fee for that), then I phoned FD, they gave me a rate (better because I was sending a lot), and it arrived (as it has done before), in to my account in the time quoted (again at a charge).  But with FD I have the option of refusing the transfer if I don't like the rate.

I decided against a money transfer company (before anyone shouts at me etc), because I knew that FD would do the job for me - and I wanted the money over this time.  

I can also say that it would have probably all gone OK if I had chosen the right bank in the first place, but I won't use NW again, as I found the need to send the form and then being in the lap of the Gods as to the rate you will get, is not something I'm prepared ot accept again.

Mind you, I am unlikely to need to do so again, (And if I do, I'll move it to FD again, or use the dear old NW card), because today we moved the money to the notaire's account, ready for completion on our house purchase due a week tomorrow (so now we have very little money left  to transfer anywhere ......!!!!!

Hope that helps - though I may just have been unlucky, I prefer to know what rate I'm getting when I send the money.

[mint]

Judith, thanks for taking the time to explain it all so fully.

Yes, I do remember now that Nationwide is not a Clearing Bank (like HSBC, for example).

OK, for my funds (keep fingers crossed that I find the right house soon) I shall go with HIFX or Caxton with both of whom I have accounts and done all the initial identification stuff.

BTW, Judith, all the best with your house move.  I am thrilled for you but must admit to being a little envious at the same time![:D]

[Judith]

Sweets,

I know you are still trying to find "the house", but I am sure you will.  You will know when you have found the right house - somehow it will all come back (whatever your evaluation) to that one, unless you get a "coup de coeur" and fall for it hook, line and sinker. 

I meant to say that FD, when I explained what had happened, did say that if money had been returned to them they would have been in contact with me.  So I am doubly annoyed with NW!

If you have accounts with HiFX and Caxton it is certainly worth getting an idea of what Xrate they would give.  And perhaps try transferring a largish amount to see how they deal with it?  I could have tried Caxton, as I do have an account wth them, but decided better the devil you knew .... as I had not tried anything but small amounts with Caxton and didn't want another b***s up!

At this moment I could wish there were not quite so much planning and packing to be done ..... but yes, when it's done I shall feel almost euphoric, though the hard work will then start in earnest as we move in (slowly) and then sell this one (after some re-decoration works are done).

 

Bon courage!

[just john]

I have to say most of my transactions for over six years have been made through Nationwide and Credit Agricole and I have never had a problem either with the transfer or the rate, better than some friends, who transferred from building society to currency exchange brokers and then to their French bank, took over a week, during which time their rate dipped. I use the NW card to obtain cash when in France and always get a good rate, I guess everyone has an off day especially if the account isn't approved.[blink].

[mint]

If the rate keeps rising a bit, then a few thou here and there in fees or commission or whatever isn't going rock the boat is it?

Lordy, sometimes I feel like I'm at the races and I'm just standing there willing my blooming horse to  speed up at the home stretch!

 

[just john]

Are we all getting ready for that roller coaster?

 US-money-supply-plunges-at-1930s-pace-as-Obama-eyes-fresh-stimulus.

 

[Tancrède]

€ 1.191  and briskly rising.  The highest rate since December '08  -  I think.  Pourvou qué ça dourre…

[mint]

Apart from phoenixes and ashes, do you know any reason for this spectacular ascent, Gengulphus?

 

[Quillan]

Try this.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7141453.ece

 

[velcorin]

Several factors in play.

Baroin, the Budget Minister, was quoted in La Tribune on Sunday, that there isa risk France will lose it's AAA rating. The German President, a close ally of Merkel resigned, and she's doing badly in the opinion polls. Spain struggling with it's Caixa/Caja funding problems. Funding issues coming up for the German equilavents, Landesbanken. Friday the OECD, Paris based, and no friend of the Brits, published a report with, very enthusiastic growth prediction for the UK over the next 3 years, and very poor figures for Germany and France. French media discussions on where the EUR1 billion (WHOOPS-EDIT-EDIT!! should be EUR1 TRILLION!!)for nuclear decommisioning is coming from. Take your pick.

The link that Quillan posted is nothing new, the EU Commission, under pressure from Germany and France, rejected the new global bank capital requirements, back in January. Rules that the British, Americans and Japanese had already enforced. But, interesting to speculate why the London Times resurrects it today.

Personally I think the Germans want to drive down EUR, to regain exports.

 

[just john]

[quote user="Quillan"] Try this. http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7141453.ece  [/quote]

sometimes even better than the articles are the comments posted : -

''I hope and pray that this also presages the ultimate demise of the centralised and bureaucratic European Union. This organisation has the temerity to criticise the Banking Industry, which is by no means above criticism, whilst it's own accounts have not been ratified and signed off for at least a decade. How's that for bare faced cheek?
I, like many, voted for our joining "THE COMMON MARKET" in the belief that we were joining a trading bloc NOT a super state.''

 

 

[Bugsy]

Didn't anyone notice that it hit 1.20 today ?

.

[Quillan]

[quote user="Bugsy"]Didn't anyone notice that it hit 1.20 today ? .[/quote]

1.201 to be precise around 11:35GMT but its lurking around the 1.197 at the moment.

Mind you the pound has had the best day against just about everything including and especially the dollar. The Swiss Franc seems to have had a very bad day according to Forex.

[Richard51]

I think a few have mentioned that there are a few skeletons in the € cupboard - seems that, finally, someone opened the cupboard door. [:D]

[PaulT]

This is all very bad news - far easier to work out costs when the currencies are at parity [:D]

All this excitement because it has gone to 1.20 - when we bought we got 1.484 and things seemed so much cheaper in France.

Paul

[Thebiga]

We got 1.45 when we bought 5 years ago and yes things did seem so much cheaper then, your right.

[ericd]

latest info:

Deleted, copyright.

[mint]

Thank you, Eric.  Nice comprehensive and comprehensible summary.  Even I could understand.....LOL

[ericd]

Latest today. Copyright, deleted.

[just john]

Neuro-could-be-the-saviour-of-the-European-dream Are these just the first cracks in the euro or is the Neuro being secretly worked on as we speak?

 

[Quillan]

The bottom line is that people having being saying since the Euro came in to being that it was rubbish and wouldn't last. Over the last couple of years since the pound collapsed against the Euro people said the Euro would collapse as well. Greece wanted out, bet it's glad now it didn't but then the rest of us (Euro users) wished it had. The Tories don't want to take the UK in to the Euro, the paper quoted is pro Tory, the Americans hate the Euro and the Euro State because it threatens them and their influence but against all this the Euro carries on. If you look at the money markets in real time they are seesawing all over the place usually winding up at the end of the day not to far from where they started. There are some good things happening in the UK at the moment and the pound is getting stronger, I always said the Euro never got strong, the pound weakened and now it's getting stronger. All these comments in the papers are either speculation or wishful thinking. Anyway they say all this in one article and on the next page they say "The gamblers betting on Britain going bust - Hedge funds are wagering billions on the UK defaulting." so according to the same paper both the Euro and Sterling are just about to go tit's up, I don't think so. [:P]

[mint]

[quote user="just john "]

Neuro-could-be-the-saviour-of-the-European-dream Are these just the first cracks in the euro or is the Neuro being secretly worked on as we speak?

[:P]

[/quote]

JJ, if all these things happen, it won't be the money, it will be me going neuro; neurotic to give it its full name.

House-buying is definitely more fraught with anxieties than ever, that's for sure.  Do you think I could make an offer say 30% below asking price on the basis that otherwise I might end up so neurotic that I cannot complete the purchase?

[just john]

I don't think its likely to happen in the next couple of months, so sweet just carry on (10% orf) as normal ('course, with a weather eye open)[Www]