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Topic: Moving money before Brexit?  (Read 506 times)

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Moving money before Brexit?
« on: March 08, 2019, 01:24:30 PM »
Hi,

I don't know whether it's appropriate to ask, but what do people think/feel about the idea of moving your Sterling out of the UK (such as back to the US), or converting it to another currency, before Brexit at the end of this month? I have Canadian friends who've just sold their house and are moving back to get their assets out before any new drop in Sterling.


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Re: Moving money before Brexit?
« Reply #1 on: March 08, 2019, 01:55:02 PM »
I don't have a crystal ball so I'm just holding my breath and crossing my fingers and hoping that nothing too drastic happens!

But seriously, the pound could go either way, depending on the outcome so I'm not making any moves that I wouldn't already have been making.
March 28th 2013-Moved to UK, husband on spouse visa.Oct 20th 2015-Applied by mail for FLR(M).Feb 1st 2016 FLR(M).March 7th 2018 ILR. YAY! March 21st NCS&JCAP appointment.


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Re: Moving money before Brexit?
« Reply #2 on: March 08, 2019, 02:09:31 PM »
What will be the situation come 31 December, 2019? The UK could have:

1. Left the EU with no deal.
2. Left the EU with a deal.
3. Had a delay and remained in the EU for a temporary period, and a deal is reached.
4. Had a delay and remained in the EU for a temporary period, a deal is not reached, and the UK leaves with no deal.
5. Had a delay with a second referendum and voted leave, again.
6. Had a delay with a second referendum and voted remain.
7. the asteroid hit and civilization has been wiped out.

IF it's:
1. Sterling could weaken.
2. Sterling could strengthen.
3. Sterling could strengthen.
4. Sterling could strengthen temporarily, then weaken.
5. Sterling could strengthen temporarily. then weaken.
6. Sterling could strengthen.
7. Who cares.

The exchange markets are always 100% unpredictable. The last 2 months have proved that. What are you willing to gamble on?


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Re: Moving money before Brexit?
« Reply #3 on: March 08, 2019, 02:23:33 PM »
Foreign currencies are virtually impossible to forecast.  Those who can forecast gains/drops are VERY VERY VERY rich people. 


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Re: Moving money before Brexit?
« Reply #4 on: March 08, 2019, 02:26:03 PM »
Ok, thanks for the replies. I'm kind of surprised that no one is strongly expecting the pound to drop again (like after the Brexit vote), but maybe that's just my bubble. Good luck to us all. x


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Re: Moving money before Brexit?
« Reply #5 on: March 08, 2019, 04:11:30 PM »
As the OAP said, it all depends on how we go into Brexit.  If a deal is made, it could be very positive for the GBP.

I'm pretty pessimistic so I expect the GBP and housing market to crash bad.  I also expect the cost of things (food, fuel, etc.) to sky rocket.  But I'm a plan for the worst, hope for the best kind of person.   ;D

You have to do what you think is right for you.

We are doing a big bulk buy and batch cooking this weekend.  Both as a "brexit plan" and a "well, we will have dinners ready and on hand if all the fears of Brexit are unfounded."


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Re: Moving money before Brexit?
« Reply #6 on: March 08, 2019, 05:37:09 PM »
The pound v other? I had been transferring my USA dollars pension every month over here and building up a savings account, to just the point below which my combined savings and checking would have triggered the requirement to report them to the IRS. I stopped doing that a few months ago and am moving money from my UK savings to my UK checking account to cover bills as needed. My US Social Security still comes direct debit to my UK account, but it's funneled through the Bank of Ireland so I am not sure what's going to happen with my April SS check if Brexit goes ahead on the 29th. 

I don't anticipate keeping more than a month or two's extra expenses in pounds here for a while, until I see which way the wind is going to blow once it stops blowing all ways at once.  I do have a UK credit card with a nice limit on it, so I'd have that to fall back on if needed. I also have three USA credit cards, two of which don't charge any foreign transaction fees and give me an excellent conversion rate. So I'd also have those, and can pay them directly from my USA bank account where my pension is deposited every month.  At one point I had started the process of opening up an Irish bank account so that I could move pounds into Euros, but I don't think either currency is going to be such after Brexit that my money would be markedly better there than in USD.

Don't we all wish we had a crystal ball? If it's a hard Brexit I do think the pound will sink, and stay down for quite some time. But I'm no expert, and I'm wrong about currency more often than I'm correct. But I'm still playing it safe by keeping most of my income in USD. For the now.


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Re: Moving money before Brexit?
« Reply #7 on: March 08, 2019, 05:49:49 PM »
I'm definitely not bringing any dollars over here just now, that's for sure. I just wonder whether I'll regret not sending a lot more of my savings to camp by this time next month. :(


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Re: Moving money before Brexit?
« Reply #8 on: March 08, 2019, 08:14:51 PM »
I also expect the cost of things (food, fuel, etc.) to sky rocket.

+1

I definitely expect this to happen, although to what degree will depend on how we exit. Reference UK Decimalisation in 1971. Any reason excuse will do for merchants to raise prices.


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