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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To buy my holiday euros now in case of brexit and collapsing pound?

26 replies

Kiddiewinks2008 · 10/06/2016 15:44

Camping in France in august & worried now about potential impact of brexit on the pound- aibu to get euros now in case the pound collapses- am genuinely worried!

OP posts:
KateInKorea · 10/06/2016 15:44

This reply has been deleted

Message withdrawn at poster's request.

Twooter · 10/06/2016 15:46

Although what if the euro collapses more?

trixymalixy · 10/06/2016 15:46

We're thinking of buying euros now too.

Original poster
Kiddiewinks2008 · 10/06/2016 15:47

Is the euro likely to collapse too? I'm struggling to know what to do for the best but worried about my holiday.

OP posts:
LurkingHusband · 10/06/2016 15:50

Is the euro likely to collapse too?

The ECB is on record as saying it will do "whatever it takes" to ensure the Euro is stable.

Make of that what you will.

Dacc · 10/06/2016 15:51

You people need to calm down.

Original poster
Kiddiewinks2008 · 10/06/2016 15:56

Why do I need to 'calm down' dacc? I feel concerned about the potential impact of leaving the EU and don't think that is unreasonable at all. Noone knows what will happen

OP posts:
ChilliMum · 10/06/2016 16:00

If you have budgeted based on current exchange rates I think it's very sensible as the pound has been dropping. You could hedge your bets and exchange half now and half just before you go as a remain vote could see the pound bounce back before your holiday Smile

TattyCat · 10/06/2016 16:00

I don't think you need to worry unnecessarily but in your shoes, I would buy them now, if only because you at least have advanced warning of a potential change, whether that's short term or not.

I think it's highly unlikely that you'll get a better deal. Either the same or a worse one in any case.

notamummy10 · 10/06/2016 16:07

Even if the decision is made to leave the EU is made, it won't take effect straightaway... It'll take at least 2 years for it to happen. Who knows what will happen in 2 years?

MaidOfStars · 10/06/2016 16:10

Even if the decision is made to leave the EU is made, it won't take effect straightaway
The effect on currency exchange will be immediate. Markets respond to news very quickly. Even the announcement of a referendum caused the pound to weaken.

MaidOfStars · 10/06/2016 16:11

OP, I would buy now. It's not going to get much better but it could get significantly worse.

And with Euros, if it does get worse, you can swap them back for more pounds than previously.

HairyMuffandProud · 10/06/2016 16:13

already got mine op, well for a holiday soon anyway, and will get more soon too just in case.

Dacc · 10/06/2016 16:13

Ironically, if it does weaken we will have Europe forming an unorderly queue to buy our shit.

hellsbellsmelons · 10/06/2016 16:15

I would.
There will be a collapse if we leave.
Only temporary but not sure how long temporary will be.
Could be a couple of years before things start to recover.

JennyOnAPlate · 10/06/2016 16:22

I have been thinking the same thing (we go abroad in August.) unfortunately Dh thinks I'm being daft and all will be fine Hmm

TwuntingCat · 10/06/2016 16:27

I go away in July and have got mine, I had the money sat to one side so thought why not?

PaulAnkaTheDog · 10/06/2016 16:28

I've been buying them the past few months when the rate has been good, usually get a voucher for CE for a better rate. I'm away right after the referendum and didn't want to get caught out by shitty exchange rates.

Overrunwithlego · 10/06/2016 16:40

If we leave then BOTH the pound and the euro will (at least temporarily) weaken - so anyone needing dollars etc should, in my opinion, exchange now. The pound to euro issue is less clear cut, but I would think the pound will take a bigger hit (at least temporarily) so would probably buy now as well.

Mistigri · 10/06/2016 16:40

The euro might be hit too but sterling is likely to suffer worse. OTOH it will rise if there is a remain vote.

I guess that if you think the current rate looks OK you should buy some euros now to hedge your bets. A post-remain vote rise in sterling would probably be relatively modest but there could be quite a sharp drop in sterling on a leave vote.

Overrunwithlego · 10/06/2016 16:42

disclaimer like pretty much the rest of the referendum, the above is purely my opinion rather than fact!!

Fleurdelise · 10/06/2016 16:47

We need US dollars for our holiday and I have been watching the exchange rate for the last couple of weeks. It is a bit of a yo-yo going slightly up every time the polls are in and slightly down every time the polls are out. So it is pretty clear what will happen.

We will be buying the dollars next week the pound may go up if it is a "IN" vote but not by much while if the vote is "leave" I am sure it will go down quite badly initially.

I would buy euros now in your shoes also.

OlennasWimple · 11/06/2016 00:08

Depends how much you're planning to spend and your budget whether the currency fluctuation would be enough for you to really feel a difference, surely?

Ailicece · 11/06/2016 00:14

If Brexit happens, Sterling will drop like a stone, lots of small businesses (like mine, which employs 3 people apart from me) will close. The British economy will take a huge hit, and going forward we'll lose our place on the international table. As for your holiday this summer: you're likely to lose a fair amount of money on the exchange rate (versus the exchange rate in early June 2016) but that's nothing compared with the coming implications...

JedRambosteen · 11/06/2016 00:15

I nearly posted this question last week, as we have Eurozone holiday booked for July. I think we'll get some of our holiday money exchanged this weekend, just to be on the safe side.