Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

to change my salary?

12 replies

NameChangeOhNameChange1 · 26/12/2018 09:08

Brexit is making me nervous, though I've not quite reached the hoarding medicine/building a bomb shelter in my garden stage... Yet.

The pound has already plummeted obviously and I can't imagine it'll get better in the run up to March.

I work abroad but have my salary paid into my UK bank account in pounds.

I have a revolt card and I'm fairly certain my employer (a private family) can arrange for my salary to be paid into that - rubles, dollars and euros would all be a reasonable alternative.

AIBU to request this or am I being precious? We travel a lot to Europe, and live in Russia so I convert my money a lot anyway and if the pound keeps falling then it'll obviously impact my spending when abroad.

OP posts:
sackrifice · 26/12/2018 09:09

Why wouldn't you?

Singlenotsingle · 26/12/2018 09:14

Not precious. Just sensible.

NameChangeOhNameChange1 · 26/12/2018 11:57

OK, that's reassuring. I didn't want to seem hysterical but it just feels safer to be in a currency that's not attached to Brexit

OP posts:
user139328237 · 26/12/2018 12:06

YABU
Revolut is not a bank replacement whatever there marketing may want you to believe. When (and I do believe it'll be a when rather than an if) they go bust you have no financial protection and will lose whatever is in your account.
There are better products on the market if you want to be paid in a different currency that actually provide protections.

Cherries101 · 26/12/2018 12:08

After Brexit the £ will rise against the Euro. It’s only this low because of the uncertainty surrounding Brexit — the minute it actually becomes concrete markets will pick up and so will trade.

NameChangeOhNameChange1 · 26/12/2018 12:09

@user139328237 I've actually been researching alternatives this afternoon with this exact thought in mind. Do you have any recommendations?

OP posts:
NameChangeOhNameChange1 · 26/12/2018 12:10

@Cherries101 This may be true but the Euro is far more likely to remain stable presumably

OP posts:
SmallAndFarAway · 26/12/2018 12:12

Can't you open a EUR account with your high street bank (assuming that's the currency you want)?

Cherries101 · 26/12/2018 12:27

Once the UK leaves, the hedging of funds and currency to EUR will stop and investors will purchase GBP at the lower rate thus increasing it’s value and lowering the EUR. Long term EUR rates will fall.

HotInWinter · 26/12/2018 12:38

What currency is your salary quoted in?
We are paid in a currency tied to the US$. We pay savings into sterling (with an amazing exchange rate compared to originally), and keep enough in local bank account for say to day spending, and none UK holiday spending. So I'm currently in the UK, spending on my UK credit card. But when we were in Paris last week, we used our local currency card to access Euros.

Could that work for you? Or is your salary quoted in pounds, so every crash, you lose local spending power?

NameChangeOhNameChange1 · 26/12/2018 13:15

My salary is quoted in pounds but the family asked what currency I wanted it paid in and I regularly get paid overtime and expenses in a different currency (usually € or $)

OP posts:
BigChocFrenzy · 26/12/2018 13:25

Depends on what sort of Brexit
If the Withdrawal Agreement is passed, Sterling should stabilise

Euros or dollars would still be a wise precaution

If there's a chaotic No Deal Brexit ...
Mark Carney, Governor of the Bank of England, said recently that could cause biggest slump in modern memory and Sterling would plummet.

New posts on this thread. Refresh page
Swipe left for the next trending thread