Inheriting euros- should I get a euro account?

[zippyswife]

My dad died and I am inheriting an amount in euros. It seems to make sense for me to set up a euro account to deposit this and then when the pound inevitably plummets after brexit change it into pounds. Does this seem like utter nonsense or does it seem like a good plan?

Is it easy enough to open a euro account? Is there one that is better?

I would definitely not convert into pounds yet. I don’t know anything about Euro accounts, but you should definitely keep it as euros even if you just withdraw it as cash.

I had the reverse happen, had to bring inheritance home at a time when pound was strong, only to send it back again later. We lost thousands.

You could pay it into a Revolut account and convert to pounds the day you want to spend them. You won't earn interest on the money and there may be a limit to how much you can keep there.

I would definitely not convert into pounds yet. I don’t know anything about Euro accounts, but you should definitely keep it as euros even if you just withdraw it as cash.

You say you know nothing, then go on to give advice?

Withdrawing a large amount of euros and hold as cash in your home is terrible advice unless you think the UK banking system is about to collapse. 1) missing out on interest 2) terrible security.

What I said is that I didn’t know anything about Euro accounts. I do know something about sending money back and forth from Europe and the losses that can occur if the exchange rates are against you.

The OP has not said how large her inheritance is. Withdrawing as cash is one of a number of options she has, not one I was recommending.

HTH.

I have a World First but I've heard better rates on TransferWise and Revolut

The pound will rise after Brexit. Only the uncertainty behind it is keeping it low but once there’s a clear and concrete plan the pound and markets will rise. This might be the lowest the £ ever will be.

HSBC have multi currency accounts that allow hassle free instant transfers between them. We have assets in the U.K., France and the USA and find they work well for us. You can often get a better rate, this is most relevant if you’re doing a large transfer, with another company like Caxton, Transfer Wise etc though.

I’m with Cherries101.
Brexit isn’t a new thing, the markets have been reaction to it since the announcement of a referendum.
We have a date to exit, we have plenty of analysts following the negotiations.
I’m sure there are more influences (up and down) to come, but I don’t believe there will be a big crash, because it’s no surprise.

Unless you are planning to spend the money in Euros I would convert it to pounds now.

Thanks for all the advice/opinions. I think the amount will be about £10k or just over. Not sure if this changes anything.

Interesting that some of you say the uncertainty is now rather than after brexit- I hadn’t considered that.

Predicting currency movements is very hard.
I inherited from my GPs in France, I bought some back but also opened an account there for easy access to euros, however the account had various charges on it and I eventually closed it. It was not difficult and I didn’t have to be a resident in France. Look at charges as European accounts are often not free.

Euro accounts often have a monthly fee so you'll need to take that into account