Gbp To Euro ...advice Please

[pumpjack]

If today i put 13000 pounds into my euro account how much would i lose.....
If i transfer the same amount of money ( 14590 euro approx ) back to uk account in say 1 more year saying pound drops a little....would i be taking big lose ?
Dont understand currencies at all

[Zacs-Master]

First question: why would you want to do that?
Fortunes are won and lost speculating on currencies so I'm not sure anyone could predict how much money you would lose, or whether you would.

[Sqad]

Your pound id WEAK against the euro, so you will be getting a bad deal at the moment.

I don't know what will happen in one year's time, but if Brexit is sorted out, then the pound should strengthen BUT, your cash is in euros now, so if you convert your Euros back to pounds, then you will again get bad deal.

[malagabob]

A simple answer without checking You’d get around 1.10 at the moment for your £. To get your £ back you’d have to part with something like 1.20 per £.

[Khandro]

If you find an answer, please let us know and we can all get rich. :0)

[KARL]

Firstly, if you convert Pounds to Euros now and the Pound then drops, then the further it drops the better off you will be for later converting back to pounds. However, even if you sell Pounds now and instantly buy them back you will come out short because the trader will use different exchange rates for the two transactions - it is called a "spread" and that is how the trader makes his money. The spread may be of the order of 4%. Nobody knows what the future holds but looking back is easy - the Pound has been falling against most currencies for decades, sometimes sharply, sometimes not and occasionally it has recovered somewhat for a time, but on average relentlessly down. A year is so short a time that to take the chance would by most be considered a gamble. Look at "historical exchange rates" on the internet, then decide what to do.

[ubasses]

I spent most of my working life telling customers if I could answer that question I would not be working here.