I have a cheque of £46,000 (GBP) on the way to me following the sale of some Standard Life Plc shares. Sold 16,571 shares @ £2.80 but I am just about breaking even because I bought them when there was 66 pence to the Euro as opposed to 88 pence now.
I've contacted Investec and I seem to have two options. (Presumably, I'd have similar options with others but they are offering a good rate on Euro deposits.)
Option A - Convert the cheque to Euro, take the hit on the woeful exchange rate, and invest in Euro at 6.5% on the 1 year bond (or whatever the rate is reduced to tomorrow evening when they withdraw the 6.5%).
Option B - Open a 1 year fixed deposit GBP account with them at 3.5% and see if there is any improvement in the fortunes of the pound sterling over the next year
Any thoughts on my dilemma? Any other options? (I suppose I've stopped my stock market gambling but the currencies market seems even more risky and less predictable!)
I've contacted Investec and I seem to have two options. (Presumably, I'd have similar options with others but they are offering a good rate on Euro deposits.)
Option A - Convert the cheque to Euro, take the hit on the woeful exchange rate, and invest in Euro at 6.5% on the 1 year bond (or whatever the rate is reduced to tomorrow evening when they withdraw the 6.5%).
Option B - Open a 1 year fixed deposit GBP account with them at 3.5% and see if there is any improvement in the fortunes of the pound sterling over the next year
Any thoughts on my dilemma? Any other options? (I suppose I've stopped my stock market gambling but the currencies market seems even more risky and less predictable!)