Non-GBP saving Monzo equivalent

(Patrick) #1

Just returned last week from a holiday to Spain, thoroughly enjoyed it. I have just today received an expected refund for a service which I was not served. To my immediate benefit now, the exchange rate was £1 = €1.08 :open_mouth: While I’m about a pound better off in this instance, it got me thinking.

I don’t want to start a whole political brexit argument but the relative volatility and instability of GBP is worrying me quite a bit for reasons I’ll outline further down. Does anyone know of a savings platform - something like nutmeg, wealthify, moneyfarm - were I can specifically put my savings into currency baskets? Or would it be possible for me to somehow open a EUR savings account?

I’m not an economist or a financial expert so I may be overreacting but any advice would be greatly welcomed.

My story in short: I have saved enough for a deposit where I am, which is held in GBP in various savings/credit union. Relatively young man, living at home and aggressively saving, my plan has always been save enough for a deposit and buy here where I currently am, I am however seriously considering moving abroad now due to career progressing opportunities both in Europe and further afield. Whether overreacting or not, thing is I don’t want to leave all of my hard earned foreign buying power to the whims of the market, not in this current climate anyway.

Hopefully I posted in most adequate part of the forum, thanks.

(Chris) #2

Hi Patrick,

I myself have been looking at ways that Brexit could improve my finances since it’s been fairly doom and gloom thus far. I doubt you’d be able to open a Euro savings account without being a resident somewhere in Mainland Europe. (Always worth trying though!)

I’m super interested in the Forex market and have been closely following the EURGBP market. It’s worth noting that investing in Forex markets can put your capital at risk but if it’s something you’re interested in, get yourself an eToro account and play around with the virtual portfolio.

Buying Euros against the Pound was very popular last year, making some investors a large profit having sold the euros recently (around 14% returns if I remember rightly) and I think there’s still room to make fairly good profits from as the Brexit negotiations continue.

Personally, that’s the way I’d go about trying to beat the downward moving pound at the minute, hope it all works out for you!

(Geoff Pascoe) #3

I haven’t looked into wealthify, but both moneyfarm and nutmeg invest in multiple currencies and multiple markets, to hedge against volatility in any particular currency. Whilst your balance shows in GBP, that includes securities held in other currencies. In terms of insuring against a drop in GBP, those sorts of portfolios should be pretty decent. If you actually want to profit through currency trading though, that’s a different matter.

(Patrick) #4

Thanks for replies :+1:

@podgib, that’s precisely all I am looking for. My savings not devaluing to much with regards to the Eurozone where I may move to in the near future. I have a MoneyFarm account so it is good to hear that, I will probably then shift some of savings held elsewhere towards this app.

(Adam Williams) #5

Out of interest, was there anywhere specific you were considering? It’s something I’ve thought about a lot following the EU referendum.

(Kevyn) #6

I opened a Euro basic current account with KBC Ireland from a UK address earlier this year in preperation for post-Brexit banking hiccups.

I use it as an emergency fund and pay money into it free via Revolut each month. You could just use Revolut and convert your money to Euros and leave it sat there I guess but technically Revolut don’t allow the manipulation of currency markets for a profit as part of the terms and conditions and you do not gain interest. However, for short term ‘protection’ it could be an idea.