Weak Pound = I lose Money

Image via Wikipedia

I’ve got some money saved up in my account that was meant to be converted to Euros and then transferred into the Italian bank account. Only I’ve been putting it off for ages, due to the weak bl00dy pound!

Yesterday, I made some calculations to see how much I actually lose if I transfer the money now – compared to the old exchange rate of £1 ~ €1.44. I think it’s something like €1500 that I’ll no longer have (3000 Deutschmark!). Still, what choice do I have? None.

At least I get quite good rates (if you can call them that..) whenever I do it, and for larger amounts (i.e. more than just holiday money) you want to do it online anyway rather than through your rip-off bank. I use XE Trade and have so for a good few years.

I’ll just have to decide now how much I want to transfer, and when. Either way I’ll lose money – but there again, it’s not likely to change any time soon so better off doing it now before it gets even worse and £1 = €1!!