Euro recovering against the British Pound - good news for bargain hunters.

Skopzz

sandin wrote: »

:D:D

Sorry, when I saw your original post, I really thought you bought in thousands. :D

The cost of fuel travelling from Galway (I'm guessing from other posts that you're from galway) would not just wipe your exchange rate out along with any "savings" on goods but also end up costing you a good 20% extra.

I hope you're not studying economics;)

No. I carpool. Actually, in a diesel engine van too. And like I previously said, when I shop up north, we buy a multitude of items to offset the cost going up there. A detailed price comparison on items we buy is easily done beforehand on the internet. Besides, it's also a mini-getaway from Galway. No different than going to Dublin or Cork for a day, like anyone else.

borderlinemeath

Skopzz wrote: »

No. I carpool. Actually, in a diesel engine van too. And like I previously said, when I shop up north, we buy a multitude of items to offset the cost going up there. A detailed price comparison on items we buy is easily done beforehand on the internet. Besides, it's also a mini-getaway from Galway. No different than going to Dublin or Cork for a day, like anyone else.

A multitude of items worth £200:D

Last of the big spenders!

Seriously, with all your talk, all you got was £200??

davo10

Skopzz wrote: »

No. I carpool. Actually, in a diesel engine van too. And like I previously said, when I shop up north, we buy a multitude of items to offset the cost going up there. A detailed price comparison on items we buy is easily done beforehand on the internet. Besides, it's also a mini-getaway from Galway. No different than going to Dublin or Cork for a day, like anyone else.

So you spend money until you offset the price of travel, great economic philosophy. If the price of diesel rises again will that mean you will determine to spend more just to offset cost rather then purchase what you need?.

Tell use again O wise one how "our old currency the punt was always pegged at parity with GBP".

Skopzz

borderlinemeath wrote: »

A multitude of items worth £200:D

Last of the big spenders!

Seriously, with all your talk, all you got was £200??

Don't know what you're laughing at, bro.

No. on top of the previous several hundred Pounds I bought back in October. I haven't spent it all.

borderlinemeath

Skopzz wrote: »

Don't know what you're laughing at, bro.

No. on top of the previous several hundred Pounds I bought back in October. I haven't spent it all.

I'm female and probably twice your age, so less of the "bro":D

Seriously though, you're still talking in the "hundreds". The fact that you start a thread on currency and make out to be an expert on it and Irelands economic woes into the matter - you do try to be passing yourself of as a forex trader and economic expert.

A good friend of mine is a forex trader and at Christmas (when the dollar was about €1.32) said it would go to about €1.45 by March - it stalled at about
€1.42, so he wasn't too far out. But it was his opinion based on speculation and about 15 years work experience in the business. His minimum trade is usually €20k, so yes, when you talk in the hundreds - it sounds like peanuts.

sandin

Skopzz wrote: »

Don't know what you're laughing at, bro.

No. on top of the previous several hundred Pounds I bought back in October. I haven't spent it all.

Didn't you buy that at 85p?

Six months in a high interest account would have added 2% to this. Thus you've lost out and the effective value of your 85p trade is now 83.3p

With current bank over the counter rate at 86.7p, you're at a 4% loss.

In currency tading terms this would be a dreadful result.

UK growth is slowing. They may increase interest rates a little, but not nearly as much as Euro rates. Sterling may strengthen back towards 85p, but medium term it will probably head towards 90p. The UK is alsomost as dependent on exports as we are. A weaker sterling makes their good cheaper. That's what the british government wants and that's what they'll get.

Skopzz

sandin wrote: »

Didn't you buy that at 85p?

Six months in a high interest account would have added 2% to this. Thus you've lost out and the effective value of your 85p trade is now 83.3p

With current bank over the counter rate at 86.7p, you're at a 4% loss.

In currency tading terms this would be a dreadful result.

UK growth is slowing. They may increase interest rates a little, but not nearly as much as Euro rates. Sterling may strengthen back towards 85p, but medium term it will probably head towards 90p. The UK is alsomost as dependent on exports as we are. A weaker sterling makes their good cheaper. That's what the british government wants and that's what they'll get.

You do NOT lodge it back into your account because it would defeat the whole purpose of you buying British Pounds at the good exchange rate presently!! Giving it back to the bank would be just plain stupid. I keep it stashed at home because I do intend to use it.

borderlinemeath

Skopzz wrote: »

You do NOT lodge it back into your account because it would defeat the whole purpose of you buying British Pounds at the good exchange rate presently!! Giving it back to the bank would be just plain stupid. I keep it stashed at home because I do intend to use it.

Along with your communion and conformation money??:D

sandin

Skopzz wrote: »

You do NOT lodge it back into your account because it would defeat the whole purpose of you buying British Pounds at the good exchange rate presently!! Giving it back to the bank would be just plain stupid. I keep it stashed at home because I do intend to use it.

you are missing the point.

If you did not buy sterling in October and instead put that money (lets say €500) into a high interest account, that €500 would read €508 now.

In october you would have received £425 for your €500. If you had left it in your account and took it out on Friday and exchanged it into sterling on Friday you would now have £440 - an extra £15.

Because you made an error of jusdgement on the sterling rate, you would be down about £15.

If you were a currency trader and traded in €100,000 batches (quite normal) you'd have lost £3000.

Overall you have only ever given very poor advice based on nothing.

Skopzz

sandin wrote: »

you are missing the point.

If you did not buy sterling in October and instead put that money (lets say €500) into a high interest account, that €500 would read €508 now.

In october you would have received £425 for your €500. If you had left it in your account and took it out on Friday and exchanged it into sterling on Friday you would now have £440 - an extra £15.

Because you made an error of jusdgement on the sterling rate, you would be down about £15.

If you were a currency trader and traded in €100,000 batches (quite normal) you'd have lost £3000.

Overall you have only ever given very poor advice based on nothing.

Are you nuts or did you even read my previous reason for not doing that? So I'll reiterate: When I bought GBP600.00 from the Bank due the attractive exchange rate, it would be VERY STUPID lodging it back into my account again. In which case, it would be the same as waiting until the Euro weakens to buy British Pounds. I waited until the time was right to get my Pounds at the best possible exchange rate (currently a 2011 low for GBP against the Euro).

sandin

Skopzz wrote: »

Are you nuts or did you even read my previous reason for not doing that? So I'll reiterate: When I bought GBP600.00 from the Bank due the attractive exchange rate, it would be VERY STUPID lodging it back into my account again. In which case, it would be the same as waiting until the Euro weakens to buy British Pounds. I waited until the time was right to get my Pounds at the best possible exchange rate (currently a 2011 low for GBP against the Euro).

You still haven't got the point. Sitting in your wallet, your money loses value due to inflation. You must price this into any forward currecny purchasing.
From an investmnent point of view, someone following your posts would have lost badly. In currency trading terms it would be seen as a major loss. (traders work on small movements). In fact the 85p rate last October was a very poor decision as it moved to 89p a few weeks later - a loss of 5%.
The 85.3p rate you suggested people buy a few weeks ago also would be another bad decision as the rate has continued to weaken to the current rate of 87.p. The UK government has a weak sterling policy, so don't expect sterling to stengthen in any considerable way anytime soon.

Skopzz

sandin wrote: »

You still haven't got the point. Sitting in your wallet, your money loses value due to inflation. You must price this into any forward currecny purchasing.
From an investmnent point of view, someone following your posts would have lost badly. In currency trading terms it would be seen as a major loss. (traders work on small movements). In fact the 85p rate last October was a very poor decision as it moved to 89p a few weeks later - a loss of 5%.
The 85.3p rate you suggested people buy a few weeks ago also would be another bad decision as the rate has continued to weaken to the current rate of 87.p. The UK government has a weak sterling policy, so don't expect sterling to stengthen in any considerable way anytime soon.

I'm NOT an investor, Sandy. Also, I never predicted what the exchange rate would be (unlike you). You really dwell on the negative sides, don't you?

Having a relatively small reserve of Pounds to spend is good for me because I have secured it at the best exchange rate so far for 2011. Whether it weakens further remains to be seen. In essence, I gave my perspective to bargain hunters on this forum looking to bypass local merchants by shopping up north. That's the significance of this thread, nothing else.

Toboldlygo

I am trying to find out how much it costs to withdraw sterling at a UK cash machine. I am going to Belfast tomorrow and will conduct a little experiment with my Ulster Bank card. I am going to take out the exact same amount from a couple of different ATMs and I will report back what the exact cost is. I know there are fees that I will have to pay but I am interested in finding out if the exchange rate (or conversion rate) is different depending on which ATMs I use.

Can anyone with cards from other banks who has withdrawn sterling recently let me know the amount, cost of fees and conversion rates?

The Financial Regulator's office used to publish a leaflet about this but I have been able to find it for ages.

sandin

Skopzz wrote: »

GBP is falling against the EUR. As someone who follows the currency markets regularly, this may be the LAST time the EUR strengthens to this level or close against GBP. The U.K is poised to raise interest rates in the second quarter of 2011 which means the Pound would likely strengthen significantly against the Euro. Therefore, I recommend that all you bargain hunters closely follow the exchange rate if you plan to buy any GBP very soon. I recommend you buy a 'reserve' amount, particularly if you're a regular cross-border shopper. By buying a large amount, it can help cushion you from any possible strengthening of GBP against the EUR. I bought GBP600 back in October 2010 and I'm so glad I did given the rate soon turned against the Euro. The international exchange rate for GBP vs EUR is good right now.....

Some cross-border competition does no harm down here Especially when you compare your shopping bills.

Sorry, but your original post read like you were some sort of "expert".

I earn some money from currency trading (Mainly EURUSD), And GBPEUR is far too difficult to call due to so many changes in the market. UK policy is for a weak pound. Austerity measures in the UK will slow its domestic economy and they MUST increase exports. A stronger sterling will not see increased exports. Interest rates may not rise until October and then only by a small amount. Inflation is eating away at purchasing power, dampening their domestic spending.

Domestically the UK is in bits, in my opinion, far worse than Ireland as our problems are only related to banking & property, the UK has problems throughout their economy. Once we can put the banking issue on the back burner, our economy will come good again, but little Ireland has very little affect on the Euro. Germany is growing at a phenonemal rate and euro interest rates will increase several times over the next 18 months, possibly up to 4% according to many market watchers.

However a geopolitical issue tomorrow morning or a spike in oil prices can change everything.

You came on as an "expert" giving advice - you've been found out as a student with no real knowledge or expertise in currency markets or how currencies move. You don't even seem to understand that prices in northern Ireland have increased substantially and currently there's very little if any savings to be had on general merchandise. - That is not good and most boards such as askaboutmoney.com where I get far more involved in financial matters would have deleted your post a long time ago due to its misrepresentations.

Skopzz

Toboldlygo wrote: »

I am trying to find out how much it costs to withdraw sterling at a UK cash machine. I am going to Belfast tomorrow and will conduct a little experiment with my Ulster Bank card. I am going to take out the exact same amount from a couple of different ATMs and I will report back what the exact cost is. I know there are fees that I will have to pay but I am interested in finding out if the exchange rate (or conversion rate) is different depending on which ATMs I use.

Can anyone with cards from other banks who has withdrawn sterling recently let me know the amount, cost of fees and conversion rates?

The Financial Regulator's office used to publish a leaflet about this but I have been able to find it for ages.

I buy British Pounds from AIB Bank at the counter. Having an AIB student account will exempt you from a commission charge but you must remind them of this before the transaction. AIB offer the best exchange rate for GBP. I always check the banks FX rate beforehand. AIB have always offered a competitive rate for me...

Skopzz

sandin wrote: »

Sorry, but your original post read like you were some sort of "expert".

I earn some money from currency trading (Mainly EURUSD), And GBPEUR is far too difficult to call due to so many changes in the market. UK policy is for a weak pound. Austerity measures in the UK will slow its domestic economy and they MUST increase exports. A stronger sterling will not see increased exports. Interest rates may not rise until October and then only by a small amount. Inflation is eating away at purchasing power, dampening their domestic spending.

Domestically the UK is in bits, in my opinion, far worse than Ireland as our problems are only related to banking & property, the UK has problems throughout their economy. Once we can put the banking issue on the back burner, our economy will come good again, but little Ireland has very little affect on the Euro. Germany is growing at a phenonemal rate and euro interest rates will increase several times over the next 18 months, possibly up to 4% according to many market watchers.

However a geopolitical issue tomorrow morning or a spike in oil prices can change everything.

You came on as an "expert" giving advice - you've been found out as a student with no real knowledge or expertise in currency markets or how currencies move. You don't even seem to understand that prices in northern Ireland have increased substantially and currently there's very little if any savings to be had on general merchandise. - That is not good and most boards such as askaboutmoney.com where I get far more involved in financial matters would have deleted your post a long time ago due to its misrepresentations.

Okay, I've established you as an intellect whose purposely condescending my thread. Find someone elses thread to spam or just peg it back to askaboutmoney with your superior views. I will not be engaging with you anymore. It's just unfortunate you are allowed to continue on here spamming without deletion of your insignificant posts.

And don't judge someone you know nothing about.

borderlinemeath

Skopzz wrote: »

Okay, I've established you as an intellect whose purposely condescending my thread. Find someone elses thread to spam or just peg it back to askaboutmoney with your superior views. I will not be engaging with you anymore. It's just unfortunate you are allowed to continue on here spamming without deletion of your insignificant posts.

And don't judge someone you know nothing about.

Must be an awful lot of condescending intellectuals on this thread, they all seem to say the same thing.

This is the Rip Off Ireland thread.

You haven't pointed out a rip off in any of your posts.

In fact you have gone on to praise AIB - that they always have a competitive rate just for "you". One of the very banks that has the country in the shiite we're in today.

I haven't seen one poster who has taken your "advice" on buying sterling.

sandin

Skopzz wrote: »

Okay, I've established you as an intellect whose purposely condescending my thread. Find someone elses thread to spam or just peg it back to askaboutmoney with your superior views. I will not be engaging with you anymore. It's just unfortunate you are allowed to continue on here spamming without deletion of your insignificant posts.

And don't judge someone you know nothing about.

I've pointed out that you have given flawed "advice". Wrong in so many ways. You put yourself out as someone with knowledge in the currency arena, you were found out and rightly thrashed by many here.

If you came on and said you were a student trying to make money go further and said you thought the current rate was good, you would have had a different response.

But pretending to be an "expert" both on this thread and others you have started, will get you knocked back very very quickly.

If you can't hack being found out as someone who has no formal knowledge in the currency area, then don't post.

Skopzz

borderlinemeath wrote: »

Must be an awful lot of condescending intellectuals on this thread, they all seem to say the same thing.

This is the Rip Off Ireland thread.

You haven't pointed out a rip off in any of your posts.

In fact you have gone on to praise AIB - that they always have a competitive rate just for "you". One of the very banks that has the country in the shiite we're in today.

I haven't seen one poster who has taken your "advice" on buying sterling.

Another offer worth nipping in the bud. I haven't really given that much thought to any of your posts because they have been meaningless for the most part here. But one thing I can say is that I have been slagged by your friend Sandy for his acclaimed offering of ''expert'' advice. However, as a clearly intellectual interpretation of this thread, maybe some good samaritan would be willing to help him. After all, Sandy can always go back to his beloved askaboutmoney forum he so desperately loves. But thank you for your kind offer, Borderlinemeath.

jamesbrond

Skopzz wrote: »

Don't know what you're laughing at, bro.

No. on top of the previous several hundred Pounds I bought back in October. I haven't spent it all.

I think everyone is laughing at you tbh.

Please stop. I have a stitch from laughing too.

davo10

Not wishing to kick a know all when he's down but just about everything you have posted is nearly or completely wrong. Even just concentrating on your theme, the improvement of value in shopping in the North, your figures do not stack up. In October you bought £600 at .8528 which cost you €703.56 excluding fees which you say are free, more recently you trumpeted that you bought £200 at .86 which cost you €232.56. Now at the low amounts you are talking about, the increase in VAT in the North and recent increases in diesel make your 230 mile round trip in your car pooled van a more EXPENSIVE shopping trip now then in October so there is LESS value for you in the North not more.

Skopzz I hope you are not a commerce/economics/maths student.

Skopzz

jamesbrond wrote: »

I think everyone is laughing at you tbh.

Please stop. I have a stitch from laughing too.

Another sheep with no mind of his own. Someone once said ''I'm with stupid''....Guess they don't mean that for no reason.

Skopzz

davo10 wrote: »

Not wishing to kick a know all when he's down but just about everything you have posted is nearly or completely wrong. Even just concentrating on your theme, the improvement of value in shopping in the North, your figures do not stack up. In October you bought £600 at .8528 which cost you €703.56 excluding fees which you say are free, more recently you trumpeted that you bought £200 at .86 which cost you €232.56. Now at the low amounts you are talking about, the increase in VAT in the North and recent increases in diesel make your 230 mile round trip in your car pooled van a more EXPENSIVE shopping trip now then in October so there is LESS value for you in the North not more.

Skopzz I hope you are not a commerce/economics/maths student.

Don't discuss my credentials because you know nothing about me. To reiterate for the second time: Not on a select number of items. Yes, some are expensive (I'm not denying that) but others are cheaper. At the least the Pound is weak, though. People can now have the option of sussing out the bargains to avoid being ripped off in Ireland. That's what this forum is about after all. It's a pity a barrage of trolls doing their best to condescend my thread.

borderlinemeath

Skopzz wrote: »

Don't discuss my credentials because you know nothing about me. To reiterate for the second time: Not on a select number of items. Yes, some are expensive (I'm not denying that) but others are cheaper. At the least the Pound is weak, though. People can now have the option of sussing out the bargains to avoid being ripped off in Ireland. That's what this forum is about after all. It's a pity a barrage of trolls doing their best to condescend my thread.

You still haven't pointed out any rip offs.

A generalisation that people are being ripped off by shops in Ireland is not pointing out a rip off.

By the way have you looked at the conversion rate for euro - stg this morning?
Looks like you were ripped off:D

Skopzz

borderlinemeath wrote: »

You still haven't pointed out any rip offs.

A generalisation that people are being ripped off by shops in Ireland is not pointing out a rip off.

By the way have you looked at the conversion rate for euro - stg this morning?
Looks like you were ripped off:D

Don't worry Borderline, still a long way from the recent lows against the Pound. I actually think you are a troll with no self-control.

borderlinemeath

Skopzz wrote: »

Don't worry Borderline, still a long way from the recent lows against the Pound. I actually think you are a troll with no self-control.

Again, where is the rip off you're trying to refer to in your posts about getting a few quid sterling?

Retorting with accusations of trolling is not answering the question.

sandin

I always notice that when people lose an argument they commence personal attacks on those that show how wrong they are.

AFAIK boards motto, attact the post not the poster.

Skopzz

sandin wrote: »

I always notice that when people lose an argument they commence personal attacks on those that show how wrong they are.

AFAIK boards motto, attact the post not the poster.

What Sandin really means is that he HOPES the mod will yield to his back-slapping all round.

sandin

Skopzz - you're now down 4% on your initial trade 3 weeks ago. An absolute dreadful performance for any currency "expert".

Anyone following your "expert" advice would be suffering heavy losses at this stage.

If you talk pharmacology, I'd probably listen to you as this seems to be your area of study, but leave economics and currency to those that have the same level knowledge of it that you have of pharmacology.