I just wanted to check my basic thinking on something, and this is always a good place.

So, it’s really all around the falling pound relative to other currencies at the moment. I get paid in euros into a UK bank account that then changes it into pounds. As the pound falls, essentially, that means it’s worth more – in the UK. However, generally I spend it again in Euros, and so really the difference is cancelled out again.

Does that make sense? Am I missing something?

Thanks.

It seems to mean you’re paying exchange fees twice. Why not get it paid into a Euro bank account?

Scotroutes: let’s assume an old 1.2 euros to the pound. 100 euros was 80 pounds. It’s slipping towards 1:1 so 100 euros will be worth 100 pounds. Or, effectively a 20% pay rise. I think. That’s more than paying currency exchange fees twice. One of the options is a Euro account, but does it make sense is the question.

Well, taking exchange fees out of the question then your 20% pay rise will be right, but everything you buy will cost 20% more.

One of the options is a Euro account, but does it make sense is the question.

Definitely if you mainly spend Euros; plus you get to transfer to £ and can hunt for the best rate, rather than bank give you their basic FX rate, which won’t be great.

Scotroutes, Footflaps. Thanks to you both for the thoughts.