UK Pound Surges Through the €1.30 Barrier
UK Pound Sterling
For those of you who earn their money in sterling and spend some of it in Euros, it is good news.
For those who earn it in Euros and spend some of it in sterling, it is bad news.
For every pound you spend you can now get €1.30. At the start of last year the pound stood at €1.18.
That means that for every pound you change, now, you get 12 cents more than you got this times last year. That’s a huge bonus for those from this area who work in Derry or elsewhere in the North.
Moville Visitors
It’s also good news for those from the area who work in the UK and come back to visit every so often.
It’s great news, again, for our regular visitors.
It should boost tourism in the summer. Those changing their pounds into Euros should find it a much cheaper holiday in 2015.
People in Derry have been complaining in recent years how expensive it has got in Inishowen.
That’s when the Euro was in the €1.10 to €1.20 range. They were surprised at the price of a pint.
Pint of Lager
A pint of lager is usually around €4 in Moville. When the Euro was €1.10 to the pound that was the equivalent in sterling of £3.64 a pint.
Even in places like Sandinos in Derry it is £2.95 a pint. In a Wetherspoons it is £2.20. It must have seemed very expensive to them when they came here from Derry or the UK to our festivals or just for the day.
Now the price of a pint at €4 in sterling terms is £3.08. That’s not too different from Sandinos and similar pubs. If they buy a pint fo Carling in Annie’s which is €3 that is sterling equivalent of £2.31 – which is much cheaper than Sandinos and nearly as cheap as a Wetherspoons.
Moville Businesses
This rise is going to be great news for Moville businesses.
As I say, the only losers will be those who earn their money in Euros and who spend some in sterling. However, that is still good for Moville businesses as they would be less likely to do their shopping in Derry and shop in Moville instead.
I remember doing a price comparison of 10 items from Gillens and Sainsbury in Derry a couple of years back. Gillen’s was cheaper for 7 items and Sainsbury 3 items. The Euro was €1.18 against the pound at that stage. Now it is €1.30 so Gillen’s will have an even bigger advantage now.
Movillians Wasting Money
Incidentally, Movillians are wasting a whole heap of money by changing their currency at the banks – especially those who earn their money in sterling and spend it in Euros – or vice versa.
Those in the know are changing their money online on www.CurrencyFair.com
It’s crazy that people are still paying the 3.5 pence for every pound they change into Euros plus a transaction fee.
With Currency Fair you pay less than half a cent with a transaction fee of only 3 Euros for each time you change money. You are saving more than 3 cents for each pound or euro you exchange and the transaction fee is less.
Losing Thousands
Some people, who work in Derry, are losing thousands of Euros a year by not doing this. it’s crazy!
It’s a no-brainer. All you have to do is get copies of two bills showing your address and a photocopy of your passport.
I’ve been told that some people worry about sending a copy of their passport. However, this is a highly regulated industry and it is completely safe. You can either email the documents to them or post them. The Irish Government have only given licences to two such companies and Currency Fair is one of them.
To sign up click on www.CurrencyFair.com
For more information click on https://www.currencyfair.com/features/currency-exchange-fees/
New Years Resolution
With times tight, especially after Christmas, Movillians should make a resolution to keep more of their money this year. It’s so easy to do too.
There’s only one other thing you need and that is to have a Euro account and a sterling account. You take it out of one account, move it into CurrencyFair online, do the currency conversion and then move it to the other bank account.
I’ve been doing it for ages and have found it completely safe (and easy) and it has saved me a lot of money. No matter, where you are in the world you can still use it.