How the Exchange Rate hit me.

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Hi,

 

In response to popular request to open new discussion (see Crown).

 

We sold out cottage in France for €56,000, which at "parity" would have translated into £56,000, less a smidgen. But the deal was delayed by a couple of months while the buyer sorted out a mortgage. Then the Notaire was not in the office for a couple of weeks, so the money sat in HIS bank.

 

Come the big day, and the money was in our FRENCH bank, the €/£ exchange rate was no longer at parity. It was at €1.2 = £1. Hmmm! 0.20 isn't much! Oh yes it is ...... in our case over £10,000 less than we were expecting.

 

It might have been sensible to spend it in France, at least we would have got the full benefit. Whatever, even it we had lost the lot, it would not have affected our way of life, we just wouldn't have been able to go on a spending spree ..... which we didn't, anyway. We have ripped up our ground floor, insulated and replaced, knocked two rooms into one, and installed a new staircase. The remainder is sitting in the bank, cos we can't think of anything sensible to do with it. I suppose I should consider us lucky ..... or is it just that my wife is a tightwad.

 

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