Re: How will Brexit affect your finances?
 

I be surprised if the Philippines withdraws

There are over 250,000 working in the UK, sending back funds that are needed at home.

Far more Pinoys in the UK than there are Brits in the Philippines, just does not make sense.......then again this is la la land

Re: How will Brexit affect your finances?
 

The recent slide of the £ has highlighted the negative effect on those from UK and their financial situation in Philippines.
I was curious how many of you had thought previously to not have all your finances tied up in £, rather spread it across £ and US$. Having a $ account with say, half of your available funds lodged in, will hedge your position against drastic currency fluctuations.

Re: How will Brexit affect your finances?
 

The problem with hedging currencies is every time you transfer between currencies you are going to pay a transfer fee, so unless you have a large amount of savings and are particularly worried about fluctuations/movements it might cost more just to transfer into another currency.

Having said that, sterling seems to have been on a downward trend against the peso for the last five years or more, so it might make sense to either put all your money in pesos or dollars, or another more stable currency - which is exactly what investors have been doing since Brexit was announced.

Re: How will Brexit affect your finances?
 

If your earnings (pension) is in £ you are pretty much stuck with it.

Re: How will Brexit affect your finances?
 

Wasn't suggesting transferring between currencies each and every time there is a dip in one currency or another, rather, keeping 2 accounts and maintaining a split between them. In any case the transfer fee is small compared to the losses incurred by major slides such as we are seeing in the £ right now. That is what I do, most of my money is in $ but I maintain a £ account as well.