Hello everyone
Newbie here and first post so please bear with me. I have been browsing this place for some time and I must say there are some extremely genius minds on here who really seem like they know the Canadian investment industry inside out.
So, like I said I am a newbie - not just on the CanadianMoneyForum; but also in Canada! I have moved over from the UK some time ago and I have some GBP savings sitting in the bank that I haven't brought over yet. I never really explored investment options when I was in the UK (I guess I was too busy saving!) but with all Brexit (some call it Brexsh*t while others have named it as Regrexit) stuff the insecurity is hitting as to what might happen to the Sterling if UK really quits the EU. Its true that the CAD is not doing so great right now but if I was to transfer my savings at the current rate I am likely to lose more than CAD15,000 on the total amount compared to say if I transferred it pre-Brexit.
Eventually I would like to invest that money in some credible funds in my new homeland Canada and I know for sure that if/when I bring those savings over I will have (A LOT!) of questions on where to park it. But first I need to answer the main question i.e. Should I convert the British Pounds into Canadian Dollars now or should wait a little bit longer? Of course nobody can guess what will happen to the £ or the Loonie. Right now the £ is under pressure from the uncertainty of Brexit but so is the Loonie from oil. Certainly no one can predict which direction each one of them might go over the rest of 2016 or 2017. Some say Brexit will never happen no matter how much the public votes against Europe but others say the oil will also never be back to the level where it was at its peak (~$140/barrel) so the CAD is bound to stay low for some time (unless something drastic happens and CAD divorces itself from oil).
So, I will save my investment questions for later but for now if someone can provide their insight on what to do with my foreign funds that would be highly appreciated.
Newbie here and first post so please bear with me. I have been browsing this place for some time and I must say there are some extremely genius minds on here who really seem like they know the Canadian investment industry inside out.
So, like I said I am a newbie - not just on the CanadianMoneyForum; but also in Canada! I have moved over from the UK some time ago and I have some GBP savings sitting in the bank that I haven't brought over yet. I never really explored investment options when I was in the UK (I guess I was too busy saving!) but with all Brexit (some call it Brexsh*t while others have named it as Regrexit) stuff the insecurity is hitting as to what might happen to the Sterling if UK really quits the EU. Its true that the CAD is not doing so great right now but if I was to transfer my savings at the current rate I am likely to lose more than CAD15,000 on the total amount compared to say if I transferred it pre-Brexit.
Eventually I would like to invest that money in some credible funds in my new homeland Canada and I know for sure that if/when I bring those savings over I will have (A LOT!) of questions on where to park it. But first I need to answer the main question i.e. Should I convert the British Pounds into Canadian Dollars now or should wait a little bit longer? Of course nobody can guess what will happen to the £ or the Loonie. Right now the £ is under pressure from the uncertainty of Brexit but so is the Loonie from oil. Certainly no one can predict which direction each one of them might go over the rest of 2016 or 2017. Some say Brexit will never happen no matter how much the public votes against Europe but others say the oil will also never be back to the level where it was at its peak (~$140/barrel) so the CAD is bound to stay low for some time (unless something drastic happens and CAD divorces itself from oil).
So, I will save my investment questions for later but for now if someone can provide their insight on what to do with my foreign funds that would be highly appreciated.