I'm in a situation where I have around 20k CHF. I'm wondering whether to invest the money before returning to the UK, or just exchange it for GBP.
I have no immediate plans for the money and will probably not return to Switzerland for a long time or at all.
I am a novice at all things finance.
If you "have no immediate plans for the money and will probably not return to Switzerland for a long time or at all" then it might be best just to exchange the money so then you can use/invest it in the UK.
Maybe keep a bill or two for memory-sake - I do that whenever I travel to a foreign country.
A general principle in finance is that you shouldn't stick with an investment or situation just because it's how you're currently invested. You can ask yourself the following question to help you think it through:
If, instead, I had enough GBP to buy 20000 CHF, would I think it was a good idea to do so?
(I'm guessing the answer is probably "no.")
This way of thinking assumes you can actually make the exchange without giving someone too big of a cut. With that much money on the line, be sure to shop around for a good exchange rate.
This is in reply to the other two answers as they don't seem to cover the downside of switching currency. I would say the question is am I willing to lose say 3% of my money in order to have it in a new more convenient currency. The answer quite likely still is yes if you don't plan to use the old currency anymore. But if you might need to switch back again at some point and you are not in need of the money at the moment, then you should just look where the money will give you the greatest long term return. To me it does not seem obvious that a UK investment would return more than a Swiss Franc investment (but perhaps that might be true).
