I am worried that my deposit is going to be eaten away as the pound weakens and inflation rises, so have been thinking about converting it to another currency.
1/ But which one is a good bet, and why ?
2/ What is the most economical way of going about buying foriegn currency ?
(I'm assuming turning up at the Bureau de change with a cheque for 50k is
not the best way to do it !! )
3/ Will the charges to convert from sterling and then back again cancel out any
gain ?
4/ Can I hold a foriegn currency in a "normal" bank account ?
Any replies or advice would be much appreciated !!
Full Version: Which Currency ?
FaTB,
Use Xetrade.com to buy the currency - the spreads are great and make a mockery of UK banks. Don't worry about buying large amounts, they are reputable and their customer services were very prompt and helpful with me. Think about opening multi-currency accounts offshore such as Natwest or Barclays.
As a currency mix I would go for strong well managed foreign currencies. Have a look at http://www.stablecurrencybenchmark.com/. I have a large portion of my funds in this mix and have made steady gains since I started 1 year ago. I've certainly beaten inflation and most of my gains have been capital gains hence no tax.
I agree with your worry about sterling mis-management. I would not be at all surprised if the currency rather than property crashes - after all there is a lunatic at the controls...
Pete
Use Xetrade.com to buy the currency - the spreads are great and make a mockery of UK banks. Don't worry about buying large amounts, they are reputable and their customer services were very prompt and helpful with me. Think about opening multi-currency accounts offshore such as Natwest or Barclays.
As a currency mix I would go for strong well managed foreign currencies. Have a look at http://www.stablecurrencybenchmark.com/. I have a large portion of my funds in this mix and have made steady gains since I started 1 year ago. I've certainly beaten inflation and most of my gains have been capital gains hence no tax.
I agree with your worry about sterling mis-management. I would not be at all surprised if the currency rather than property crashes - after all there is a lunatic at the controls...
Pete
QUOTE(Pete @ Aug 21 2005, 05:10 PM)
FaTB,
Use Xetrade.com to buy the currency - the spreads are great and make a mockery of UK banks. Don't worry about buying large amounts, they are reputable and their customer services were very prompt and helpful with me. Think about opening multi-currency accounts offshore such as Natwest or Barclays.
As a currency mix I would go for strong well managed foreign currencies. Have a look at http://www.stablecurrencybenchmark.com/. I have a large portion of my funds in this mix and have made steady gains since I started 1 year ago. I've certainly beaten inflation and most of my gains have been capital gains hence no tax.
I agree with your worry about sterling mis-management. I would not be at all surprised if the currency rather than property crashes - after all there is a lunatic at the controls...
Pete
Use Xetrade.com to buy the currency - the spreads are great and make a mockery of UK banks. Don't worry about buying large amounts, they are reputable and their customer services were very prompt and helpful with me. Think about opening multi-currency accounts offshore such as Natwest or Barclays.
As a currency mix I would go for strong well managed foreign currencies. Have a look at http://www.stablecurrencybenchmark.com/. I have a large portion of my funds in this mix and have made steady gains since I started 1 year ago. I've certainly beaten inflation and most of my gains have been capital gains hence no tax.
I agree with your worry about sterling mis-management. I would not be at all surprised if the currency rather than property crashes - after all there is a lunatic at the controls...
Pete
Thanks for your help Pete, I will definately look into that.
If you think its a stupid idea please tell me !!
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