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Currency Accounts

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I have modest amounts of Euro and Dollars sitting around (£10k ballpark each). I'd like to have them in a UK bank account, or one elsewhere designed for foreigners but without millionaire-level charges. The Euros 'cos they're a long-standing round tuit from when I lived and worked abroad, the dollars 'cos they're in a small business account, and putting them in a personal account should offer a teensy bit more security. But wanting to have them closer doesn't mean I want to convert them to the collapsing pound.

The banks in my high street have nothing useful to offer, and neither does a quick look online find anything very exciting. Any suggestions?

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I have modest amounts of Euro and Dollars sitting around (£10k ballpark each). I'd like to have them in a UK bank account, or one elsewhere designed for foreigners but without millionaire-level charges. The Euros 'cos they're a long-standing round tuit from when I lived and worked abroad, the dollars 'cos they're in a small business account, and putting them in a personal account should offer a teensy bit more security. But wanting to have them closer doesn't mean I want to convert them to the collapsing pound.

The banks in my high street have nothing useful to offer, and neither does a quick look online find anything very exciting. Any suggestions?

I have a Lloyds offshore accounts in $ and euros. Costs $50 a year to service, but you get visa debit cards in both currencies and a fantastic service. I'm happy to pay.

I use it for holidays abroad + buying stuff online. However 3 months after I opened it, the tax man wanted to investigate. Coincidence? I think not.

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I have modest amounts of Euro and Dollars sitting around (£10k ballpark each). I'd like to have them in a UK bank account, or one elsewhere designed for foreigners but without millionaire-level charges. The Euros 'cos they're a long-standing round tuit from when I lived and worked abroad, the dollars 'cos they're in a small business account, and putting them in a personal account should offer a teensy bit more security. But wanting to have them closer doesn't mean I want to convert them to the collapsing pound.

The banks in my high street have nothing useful to offer, and neither does a quick look online find anything very exciting. Any suggestions?

I use Citibank .. $40 a year service charge but waived if you have a balance over $2500 or so .. Selling point for me was that they give a debit card ..

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I have 10k in an HSBC Canada account...cost £100 to set up, no fees. Canadian dollar is a bit of weird one, but that is where I want to emigrate, so it makes sense to buy there. Also thing Canada has a better future in the long term.

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Barclays do all major currencies. Free if you keep an average balance above US$2K, otherwise £7/qtr. Call forex helpdesk on 08457 165 921. (Hint: press the "more than £25K" option and you get to talk to some posh girls who are pretty clued up.)

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If you are a firstdirect customer, they'll do a USD or Euro Account (through HSBC). No fees, virtually no interest though (but that's the dollar for you), and it's not integrated into their normal offerings, so you can't do anything online, or get a card/cheque book. Perfect for me though, as I just want to get some of my savings out of sterling.

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Arent all these Foreign currency accounts classified as 'offshore' so if anything happens to HSBC (god forbid) you could potentially end up like the poor icesave saps in Jersey and Isle of Man?

Yes, which is why you should only use accounts with "big name" banks which have unlimited govt guarantees to keep their doors open.

If the S really did HTF I would be looking to withdraw my foreign currency in cash from a High Street branch.

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I use HSBC foreign currency account. There's a small monthly charge after 3 months (£3 I think), but most importantly, 0% commission on currency transfers, which the phone rep assured me means you can transfer between dollar/euro/sterling HSBC accounts without any charges. Only problem is it's telephone banking. Can't even view your balance online.

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I use HSBC foreign currency account. There's a small monthly charge after 3 months (£3 I think), but most importantly, 0% commission on currency transfers, which the phone rep assured me means you can transfer between dollar/euro/sterling HSBC accounts without any charges. Only problem is it's telephone banking. Can't even view your balance online.

I use HSBC as well. No complaints apart from the interest rate being a bit of a joke, but I'm not in foreign currency to get good interest anyway :)

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sign up to oanda.com, the currency trading site.... They have low spreads and pay the going interest rates

Edited by moosetea

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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