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defweb

Which Bank To Hold Foreign Currency

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what is the best value (i.e low charges) foreign currency account i can open?

I know hsbc and a few other high street banks have this facililty but i imagine the fees vary considerably.

Bit late but i want out of sterling as i have no confidence in this government and want to protect my wealth. Didnt think it would come to this when i fist signed up to this forum many years ago. Just wanted reasonable house prices.

thanks

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what is the best value (i.e low charges) foreign currency account i can open?

I know hsbc and a few other high street banks have this facililty but i imagine the fees vary considerably.

Bit late but i want out of sterling as i have no confidence in this government and want to protect my wealth. Didnt think it would come to this when i fist signed up to this forum many years ago. Just wanted reasonable house prices.

thanks

Citi Bank is generally considered to be the best in terms of charges. Not sure how secure it is at the moment, but you have a British Government guarantee up to £50,000 for what it's worth.

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what is the best value (i.e low charges) foreign currency account i can open?

I know hsbc and a few other high street banks have this facililty but i imagine the fees vary considerably.

Bit late but i want out of sterling as i have no confidence in this government and want to protect my wealth. Didnt think it would come to this when i fist signed up to this forum many years ago. Just wanted reasonable house prices.

thanks

your right there. every commentary i look at gives a different prediction about where currancies are going. some say euro is has lots of bad news to come, and will fall . some [from america] say doller is going to be next. i dont know what the f to do to protect my cash. it is so expensive to just convert amounts to any other currancy. i fear doing that only to see the euro or doller drop next. in the meantime the pound goes down what to do

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HSBC is probably the worst high st. bank to have a foreign currency account with. I closed mine down last week as they insisted on a 1% euro cash handling charge.

When I queried as to how they could justify this chage, their retort was that it took "time to count and process the euro cash" and hence the charge.

In light of the fact that I deposited 20k euros made up of only 40 notes (each of 500 euro denomination), I am left in no doubt these guys are lazy good for nothings!

More so they charge about 4 euro a month to maintain the account.

I just opened one up with Barclays - no handling nor monthly charge. I'm not sure if the £50k gaurantee still applies.

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You want out and i want in so lets cut the middle men out and save the commision fees.

just PM me when it's back to about 1.02 and i'll help you out because i think it will settle down at about that rate ready for us to join the euro even if 99% of the public don't want it.

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Dear defweb;

For what its worth. The money markets have been in turmoil for the last month. Since August last year actually!

About 18 months ago I was asked to put a bit into a fund that hedged on the FX markets.

The account is in US$ and held offshore. If in need you can draw down profit, invest more etc.

Over the last 18 Months its paid out. Careful not to bring in more than your tax allowance though.

If you want details PM me.

All the best

Bonner

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For me the question is not which bank but which currency.

I would not touch euro or dollar yen or Swiss Franc.

Maybe Norwegian Kroner, I am interested in opinions on this.

The Kroner looks like one of the safer options to go for. They have political stability, mountains of oil wealth, and therefore look a good bet. However, I say this without having tracked the currency performance. You may want to check an FX chart for history over the last 2-5 years before diving in. If too many others have already had the same thought.....

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For me the question is not which bank but which currency.

I would not touch euro or dollar yen or Swiss Franc.

Maybe Norwegian Kroner, I am interested in opinions on this.

Not wishing to be melodramatic, traditionally... i.e. pre 1914 currencies were fully redeemable

in gold (the gold standard), during the "troubles" this gold standard was suspended so the respective

governments britain and germany could print enough depreciating paper money so they could

buy enough arms and amunition to kill each other en-masse.

Then in 1945 the world magically went back to the gold standard with the Bretton Woods agreement,

which said that countries around the world didn't need to worry about storing their own gold reserves,

they could hold US DOLLARS which were "good as gold".

Hoho...fast-forward to 1971, gold-standard suspended (yet again,

part of the reason too much money printed to finance vietnam war)

.....this is the age we are now living in: the age of money backed by nothing.)

The best currency to place your wealth is gold. The price may manipulated,

but the volume/value of gold cannot be manipulated long-term imho.

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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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