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TheCountOfNowhere

How Do I Move My Cash In Euros And Dollars...

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Hi All,

Suggestions please to the best way ( i.e. fastest and best exchange rate ) for moving pounds into Euros and Dollars ?

Thanks.

The CON.

CON,

I have a share dealing account with TD Waterhouse that allows instant transfer between a basket of currencies including the 2 above.

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Hi All,

Suggestions please to the best way ( i.e. fastest and best exchange rate ) for moving pounds into Euros and Dollars ?

Thanks.

The CON.

You can open a Citi Bank account. Yuo can add euro and dollar accounts and freely transfer money between them.

Very small transfer costs.

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same with HSBC. Just open a euro account and a dollar account and then transfer between them. No fees and the rates are pretty close to market (not going to be as good as an fx trading account but I presume you're not going to be day trading and it's about as painless as it gets).

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same with HSBC. Just open a euro account and a dollar account and then transfer between them. No fees and the rates are pretty close to market (not going to be as good as an fx trading account but I presume you're not going to be day trading and it's about as painless as it gets).

Typically 1.5p off the "spot price"... One major pain with the HSBC one is that you have to call telephone banking, and then get transferred to another department and *then* you get to transfer your money. Apparently, there's no way to do it through internet banking (I ask every time).

Edit: Actually, there's a fee of around 3 euros per month, I think.

Edited by Henrik

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Hi All,

Suggestions please to the best way ( i.e. fastest and best exchange rate ) for moving pounds into Euros and Dollars ?

Thanks.

The CON.

Just out of interest, how many Euros do you want and what are you prepared to pay?

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In reply to the posts above:

1) Can you open the accounts online ?

2) Which bank is safer in your opinions ?

3) I'm looking at moving £20K out of pounds just for now to be on the safe side....maybe more if it goes a bit mental.

4) My reasons....gut instinct....i've got that same feeling I had a week before HBOS collapsed...the man behind the till chuckled when he asked my reasons for closing my accounts and taking my money out and I replied....I think your bank is about to collapse :lol: I'm hearing the BBC lead good news but I'm reading the facts and seeing BIG problems ahead. House prices are the least of our worries for now.

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In reply to the posts above:

1) Can you open the accounts online ?

2) Which bank is safer in your opinions ?

3) I'm looking at moving £20K out of pounds just for now to be on the safe side....maybe more if it goes a bit mental.

4) My reasons....gut instinct....i've got that same feeling I had a week before HBOS collapsed...the man behind the till chuckled when he asked my reasons for closing my accounts and taking my money out and I replied....I think your bank is about to collapse :lol: I'm hearing the BBC lead good news but I'm reading the facts and seeing BIG problems ahead. House prices are the least of our worries for now.

1.) Citi can all be done online - they post you a few forms to sign to confirm address and signature, but it's painless.

2.) Neither/Both. Both are covered to 50k, but if you think it's going to be that bad, definitely buy tangible assets, gold or even houses.

3.) Interesting, I'm about to convert about that much of EUR to GBP.

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same with HSBC. Just open a euro account and a dollar account and then transfer between them. No fees and the rates are pretty close to market (not going to be as good as an fx trading account but I presume you're not going to be day trading and it's about as painless as it gets).

+1

I've learnt from bitter experience that transfer between bank accounts is the way to go. I used to change quite a lot of dollar for pound and euro and never noticed quite how raped you get on the rate.

I've now opened accounts in all 3 currencies and I think it costs me <£50/year + fees, but I make that back every time I transfer such are the awful high street rates.

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In reply to the posts above:

1) Can you open the accounts online ?

2) Which bank is safer in your opinions ?

3) I'm looking at moving £20K out of pounds just for now to be on the safe side....maybe more if it goes a bit mental.

4) My reasons....gut instinct....i've got that same feeling I had a week before HBOS collapsed...the man behind the till chuckled when he asked my reasons for closing my accounts and taking my money out and I replied....I think your bank is about to collapse :lol: I'm hearing the BBC lead good news but I'm reading the facts and seeing BIG problems ahead. House prices are the least of our worries for now.

why euro's?

physical cash I can understand but if you are worried either about banks or a sterling crash then what good is a bank account going to be?

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Slightly off the orignal topic, but anyone got suggestions as to a quick, cheap and easy account to open for the purpose of buying Index Puts - have a Barclays Stockbrokers Self-Select ISA - but the ISA wont allow derivs.

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Anyone got opinions on Norwegian Krona?

Seriously wouldn't trust GBP, USD, JPY or EUR. You're jumping from crumbling ledge to crumbling ledge.

usd, cad, aud imho.

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You can open a Citi Bank account. Yuo can add euro and dollar accounts and freely transfer money between them.

Very small transfer costs.

I live in the UK so if I open a citibank account in dollars am I still protected by the FSA's £50,000 pound compensation scheme? I had a look on the terms and conditions on the site but it was a bit vague in relation to the actual dollar account that you can open.

Also is there any tax I would have to pay if I made money on transferring between dollars and pounds and if so what is the rate?

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Anyone got opinions on Norwegian Krona?

Seriously wouldn't trust GBP, USD, JPY or EUR. You're jumping from crumbling ledge to crumbling ledge.

I'm still a fair bit into USD and EUR just really because the GBP feels the worst bet with ZanuLabour in power; appreciate their all dodgy to varying degrees. Also keep some in CHF. Have them all in various Natwest Reserve Accounts, no on-line as someone said below sadly but telephone service and rates not bad.

Out of interest what yould you trust currency wise?

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Also is there any tax I would have to pay if I made money on transferring between dollars and pounds and if so what is the rate?

As far as I'm aware, there's no tax if you make money as an individual on forex.

Presumably, because people would be able to offset fx losses against tax if it went the other way.

Should be pretty much a zero sum, game, and would take lots of resources to administer, so they leave it alone.

This isn't tax advice, but it is how I understand it.

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As far as I'm aware, there's no tax if you make money as an individual on forex.

Presumably, because people would be able to offset fx losses against tax if it went the other way.

Should be pretty much a zero sum, game, and would take lots of resources to administer, so they leave it alone.

This isn't tax advice, but it is how I understand it.

Not sure that's correct. I may be wrong but the IRS used to look closely at stuff like buying/selling cars for instance and the amount of times an individual did it. I recall it was classed as "badge of trade" or something like that. If you did it frequently it was considered a business. I don't see why currency swaps should be different but they may be exempt-I would get some tax advise.

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Out of interest what yould you trust currency wise?

Not sure yet - that's why I'm looking at NorwayKrona. I figure they must be reasonably stable due to being fairly resource-rich and a democracy. That said, every time I look at a country being a good bet, some sort of dangerous leveraged position seems to emerge out of the woodwork.

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Not sure yet - that's why I'm looking at NorwayKrona. I figure they must be reasonably stable due to being fairly resource-rich and a democracy. That said, every time I look at a country being a good bet, some sort of dangerous leveraged position seems to emerge out of the woodwork.

surely canada has to be in the frame.

australian dollar has recovered a fair bit from its low agains the yuan but is still undervalued.

new zealand dollars?

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oanda.com

Currency trading site with low costs, be careful currency trading is dangerous

Will this be protected by the £50,000 FSA compensation limit?

I am thinking of moving my cash out of sterling in the near future to protect it so I would just be looking to move it once and then convert it back once I am ready to buy a house. I know no currency is completely safe but I want to weigh up my options and see which seems the best one.

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You could always keep your money in GBP but hedge through spread-betting against other currencies? Gets round the FSCS issue, no tax to pay, and leaves your capital in the UK should you need it.

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Not sure yet - that's why I'm looking at NorwayKrona. I figure they must be reasonably stable due to being fairly resource-rich and a democracy. That said, every time I look at a country being a good bet, some sort of dangerous leveraged position seems to emerge out of the woodwork.

Indeed and I just wonder on the advantage of that compared with diversified asset related stocks or whatever. Norway is also a pretty small beast compared with the others and we could be looking at depressed commodity prices in the medium term at least as far as energy is concerned.

Who knows frankly; I guess just keeping your eggs firmly in a few baskets is the best bet. Either way I personally feel more bearish about GBP than anything medium term............

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I got a massive hard sell email from an American site (I think it was the Washington Post -anyone else see it?) must have been several 1000 words detailing how the dollar was about to collapse. It featured rational sounding arguments and lots of stats and graphs (hmm a bit like this site?).

And guess what, for a fee, they'd tell you where you could put your cash to be safe. I bet people are doing the same for the Euro and definitely for the pound.

tbh, I'd go live as a hermit in a cave ;)!

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