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scrappycocco

Hsbc Currency Account

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Has anyone managed to open one of these, if so how did you do it:

http://www.offshore.hsbc.com/1/2/internati...savings-account

Tried to do it at my bank but they said I would get no interest however the above currency account says rates of interest up to 2.5% are available on $AUD.

If you want a foreign currency account, get one with Citibank. They are awesome, I find it amazing no other bank in the UK can really offer this service (I tried HSBC but they said I wouldn't even be able to see my balances online).

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If you want a foreign currency account, get one with Citibank. They are awesome, I find it amazing no other bank in the UK can really offer this service (I tried HSBC but they said I wouldn't even be able to see my balances online).

Can you actually trade currencies with the Citi one? ie can I pay in pounds then change them to yen then dollars etc depending on strength of currencies?

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Can you actually trade currencies with the Citi one? ie can I pay in pounds then change them to yen then dollars etc depending on strength of currencies?

Yes. You stick money in in pounds, just like you'd transfer to any other bank account. You can then log in online, see your balances in all your different currency accounts, and transfer between them (they tell you the rates before you confirm the transfer). Its good. If you are looking to TRADE currencies though, maybe you'd be better with a spread-betting account though, as bid/offers are much less (Citi is about 2 points on GBP/USD, so if market is trading at 1.64, you can change at either 1.63 or 1.65 depending on which way you are going. Still much better than on the high street where they completely f*ck you by taking out 10 big figures if not more, but the spread-betters would have the same quote something like 1.6398/1.6404, tiny bid/offers.

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Yes. You stick money in in pounds, just like you'd transfer to any other bank account. You can then log in online, see your balances in all your different currency accounts, and transfer between them (they tell you the rates before you confirm the transfer). Its good. If you are looking to TRADE currencies though, maybe you'd be better with a spread-betting account though, as bid/offers are much less (Citi is about 2 points on GBP/USD, so if market is trading at 1.64, you can change at either 1.63 or 1.65 depending on which way you are going. Still much better than on the high street where they completely f*ck you by taking out 10 big figures if not more, but the spread-betters would have the same quote something like 1.6398/1.6404, tiny bid/offers.

But as an easy way to get into it, and a few trades a year as opposed to day trading it seems ok, Right?

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Open an Invest Direct Plus account with HSBC. Once setup you can open a USD and EUR cash account. You can then transfer money in GBP into your Invest Direct cash account and then transfer it between USD and EUR at decent rates.

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Yes. You stick money in in pounds, just like you'd transfer to any other bank account. You can then log in online, see your balances in all your different currency accounts, and transfer between them (they tell you the rates before you confirm the transfer). Its good. If you are looking to TRADE currencies though, maybe you'd be better with a spread-betting account though, as bid/offers are much less (Citi is about 2 points on GBP/USD, so if market is trading at 1.64, you can change at either 1.63 or 1.65 depending on which way you are going. Still much better than on the high street where they completely f*ck you by taking out 10 big figures if not more, but the spread-betters would have the same quote something like 1.6398/1.6404, tiny bid/offers.

igindex spread is more like 1.64607 - 1.64637 for gbp/usd.

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