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Foreign Currency Accounts?

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Anyone know who offers foreign currency accounts to UK citizens?

I would like to get out the pound and into safer currencies - i.e. Norwegian, Canadian, Australian, Singapore, HK.

Any ideas?

UOB Group Singapore

Foreigners/Spouse (not working in Singapore)

· Passport; and

· other form of more permanent identification e.g. identification cards or social security passes etc.

· A Letter of Reference from a Bank whereby the customer is currently having an existing banking relationship with the Bank itself; or

· A Letter from an Introducer (the introducer must be our existing UOB account holder)

Dnb NOR Bank Norway

> 1. Your name, date of birth, nationality, and the reason why you want

> to open this account.

>

> 2. A statement from your current banker.

> (Detailing how long you have been a customer, scope of accounts and

> that terms and conditions have been met).

>

> Please forward this documentation to:

>

> DnB NOR Bank ASA

> Salgsservice - Skien

> NO-0095 Oslo

> Norway

Australia - National Australia Bank.

http://www.nab.com.au

Not sure about Canada.

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Anyone know who offers foreign currency accounts to UK citizens?

I would like to get out the pound and into safer currencies - i.e. Norwegian, Canadian, Australian, Singapore, HK.

Any ideas?

Lots of countries and banks do - too numerous to mention. Perhaps the most important thing is to ensure your money will be covered by the FSCS. Personally, I'd search for the FSCS covered scheme that gives you the highest interest rate.

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Also don't use the banks to make the currency exchange, the rates are crap.

I recently moved £300k into Euro and Natwest quoted €1.11 when the current exchange rate was €1.1354. Best quote I got was from worldfirst.com the trade only cost me a couple of pips and the service was excellent. They also have a good daily video blog and they seem to be spot on with there predictions. That said I have only been following the blog for a month or so.

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HSBC Currency Instant Access Savings Account - LINK.

£3 pm USD / EUR, £5 pm other currencies.

I was quoted GBP30/6months by Lloyds for a Norwegian Krone business account. Doesn't look competitive now and I'll ask if they can match other providers before signing on the dotted line.

Edited by A_Landlord

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HSBC

USD

(Interest paid half yearly)

At present no credit interest is paid

:angry:

Nationwide

US Dollar savings accounts - at a glance

US Dollar Tracker Premium account - a base rate tracking guarantee and easy access combined

•Currently paying up to 0.50% gross* p.a./AER - including a premium of up to 0.375%

:)

Edited by Realistbear

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Anyone know who offers foreign currency accounts to UK citizens?

I would like to get out the pound and into safer currencies - i.e. Norwegian, Canadian, Australian, Singapore, HK.

I think you just need to hedge in other currencies (kind of betting on them against the pound).

I don't think you need to actually put your pounds there. It is much safer, and you save on commissions.

But I would be cautious about the Norwegian currency. If even we are talking about it, it must be in a bubble already! Same for other small country currencies that "everybody" is talking about... We have to fing more creative solutions.

Edited by Tired of waiting

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Transferring cash with decent spreads is all good and well, if you have a foreign account you have simple easy access to.

If not ? You are down about 15% as soon as you transfer the money.

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I'd say 5-10% but Scandy spreads are quite large.

You're best opening an account with someone like Internaxx or IB to get good exchange rates.

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Anyone know who offers foreign currency accounts to UK citizens?

I would like to get out the pound and into safer currencies - i.e. Norwegian, Canadian, Australian, Singapore, HK.

Any ideas?

If you earn and spend in sterling, the "safest" currency is sterling. Putting money into non-sterling currencies is a punt on those currencies strengthening relative to sterling. If that's what you want to do, the cheapest place to place a bet on sterling crosses weakening is probably through a spreadbetting firm, rather than going to all the hassle of opening accounts and then losing money on the FX spread.

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Transferring cash with decent spreads is all good and well, if you have a foreign account you have simple easy access to.

If not ? You are down about 15% as soon as you transfer the money.

Look at goldmoney - 0.49% and very easy to setup.

Not hard and not expensive.

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Look at goldmoney - 0.49% and very easy to setup.

Not hard and not expensive.

I take it you mean holding gold or silver, but in a different currency ?

Not exactly what I had in mind.

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If you earn and spend in sterling, the "safest" currency is sterling. Putting money into non-sterling currencies is a punt on those currencies strengthening relative to sterling. If that's what you want to do, the cheapest place to place a bet on sterling crosses weakening is probably through a spreadbetting firm, rather than going to all the hassle of opening accounts and then losing money on the FX spread.

Who's the counterparty? AIG, for instance?

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Anyone know who offers foreign currency accounts to UK citizens?

I would like to get out the pound and into safer currencies - i.e. Norwegian, Canadian, Australian, Singapore, HK.

Any ideas?

Alternative: do what I'm doing, and trickle a couple of grand per month into a range of international unit trusts, thus buying assets that derive value from a basket of currencies. With an emphasis on those that are more healthy than sterling.

Also quality UK investments in companies with substantial foreign earnings, as a fall in sterling will naturally raise their sterling-value. The ability to do that easily is the real benefit of London being such a big financial hub (as opposed to some of those false benefits that turned round and bit recently).

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Who's the counterparty? AIG, for instance?

Also one thing to note about spread betting companies. They also have a ..............spread !!

There is no cheap & easy way to do this plan of hedging against Sterling falls.

Ideally you would want a basic savings account in a number of different currencies. Not the ones offered by our banks, coz they rape you on the spread. You really want a proper savings account. Normally though you require some residential proof for these things.

Unless anyone knows otherwise.

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This looks promising - http://www.citibank.co.uk/personal/banking...m?merchant=citi

look better than HSBC's accounts.

Alternative: do what I'm doing, and trickle a couple of grand per month into a range of international unit trusts, thus buying assets that derive value from a basket of currencies. With an emphasis on those that are more healthy than sterling.

Also quality UK investments in companies with substantial foreign earnings, as a fall in sterling will naturally raise their sterling-value. The ability to do that easily is the real benefit of London being such a big financial hub (as opposed to some of those false benefits that turned round and bit recently).

Agree. I prescribe to the Peter Schiff Crash Proof philosophy - get out of a sinking currency into rising foreign ones.

Which large UK firms have foreign assets and earnings in the good currencies (i.e asian/canadian/Aus?). Vodafone perhaps? I would avoid those that earn in dollars i.e. BATobacco, BP, etc?

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Agree. I prescribe to the Peter Schiff Crash Proof philosophy - get out of a sinking currency into rising foreign ones.

Which large UK firms have foreign assets and earnings in the good currencies (i.e asian/canadian/Aus?). Vodafone perhaps? I would avoid those that earn in dollars i.e. BATobacco, BP, etc?

Many of them. Anything in the tech sector, for instance. Vodafone is certainly a candidate, though they're also in a highly-competitive sector these days so it's more like buying supermarket shares than exciting growth. A few I hold with worldwide earnings are ARM, PSON, ASHM, ISAT (just OTTOMH), though I wouldn't necessarily be buying all of those at today's valuations.

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(...) into a range of international unit trusts, thus buying assets that derive value from a basket of currencies. With an emphasis on those that are more healthy than sterling.

That is interesting.

(...) UK investments in companies with substantial foreign earnings,

Also interesting.

But... if we are think that sterling will fall in relation to the Euro, and probably even more in relation to the Yen, then why not even leverage the investment? I'd like to try that. But I have to learn the practicalities of it: forex, spread betiing, etc. Do you know how it works? Best traders that deal with it?

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Also one thing to note about spread betting companies. They also have a ..............spread !!

There is no cheap & easy way to do this plan of hedging against Sterling falls.

Ideally you would want a basic savings account in a number of different currencies. Not the ones offered by our banks, coz they rape you on the spread. You really want a proper savings account. Normally though you require some residential proof for these things.

Unless anyone knows otherwise.

If you just want your money in Euro's why not just open an account with Credit Agricole?

http://www.britline.com/currentaccount/applying/

Can be resident in France or UK.

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1000 scousers were asked if they thought Britain should change its currency,

99% said no they where happy with the Giro....

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I take it you mean holding gold or silver, but in a different currency ?

Not exactly what I had in mind.

No. You can swap between cash in different currencies.

Would you like me to email you a link, perhaps pop round and type the address in for you, or are you able to do some basic leg work yourself?

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If you earn and spend in sterling, the "safest" currency is sterling. Putting money into non-sterling currencies is a punt on those currencies strengthening relative to sterling.

Yes but if the purchasing power of the sterling you hold goes down then it is not a safe currency. The government and BOE have done everything in their power to reduce the purchasing power of the pound.

The current account deficit, quantitative easing, bailouts etc mean that holding sterling could prove to be an unsafe investment IMHO should inflation rear its ugly head.

Safety to me is maintaining the purchasing power of my assets by investing in precious metals and foreign assets of countries which have sound economic policies and backed by real industry or commodities.

Edited by ringledman

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