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Foreign Currency Accounts

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With all my savings outside of an ISA sitting in an ING savings account (interest rate just dropped), I am getting worried about a falling pound.

Does anyone know how to get a foreign currency account (probably in Euro's)?

Do they pay a reasonable amount of interest?


Is there a better way to hedge against a falling pound rather that exchanging physical cash?

Edited by unklmic
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I have looked into this, and a few banks do them: HSBC, Barclays etc.

Basically they don't pay any interest unless you have huge amounts of cash in them.  You also need to have a min amount in them.

I'm in the same boat as you, but only have a few £k in my ing (i'm currently opening an ICICI acc), so its not really worth it for me.  Later in the year when my other regular savings mature (still at 7%) I may buy some travllers cheques (I don't want cash as it could easily be stolen).

That would be the simplist way to do it. Me thinks...

Travellers Cheques have a huge level of commision dont they? If all you are seeking to do s protect against the deflating pound, surely investing in an intrest free account would be the way forward? I pumped all savings into wal mart (hopefully a safe investment) via a online US trading account that gave a cometitve exchange r8... OR am I missing somehing? Will travellers cheques pay in the long run?

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