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Smell the Fear

Foreign Currency Accounts

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Thanks. I've never heard of them though. Are they owned by one of the major banks? Their website looks quite slick, but they don't pay any interest on deposits less than $10k.

Not sure of their background at all I'm afraid. Seems like it is set up for those with fairly large sums to protect or even speculate in currencies much like a bank would do themselves.

One way around the problem I suppose is to keep most of the money on deposit and then hedge against other currencies with the spreadbetters - one thing about the currency market is that the spreadbetters can't influence it to the disadvantage of their customer positions and also the spreads are minute compared to most currency transactions available (but you obviously forego the interest on the portion of money required for margin).

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Nationwide International (www.nationwideinternational.com) have a good euro savings account. They don't do swiss francs.

For swiss francs you can use Barclays or HSBC offshore.

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Nationwide International (www.nationwideinternational.com) have a good euro savings account.

Thanks for the recommendation. Quoting from their T&Cs:

We will use our own exchange rates for currency conversions which may or may not be the best foreign exchange rate available at the time of transaction.

Do you have a first-hand experience of what the spread is?

Thanks,

MoD

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  • 301 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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