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Protecting Cash From Gordon

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Ok, I've heard many talking about protecting savings against sterling tanking.

Swiss Francs have been mentioned - how do you go about swapping.

We should have a sticky in this forum for these things!

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Guest Bart of Darkness

Hi OM, yes this does crop up quite often.

I'm sure others will be able to advise you in greater detail but here goes.

To effectively remove your money from the system, you could buy our old friend gold in person from places like Baird or ATS. Buy no more than £2999 worth from any dealer in a single year. If asked for a name and address, you can give a false one (apparently neither of these places will ask for any proof of ID, or they didn't until recently I believe).

As there is no paper trail, Uncle Prudence can't retroactively do anything to it if things get hairy for him later.

Gold has gone up quite a bit in the last year though. Where it's going next is a subject for ongoing debate!

For Swiss Frances you could open a bank account at a branch in London I believe (i.e. a real Swiss bank account [can anyone flesh out these details as I'm sure I've seen it mentioned on these forums]) or certain banks allow you to have accounts in foreign currencies, including Swiss Francs (little or negligible interest is paid though).




Citibank's terms seem a bit limiting (I emailed them about this but got no reply, again, anyone with experience of Citibank, do you really have to pay your salary into their account as their terms seem to imply?).

I would guess that a real Swiss bank account would be safer from Gordy's clutches, but would be a lot more hassle.

Other posters: Please feel free to correct any inaccuracies I may be perpetuating here (it's the only way I'll learn).

Edited by Bart of Darkness

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Another alternative is to buy shares exposed to foriegn markets or buy shares on foreign exchanges e.g AMEX, TSX etc.

I mix physical metals, futures, UK stocks, foreign stocks, ETF, currencies. Not in that order!

Diversity is important if you want to manage risk rather than go all out for gain.

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Guest Bart of Darkness

An update on some requirements for accounts.

Bank of Scotland seem to require that you already have an account with them before you can have a Swiss franc account.

HSBC require a minimum deposit of £10,000 worth of whatever currency you want the account in (less for dollars and Euros).

Citibank require that:

You must (i) earn over £20,000 per annum and pay your salary into the account monthly or (ii) earn over £30,000 per annum and either pay your salary into your account monthly or make an initial deposit of £2,000.

A genuine Swiss bank account requires about a £400 setup fee.

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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
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      • up 5%

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