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Ways to store cash in foreign currency?


Inoperational Bumblebee

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Inoperational Bumblebee

So I realise I should have done this before the Referendum, but can anyone suggest ways to store cash in currencies other than GBP? Preferably USD...

I'm not talking shitloads, just a few grand, so foreign bank accounts are probably overkill given the charges.
I have considered putting it on my Revolut card but in their Ts&Cs Section 19.1 RESTRICTIONS ON THE USE OF THE REVOLUT SERVICES part AA it says 'use the Revolut Services to trade FX for speculative purposes or for FX arbitrage' {as in don't). Would this bother you?

Suggestions of other cards or methods welcomed!

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One percent
1 minute ago, Inoperational Bumblebee said:

So I realise I should have done this before the Referendum, but can anyone suggest ways to store cash in currencies other than GBP? Preferably USD...

I'm not talking shitloads, just a few grand, so foreign bank accounts are probably overkill given the charges.
I have considered putting it on my Revolut card but in their Ts&Cs Section 19.1 RESTRICTIONS ON THE USE OF THE REVOLUT SERVICES part AA it says 'use the Revolut Services to trade FX for speculative purposes or for FX arbitrage' {as in don't). Would this bother you?

Suggestions of other cards or methods welcomed!

Cash under the mattress would be my preferred storage option. 

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Green Devil

open a brokerage account and fund it in sterling.

then if you want to buy dollar just buy the USDGBP pair, simples.

you could also then buy usd dollar assets for example, shares in microsoft for say 1k $ which would have the same effect as buying a usdgbp pair for say 1k, but buying it in dollars and shares. Effectively selling the pound.

I have been doing this and as the stock rises you make a % and as the pound falls you make a %. If the pound rises and the stock falls you lose lose!

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I opened a USD bank account with Barclays about 2007/8 ish. 

It was a bit of a faff, and with the fees for exchanging etc. a waste of time. I closed it with a small loss (after fees) a couple of years later.

These days I just buy shares in my ISA. I had to fill in some American tax form to buy American shares, but that was fairly straightforward.

 

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If you didn't mind a bit of risk you could put your money in a fund or investment trust in which most of the stocks were priced in USD ?

That way over the long term your investment should increase in value and/or pay dividends..  at the same time you would avoid exposure to GBP (if that is your aim).

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Inoperational Bumblebee

Thanks for the replies.

I've got quite a bit in various funds at the moment, it was more the quick access aspect of cash that I wanted.

I've put a bit into Revolut so far, and also into my currency trading account. I realised the latter lets you set up sub-accounts denominated in other currencies, which I've done. I'm going to see how I feel about them before I commit any more.

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  • 2 months later...
Mirror Mirror
On 13/07/2017 at 09:37, SpectrumFX said:

I opened a USD bank account with Barclays about 2007/8 ish. 

It was a bit of a faff, and with the fees for exchanging etc. a waste of time. I closed it with a small loss (after fees) a couple of years later.

These days I just buy shares in my ISA. I had to fill in some American tax form to buy American shares, but that was fairly straightforward.

 

I did similar a few years back, € with Nationwide, Isle of Man, but while I dont think they offer € £ $ accounts, others probably do.

Worth remembering that such accounts are not covered by the banking depositor protection scheme should the bank go tits up, as the scheme only covers Sterling deposits.

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On 10/22/2017 at 21:24, The Masked Tulip said:

Citibank do a USD account - you have to apply online and fill in the US tax exemption forms every 2 years.

All Cambodian banks operate USD accounts as standard.

To open an account, all you need is you, some cash and a passport.

At least 40 banks here are foreign owned, many of those by very large, well capitalised banking groups.

Internet banking, Visa/MC, etc., all available.

DYOR

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  • 2 weeks later...

If you want electronic storage I second the Interactive Brokers suggestion. For a few grand though agreed that cash under the mattress might be the easiest option.

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  • 3 weeks later...
10 minutes ago, davidg said:

have you been poking around my house?

You really should not have said that on here. Be prepared to fight off hordes of dosbodders intent on parting you from your stash. 

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