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EUR Denominated Fund Account in UK - possible?

JennyH1980
Posts: 13 Forumite
Hey there,
I have some EURO sitting around in my Paypal account.
I don't want to convert it to GBP as the exchange rate is pretty bad.
So I was thinking of investing it instead.
I know absolutely *nothing* about investing, but read a little about funds on the articles here.
I'd like to know, is it possible to open any funds accounts here in the UK denominated in EUROs and I can just move my EUR across?
Or can I open a fund account in a EUR country and do the same?
Any advice on how I can go about doing the above would be absolutely brilliant.
Also any advice in general about investing the EUR would be great!
Thanks!!!!
I have some EURO sitting around in my Paypal account.
I don't want to convert it to GBP as the exchange rate is pretty bad.
So I was thinking of investing it instead.
I know absolutely *nothing* about investing, but read a little about funds on the articles here.
I'd like to know, is it possible to open any funds accounts here in the UK denominated in EUROs and I can just move my EUR across?
Or can I open a fund account in a EUR country and do the same?
Any advice on how I can go about doing the above would be absolutely brilliant.
Also any advice in general about investing the EUR would be great!
Thanks!!!!
0
Comments
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You can certainly find Euro denominated funds in the UK though you may have to hunt around a bit to find the best dealer to buy them through. My UK broker certainly allows me to credit my account with currency and then buy funds and stocks denominated in that currency without any exchange fees, but I had to set it up in advance.
You can also find a dealer in Euroland and buy there, of course.0 -
Which broker is that? Mine skims 1% off a foreign purchase and the same when selling
I think the best market would be Germany, I dont think any of them are as 'easy' as London
Selftrade is uk based but backed by Socgen.0 -
sabretoothtigger wrote: »Which broker is that? Mine skims 1% off a foreign purchase and the same when selling.
NatWest Stockbrokers. You have to set up the multicurrency option first (free) and once done it allows you to credit your account in currency so there is no exchange spread.0 -
As I don't know much about funds or investing.
I was hoping to find something which I could just buy a fund from (like a funds supermarket) with low fees and just let them manage it.
I called HL, but they don't have EUR denominated accounts.
Do you know of any German funds supermarkets I could use?
Thanks for all your help0 -
Not unless you speak German and give them a ring
Ask socgen and HSBC0 -
And there's plenty of euro denominated ETFs you could purchase, eg:
http://uk.ishares.com/publish/repository/documents/en/downloads/product_list_uk.pdf0 -
JennyH1980 wrote: »I have some EURO sitting around in my Paypal account.
I don't want to convert it to GBP as the exchange rate is pretty bad.
do you mean that you are confident that EUR will rise relative to GBP, so you will do better converting your EUR into GBP later?
or that paypal charge too much for currency conversion, so you wouldn't get as many GBP as your EUR are actually worth?
or something else?
predicting future changes in exchange rates is hard.
could you get paypal to pay the EUR out (into an account accepting EUR) without converting it, and then get somebody else to convert to GBP more cheaply? i don't know, but it's more likely for a larger sum of money, because you can get better exchange rates for larger sums.So I was thinking of investing it instead.
sorry, a shorter answer: investing it might be a good idea, but not because it's sitting in EUR in a paypal account.I'd like to know, is it possible to open any funds accounts here in the UK denominated in EUROs and I can just move my EUR across?
if you're going to spend your money in GBP, you're going to have to convert it at some time anyway.
for cheap funds investing europe (ex-UK), i'd look at HSBC European Index, or Vanguard FTSE Developed Europe ex UK Equity Index.0 -
Euro to Sterling right now is coincidentally about half way between its highest ever price & the 2007 low price occurring before it really accelerated
Looks a reasonable chance of a low point for Euro or conversely a top for Sterling
Mostly the difference is down to how each currency relates to the dollar, not between themselves so much
Euro is the lowest since the 2010 summer low
http://i.imgur.com/JCOka.png
A cheap fund would follow the Dax or be biased to Germany and the Swiss companies since they are the great exporters anyway.
Xstrata and Glencore are both swiss, buy some Shell shares on their Dutch listing, they are all FTSE companies, so its hardly adventurous0 -
Thanks everyone for your help.
I mainly want to do it because Paypal won't let me take EUR out of my account unless I convert it to GBP with them first.
And they have a horrible exchange rate, so I wanted to just move it out of this account into an investment account rather than it sitting around twiddling it's thumbs in my Paypal account.
I'll deffo take a look at all your suggestions and thanks! :j0 -
TD Direct Investing do the same deal as Natwest Stockbrokers, fund in Euros, Dollars etc and then no FX conversion charges.
Not looked at NatWest Stockbrokers yet but it may be using the TD platform.0
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