Ive got $5000+ what should i do?

freefreefree

Hi , i ive been player poker and now have $5000 dollars in my poker account.
The dollar - pound exchange rate is ****.
Should i wait till the dollar gets stronger?
will it?
If it did it would need to improve by at least 5% for it to cover the 5% interest i would be making by having it in my account.
Currently i would be loosing $250 dollars a year by leaving it there.
What do you recommend?
If i was to remove it. what would be the best option?
I can move it to a neteller account (i already have one in dollars) but is there any points?

thanks

kingmonkey

At the end of the day -> whatever anyone tells you is going to be a guess.

freefreefree

still, any ideas

freefreefree

please anyone

cheerfulcat

freefreefree wrote: »

The dollar - pound exchange rate is ****.
Should i wait till the dollar gets stronger?
will it?

It probably will, some time. The question is, when? And do you really want to wait? What if the exchange rate moves against you? I honestly don't think that there is any point in trying to time the market.

If it did it would need to improve by at least 5% for it to cover the 5% interest i would be making by having it in my account.
Currently i would be loosing $250 dollars a year by leaving it there.
What do you recommend?

If you are losing money now, it makes sense to convert.

If i was to remove it. what would be the best option?
I can move it to a neteller account (i already have one in dollars) but is there any points?

Sorry, can't help with that bit.

johnmoney05

well...withdraw it to your bank account staightaway! don't ever leave too much money in the bookies...
one of my bookies I used just disappeared two months ago with my £5,000!!!
exchange rate? forget it....after all, just gambling money.

Redbedhead

Move it in to a Dollar bank account and use it to go on holiday to the US.

freefreefree

which bank account? how do i open a dollar account?
ive got a neteller account but:
1 they dont pay interest
2 there going tits up at the moment.
any ideas?

Lazy_Runner

I investigated this a few months ago and found it really difficult to open a current account in the US, without a social security number.

Two options here are:

Citibank: accounts in various currencies, but if memory serves you need to maintain a minimum amount of $2000 to not be charged.

HSBC Dollar account: no monthly/annual charge and no minimum amount but if again memory serves, there is a cost per transaction including paying in and taking money out.

You will need to do your own research on this.

boybeck

TD waterhouse run investments in 4 main currencys to invest in shares they might pay interest on the dollar account

boybeck

I have Caterpillar Inc shares and the dividends are paid to me in dollars as i have just opened the account.I think they do pay interest.