New Member Kindly Requests Help In Investing Dollars

Suave

Hello All,

I have a large amount of cash dollars that I would like to invest in some sort of savings or investment account and which has no/miminum penalties and offers the best interest rates or returns. I am a UK citizen, do I have to pay any tax or will the IR be informed? Should I go with one of the high street accounts or with a foreign or US account like Citi-bank? I saw that HSBC is offering a £100 for opening an account - are there any others that offer a good deal which will allow me easy and short notice access to my money? Is there any that will give me a credit card for that account so when I do go to the USA, I can use that and funds will be drawn from that account? Are there any pitfalls, etc. that I should be aware of? I am not too savvy on this type of thing and frankly get scared and very confused with all the small print, T&C's and all the 'gob-bal-de-gook' financial speak they use. Is there anything better that I should do or consider or that any of you would advise? I have lost fair bit as when I exchanged the money when the US dollar rate was not as favourable as it is today (I needed it for a training course in the USA which did not happen so I had no option to exchange £ for $ at the time) and I am trying to recoup some of it. I would be very grateful for the help & advice anyone can give me.

Very Many Thanks,

Suave!

Jonbvn

I know HSBC offshore offer suitable accounts. I am sure some of the other high street banks & BS's will offer the same.

Since you want a credit (or debit) card you will need a US$ current account. This will pay very low interest (usually). Therefore, you should also open a US$ savings account with the same bank/BS to get a decent return.

If the money is in cash, you may find it difficult to pay into an account, due to money laundering laws. How much are you talking about? If more than $10k it will be an issue.

If you are a UK resident for tax purposes, then you are liable for tax on your income worldwide, including the interest on this money.

HTH.