Foreign currency accounts

ant0ni01991

Hi there,

I'm new to the MSE forum but thought I would post this here since I've gotten great advice on many topics before.

I have a current account at Lloyds Bank but I want to be able to exchange currencies and store credit in a USD or a EUR bank account. I know people who do this quite a lot in other countries (e.g. open a USD and a EUR current accounts at the same bank and just transfer money from one to another) for the benefit of FX profits but not sure how you can do this in the UK.

Any recommendations/advice on the best way of doing this?

Thanks so much in advance!
Kind regards,
Antonio

colsten

Try Citibank, or one of the offshore arms of UK banks.

Biggles

Be aware that their internal exchange rates used when they transfer from one currency to another won't leave much room for FX profits.

For spending purposes, you're better off with a GBP bank account and the 'right' credit or debit card.

grumbler

ant0ni01991 wrote: »

I know people who do this quite a lot in other countries (e.g. open a USD and a EUR current accounts at the same bank and just transfer money from one to another) for the benefit of FX profits but not sure how you can do this in the UK.

Don't know about other countries, but in UK

• accounts in other currencies are not free;
• transfers between such accounts aren't free;
• banks charge arm and leg for the conversion.

All this makes your money making scheme unrealistic to put it mildly.