app for devere-investment

cisko65

I am interested in investing in foreign currency and devire-investment do so. They use a smartphone app. Do you know them? And any general opinion on using a smarthphone app for banking?
Thanks.

eskbanker

Any sort of trading is a highly risky activity, and forex trading even more so, so you're unlikely to find many takers on a board about savings and investment - if you feel that the choice of device used is significant then this would suggest that you haven't grasped what you'd be getting into.

Having said that, the entirely separate subject of using smartphone apps for banking is different and is a well-established and convenient method of managing accounts and payments....

Albermarle

As above , I have two current accounts with established banks/building society, and  I operate both via an app on my smartphone . They both work well and easily and I understand that doing it this way is much more secure than internet banking on a laptop/desktop.

On the other hand if I want to gamble my money I prefer having a bet on the horses rather than trading in foreign exchange , but each to their own .

cisko65

Sorry, just got back to the Forum. Thanks to both of you.

Apps for banking sorted.

About investments now I am considering changing euros into pounds sterling and forget trading. 

I've been looking into private banking and usually the benchmark is £500,000.

Have you heard of any bank accepting £100,000? I found some accepting this kind of amounts but you need a very high income. 

Thanks

eskbanker

What are you actually hoping to achieve here?  Converting euros to sterling isn't investing and isn't typically associated with private banking either - the latter will usually have sizable minimum income requirements, but it's not clear where your (non-income) £100K fits in?  Are you trying to make a one-off exchange of some € into £ or do you still have the impression that it's a viable proposition to do this on an ongoing basis, with or without access to preferential rates?

cisko65

eskbanker said:

What are you actually hoping to achieve here?  Converting euros to sterling isn't investing and isn't typically associated with private banking either - the latter will usually have sizable minimum income requirements, but it's not clear where your (non-income) £100K fits in?  Are you trying to make a one-off exchange of some € into £ or do you still have the impression that it's a viable proposition to do this on an ongoing basis, with or without access to preferential rates?

Sorry, my posts weren't very clear. Not very familiar with the financial terminology... (particularly in English).
Will try again.

In order of preference:

Option 1
I would like to invest € 100k - for ex. in funds. I don't want to convert euros into sterlings.
I am looking for a private bank, here in the UK, allowing me to do so. Haven't found any so far. Private banks usually require at least 500k (whether in € or £). And commercial banks accept lower amounts but I haven't found any for investment in euros. 


Option 2 could be the following:
Exchange € into £, and find a private bank happy to let me invest around £80k.

Option 3:
Exchange € into £, and invest the £80k in a commercial bank.

Hope I managed to give a clearer picture. Thanks in advance.

cisko65

Ah, I forgot to say that there might be some European Banks in UK offering private banking in euros. 

kuratowski

Someone else will advise on the converting € to £ part of the problem (Wise?), but if you are interested in investing in funds, then you are not looking for a private bank or a commercial bank, you are looking for an investment platform.

For the sum quoted (£80k), maybe consider iWeb or Interactive Investers, or Fidelity if you propose using ETFs.

https://monevator.com/compare-uk-cheapest-online-brokers/

eskbanker

cisko65 said:

Sorry, my posts weren't very clear. Not very familiar with the financial terminology... (particularly in English).
Will try again.

I do seem to have misunderstood what you had in mind when you initially said "I am interested in investing in foreign currency", so it now seems clearer that what you actually mean is that you have some Euros and you're looking to start investing.

cisko65 said:

Option 1
I would like to invest € 100k - for ex. in funds. I don't want to convert euros into sterlings.

Just to be clear, are you meaning 'for example' here?  It's a strange choice of (only) word to abbreviate and the term 'forex' is usually used as an abbreviation for 'foreign exchange', i.e. currency conversion!

cisko65 said:

I am looking for a private bank, here in the UK, allowing me to do so. Haven't found any so far. Private banks usually require at least 500k (whether in € or £). And commercial banks accept lower amounts but I haven't found any for investment in euros.

As mentioned by @kuratowski, it doesn't sound like a private or commercial bank fits the bill, but what you really need is a company with whom you can deposit money and buy funds, which would typically be referred to as a platform or a broker.  Some UK firms do have multi-currency capabilities so I believe that Interactive Investor will allow you to deposit Euros directly without conversion to sterling, but surely that's only useful to you if you then wish to buy funds that are denominated in Euros - is that what you have in mind?

Where is your €100K at the moment?

cisko65

kuratowski said:

Someone else will advise on the converting € to £ part of the problem (Wise?), but if you are interested in investing in funds, then you are not looking for a private bank or a commercial bank, you are looking for an investment platform.

For the sum quoted (£80k), maybe consider iWeb or Interactive Investers, or Fidelity if you propose using ETFs.

https://monevator.com/compare-uk-cheapest-online-brokers/

Thanks. I need to find a bank that decide what investments would be suitable for me and do it for me. Ideally invest the euros I have. So not brokers. 

cisko65

eskbanker said:

cisko65 said:

Sorry, my posts weren't very clear. Not very familiar with the financial terminology... (particularly in English).
Will try again.

I do seem to have misunderstood what you had in mind when you initially said "I am interested in investing in foreign currency", so it now seems clearer that what you actually mean is that you have some Euros and you're looking to start investing.

cisko65 said:

Option 1
I would like to invest € 100k - for ex. in funds. I don't want to convert euros into sterlings.

Just to be clear, are you meaning 'for example' here?  It's a strange choice of (only) word to abbreviate and the term 'forex' is usually used as an abbreviation for 'foreign exchange', i.e. currency conversion!

cisko65 said:

I am looking for a private bank, here in the UK, allowing me to do so. Haven't found any so far. Private banks usually require at least 500k (whether in € or £). And commercial banks accept lower amounts but I haven't found any for investment in euros.

As mentioned by @kuratowski, it doesn't sound like a private or commercial bank fits the bill, but what you really need is a company with whom you can deposit money and buy funds, which would typically be referred to as a platform or a broker.  Some UK firms do have multi-currency capabilities so I believe that Interactive Investor will allow you to deposit Euros directly without conversion to sterling, but surely that's only useful to you if you then wish to buy funds that are denominated in Euros - is that what you have in mind?

Where is your €100K at the moment?

Part of the text was in bold by mistake. (And I used the word 'funds' as I thought a bank could invest on funds on your behalf, but forget that, maybe "fund" is not the proper word).
€100K are in a UK commercial bank. Not in a saving account and not invested.