Foreign currency savings & investments

cjn_2

There are all sorts of bank accounts and tracker funds out on the market, available from all the usual High Street Banks. Savings funds offer safe but modest returns, investments potential for more but with some risk. I have a number of these accounts, all being GBP denominated, except a small amount I hold in a Global Fund.

Holding accounts (either savings accounts or shares) abroad, however, there are additional opportunities or gain or loss depending on exchange rate fluctuations. Empirically, I've noticed that the currencies of Central/Eastern Europe seem to be appreciating very quickly against the pound. If these trends continue, saving abroad seems a good idea, especially if British interest rates are falling.

That's the theory. However, Is whether there is an easy and practical way of saving small amounts in currencies such as the Polish Zloty - perhaps via internet banking - without incurring huge charges in converting my pounds?

Chadsman

I think Citibank offer foreign currency accounts but their customer service is reputed to be less than perfect.

cjn_2

Thanks, unfortunately they require large sums to be deposited in the account - it seems to mainly be a service for businesses. Perhaps there are tracker funds that focus on the region, rather than Europe as a whole (which would be predominatedly Eurozone). Any tips?