Opening a foreign fixed account - is it worth?

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  • JudeLaw
    JudeLaw Posts: 4 Newbie
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    AlanP wrote: »
    What you will be doing is speculating on currency movements and relationships.

    Do you know much about Fx trading?


    I don't :( And after reading all your comments I think that it is not the best idea to try to do it by myself.



    but I will try to do some research on the internet - just to check whether is out there some solutions that can help. You know - something similar to Raisin (this savings marketplace) but with better rates. Maybe you know some companies that could help me and manage it.



    Thx for all replies on that
  • justme111
    justme111 Posts: 3,508 Forumite
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    londoninvestor wrote: »
    Residency restrictions are common - citizenship restrictions seem to be rarer.

    Thats what i meant , residency, not sure why I written " citizenship"
    The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
    Often people seem to use this word mistakenly where "quandary" would fit better.
  • GDB2222
    GDB2222 Posts: 24,665 Forumite
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    JudeLaw wrote: »
    I don't :( And after reading all your comments I think that it is not the best idea to try to do it by myself.



    but I will try to do some research on the internet - just to check whether is out there some solutions that can help. You know - something similar to Raisin (this savings marketplace) but with better rates. Maybe you know some companies that could help me and manage it.



    Thx for all replies on that

    So, let's get this straight. FX trading is incredibly difficult and risky.

    Some company, you reckon, is out there with real insight. That's possible. The question you need to ask yourself is why on earth they would share that knowledge with you?

    On the other hand, there are plenty of charlatans out there that pretend to have real insight. They'll take your money off you all right. When you get fed up with the losses, they'll move on and find some other mug to fleece.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • JudeLaw
    JudeLaw Posts: 4 Newbie
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    I don't want from them to learn me how to do this - I just want to use some providers similar to Raisin. But of course - need to be very cautious - it is easy to lose money. Raisin offers the possibility to earn higher interest rates with foreign banks - but their offer is weak here in the UK and the different foreign offers that they have are in EUR (even worst % than on GBP)
  • EdGasketTheSecond
    EdGasketTheSecond Posts: 2,558 Forumite
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    Sounds like you want to gamble. Buy some shares or an ETF then; at least you'll have a chance of getting some money back which none of your other ideas seem to have.
  • bostonerimus
    bostonerimus Posts: 5,617 Forumite
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    I hear there are some good rates in Iceland..,oops sorry, that was about a decade ago.
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
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