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Old Oct 31st 2017, 7:41 pm   #1
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Default Currency

Hi,
I would like to transfer some mo ey ti euros nice while the rate is reasonable, 1.13/£1. I had a quote from currency index.co.uk who said that I don’t need to open a bank account they will exchange my money and put it in a client account with them? Has anyone else done this, not sure if money would be secure?
Thanks
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Old Nov 1st 2017, 9:52 am   #2
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Default Re: Currency

How would you draw money to spend overseas from this client account? I have client accounts in both sterling and euro to hold and exchange currency but then need an euro bank account to eventually transfer my euros to for spending.
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Old Nov 1st 2017, 10:35 am   #3
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I think that you are buying a forward contract to secure the rate. There are plenty of fx companies that offer that service. Ring around to obtain the best rate but most importantly ensure they are regulated in the UK and your funds are held in trust solely for your benefit.
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Old Nov 1st 2017, 1:19 pm   #4
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Default Re: Currency

Todays rate is nearer 1.14.

Best get a bank account in Spain sharpish.
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Old Nov 1st 2017, 6:48 pm   #5
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Default Re: Currency

Quote:
Originally Posted by snikpoh View Post
Todays rate is nearer 1.14.

Best get a bank account in Spain sharpish.
How? Can I get a Euro account from the U.K.? Most have monthly charges ?
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Old Nov 1st 2017, 7:26 pm   #6
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Default Re: Currency

If the boe ups the uk interest rates tomorrow the pound will of course rise...
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Old Nov 2nd 2017, 12:18 am   #7
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Default Re: Currency

If it rises and I want to exchange with a currency company to euros what are the options where to put the funds?
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Old Nov 2nd 2017, 8:19 am   #8
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Default Re: Currency

A euro based account accessible from wherever you are, lloyds bank do them in the isle of man and channel islands, citibank are i think in the channel islands, hsbc do them too, or you may have a better local option.
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Old Nov 2nd 2017, 1:23 pm   #9
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Default Re: Currency

Quote:
Originally Posted by uk_grenada View Post
If the boe ups the uk interest rates tomorrow the pound will of course rise...
Or not, as the case may be. All logic suggested the GBP would climb against the Euro, so how in hell do these markets work .....mind you, if we knew that we would all be milking it as currency traders.
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Old Nov 2nd 2017, 2:35 pm   #10
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Default Re: Currency

Quote:
Originally Posted by KieronF View Post
Or not, as the case may be. All logic suggested the GBP would climb against the Euro, so how in hell do these markets work .....mind you, if we knew that we would all be milking it as currency traders.
Exactly - it fell today - apparently BoE not hard enough on future rise in interest rates ! This one has ben anticipated for so long it is now discounted in the international currency markets. Basic underlying situation for UK v Europe still not good so we suffer with lousy rate
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