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Buying dollars now

Buying dollars now

Old Sep 8th 2014, 10:17 pm
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Default Buying dollars now

Looking to make the move to canada very soon. If my employer sends me then within weeks. Very concerned that the pound is going to utterly slump against the loonie if the Scottish independence referendum goes the wrong way. Estimates are that it could lose 15% and take a very long time to recover. Looking to buy my dollars now. Anybody know how I can open a Canadian dollar account in the uk?
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Old Sep 8th 2014, 10:28 pm
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Default Re: Buying dollars now

Fingers crossed. I'm moving a lot of dollars to sterling at the end of the month. Hope it plummets.

Hope this helps.
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Old Sep 8th 2014, 10:52 pm
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Default Re: Buying dollars now

Originally Posted by tweed_wearer
Anybody know how I can open a Canadian dollar account in the uk?
Probably not easy. I ended up opening mine in the Channel Islands with HSBC, as it was the simplest option at the time (2005-ish). Also had to keep some crazy amount of money in there to avoid high fees, which is why I closed it soon after moving here.
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Old Sep 8th 2014, 10:57 pm
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Default Re: Buying dollars now

Originally Posted by MarkG
Probably not easy. I ended up opening mine in the Channel Islands with HSBC, as it was the simplest option at the time (2005-ish). Also had to keep some crazy amount of money in there to avoid high fees, which is why I closed it soon after moving here.
I've mentioned this before, perhaps on another BE forum, but the crazy amount of money can simply be in mutual funds under HSBC management. It doesn't have sit in a low or zero interest checking/savings account.

Last edited by Novocastrian; Sep 8th 2014 at 11:00 pm.
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Old Sep 8th 2014, 10:58 pm
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Default Re: Buying dollars now

Originally Posted by Jingsamichty
Fingers crossed. I'm moving a lot of dollars to sterling at the end of the month. Hope it plummets.

Hope this helps.
+1. I'm selling my house in Canada next spring. Something like $1.50 or less would suit quite well.
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Old Sep 8th 2014, 11:04 pm
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Default Re: Buying dollars now

Originally Posted by tweed_wearer
Looking to make the move to canada very soon. If my employer sends me then within weeks. Very concerned that the pound is going to utterly slump against the loonie if the Scottish independence referendum goes the wrong way. Estimates are that it could lose 15% and take a very long time to recover. Looking to buy my dollars now. Anybody know how I can open a Canadian dollar account in the uk?
Depending on the amount of money involved can you buy an option? Or buy forward now?
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Old Sep 8th 2014, 11:11 pm
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Default Re: Buying dollars now

Originally Posted by tweed_wearer
Very concerned that the pound is going to utterly slump against the loonie if the Scottish independence referendum goes the wrong way.
It did today. So far down 5%.

Pound slumps to 10-month low after Scottish yes campaign takes poll lead | Politics | theguardian.com

If the vote goes the other way it could make a meteoric rise, if meteors can rise.
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Old Sep 9th 2014, 12:38 am
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Default Re: Buying dollars now

Originally Posted by Jingsamichty
Fingers crossed. I'm moving a lot of dollars to sterling at the end of the month. Hope it plummets.

Hope this helps.
Hope for a yes vote
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Old Sep 9th 2014, 12:58 am
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Default Re: Buying dollars now

Originally Posted by Novocastrian
I've mentioned this before, perhaps on another BE forum, but the crazy amount of money can simply be in mutual funds under HSBC management. It doesn't have sit in a low or zero interest checking/savings account.
I doesn't need to be in Channel Islands either... If you have an account in the UK you can open one direct in Canada for £100/£50/free (depending on which account you have).

We used this service and it was pretty convenient.

Overseas Account: open an account abroad | HSBC UK
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Old Sep 9th 2014, 1:05 am
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Default Re: Buying dollars now

Originally Posted by mec
I doesn't need to be in Channel Islands either... If you have an account in the UK you can open one direct in Canada for £100/£50/free (depending on which account you have).

We used this service and it was pretty convenient.

Overseas Account: open an account abroad | HSBC UK
Well, quite. But the HSBC Premier accounts are (a) those that make opening accounts abroad free and (b) allow you to transfer funds instantaneously between accounts in different countries at no charge using Globalview.

As said, you need to maintain an ongoing investment (amount country dependent, but of the order of $100k) but it can be, for example, part of your retirement saving settled in an investment account managed by HSBC.
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Old Sep 9th 2014, 1:22 am
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Default Re: Buying dollars now

I moved a chunk of money today.. Can't risk it slumping again and they're talking about another 10% before the vote. Even with a no vote I can't see it shooting upwards..
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Old Sep 9th 2014, 3:35 am
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Default Re: Buying dollars now

Originally Posted by Aviator
It did today. So far down 5%.

Pound slumps to 10-month low after Scottish yes campaign takes poll lead | Politics | theguardian.com

If the vote goes the other way it could make a meteoric rise, if meteors can rise.
Sigh, every time it dips I lose money - I am paid in sterling.

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Old Sep 9th 2014, 8:30 am
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Default Re: Buying dollars now

Originally Posted by tweed_wearer
Looking to make the move to canada very soon. If my employer sends me then within weeks. Very concerned that the pound is going to utterly slump against the loonie if the Scottish independence referendum goes the wrong way. Estimates are that it could lose 15% and take a very long time to recover. Looking to buy my dollars now. Anybody know how I can open a Canadian dollar account in the uk?
You can open a HSBC Canada account from the UK, if I remember right it's a bit of a faff as only certain branches deal with it & it takes a few weeks to get up & running, worth giving them a call though
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Old Sep 9th 2014, 9:43 pm
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Default Re: Buying dollars now

Thanks guys. Problem is I don't have weeks. Vote is in 9 days
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Old Sep 9th 2014, 9:53 pm
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Default Re: Buying dollars now

Originally Posted by tweed_wearer
Thanks guys. Problem is I don't have weeks. Vote is in 9 days
I'll PM you my Canadian account details and you can transfer it there. I'll look after it until you need it.

Honest.
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