Buying dollars now
#1
Forum Regular
Thread Starter
Joined: Aug 2013
Posts: 267
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?
#2
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.
Hope this helps.
#3
Re: Buying dollars now
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.
#4
Re: Buying dollars now
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.
#6
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: 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?
#7
Joined: Sep 2008
Posts: 12,830
Re: Buying dollars now
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.
#9
Forum Regular
Joined: Apr 2013
Location: Toronto, ON
Posts: 67
Re: Buying dollars now
We used this service and it was pretty convenient.
Overseas Account: open an account abroad | HSBC UK
#10
Re: Buying dollars now
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
We used this service and it was pretty convenient.
Overseas Account: open an account abroad | HSBC UK
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.
#11
BE Forum Addict
Joined: Jul 2008
Location: Nova Scotia (from Scotland)
Posts: 1,032
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..
#12
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Buying dollars now
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.
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.
#13
BE Enthusiast
Joined: Jan 2011
Posts: 635
Re: 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?
#14
Forum Regular
Thread Starter
Joined: Aug 2013
Posts: 267
Re: Buying dollars now
Thanks guys. Problem is I don't have weeks. Vote is in 9 days