Open USD a/c in UK or not?
Oct 26th 2008, 10:12 pm
#1
Just Joined
Thread Starter
Joined: Oct 2008
Posts: 1
Open USD a/c in UK or not?
I will be moving abroad temporarily and getting paid in USD. However my accounts are currently in the UK in GBP. I will need to transfer the USD to GBP on regular basis for UK expenses (e.g. mortgage).
Any recommendations on whether to:
- Have the USD paid directly into UK account and take the hit on the transfer fee
- Open USD current a/c in the UK and transfer funds to GBP on case-by-case basis
- Any other suggestions?
Thanks for any feedback.
Any recommendations on whether to:
- Have the USD paid directly into UK account and take the hit on the transfer fee
- Open USD current a/c in the UK and transfer funds to GBP on case-by-case basis
- Any other suggestions?
Thanks for any feedback.
Oct 27th 2008, 9:02 pm
#2
BE Enthusiast
Joined: Dec 2004
Posts: 524
Re: Open USD a/c in UK or not?
Hi Traveller
If you're getting paid in $ it is always worth getting $ account. It will give you more control of you funds rather than leaving it to your banks discretion.
Where and when you open the account depends on where your working, for how long etc..etc..
Your post centres around USD's so I'm assuming you're going to the US. If this is the case once you open your account there, most currency specialists will be able to pre-arrange the exchange rate for you for up to 1 year and collect the funds by direct debit - keeps things nice and simple!
If not then you will be able to trade on an ad-hoc basis with multiple settlement options i.e spot, forward etc.
Suggest you give your bank a ring and then call a currency specialist like HiFX to talk through your requirements in more detail as there are a number of ways you could achieve what you're looking for.
Best Regards
Mark Bodega
Director - HiFX
If you're getting paid in $ it is always worth getting $ account. It will give you more control of you funds rather than leaving it to your banks discretion.
Where and when you open the account depends on where your working, for how long etc..etc..
Your post centres around USD's so I'm assuming you're going to the US. If this is the case once you open your account there, most currency specialists will be able to pre-arrange the exchange rate for you for up to 1 year and collect the funds by direct debit - keeps things nice and simple!
If not then you will be able to trade on an ad-hoc basis with multiple settlement options i.e spot, forward etc.
Suggest you give your bank a ring and then call a currency specialist like HiFX to talk through your requirements in more detail as there are a number of ways you could achieve what you're looking for.
Best Regards
Mark Bodega
Director - HiFX
