I would like to ask if there is some kind of 'bank account' offered in which the balance can be switched between various currencies. i.e. So that I can switch a balance from GBP to USD, YEN and take adavtage (or lose) on the ongoing exchange rate fluctuations. Obviously at a good exchange rate would be required.
Any suggestions.
In message , Tim writes
You need a Bank that offers you different currency accounts that you can switch between at will, rather than a single account.
Any of the real banks, i.e. what used to be called the 'clearing' banks, will do this, IMO HSBC have the edge at the moment. Also, banks such as Citibank set out their stall for currency accounts, particularly US$. The rate you get will depend on the size of the transactions.
Citibank? I'd say there's easier ways to trade in forex though, as always there is the risk.
Thanks, and yes, I understand the risk. I am aware of day-trading and spread-betting outfits but that's not quite what I want, which is just to expose a finite amount of capital but have it exist in a currency of my choosing, one that I believe has advantage. This holding may be for a few days but could exist as, say, Yen, for a year if I wanted. I am looking for an equivalent of equities purchase where I may sell my stock tomorrow but may equally hold it for ten years.
And, of course, they will charge you for the accounts unless you keep a considerable balance in them.
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