Dollars

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cr81

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Hi

I will be self-financing a short course (9 weeks) in the USA next year which will cost me approx $10,000 and so i am saving for it at the moment. People keep saying to me to buy dollars now with whatever i have saved so far that i would save money on the cost of the course. My question is what to do with the dollars? Do i just go to the bank with my cash, exchange the whole lot into dollars and then bring the dollars home and put them under the bed?? Is there a special kind of bank account that you can lodge dollars in?
Thanks!
 
The people that you are talking to are making the large assumption that the dollar will be stronger next year - there is no evidence that this will definitely be the case. Please do your own research before you make this decision, perhaps through www.bloomberg.com (or on sky digital, channels 502, 505 are useful). Find out why the dollar is currently 1.4302 and ask why you believe that it will strengthen against the Euro. In particular look at interest rate changes, US economic data, Eurozone economic data, G-7 views, etc. I hold currency futures to hedge my US dollar investments, and in my view the dollar may fall further in the next few weeks, but make up your own mind.
 
Yes, you can open a dollar denominated account with most if not all of the major banks, or smaller banks like Anglo Irish (where you might get a better interest rate than the major banks).
 
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