Opening a foreign Currency Savings Account

T

Tonisop

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Can anyone advise me of how to open a foreign currency bank account as i have no faith in euro and am worried about stg. I would like to put my savings into either Norwegian Kroner, Singapore or canadian dollar. Any advise or direction would be appreciated.
 
There are a number of threads here on how to open a GBP account. Have you read them?

Some Irish banks, including PTSB, will let you set up a CAD account.

You could check with Investec, who do a lot of different currencies, if they do SGD and NOK.
 
Opening a foreign currency account is relatively simple. If the bank know you, they will take your Euro, convert it to let's say USD and that's it. If they don't know you, you will have to jump through the usual identity hoops first. (Utility bills etc).

But what about the pitfalls? The USD is currently worth about 1.31 USD. But for every 100 Euro you lodge, you won't get 1.31 USD - or anything like it. And when you go to sell your dollars, once again you suffer because every 131 dollars you hand back, they won't give you 1 Euro. A hell of a lot of cash seems to fall through a lot of cracks.

Does anyone have an explanation of how this happens?

With all the uncertainty about the Euro, buying foreign currency is now big business - ordinary people (like me) who have no background in economics are getting involved. Any advice on what "sneaky stuff" we should be looking out for?
 
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