Bank is raping me. Multi-currency accounts advice please

[Directional]

I should have done something about this ages ago - I'm banking with Virgin One / RBoS but for moving money in and out of dollars currency, I'm getting absolutely bummed on the spread.

They quoted me today 1.7116 for 1.7741 spread on dollars vs GBP.. i've seen better rates at the tourist currency shops at the airports!? and this for what I'd consider commercial transactions with four/five figures

Does anyone know or use banks that offer multi-currency accounts? I know Coutts do an account that you can keep pretty much any currency in and switch balances between currencies for a nominal spread, but I dont meet their financial criteria of millionaire status required to open an account with them.

Any help or suggestions with this would be much appreciated

 

[Eye of the Storm]

Don't know where you are transfering from or too so this may not apply but....

I wanted to transfer a reasonable sum from a USD based broker account into my GBP current account without paying the heavy spread. I did an interbroker fund transfer from my US account into an Interactive brokers account. I then converted the balance into GBP at the market spread (+ a few). I withdrew the cash in sterling to my GBP current account.

 

[Directional]

Cheers Eye, I was actually considering the possibilities of doing something like that - moving $$ into a bro account for the cheap currency switch rates. A good idea.

I've also found that Allied Irish Bank do some interesting currency account options, I'll post back here when I know more.

All other suggestions welcome.

 

[Jack o'Clubs]

You've got a few options:

1) Have you looked at a currency broker that delivers physical currency (ie rather than trading). Quite a lot of these are around with the rise of UK home-owners abroad who need to regularly convert £ to other currencies and vice-versa. HiFX is the one I've heard of, but there are loads if you Google or look in the adverts of a foreign property magazine.

2) Offshore bank account with multicurrency options. Most UK banks have a Channel Islands or Isle of Man offshore branch who can offer multi-currency accounts. I looked into doing this with Barclays Offshore, and I remember the conversion rates seemed reasonable - certainly better than you are getting now.

3) Have you spoken to Virgin/RBS about it? They may be surprisingly flexible if they think that you're going to take your banking business elsewhere because of the rates they're using.

 

[TWI]

I use a friends company called "Voltrex". They have been around a few years now and gre out of a FTSE options brokerage business. They hold accounts with Barclays. You get personal service and excellent rates a few pips off market . You can hold in any currency. Only charge is £15 outbound transfer. Person who you want to speak to there is Alastair Constance. 02079596919.

If you have other questions pm me. This is by far the most cost effective way I have found to do currency tansfers.

 

[Directional]

Thanks TW, I spoke to Alastair and that is exactly the sort of facility I was after! Brilliant, thanks again!

 

[TWI]

Always a pleasure, hope things are going well.

 

[charliechan]

I use a friends company called "Voltrex". They have been around a few years now and gre out of a FTSE options brokerage business. They hold accounts with Barclays. You get personal service and excellent rates a few pips off market . You can hold in any currency. Only charge is £15 outbound transfer. Person who you want to speak to there is Alastair Constance. 02079596919.

If you have other questions pm me. This is by far the most cost effective way I have found to do currency tansfers.

nick england is a good bloke - he used run the show.

arb - i used to have this issue with my bank. i just used to bully them. tell them to give a better quote or you will close your account and move else where. i typically used to save £100 on their quoted spread v negotiated spread doing this in my early days - banking with lloyds and quoting natwest spreads.

most good brokers will let you hold and switch different currencies in different accounts at will.

dont refco/marathon do this for you?

btw: theres this interesting market called the futures market. they let you hedge exposure to all types of risks including fx!!! you may want to look at www.cme.com and look into the £/$ fx futures!!!! its $65k a clip - dont know how that suits your needs, but they may do e-minis!!!

BWAHAHAHAHA!!!

 

[charliechan]

....also you may want to take a look at the swiss post office.

they have this thing called the big yellow account.

basically, its an on-line account just like any uk highstreet bank, but......

they let you hold base currency in any denomination, and you can switch at will for a small fee without getting raped.

AND......

its still subject to swiss banking laws!!!! ie P!SS OF MR TAX MAN, I AINT GUNNA PAY FOR TONY'S BOMBS!!!!


any high street swiss bank is subject to these laws and they take anyones money and give it out no questions asked.

hold your bunce in £ and transfer the goodies from usa no questions asked. you can then bring over whatever you need/want to report to mr tax to kill innocent iraqi kids at will. neat trick eh????

the advantages of being a trader - it lets me sleep at night!!