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Old 04-10-2009, 12:05 PM
barrydh barrydh is offline
Junior Member
Join Date: Apr 2009
Location: United Kingdom
Posts: 1
Default currency trading

"I am receiving an income in US dollars and I am a UK resident. I am
wondering whether to open a dollar account in the UK or have the dollars
paid into my current account in the UK as sterling, can anybody offer
some advice on which option to take please?"
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Old 04-13-2009, 06:31 PM
RobertD RobertD is offline
Senior Member
Join Date: Feb 2009
Location: Ontario/Essex Canada
Posts: 103
Default Re: currency trading

There are only two valid reasons to keep foreign currencies. One is you are going to need them some time soon, in which case you keep it so you can avoid having to exchange currency later. The second is if your currency is in decline compared to the other currency, you swap it it when the trend reverses.

Unfortunately I have not been watch the pound vs the US dollar lately, I got over foreign currency trading awhile ago.
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Old 04-15-2009, 08:00 AM
brian brian is offline
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Join Date: Jun 2006
Posts: 806
Default Re: currency trading

Have the USD paid into your GBP account - the fall in the value of the to the $ means your $$'s are worth more at present.

Setting up a dollar account merely sets up additional charges and administrative hassles.
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