Keeping money in Dollars or Euro,
Discussion
Grandfondo said:
Where is the best place to keep a large amount of money in case of a run in the pound after the referendum?
Under the bed is not an option,and having access is important!
Keep the money where it is and take out a financial hedge. See bank or spreadbet account etc for this.Under the bed is not an option,and having access is important!
Don't put money into spread betting! A hedging strategy is unlikely to be cost effective until you are into £m s due to cost and even then it may be wrong, playing the fx market is a minefield ... I own an fx company... If you want to hold foreign currency then any good FCA regulated fx broker can help with this or some banks will let you open multiple currency accounts but will charge a terrible rate And a high monthly fee... Canadian dollars and Aussie dollars also worth a look to hold a basket of currencies
Don't put money into spread betting! A hedging strategy is unlikely to be cost effective until you are into £m s due to cost and even then it may be wrong, playing the fx market is a minefield ... I own an fx company... If you want to hold foreign currency then any good FCA regulated fx broker can help with this or some banks will let you open multiple currency accounts but will charge a terrible rate And a high monthly fee... Canadian dollars and Aussie dollars also worth a look to hold a basket of currencies
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