Is there a bank account that lets you switch curencies?

[MitchT]

Does anyone know if there's a bank account that lets you deposit money and then covert it to another currency, keep that currency for a while, then convert it to another, etc., so you can effectively buy a weak currency until it gains strength, then buy another weak currency, etc. to accumulate profit over the long term.

[nyt]

Citibank lets you have accounts in all the major currencies.
I guess that you could transfer between them online.

I've no idea how good their exchange rates would be though or what, if any, commission they'd charge.

You can make such bets on IG but with more risk.

[MitchT]

I have an IG account with a small amount of money in that I like to 'play around' with. I make a few quid every now and then. I wouldn't put a big chunk of my savings into it though.

[traxx]

Barclays will give you current accounts in £/Euro/$US etc, the fx rates are quite good (iirc 20 points away from spot)

[arfur daley]

Ask Robert Maxwell.

[number2]

MitchT said:

I have an IG account with a small amount of money in that I like to 'play around' with. I make a few quid every now and then. I wouldn't put a big chunk of my savings into it though.

Using Euro/USD as an example: when spread betting with IG using say $1 per point, each point (1 point = 1 ten thousandth of a dollar) is the equivalent to buying/selling €12,500. Using bank accounts to profit from exchange rate movements you will be subject to far bigger spreads (and possibly transaction costs) than you will through IG and you will need to have the underlying sum i.e. €12,500 in my example, rather then IG's margin requirements which are tiny in comparison.