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    Saving Foreign Currency ???

    where is the best place to save foreign currency in particular the DOLLAR???

    thanks

    4 Comments

    under your mattress?

    why would you want to save $? It's very weak, and not predicted to recover in the short-medium term.

    Original Poster

    the pund is very strong with the dollar
    so one quid gets you more than 2 dollars at moment
    basically
    buy the dollars and hold on to them

    once the rate goes down you are able to buy more for the dollar, or even sell them to get a better return

    any ideas??

    If you're doing this, you have to be prepared for what happens if the dollar falls further. Speculating on currency isn't something that's recommended for 'joe publics', as currency markets are so complex that it's easy to get it horribly wrong and lose a lot of money.

    Beware !

    Also the amount you would have to purchase in order to make a decent amount of money is a lot say you buy the £1000 at a rate of £1 = $2.1 giving you $2100 dollara and you wait till it falls to £1 = $1.9 which prob wont happen for a long time you will get back about £1100 but the likely hood of getting that rate for conversion is not good.
    Better of sticking your money in a high savings account or isa.
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