Best exchange rates?

[D]

I've got a few hundred quid that I'd like to save, and not spend. But I want to keep it away from my bank, but not have it hanging around so that I can spend it..

So a thought crossed my mind that I could exchange my money into a foreign currency, the money stays safe, I can't spend it, and I get to keep some damned cool, foreign notes n'stuff ;)

So, getting into the nitty gritty.. what currency might be best to change it into, in order to maybe even make a few pennies, or at worst, not lose too much?

Or is this a wacky, bizarre and downright stupid thought? ;)

Ta!

-D.

[JB]

That's the craziest thing I've read in a long while. Currency speculation is best left to experts. For mere mortals like us you might as well just set fire to £10 notes as you're bound to lose. in any case, even if you did make a profit, it would be wiped out by commision and exchange rate fees on such a relatively modest sum.

Your best bet is to open a mini cash ISA account somewhere. Stash it there, you don't get taxed on the interest and you can take it out when you need it.

[Jeff]

Originally posted by D
I've got a few hundred quid that I'd like to save, and not spend. But I want to keep it away from my bank, but not have it hanging around so that I can spend it..
I'll look after it for you mate..... ;) :D

[D]

Originally posted by JB
That's the craziest thing I've read in a long while. Currency speculation is best left to experts. For mere mortals like us you might as well just set fire to £10 notes as you're bound to lose. in any case, even if you did make a profit, it would be wiped out by commision and exchange rate fees on such a relatively modest sum.

Your best bet is to open a mini cash ISA account somewhere. Stash it there, you don't get taxed on the interest and you can take it out when you need it.

I'm not after making a profit, I just don't want to be able to spend it. I don't want to be able to take it out when I need it, etc.

I don't want to be able to touch it at all. I just thought, rather than just convert it so USD or something, I'd ponder over the possibility of losing as few a'pennies as possible :)

[Lewis]

What about Premium Bonds ? You need to give 1 month notice to get your cash & you have a chance of winning £1m each month ?

[Dan@DB-Power]

You could possibly open a ISA which needs 2 signatures for you to withdraw money. That way it would stop you withdrawing it without someone elses permission.

Dan,

[JB]

Go for an investment isa instead then. The longer you say you will guaranteee to keep your money in it the better return you will get.

It's pointless having money you don't want to spend and not getting some interest back on it. If you don't want to use your own bank, then all the major banks/building socs have loads of different schemes available.

[TheFallGuy]

The best savings account out there at the moment is - 4.3%ING Direct (http://www.ingdirect.co.uk/)

[dunc]

Originally posted by JB
having money you don't want to spend and not getting some interest back on it.

Some of us will never have the chance to make decissions like this :cry: :cry: :D

[Mbowler]

Give it to me! i'll look after it for you! :D

[ART]

Originally posted by D
I've got a few hundred quid that I'd like to save, and not spend. But I want to keep it away from my bank, but not have it hanging around so that I can spend it..


Dude, your best bet would be to get some self control. ;)

I am not the best person to teach you about it, you can learn that from my body fat percentage.. :) Anyways, I have been able to save something off of almost each paycheck that I get. Naturally some of the savings always is invested in toys, like a snowmobile or xbox or something, but still, there's always got to be something "for the rainy day"... Never was a problem for me to put something aside.

Anyways, if I didn't have any self control concerning money spending, I would probably invest the money in some equity shares or otherwise indirectly to the stock market.

[D]

I'm 21, with no education past GCSE, and about £27k of debts to my name. I think we can safely assume that I have no self control, nor will I have any time soon ;)

S'only £250, but.. £250 is £250, y'know. :)

[Exactly]

Ditto all the above...

But def don't convert to another currency, you'll loose a packet on the transactions. Better to stick it in an ISA or high interest, notice savings account.

I am about to sell my flat in Edinburgh and basically I will get well and truely screwed when I convert the money to EURO's so I can buy a place here in Luxembourg...

Premium bonds are also a good idea especially if you are not too bothered about getting any return from interest, you will then have a chance to win a Million each month...

[D]

It'll cost me £1.90 to convert it I do believe..

I just want the money there, but so I can't touch it. I'm not interested in any long term investments or any investments at all.

I just want the money, but not to spend it. If I leave it as it is, I know that ultimately, It'll just end up being spent, little by little on things I don't need, etc.

T'was just a thought anyway. :)

[JB]

Originally posted by D
I just want the money there, but so I can't touch it. I'm not interested in any long term investments or any investments at all.

Why not????? It might go some way to paying off a little of your debt if this money earns you some interest.

[ART]

Originally posted by D
I'm 21, with no education past GCSE, and about £27k of debts to my name. I think we can safely assume that I have no self control, nor will I have any time soon ;)


Whoa, dude! :eek: That's a manly amount of debt. :thumbs:

I am half a decade older than you, and I have no debt. But then again, I am renting a small flat, am not a HOMeOwner, at least not yet. ;)

[D]

Because maybe things'll go my way, and I'll need the money to obtain a ticket for an aeroplane within the next month. Who knows..

I just want the money there, but.. so I can't spend it. It's already going towards stupid little things, like a fiver for petrol here, and a fiver for Aikido there, and I want it to end..

Money in hand = Good.
Not being able to spend it = Better.

:|

[ART]

Originally posted by D
It'll cost me £1.90 to convert it I do believe..
T'was just a thought anyway. :)

Just got another thought. Dunno how much it'll cost, but why not convert it to traveller's cheques, then? :) Would be almost cash, but just a little bit of a pain to cash it in, maybe just enough pain not to cash it when you want some beer/joints/pills. :D

[D]

Originally posted by ART
Whoa, dude! :eek: That's a manly amount of debt. :thumbs:

I am half a decade older than you, and I have no debt. But then again, I am renting a small flat, am not a HOMeOwner, at least not yet. ;)

Neither am I :wack:

Loan for S13 + Insurance.
Loan.
Loan for ND S13 head rebuild :o
Credit Card.
Sizable Overdraft.
Brand new Micra on finance.

= Uh oh..



So basically, I can blame you lot :thumbs: :mad: :D

[ART]

Originally posted by Exactly

I am about to sell my flat in Edinburgh and basically I will get well and truely screwed when I convert the money to EURO's so I can buy a place here in Luxembourg...


Glad we already are using the Euro here in Finland. :thumbs:

I don't actually think you'll lose a mentionable amount of money converting it to Euros, as long as you do it with an established, trustworthy bank.

BTW, how did you end up in Luxembourg? Might be cool to live in Luxembourg, Lichtenstein or similar. :)

[Exactly]

It is not really the commission that is the killer, it is the fact you don't get many Euro's to the pound as you did 6 months ago. The exchange rate is doing all sorts of weird things ATM. When you are talking in the region of 40-50,000 GBPs to be converted to Euro's it makes a big difference!!!

Ended up in Luxembough mainly due to my girlfriend (now fiance) getting relocated by her work to their Luxembourg office, I just hung on the 'coat tails'. To be honest with you it was the best move I have ever done, the lifestyle, quality of living etc is so much better than the UK. Also I would probably be still driving a Nissan Primera GT, not the 200, the fuel is massively cheaper :), and the weather is just immense compared to Scotland. Been here just 1 year, and can't even contemplate going back!! things I miss are: proper chip shops, B-roads and Tetley T bags.

On the point about exchanging the 250 quid, premium bonds is just as easy to get as Travellers cheques, just walk into your local post office and fill out the form!!!