Safely storing cash in a different currency

timmothy

timmothy

timmothy

Associate
Joined
27 Sep 2008
Posts
1,356
I am currently in Canada and have worked for two years over here so have Canadian dollars over here in a bank account. I don't want to store it here when I leave as a lot of transactions have to be done in person and there are bank account fees.

After Canada we are going for a roadtrip across the USA so would need some USA dollars but otherwise we were thinking of changing it all to pounds via TransferWise as usual.

The thing is other currencies seem more stable than the pound right now so I was wondering if I should/could store it in that first until I actually need it.

Inknow you can do this on TransferWise which I have some before but there were some fees and quite big differences when actually changing and storing.

Not sure if the smart thing is just to have pounds and hope it recovers?
 
timmothy said:
I am currently in Canada and have worked for two years over here so have Canadian dollars over here in a bank account. I don't want to store it here when I leave as a lot of transactions have to be done in person and there are bank account fees.

After Canada we are going for a roadtrip across the USA so would need some USA dollars but otherwise we were thinking of changing it all to pounds via TransferWise as usual.

The thing is other currencies seem more stable than the pound right now so I was wondering if I should/could store it in that first until I actually need it.

Inknow you can do this on TransferWise which I have some before but there were some fees and quite big differences when actually changing and storing.

Not sure if the smart thing is just to have pounds and hope it recovers?
Click to expand...
What about storing in crypto?
 
Klaus and King Charles are making sure you won't have any money left. Enjoy life while you can and prepare to eatz ze bugz
 
Few missing details:
Are you going back to Canada and if not, where will you go after the road trip ?
How long will you be road tripping in the US ?
How much money are we talking about here ?

Guessing currency movements is a mug's game. I suspect your least worst option is to convert the lot to US dollars as the worlds reserve currency.
 
Last edited:
timmothy said:
I am currently in Canada and have worked for two years over here so have Canadian dollars over here in a bank account. I don't want to store it here when I leave as a lot of transactions have to be done in person and there are bank account fees.

After Canada we are going for a roadtrip across the USA so would need some USA dollars but otherwise we were thinking of changing it all to pounds via TransferWise as usual.

The thing is other currencies seem more stable than the pound right now so I was wondering if I should/could store it in that first until I actually need it.

Inknow you can do this on TransferWise which I have some before but there were some fees and quite big differences when actually changing and storing.

Not sure if the smart thing is just to have pounds and hope it recovers?
Click to expand...
You could try Revolut think you can keep money in different currencies in that. Not sure about fees but I used to use them for when I worked in the US every month and it was relatively fee-less.
 
You must log in or register to reply here.
Back
Top Bottom