How to open a foreign currency account and deposit money in it
Opening a foreign currency account seems shrewd when you plan business activities including both foreign and European organizations.
The Royal Bank of Scotland, NatWest, Lioyds TSB, HSBC, Co-Operative Bank and other UK Banks offer Euro and Dollar accounts.
They yield a lot of advantages besides providing a quality option for businesses that are into exporting and importing. Like most UK accounts (that operate online, over the phone or through a branch), similar access methods are being provided by the majority of them. This is what makes them easily accessible right from the beginning.
In addition, this country allows you to speak out in your native language while discussing your transactions. This often precludes the risk of losing things within a translation.
You’ll never have to exchange your foreign currency for sterling by paying a cost. This is certainly one of the key aspects of using such a foreign currency account.
A certain yearly or monthly charge is applicable with some banks under specific conditions. The accounts holder needs to follow them. These services are rarely offered without charging any fees.
Interest rates are likely to change with individual accounts. The amount of money you have in your account will determine the rate of interest. You’ll end up accruing more interest when you keep more in your account.
Experts will always advise you to do a bit of research prior to trying this. You must also keep the disadvantages in your mind.
Writing your check and other actions that you perform on your domestic account are associated with some charges; you mustn’t forget them.
In the event your foreign currency is weaker against the pound, you may suffer a loss when you wish to obtain sterling in exchange for your foreign currency.
Presenting your foreign currency and deposit slip to the bank teller has always been easier than keeping it in your bank in the event you return from your overseas trip. Your bank will only accept your money, when you’ve converted it to local currency from the foreign currency. A nominal fee is charged by facilities and banks that convert foreign exchange currencies. The money needs to be deposited to your bank account once you achieve the local currency out of your foreign currency.
Step 1
You must know the extent to which you wish to deposit paper foreign currency. For this you’ll need to gain an idea of the volume of paper foreign currency you have with you. Don’t forget that the paper currency you have can only be used by you; foreign currency coins can’t be deposited or sold.
Step 2
Facilities or banks that exchange foreign currencies may buy your currencies; all you need to do is to decide if you wish to sell them. Foreign currency exchanges are offered by Travelex stores, travel agencies and airports. Your nearest location can be found in the Travelex website.
Step 3
Foreign currencies that you possess should be taken to your nearest facility of currency exchange or a bank in your locality. This facility or bank will charge a fee automatically. The remaining amount will be converted to your local currency and paid to you.
Step 4
You must take your local currency to your bank; once there, you’ll need to fill out the deposit slip. This slip will show a clear indication of how much money you wish to deposit. The currency and the deposit slip needs to be submitted with a bank teller; the deposit slip associated with your records will be shown to you eventually.