Monzo Suitable for Currency Hedging?


(James Torvaney) #1

Hi

'm also worried about future currency fluctuations as all my money is held in sterling. Unfortunately, I cannot find a high street bank able to open up a USD account.

So, are the rates and charges on Monzo competitive enough that I could use it to convert money from GBP to USD (let’s say £10,000 for argument’s sake) in order to reduce my exposure to GBP?

Any suggestions for best way to do this are welcome.

Thanks


(Kolok) #2

I’d guess Revolut would be the simplest way to convert money to USD and hold it there, but make sure you’ve got up to date proof of funding etc , as transferring such a big amount to Revolut would trigger AML , Revolut are known to lock accounts easily, even for way less than 10k

Although I wouldn’t be too worried as long as you’ve got proof of funding, if it does get flagged you’ll get it unlocked but it would be a pain in the arse to say the least going by other people experiences,

I’d be interested if anyone has a better way to convert to USD and hold it.

Edit , maybe TransferWise borderless account is your best option.