Saving in other currencies: money matters
How to use a currency savings account as a way to manage exchange rate fluctuations
How exchange rates can affect your savings
When you live and work in another country, you may wish to transfer money from one currency to another.
For example, if you move to Dubai, you may earn in dollars — but if you keep your UK savings account, you'll save in pounds. This means you'll need to convert your savings into pounds every time you want to make a deposit.
The amount you deposit will be affected by currency fluctuations. You might have the same amount of dollars to save every month, but changes in the exchange rate will mean it's worth a different amount in sterling each time — which means some months you may lose money.
Making the most of your money
The solution? Open a savings account in the currency you earn in.
When you make your monthly dollar deposit, you'll always know just how much you're saving. And when you do convert your savings to sterling, you can choose a time when the exchange rate is in your favour — which means more pounds in your UK account.
By making fewer conversions, you'll also avoid fees and currency conversion charges, saving even more over the long term.
Which account should you choose?
Your options depend on the currency you earn in and the type of account you're looking for. All our savings products offer a sterling option — and some offer a wide range of currencies.
We recommend that all our customers seek independent personal tax and financial advice from a suitable professional.
Click on an account to find out more.