paying in Great British Pounds now / converting given currency fluxuation

[Anonymous]

I don't know if this is considered a currency speculation angle, but

We will likely need to pay 3-4 years of tuition in Great British pounds, each year at about 12K US. Given how low the pound seems to be against the dollar, would it make sense to buy pounds now?
How does this work?

Thanks

[Anonymous]

Absolutely pay ahead of you can. No brainer.

[Anonymous]

Yes. It's like a forward contract in forex trader terms, but you have the money.

[Anonymous]

But keep in mind GBP in a bank account in the UK will earn about 1-1.5% interest. USD kept in a bank account her can earn around 4% interest.

[Anonymous]

My DD goes to a UK uni and has a British bank account. When the dollar was very high against the pound last summer, I moved a ton of money over.

[Anonymous]

It's not 100% sure that the program will happen for all 3-4 years, and I would prefer not to pay ahead because I would like that $ to be liquid if needed.

[Anonymous]

Is it hard for Americans to open bank accounts in Britain as a non-citizen, non-resident?

[Anonymous]

Anonymous wrote:Is it hard for Americans to open bank accounts in Britain as a non-citizen, non-resident?

It's hard because they are Americans--the US has imposed very onerous FATCA rules on overseas banks that have US account holders.

[Anonymous]

Anonymous wrote:Is it hard for Americans to open bank accounts in Britain as a non-citizen, non-resident?

No

[Anonymous]

Anonymous wrote:Is it hard for Americans to open bank accounts in Britain as a non-citizen, non-resident?

Not sure about Britain, but it's virtually impossibly in Germany. They're flagged as "international" accounts and have all kinds of fees and oher onerous issues associated.

[Anonymous]

Please don’t call it Great British Pounds.
Thank you. ( British person)

[Anonymous]

Anonymous wrote:Please don’t call it Great British Pounds.
Thank you. ( British person)

Ha, I was thinking this! I am a Brit too and was thinking what is a "Great British pound" - is it superior to just a regular pound - lol!

[Anonymous]

Anonymous wrote:Is it hard for Americans to open bank accounts in Britain as a non-citizen, non-resident?

My American daughter received a letter of introduction from her college that she needed to present to the bank when she opened an account. It was easy but I don't know what would have been possible without the LOI.

[Anonymous]

currency converter says "GBP" and I don't know where the pound sign is...

[Anonymous]

Anonymous wrote:currency converter says "GBP" and I don't know where the pound sign is...

Pound, British pound, pound sterling, or quid would all be acceptable. Or GBP. Just not 'Great British Pound.'