Buying GBP

[Hamlay]

Hi,

What's the current thoughts on Buying GBP?

I'm not planning on going back to the UK anytime soon but would like to build up a little nest egg of GBP to either use if I do go back (5 - 10 years) or to convert back to HKD if the rates change enough in my favour.

I'm not talking big money here, only the odd few thousand GBP every few months or so.

As I don't work in the financial sector or usualy take much notice of this type of thing, any advice is apprieciated.

Thanks

[MovingIn07]

I've moved more into GBP recently - probably best though to set up a savings account /investments in the UK and send regular payments. Trying to "time" currency movements is notoriously difficult!

[Geoff]

Trying to time currency movements is impossible, in my view. Don't give yourself the heartache and anguish of even trying.

A regular lump sum is a reasonable way to do things, provided the charges are not high compared with the sums involved.

[discobay]

Probably easier to manage if you save it here. Interest rates are poor both here and the UK.

[Hamlay]

Probably easier to manage if you save it here. Interest rates are poor both here and the UK.

What I'm currently doing is just making transfers into the GBP part of my HSBC HK account. This doesn't incurr any charges. I'd not even checked what interest rate it gets, just assuming it's very poor!

thanks for comments so far.

[discobay]

Have you looked into HSBC's Time Deposit Plus?

[MovingIn07]

Have you looked into HSBC's Time Deposit Plus?

I used to do that. At the end of the day, my HSBC Offshore personal banker pointed out it was pretty much a lose-lose outcome! I still play with it from time to time though... just for fun!

[discobay]

Being offshore he may have his own interests at heart. I've played it a fair bit and have always made a profit.

[PDLM]

Lucky you - essentially you're gambling against the bank.

[discobay]

It's either that or earn 0.01% in interest.