I approach this post with some trepidation as it just may be too silly for words. but, as a complete currency novice, I just gotta ask.
The other day I was opening a new bank account and noticed that they offered the option for multi currency accounts. As I had purchased shares and bullion from foreign locations in the past I thought the foreign currency accounts may be of some use in the future.
I now have accounts in AUD, USD, SGD and CAD. I haven’t used the foreigns yet, each of which contains only a small “holding” deposit. I can open accounts in other currencies as required.
Now to my question…
Given the volatility of some currencies, I wondered if it might be a viable strategy to “trade” by moving funds from one currency account to another. There is no fee for moving funds from one account to a related account, and the transfers seem to happen very quickly.
I’m a 74 year old retiree with some savings and a small pension, so even small capital gains can be very useful.
So what think you, experts? Please don’t be too cruel!