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Is it worthwhile opening a Sterling account?

Where you are making and receiving Sterling payments, it is often advantageous to maintain a Sterling bank account. This provides the ability to net currency payments against currency receipts, thus minimising the number of foreign exchange deals that you do. Every foreign exchange deal is subject to a ‘spread’ (the difference between the bank’s buying and selling prices), so the fewer deals you do the less ‘spread’ you pay.

Where there is considerable bias towards payments or receipts, hence minimal netting, a Sterling account will provide an excellent audit trail and the ability to convert currency in larger amounts which are liable to attract a better rate of exchange.

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