Punish2324 wrote: ↑
Thu Mar 07, 2019 9:19 pm
How can I purchase UK Treasury bills while I am still in the US? I do not have a bank account there since I do not have a resident address there. Are there ways?
You'll probably need to open an account there based on your upcoming residency. HSBC was often said to be useful for this in the past, but I haven't followed it. It may be easier to set up a normal bank account there; you can probably do better with savings or "bank bond" account than with UK Treasury bills at the moment. Expat accounts in the Isle of Man are another option and are not as shady as they sound, but they may be harder to open from the US than they used to be because of new regulations.
Another alternative, if you want to hedge away the currency risk, is to keep the money in dollars but use a futures instrument (GBP/USD as a traded currency pair) to hedge your risk. This is of course more complicated, and you'll want to understand it well before doing it to make sure you are understanding the costs and risks involved. But I believe you can trade currency pairs at E*Trade and other US brokers fairly readily, or by using a specific trading service like fxTrade.
For periodic transfers, as others have mentioned, TransferWise is a good option. Where you can make credit-card purchases in the UK, using a US card (as a way to effectively make a "transfer" of dollars to pounds) is a surprisingly inexpensive option (often beating TransferWise, particularly for small amounts) as long as your US credit card doesn't charge a special fee for foreign transactions. Withdrawing UK pounds in a British ATM (which are usually fee-free) with a US ATM card is also a surprisingly cheap way to achieve a currency transfer of small amounts, as long (again) as your bank doesn't charge special fees. (Most do.)