Stupid qu - opening bank account with $

[FinanceDietTime]

A relative was visiting from the US and gave me some dollars as a gift. I’d like to deposit it somewhere, preferably putting in savings. Is it possible to open a bank account that takes different currencies? Or is it better to change to £ and just deposit it then?

Can anyone help please?

I would personally just change it to £s, for a one off gift. A FOREX account is only worthwhile if you're either running a business or want to maintain a bank account in a different currency long term.

That is helpful, thank you. I’ve no way of knowing if the relative will make future gifts - they did mention it, but I imagine at must maybe once or twice a year. Prob not worth opening an account. Will look at Forex. Thank you.

Just exchange it. Unless you’re talking £100k there’s no real advantage to keeping it as dollars, unless you only plan to spend it in America.

Also it’s easy to send money via PayPal or XE between the US and UK.

Thanks. There is a chance I’ll be going to the US but maybe not for a year. I will look at exchange rates & will mull it over some more.

Yes, I know about PayPal but this was a gift & the relative doesn’t have PayPal.