Are there any interest paying internet banks that I can open an account converting US Dollars?
Friday, August 27th, 2010
at
1:44 am
twinhood asked:
…to Euros?
The US is heading for a major fall economically don’t you think? In the future I don’t want to be heading to the grocery store with a wheelbarrel full of US Dollars to buy a quart of milk and they steal my wheelbarrel! It is a fact US Dollars (USD) are worth less and less these days. The Euro continues to be worth more in comparison to USD.
As foreign countries continue to divest themselves of USD America will soon face another major depression. That’s the way American Republicans want it. I don’t know why but that’s the way it is. I want to be holding Euros when this economic collapse happens. Right now my money works for me making 5% interest in an internet bank but the problem is that it is in USD which I no longer trust as appreciable currency. Therefore, I would like to find an internet bank that can do the following: #1. Pays near the 5% interest I am already getting. #2. Can convert USD to Euros 3. Can be held in Euros instead of USD. Anyone have any informacion?
…to Euros?
The US is heading for a major fall economically don’t you think? In the future I don’t want to be heading to the grocery store with a wheelbarrel full of US Dollars to buy a quart of milk and they steal my wheelbarrel! It is a fact US Dollars (USD) are worth less and less these days. The Euro continues to be worth more in comparison to USD.
As foreign countries continue to divest themselves of USD America will soon face another major depression. That’s the way American Republicans want it. I don’t know why but that’s the way it is. I want to be holding Euros when this economic collapse happens. Right now my money works for me making 5% interest in an internet bank but the problem is that it is in USD which I no longer trust as appreciable currency. Therefore, I would like to find an internet bank that can do the following: #1. Pays near the 5% interest I am already getting. #2. Can convert USD to Euros 3. Can be held in Euros instead of USD. Anyone have any informacion?
Tagged with: Foreign Countries • Internet Bank • Republicans
Filed under: Online Banking
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You can open a bank account in any number of foreign currencies. You can get foreign denominated CD’s that pay good interest too. This bank has lots of options for securing your money against the falling dollar, including gold and silver investing. And it’s FDIC Insured. I suggest opening an account in Euros for example, then opening a free checking with them as well. That way, if you need to convert your money from Euros to spend it here, you can just easily transfer it to your Free Everbank Checking account and write checks right away. You can conversely deposit money into your Free Checking and transfer it to your Foreign Currency account. I highly recommend it.
Kim
Is the only one I know of, they have a Foreign Currency CD & Money Market Accounts.
On top of the George Bush blunders, the current administration has already added about 1.5 trillion in new money into circulation. This is roughly equal to 170% of the previous total amount of money in circulation (http://research.stlouisfed.org/fred2/series/BASE). History tells us that new money added to circulation takes about 2 years to work its way into the system and manifest its inflationary effects (the banks are still sitting on piles of the bailout money), so we have some time. Be aware, a TRILLION is a lot of money. & there is no way that the Fed will be able to back this $ out of the economy in time without raising rates to 45% tomorrow. How can we not have hyperinflation?
Once high rates of inflation are apparent, foreign governments will see the value of their US bonds falling and will probably begin dumping their holdings of dollars, thus accelerating hyperinflation. Once the cost of everything is skyrocketing, the government will not be able to collect taxes fast enough, and it will have to resort to printing even more money (as happened in Germany about 100 years ago when 99% of their government spending was with printed money and only 1% from tax receipts) further speeding up the hyperinflationary death spiral.
Inflation, or in a severe case, hyperinflation, is a local event; it does not affect currencies in foreign countries, and may even help their stock markets via shifting purchasing power to unaffected countries. You are right in seeking a foreign currency, but that may not be good enough. Where still is a banking crises, and it may get much worse. Holding foreign currency in a bankrupt bank is of no benefit because your money could be lost – the FDIC is quickly running out of money.
offers a foreign online bank in one of the most stable countries in the world, Switzerland, where you can choose from a few different major currencies, including the euro. offers the full list of bank accounts in Switzerland with tons of details, but it will cost a few extra bucks.
If you have access to your foreign money in a foreign country, you are safe from hyperinflation, as well as bank failures that may result. In today’s world, Swiss banks can issue debit or credit cards that are good just about everywhere, so you can still spend as you need to. The money you spend via debit or credit card would not be converted into the depreciating currency until the instant that the sale takes place.
I hope this helps!
…HSBC Bank International ( )
They offer accounts in sterling, US dollars or euro. However, the interest rate is nowhere near what you are seeking. The best you can get is 1.19000%.
is another possibility.
And this is what one expert says about it:
“I’m not very dollar confident and, at the moment, my feeling is that Euros (bought on dips) might be a good way to stay leveraged (outside of buying foreign stock). Those in Argentina during the recent crisis who survived financial ruin were those with (in that case) US Dollar denominated accounts. Apparently that is common there but, in the US, having a Euro denominated account does not seem to be an easy task.
As long as the Euro account is interest bearing at a fairly competitive rate, this would be a great hedge against a further decline of the US dollar.
I am a US resident and I still have a bank account in Germany. I left the country 6 years ago and have no residence there. The key is that the bank wants your US address and your social security number and will issue a 1099 to you.
I am with Deutsche Bank and handle almost all banking online (which is not too much anymore).
I also know Swiss and German’s that open account in the respectively other country without a residence there. Most EU countries (Austria as a sample was know for relative lax reporting laws) I know don’t require a residence.
I just called the Deutsche Bank call center in Germany and got the details :
You can open an account as a foreigner with no problems. There are some issue though :
a) their official language is german. They can answer emails in english etc. but you will need to fill out German forms that you can download from the Internet. Also phone banking is German only.
b) they obviously recommend to do Internet banking
c) The forms on the Internet should be preferrably filled in handwritten and some of them need to be notarized by a German consulate or embassy and then mailed to them. Obviously you can also show up in person if you happen to be e.g. in Frankfurt.
d) you can then deal with all your investments via email to your customer care rep. Expect to have higher commissions then the US, it is by far not as comeptitive in Germany. Also you can just put some money into e.g. 30 days fixed savings that automatically extend if you want it reasonable liquid.
e) you can also get a atm card if needed and get money out of ATM machines if you e.g. are in euro country and want to save on currency conversion
f) they will only run the account on a ‘plus’ basis meaning you can’t overdraft (most German accounts have overdraft with around 1-3 montly salaries as the amount)
g) they will report to the IRS
So in general, if you are really willing to spend some time, it is not a big deal especially if you are not too far away from a German consulate.”