2006-09-20 15:52:43 · 5 answers · asked by curiousitywillnotkillcat 2 in Business & Finance ➔ Personal Finance
If you are asking about currency risk. Yes, there is always that. Some are more vulnerable than others. A lot of people, particularly the rich, believe the U.S. currency is going to loose more of its value in the next few years has already send their money elsewhere. If you look at the world market, there are many country/currency that are less risky than the US dollar. The US dollar has lost 30-40% of its value against Euro and British pounds in the last 4 years.
If you are asking whether to open an account that allows you to keep foreign currency, like Citi Bank, Bank of America and EverBank all have some sort of foreign currency account. They are perfectly safe. FDIC insured subject to limitations just like regular accounts.
If you are asking about opening an account in say Switzerland. As long as you pick a peaceful country, chances are you are pretty safe. Switzerland, Singapore are good choices.
2006-09-20 16:03:37 · answer #1 · answered by JQT 6 · 0⤊ 0⤋
100% safe.If currencies appreciate , then you will get more local money on keeping the FC for some time. Cross currency variations and technical analaysis you have to do homework with the help of experts!
2006-09-20 15:56:19 · answer #2 · answered by adapoda 3 · 0⤊ 0⤋
It's illegal for residents of US to have foreign bank accounts especially if they are citizens.
2006-09-26 05:07:36 · answer #3 · answered by pundit005 2 · 0⤊ 0⤋
only if you know what you are doing, in that case you can make a lot of money, I do it all the time
2006-09-20 16:06:03 · answer #4 · answered by acid tongue 7 · 0⤊ 0⤋
Be very, very, very careful...I lost thousands of dollars on them...
2006-09-26 09:31:11 · answer #5 · answered by deburleigh 3 · 0⤊ 0⤋