Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Has anyone opened an off-shore bank account due to the dollar losing value?

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread		 This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
ecstatic Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:45 PM
Original message
Has anyone opened an off-shore bank account due to the dollar losing value?
I see a lot of posts about the dollar dropping in value. So what are people here doing about it? I haven't done anything yet--but I've heard talk of buying gold and/or offshore accounts.
Printer Friendly | Permalink |  | Top
bigscott Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:47 PM
Response to Original message
1. not quite
but i have opened some international/emerging market mutual funds that are doing OK
Printer Friendly | Permalink |  | Top
 
John1956PA Donating Member (282 posts) Send PM | Profile | Ignore Mon Nov-26-07 12:59 PM
Response to Reply #1
16. I opened a modest banking position in euros a few years ago.
After I did so, the dollar gained strength against the euro, thereby suppressing the value of my investment. It has been only within the past six months that the euro vs. dollar exchange rate has changed to the point that my investment has turned to the black. However, considering the commission charges and the fact that my euro bank position does not pay interest, I can not say that the investment has been worthwhile to date. So far, I would have been better off had I invested in any of the many conservative mutual funds which have garnered around 10% interest per annum in the past few years.
Printer Friendly | Permalink |  | Top
 
SpiralHawk Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:49 PM
Response to Original message
2. "Smirk, smirk, smirk." - Commander AWOL
Edited on Mon Nov-26-07 12:50 PM by SpiralHawk
"That is classified information protected by Executive Privilege covering me and all my corrupt cabal of republicon homelander crones. Smirk."

- Commander AWOL
Printer Friendly | Permalink |  | Top
 
ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:49 PM
Response to Original message
3. an offshore account won't help, if your savings is in dollars
Edited on Mon Nov-26-07 12:49 PM by ixion
it'll fall right along with those here stateside. Gold (or any 'real' commodity) is a better bet. Myself, I've bought some land out in the middle of nowhere, and am trying to get things that will allow me to live autonomously (dry goods, solar, camping gear, etc), when the time comes.
Printer Friendly | Permalink |  | Top
 
rhett o rick Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:49 PM
Response to Original message
4. I am also interested. How about bank accounts in Europe? nm
Printer Friendly | Permalink |  | Top
 
rucky Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:49 PM
Response to Original message
5. I hold my Paypal money market in Euros.
Edited on Mon Nov-26-07 12:50 PM by rucky
now all I have to worry about is Paypal crashing.
Printer Friendly | Permalink |  | Top
 
LynzM Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:55 PM
Response to Reply #5
10. Hey Rucky...
How do you do that? We're trying to move to Europe next year and it would be great if we could start saving in Euros now... thanks! :hi:
Printer Friendly | Permalink |  | Top
 
rucky Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:57 PM
Response to Reply #10
13. First, open a Paypal account...
www.paypal.com

after your account is verified (takes a few days), you'll get the option. A screen will link to your homepage, then you have to go through another verification process.

I think at that point you can sign up for a Paypal card, as well.
Printer Friendly | Permalink |  | Top
 
LynzM Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 01:01 PM
Response to Reply #13
18. Thanks.
I found it, actually... should have done that before I asked. It looks way easy...
Printer Friendly | Permalink |  | Top
 
ecstatic Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:56 PM
Response to Reply #5
12. I'm going to look into that
:scared: I wonder if they are insured like a real bank.
Printer Friendly | Permalink |  | Top
 
Mojorabbit Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:58 PM
Response to Reply #5
15. I'd like to know too
and do they charge a conversion charge when and if you redeem back in dollars?
Printer Friendly | Permalink |  | Top
 
LynzM Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 01:00 PM
Response to Reply #15
17. I found it.
If you search for "euro" on the homepage, one of the links takes you to your Currency table where you can maintain multiple balances. Not sure yet about the fees, since I haven't tried. But I'll let you know when I find out! :)
Printer Friendly | Permalink |  | Top
 
rucky Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 01:04 PM
Response to Reply #17
19. Instead of fees, I think they just take a cut from the exchange rate they set.
Still trading better than the dollar, in any case.
Printer Friendly | Permalink |  | Top
 
LynzM Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 01:18 PM
Response to Reply #19
20. Yeah, the conversion rate looks low.
On PayPal, $1 = €0.65, on today's exchange it's about €0.67. Still, that's not bad (relatively... I remember when a € bought $0.88... sigh), and it seems really easy to do, just by tranferring money from your bank account into PayPal and then transferring it to Euros.
Printer Friendly | Permalink |  | Top
 
Didereaux Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:50 PM
Response to Original message
6. if you are that rich, I doubt you'd be asking 'offshore' questions on DU
Printer Friendly | Permalink |  | Top
 
theredpen Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:50 PM
Response to Original message
7. I'm converted some funds to Euros
It's easy to do on a PayPal account. I know several people who've also used PayPal as a convenient way to store funds in Euros.
Printer Friendly | Permalink |  | Top
 
AngryAmish Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:51 PM
Response to Original message
8. no
Printer Friendly | Permalink |  | Top
 
lapfog_1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:51 PM
Response to Original message
9. There are plenty of ways to "own" foreign currency.
Ask Dick Cheney, I think he converted many of his liquid assets to the Euro some time ago (like over a year now, right?)

Think maybe he (and his financial advisers) knew something?
Printer Friendly | Permalink |  | Top
 
ecstatic Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:55 PM
Response to Reply #9
11. oh my goodness! Are you serious?
Wow! That's not fair! His converting to Euros tells me everything I need to know about where this economy is headed--thanks a lot Cheney!
Printer Friendly | Permalink |  | Top
 
lapfog_1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 12:58 PM
Response to Reply #11
14. Converted... many many months ago. Made a small stir here.

Didn't make the MSM... duh... no surprise there.

At the time I thought "That's it. The housing bubble is now about to blow up "big time!", as Dick would say.
Printer Friendly | Permalink |  | Top
 
LeftHander Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 01:26 PM
Response to Original message
21. Sort of....I own a boat that I throw money into each year....nt
Printer Friendly | Permalink |  | Top
 
Kolesar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-26-07 01:53 PM
Response to Original message
22. Buy "International Equity Funds" like Scudder Greater Europe or Fidelity Diversified International
I bought stock in a company who has most of its business in other countries also.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu May 02nd 2024, 03:25 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC