Getting Out of the US Dollar

[gawguy]

I want to either invest in instruments that are based in other currencies, like the Chinese yuan, or I want to invest directly in the currencies in a bank account.

 

I live in Thailand half time and USA half time. I live near a China Town in USA. I have an account at BKK Bank in Pattaya. I read the post about HSBC and I do have an HSBC online account.

 

I can easily divert to Taipei or Hong Kong as I can connect flights there.

 

I want to get into a currency with great prospects.

 

Thanks,

GG

[Mekong]

Personally I have a MMCA with a bank in the Isle of Man. The 3 basic currencies are STG, EU and USD, but you can also have accounts in most main currencies.

 

The main advantage is the ability to make all transfers online, either between acounts for free or to Thailand as and when I need to top up funds for a nominal charge.

[gawguy]

Personally I have a MMCA with a bank in the Isle of Man. The 3 basic currencies are STG, EU and USD, but you can also have accounts in most main currencies.

 

The main advantage is the ability to make all transfers online, either between acounts for free or to Thailand as and when I need to top up funds for a nominal charge.

Are these open to US Citizens? I remember looking into some things before that were not because of stronger US controls post 9/11.

[Mekong]

It was rather strict opening up the account.

 

I needed validation of Home Address which as a Brit in Thailand can prove a little difficult, (nearly 17 years here now I push for using Thai details) and other details you as a US Citizen should fulfil no worries.

 

50% of the people I have recommended this type of account to have give up due to the questions being asked, trust me it is worth it!

[jamjam]

Good Day, there are many Forex firms that will hold your funds in many currencies. There is also a very respectable company that will allow you to hold funds converted into the value of gold; which offers great protection against any currency. There are still offshore accounts in tax haven countries available with ATM cards that will hold funds in many currencies. I guest the question is if you need to do a lot of check writing or purchasing of large items such as houses or cars or if you just need your basic living expenses and donâ??t need to go above 700 dollars a day in withdrawals. If its business your doing I would go in the IBC direction.

 

 

If youâ??re worried about losing with the dollar you can always hedge the dollar against the other currencies. So if the Yuan goes up and dollar goes down the value of your funds stay the same except for +or- minimal rollover charges.

:thumbup: :thumbup:

[gawguy]

...there are many Forex firms that will hold your funds in many currencies.

 

Hello- Could you please give me some names or websites of companies you like?

 

If youâ??re worried about losing with the dollar you can always hedge the dollar against the other currencies. So if the Yuan goes up and dollar goes down the value of your funds stay the same except for +or- minimal rollover charges.

:thumbup: :thumbup:

Could you give me a little more detail on how to hedge?

 

Thanks,

Gaw Guy

 

[FAT_AUSSIE]

Interbank FX using MT4 platform- Kicks arse!!!

 

Maybe check out www.forexfactory.com and do some research on brokers, plenty of info there.

 

Sounds like you want a broker that offers accounts in multiple cuurencies, not just USD. IBFX only lets you use USD denomination but they are are good broker and the use a very good platform. www.cmsfx.com offers multiple currency accounts, I have used them in the past, don't use them now though.

 

Forex can be very risky at the best of times, be very careful. Don't expect majic or anything else to happen qickly.

 

FA...