Spinoff: How do you keep money in another currency...?

[heatherdeg]

I've been very interested in this lately, and then I saw someone mention on another thread that they do this... so it's like a big sign to me that I need to push forward learning about this.  :)

Where would you even start with doing that.  Notsomuch which currency to keep it in, but once you determine what currency--how do you move your money and where to?  Are there international online banks similar to ING or HSBC that will do this?

(of course, open to tips on selecting a currency in case I've overlooked something on that front, too   )

[Otto]

If you just want to hold currency, these guys will sell you foreign-denominated certificates of deposit.

[heatherdeg]

Originally Posted by Otto 

If you just want to hold currency, these guys will sell you foreign-denominated certificates of deposit.

Thanks!  Anyone else??

 

[SunRise]

In Canada, one can open a bank account which holds American currency. For instance, I have two accounts at a Canadian bank. One is Canadian funds, the other is American funds. I can transfer the money back and forth (theoretically...I have not perused it yet).  p.s. these currencies are at par right now, so there is no making money here :). But 10 years ago, 10.00 US dollars was worth 15.00 Canadian dollars.

"Snow birds" set up accounts like this...older people who may spend the winter in Florida and want to access their funds in both currencies.

And people who do business across borders may have accounts like this.

Edited by SunRise - 1/4/11 at 8:50am