posted on Jul, 26 2011 @ 02:39 AM
I've posted on ATS before that I am an American who lives overseas for work. Several months ago the hubby and I began to get a little nervous about
our money. We had sold our home in the States, but kept the equity in secure savings. We wanted it very safe & also liquid, in case we were moved back
to the USA with little notice and needed it quickly.
We were nervous about all this money being in US dollars with recent events, so we transferred it to a foreign bank account in Swiss Francs. Now with
every paycheck, we immediately transfer ALL of it out. Part of it comes here for living expenses - the rest goes immediately into foreign currencies.
We keep NOTHING in US dollars anymore.
My husband saw an article about nervous investors in America transferring money to Swiss Francs. He checked on our money today.
We have been making money and didn't know it. This cash is sitting nearly fallow - a very low interest rate for now until we find something better.
However, we have made 3% return on it in JUST the last MONTH, for not having it in dollars. It's worth 3% more than it was last month.
That means every dollar YOU have is worth 3% less.
Opening up a bank account in another currency is not so hard. Our bank will allow us to open up a checking account in dollars & in whatever other
currencies you want. We can switch the money between accounts online. Your bank may allow this & you don't even know it. In our case we have a
special account that allows us one free transfer per month, so we take advantage of this to avoid currency exchange fees.
Where is your money? Are you watching it devalue by the day? What are you doing about it?
As for us, we jumped ship, like the frugal rats we are, a couple of months ago. Bye, America. I love my home & I hope things get better, but we're
not going down with the ship.