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Jumping Ship

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posted on Jul, 26 2011 @ 02:39 AM
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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.




posted on Jul, 26 2011 @ 02:43 AM
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Thanks for the advice but if large numbers of Americans did this, wouldn't the ship sink faster?



posted on Jul, 26 2011 @ 02:46 AM
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Thats funny, it just shows you that everything outside of this country is better LOL.



posted on Jul, 26 2011 @ 03:19 AM
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It[s amazing to see just how quickly the U.S. Dollar and strength it carried with it can be put down and forced toward the backdoor of history. A few years for the real drop and maybe 15-20 years in the making to a real degree. Such a brief time to undo what it took 200 years to steadily build UP a little bit at a time. I hope we can get level headed people making decisions for the right reasons to start getting this under control. The U.S. is an awfully large country to see go from very wealthy to something similar to 3rd world status.



posted on Jul, 26 2011 @ 04:10 AM
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reply to post by blackrain17
 


I don't know, I really don't. Does your money in an American bank make the economy that much more stable? I would like to know.



posted on Jul, 26 2011 @ 08:56 AM
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reply to post by Schkeptick
 


no

the more money in us banks--

1. the more enabling to crooks
2. the more politicians think they have to manage
3. the nore control the banksters have
4. the more control over americans the .....oops!!! these are all basically the same thing huh?



posted on Jul, 26 2011 @ 09:01 AM
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reply to post by Schkeptick
 


OMG


i think there is an opportunity for you to make money and help people... start up a management company helping americans move assets to Swiss banks!!

I don't have the particulars, but something like a consultant or the stuff financial advisors do..

Please don't think Im crazy, but there has to be some way this can be done. 15 years ago, I had the idea of micro investing, never knew how to connect the dots. and shazam!! Kiva and other companies popped up about 10 yars ago, so apparently I had a god idea without the info/education how to apply it.

I think my idea to you could be HUGE..of course if you become a billionaire could you kick me down a measly 5 mil??



posted on Jul, 26 2011 @ 09:10 AM
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Before Aug 2, I'm buying bookoo euros.

Just to be on the safe side.



posted on Jul, 28 2011 @ 12:29 AM
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Originally posted by beezzer
Before Aug 2, I'm buying bookoo euros.

Just to be on the safe side.


We stayed away from Euros because of the events in Greece & Ireland. I'm just not sure how stable the Euro will be with at least two countries putting such drag on it. I hope it is - but not sure.

We also stayed away from Pounds Sterling (UK) because I felt it had been too similar to the dollar. The exchange rate is still similar to what it was the first time I ever went to the UK, in 1999.



posted on Jul, 28 2011 @ 12:35 AM
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Originally posted by rebeldog
reply to post by Schkeptick
 


OMG


i think there is an opportunity for you to make money and help people... start up a management company helping americans move assets to Swiss banks!!


I am a capitalist, but only when it comes to providing a NEEDED service! I would feel like a charlatan, to charge people for something they can do themselves with a little education. People do this ALL the time, I know! But it's not for me.

Open up an account with HSBC (or another internationally based bank). Tell them you want a dollars account & also one in the foreign currency of your choice. Transfer money into your dollars account, then to your foreign currency account. That's it! It's as easy as transferring between checking & savings in any bank. We do all our transactions online.

We had no choice but HSBC when we moved overseas, and we have been glad for it. I never knew how EASY this was. It seemed like a big, scary, complicated thing that only hedge fund managers would understand. It's EASY.

Let me say: this is only appropriate for a cash stockpile, an amount of money that you need to keep liquid. It isn't a good plan for longterm investing.

Though what IS a good plan for longterm investing right now, I have no idea...



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