I've been playing around with fx trading in my free time for the last few months and just realized that it may be advantageous to convert a certain amount of my savings to foreign currencies. I'd like to hold foreign currencies for an indefinite period of time, unleveraged, simply to diversify my cash holdings.
Aside from going to a bank and buying the currencies I want and then putting the cash in a safe, what is the best way to do this? Are multicurrency bank accounts available to individuals?
Any information answering any of the above is appreciated, so thanks in advance.
Hi UFOinsider, any of these discussions helpful:
You're welcome.
bump
Try looking into countries like Georgia, Serbia, Cambodia that have not signed the CRS or FATCA and then open a bank account in very stable and safe bank. Please research it very well before going about doing anything financially outside the US, because you have to disclose all your accounts to the IRS, offshore ones especially. THIS IS NOT legal advice. If you want to personalized help, PM ME.
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