How to exchange currency?

As one who is living in the shadow of Fukushima, I think if anything the situation is being overblown in the Western media. The people of Fukushima are in dire straits, no doubt about that, as are the tsunami areas, but the rest of the country is not a basket case as I have heard some reports paint it to be. Japan is a country that has the ability to rebound after disasters-- that has been part of its culture for centuries, if not millennia.

As for Russia, I would avoid it like the plague. Sure it has a lot of resources. But it also has a lot of corruption and uncertainty. It is in a precarious situation, and has been ever since its breakup. And its "sophisticated industrial base" pales in comparison to countries like Japan and Germany.

 

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Not much of a downside with the ruble? A country quickly backsliding into a Moscow dictated, corrupt oligarchy with rules and business run for the benefit of an elite few? Man, you have a stronger stomach for risk than I do. There have been multi billion dollar corporations dissolved with a stroke of a pen recently, and businessmen convicted on political charges. The ONLY thing Russia has going for it is natural resources, so if you strictly wanted to make a natural resource play its an option, but still a dangerous one.

Chris

P.S. I have many Russian friends, and have been to Russia, so this isn't just white tower academic talk.

 

Chase Bank will exchange money. They charge $5 regardless of the amount exchanged and it takes just a few days to get it in. I just bought my daughter some Euros to take on her European trip this month.
Guy

 

Take my comments in the context in which it was presented. That is, an event that destroys the dollar. I preceded my post with this qualification. If a SHTF event comes, the most stable places will be the places where people won't be starving in the streets due to a collapsed economy that can't provide basic needs. Russia is nicely insulated from a collapse of the global economy. It can easily sustain itself and fight off anyone who tries to take what they have by force. Sure there is corruption there, but where isn't there institutionalized corruption? The USA? hahaha.

 

China's currency has a fixed value...it's value isn't determined by the 'basket' the the dollar and Euro is.

Some banks and credit unions will get you foreign currency if you have an accout there. When I have traveled to Europe and Asia I have called the bank and had them put a note on my account. When I get there, I get away from the airport and stick my US debit card in an ATM to get cash. I think my bank charged me 20 cents per $100 USD of cash I took out. If you know people that travel and want the paper currency to hold, talking to them may be your best bet, however there are some limitations of how much foreign currency you can take out of a country, depending on the country.

 

Thanks everyone. I am looking for PHYSICAL paper currency to store as cash, to diversify the cash I have on hand. More of a long term thing, and no matter what the value does I wouldn't mind having paper bills from other countries for my coin collection. Not looking at trading currencies like stocks or futures.

 

I think that believing that you understand the economic and political workings of a country well enough to make informed investment decisions because you travelled there and know people from there is the definition of white tower academic talk. I've lived in the shadow of Manhatten most of my life and invested through Wall St for 40 years and I can't honestly say that I know what will happen there or to the USD; but I think I have a better idea than someone who travelled to the US and has US friends in Moscow. That said, it was my understanding that many of the corporations were dissolved because it was proven that a lot of their assets were basically stolen or "gifted" to them by corrupt government officials in the Yeltsin administration. But that's just my ivory tower view since I haven't been there yet.

That said, I think the arguments for investing in Russia are interesting and well stated, but I don't plan to do it because I'm lucky to figure out what is going on in North American markets, and moving money a few thousand miles away probably won't improve my investment results.

 

Like believing you understand the political workings of a country because you can see it from the shore of your own country?

 

I thought about that, but decided not to write it. :yes:

 

I was doing a search for the answer to the Canadian Bank account question and found this instead on a Canadian money forum............

I am posting from Ireland. So Sláinte..

Can someone tell me is there any Canadian banks that allow you to have savings deposit accounts if you are not resident or visitor in Canada. I have no need nor intention of going to Canada. Just want to hold Canadian dollars instead of the Euro which is likely to collapse in my view.
Non resident accounts are fairly common worldwide but any bank in Canada I contacted seem to tell me I have to go there.

Sounds like there isn't much confidence in the Euro................

 

To answer the question about Canadian Bank accounts you must be in the country to open an account and only US or UK citizens can open an account without living in Canada. Every other countries citizens must be on a student or work visa, somebody just visiting would not be permitted to open an account.


As getting different currencies, although I am not famaliar with how things are done in US, I would suggest calling different banks or businesses that deal in international currencies like bullion each place has a spread that will differ from location to location.

 

I can only speak from personal experience which is that any fund that I invest in through my broker requires a minimum contribution of $1,000. If you are doing it on your own I would try calling around banks which can order foreign currency for you. You could also try your nearest international airport or a money exchange. Fees likely vary.

Personally, I wouldn't put much into this though. The bubble in the DOW/GOLD ratio is on its way back down to very low numbers, and I just don't think any paper will be a sound storage of wealth as things progress. Even the Chinese Yuan which is commonly noted as having high interest rates compared to the rest of the fiat currencies is still in negative real interest rate territory when accounting for inflation. I'm not saying diversification isn't a good idea, but I'd be surprised to see any currency outperform metals over the long haul. Although I do like Sweden's situation since they're not in the Euro, and of course the Swiss Franc will probably do well since the banks there run most other central banks. I also like the outlook for the Australian Dollar since they have a strong manufacturing base.

 

Actually my main hedges to the USD are foreign miners, like Australian, Canadian, and South American. Even if the firm is based in UK, I seek out firms whose profits derive from metal manufacturing in stable countries.

Like others here, physically holding another currency is costly, due to lost interest, and not as safe as you might think.

 

Well a lot of banks offer currency exchange. You might try asking around the local airport too, where you would go. And as far as what currency, Euros are doing pretty well with the exchange rate.