AboutAlexander J. Hay Expertise questions on international investing for the nine institutional investor
Experience I am a U.S. attorney with offices in the United States and Belize. I have experience helping to protect assets, reduce taxes, and improve investment performance by utilizing global investment techniques.
Education/Credentials Harvard University, A.B. degree; University of Houston Law Center, J.D. Degree; Fulbright Scholar
Expert: Alexander J. Hay Date: 4/17/2008 Subject: Investing in foreign currency
Question Sir; I am trying to figure out how to keep money in a foreign currency savings account such as Euro and the wisdom of doing it. Could you please comment on such a move in the backdrop of the currently sliding US$ against the Euro and an impending financial crisis/collapse in the US. Also could you please let me know how to go about making such a move of money from US$ to a safer currency. Thanks much ! Lakal
Answer I am not going to try to discuss the complex issue of whether the US Dollar will go up or down compared to the other currencies. It is just too hard to figure out. But you should try! Research yourself.
Now as to how to invest in foreign currencies, there are a number of ways, but the best way is perhaps to open an account in the US with a bank that allows foreign currency. There are a few.
The cheapest and easiest way is PayPal. I recently discovered that PayPal of all things allows you to hold funds in multiple currencies at no charge! Who would have thought!
