AboutShane Expertise Hello, my name is Shane. I currently work at a financial institution in customer service and sales. I am able to answer most questions you have regarding banking products and services, how to use them, and what products may benefit you best. I can also help you to weigh the risks of various types of savings vehicles such as questions pertaining to CDS, money market accounts, etc. Feel free to ask and I promise I will do the best I can to answer.
Experience Customer Service and Sales call center experience. Assists in training new hires for customer service. Well versed with FDIC policies, banking compliance laws, and a wide variety of product knowledge.
Organizations American Association of Medical Assistants
Education/Credentials High School Graduate and Medical Assisting Diploma
Awards and Honors Significantly exceeds expectations annual review from the bank I presently work at
Expert: Shane Date: 6/28/2008 Subject: Savings in foreign currency
Question Hi, I have been trying to find a way to do this but have been stuck at every turn! What I want to do is open a savings count, in which, I can save a variety of currency. So for instance I can have one account with Cedis, Euro and USD. I know many other countries offer this but I cannot find it here. I do not want to invest in money market or cds, simply save in a foreign currency. Interest is of no consequence, just that I want to save in the currency I plan to travel to in the future. Thanks for you help!
Answer Hello,
You will want to contact the foreign currency department at your local bank. I have never seen this done and I dont believe it can be. If you make a deposit into your savings accounts they will convert it to US currency. US bank accounts cannot keep on deposit foreign currency. I believe this is a violation of the US Patriot Act. Banks have departments called travel funds where you can purchase that country's occurence in advance. For now I would put it in a money market or short term cd, something like a 32 day term.
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