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Iโve done a lot of research on foreign currencies and which are good to holdโฆ its pretty complicated. it seems obvious, swiss franc, hong kong dollarโฆ but when you look at if you want to open a swiss bank account they require a very high minimum balance, can charge you just to hold swiss francs, etcโฆ anyone have a deep understanding of this stuff?
I also use Transferwise for international bank transfer and to hold different currencies. Now they have also Bordeless accounts in many currencies. So far I found them easy to use and also fast transfers.(ie From UK - GBP to EUR account is Slovakia it was in same day)
Even without getting into whether the USD will fall or not, I think it makes sense to hold onto currencies, especially the ones that youโll be using often and especially when theyโre on "sale."
In the hope of bringing an old thread to life again - how would you guys do this? For example, Iโd like to buy currencies that I use/will be using somewhat frequently (CAD, EUR, GBP, ZAR, SGD, HKD, COP, etc) when theyโre cheaper than usual and then store them somewhere, sort of like a multi-currency savings account.
Would opening up a multi-currency bank account be the best for this? Or a brokerage account like Interactive Brokers (the only downside I can see to using IB is that they have a minimum monthly fee)? Or is Transferwise the way to go?
Any insights?
I use Transferwise and have accounts in many currencies.
I have saved a stack of money this way. I am from the UK so GBP is my currency and itโs at historic lows compared to many others.
I hold EUR too and I am about to buy GBP back at a substantial profit. I bought EUR when 1 GBP = EUR 1.40.
I think currency trading is very risky, but itโs doable long term and itโs worthwhile for all Nomads to hold different currencies, partucularly USD,EUR,GBP and CHF.
looked at the government budgetโฆ it looks like the national debt will be 27 trillion by 2025 if Iโm reading that rightโฆ and iโm not sure if I amโฆ Iโm a little scared case I have this money market fund which I thought was extremely low-risk. then I see what the fund is in and its 30% โgovernment obligationsโ which has me nervous as hell and Iโm moving everything out of it.
wait a secโฆ the AAA credit rating to the United States is an illusion isnโt it? Even moodyโs downgraded them, but changed it under threat of lawsuit by the US governmentโฆ I donโt get what the data is based on.
[quote=โtravelguyny, post:17, topic:2671, full:trueโ]wait a secโฆ the AAA credit rating to the United States is an illusion isnโt it?
[/quote]
Sure. Thatโs why I said โworstโ. Iโm not even considering USAโs AAA credit rating from Moodyโs, since itโs probably artificially high. I only mentioned USAโs WORST credit rating (โA-โ, by Chinaโs credit rating agency Dagong).
I seeโฆ very interestingโฆ any tips on learning more about this stuff? Iโm going to spend some time researching this default thingโ I just donโt understand the fact that they are borrowing to pay their debts, then have interest to pay on those debtsโฆ its seems mathematically impossibleโฆ in 10 years Iโm hearing it could get to 25 plus trillion in debt โฆwhat do they do; just keep raising the debt ceiling forever? Iโll have to read all those links you posted and will respond back after I look at it.
http://www.transferwise.com is pretty good for getting around the fees and conversion cost apparently.
Can you send money from a HK corporation (in corporationโs name) to a personal bank account in Australia using Transferwise?
supposedly someone who is pretty credible says that on a $50,000 transaction from USD to Hong Kong dollars that $100 was paid as a conversion charge. That is pretty lowโฆ but who knows.
Depends on the company/bank.
If youโre wiring HKD > USD from Hang Seng Bank (HK) to Bank of America (USA), you might get charged 0.2% premium over spot rate (as you implied). As I stated earlier, HK banks have some of the narrowest currency spreads.
If youโre wiring USD > HKD from Bank of America (USA) to Hang Seng Bank (HK), you might get charged 4.0% premium over spot rate, or lose $2,000 on your $50,000 transaction. In this case, youโd probably want to use a currency transfer company like Transferwise or USforex.
apparently from some of the research I just did says basically that even though you may lose that .5-1 percentโฆ it doesnโt matter because the point is to get out of a potentially unstable currencyโฆ that that loss is acceptableโฆ and only means something in the immediate short-term. I for one believe that US has to default on its debt in the next 5 yearsโฆ I donโt see any way around it. You can bet there will be a massive decline in the value of the dollarโฆ will this actually happen? who knowsโฆ but if you look at the dataโฆ how long can it go on like this for? Debt ceilings canโt be raised forever, and it is statistically impossible to for the government to pay of the debt at this pointโฆ printing money is what they love to doโฆ
Iโm sure zerohedge articles will make people think that.
Meanwhile, the US dollar has only strengthened over the last 10 yearsโฆ
Credit default swap spreads imply USA has a mere 0.3% chance of annual defaultโฆ
And even if you go by USAโs WORST credit rating (โA-โ, by Chinaโs credit rating agency Dagong), USA only has a 4-5% of default over the next 10 yearsโฆ
The idea that โUS has to default on its debt in the next 5 yearsโ is something I expect to hear from an episode of โDoomsday Preppersโ.
Everytime you change currencies, you could be losing up to anywhere from 0.50% - 10% on the exchange rate premium over spot rate (depending on what company/bank you use).
When it comes to currency speculation, itโs unlikely that regular people are going to beat the institutional players (like hedge fund manager George Soros), since the institutional players have much better information, and they also have the scale to actually break markets (like how George Soros broke UKโs currency peg in 1992).
If you really can predict the direction of currencies, then you should just become a billionaire hedge fund manager. But realistically, youโre probably better off just holding your money in the currency that itโs received in (income) or spent in (paying bills). The exception might be if youโre living & working in a place like Venezuela or Argentina, where the government is printing the currency into oblivion.
umm the United States is printing money into Oblivion! Holding dollars is going to get more dangerousโฆ I know the value of the dollars has risenโฆ but its propped up because people think it has value and is still the reserve currency of the worldโฆ that will change soon. It makes sense to hold something like the Hong Kong Dollar, which is pegged to the USD, but they can unpeg it if something really bad happens to the dollar. There is risk in everythingโฆ its all Fiat money, better to go after better fiat money or diversify I thinkโฆ Argentinaโs money is not even a place Iโd consider.
my goal is not to use it as a way to make money like Georgeโฆ my goal is to use it to preserve valueโฆ and if one has a lot of cash I donโt see the argument against doing it.
I canโt imagine why you would lose .5%-10% ? especially if I was going to a bank in a country where Iโm converting to their currency and they want my business for me to deposit my money thereโฆ I donโt know why that would be set in stoneโฆ unless you are trading from the US or somethingโฆ Iโll have to research that.
You can also consider a 10% porftolio allocation to physical gold, if youโre worried about fiat currency hyperinflation. But thatโs a bit complex, as it introduces issues with theft, violence, counterfeit coins, differences between gold bullion coins, testing methods, storage, containers, transportation if needed, etc. Before you get involved with physical gold, youโd want to spend a lot of time studying all the logistics & practical issues, and take detailed notes.
In general, when changing currencies, the exchange rate youโll get charged will be a premium over spot rateโฆ
So when changing currencies, you have to be careful that youโre not getting destroyed on the currency exchange rate, when compared to the spot rate.
Good to knowโฆ is there a way around it? or any way I change currencies Iโm going to lose that amount?
I donโt think itโs currently a good idea to buy Swiss francs. In January a decision has been made by the Swiss national bank which made the Swiss franc jump up by 20%, it already has started to normalize a little again, but the value is currently still very high.
Thanks for the infoโฆ trueโฆ If I bought it too high and it normalizes or goes down that would be a huge lossโฆ I just want to diversify my currency. I feel the USD is pound to go down substantially in the next 5-7 yearsโฆ how is it possible that all these dollars are being printed and you arenโt seeing higher monetary inflationโฆ and eroding of purchasing power. What do you think about the Hong Kong dollar? Singapore dollar or something else?
Itโs pegged to the USD, so will go down also unless they remove the peg.
Could be a good choice, but remember the Asian financial crisis of the late 90โs? The east isnโt immune to currency crashes either.
Personally I keep my money in my home currency and just withdrawal the local currency in whichever country I am in. Only what I need.
Winter is coming and Iโm feeling the ache of travelling after being stuck in the same place since the Pandemic started. Wondering if anyone is travelling right now? If so, where are you currently located and how is the situation where you are?
Hello World!
I'm an experienced Digital Nomad and after being in Lockdown in Bangkok and Germany for one year I would like to team up with someone to visit a new place. Or just doing some exchange about what destinations would be interesting currently.
I take the virus seriously and still I think we can still be able to take our life in our own hands. So I'm aiming for cities/countries which are not in full lockdown, are not too complicated about immigration (I'm looking at you Thailand, your state quarantine costs like 1k USD and is basically a prison) and is also rather safe regarding the virus. I tend to stick for rather big cities and like culture. I'm not a beach or nature person. I'm pretty flexible about the money topic.
I will be traveling/working through Mexico with my dog February to April. My plan is to stay in Sayulita for about 2-4 weeks, then travel south along the cost.
Is there anyone who wants to share an airbnb apartment? I was thinking of renting a private villa, but because these are large and have multiple rooms, I was wondering if there are fellow nomads wanting to share? Iโm open to other locations as well (Puerto Vallerta, Oaxaca, and everything in between these two locations.
I'm thinking about taking a sailing (yachting) course in the Mediterranean Sea this coming September or October. Thus far from my research, it seems that most courses are held in locations with not many digital nomads. My thinking is that it would be more fun to go to a place with like-minded people. Therefore, I'm wondering if anyone else is interested in taking a sailing course in the Mediterranean this fall? If not, do you know a location that offers good sailing courses, where there is also many digital nomads / nomad infrastructure?
Iโm a big believer in co-living but Iโm finding hard to find all the options available in different cities.
I have found the major players like Roam, The Collective, and WeLive but havenโt found many others.
Has anyone seen a list or should I start making one?
Hey guys, this was my first year as a Canadian nomad.
As far as I know of, Canadians donโt pay taxes if they do not live in the country for 6 months.
But Iโd like to talk to an accountant or someone who does Canadian taxes specifically for expats and nomads to get clear on the rules and for help on my return coming up.
Does anyone know someone who specializes in Canada who can help? Iโve seen plenty of US recommendations but none for us canucks.
Thanks guys!
Any long terms Project Fi users cancelled?
Planning on being outside of the US for a year or more and disappointed to just discover their โtermination for excessive international roamingโ fine print (similar to T-Mobileโs) as follows:
โThe Services must be primarily used in the United States and are not intended for extended international use. Further, the Services are designed for use predominantly within our network. If your usage outside our network is excessive, abnormally high, or cause us to incur too much cost, we may, at our option and sole discretion, suspend your Project Fi account, terminate your service, or limit your use of roaming.โ
Hey travellers, how are you doing?
Do you have problems to plan your trip choosing any currency they want? For example, Iโm going to the UK but would like to plan my trip (How much will I spend in housing/food/having fun/attending attractions?) in US Dollar or Euro or any other money.
How do you guys do it easily?
Iโm looking to spend 1-3 months in Alicante or Valencia this fall and would like to take a Spanish class there.
Hi,
My name is Nick,currently living in Australia and looking at moving to Shikoku next year to live for a couple of years.My wife is Japanese,but I dont speak much though I have lived in Tokyo for some years previously.
Any advice on best areas to look at would be greatly appreciated ,
Thanks in advance
Nick
Heyo folks! The idea to open up an own coworking space in Malaysia has been on my mind for quite a while and I would like to reach out on foreigners being a business owner/co working space owner in Malaysia, there are a lot of questions that would follow up but most importantly is to reach out to someone with experience.
Ideally would be someone who runs a coworking space in Malaysia, second best would be to just come in touch with a foreign business owner in Malaysia.
Cheers
Yamin
We just finished our first stint around South East Asia and somehow survived 3 days of way too many flights, leaving me to feel like death.
Too much shitty airplane food, not enough sleep, big time difference from Mexico to SEA.
Anyone have tips to prevent that more in the future (aside from better flight plans)? More importantly, how do I recover faster from this horror?
The ideal bank will have an easy on-boarding as a European student studying and living in Sweden for a year and is merciful when it comes to sending GBP into the account.
Can anybody recommend a good Swedish bank? 
https://finance.yahoo.com/news/vermont-pay-10-000-move-110056645.html
Hello All,
Saw Vermont rolled out an incentive to get more remote workers to live there, Does anyone plan on applying and If so why? Reason Iโm asking is I work for an organization in Tulsa, Ok that wants to also bring in Nomads, and would love to hear your thoughts on what such a plan should look like
Any help would be Awesome!
Ben
Anyone know a good hairdresser in Amsterdam? Looking for something reasonably to the center!
Hey everyone,
I got into situation when nothing really helped me, and now searching for alternatives.
Two web site where I was trying to buy tickets for Tribeca film festival and just cinema do not let me to buy tickets and the websites are quite big -
My question is , does anyone know alternative where I could buy tickets for example Madisson Square show and AMC Cinema screening. Eventbite worked fine for example with European card.
Best,
Georgius.
Hi everyone!
Currently looking at ridding myself of the 9-5 and becoming a freelance consultant. Iโm not planning to go full erm, โtax optimisationโ, as I believe in taxes as a concept, but I would like to pay less of them so I can get my business off the ground with more peace of mind.
Iโve decided I want to apply for the Portugal NHR (Iโm a EU citizen), but I donโt want to incorporate there. Anyone here has experience with being a Portugal tax resident and running a company elsewhere? If yes, where and why did you choose that country/place? Is it a a lot of hassle?
Thanks!
Hey everyone,
Has anyone visited Sihanoukville recently? I would like to visit and give it a try for working but I am a little unsure about the following:
In anyone can offer any info, suggestions on specific areas or recommended accommodation that would be great. I visited around 8 years ago so I am assuming the place has changed quite a bit since then.
Thanks!
We are looking to get the ball rolling and are wondering if anyone else has done it.
We are looking for an agent and are also wondering how far in you can open a Malaysian bank account.
If you know someone who was helpful, let me know!
Thanks
Is there anyone around who spends most of their time in Latin America? After short trips to Peru earlier this year, Iโve now come back to Lima to stay for another three months and will then head to Buenos Aires. Lima will be kind of my home base but I aim to explore as much as possible of Latin America in the next couple of years. No interest in Asia, Africa or North America and no intention to go back to Europe.
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