Easiest way to offshore money?

[HardDrive]

What would be the easiest way to offshore $50k? I simply want to hold it in another currency. Can I walk into a foreign bank that has offices on US soil and make a deposit that is held in the foreign currency? Of do I need to go through the process of buying the foreign currency?

[masraum]

If you send your $50k to me, I can act as a proxy for you and the secretary of the son of the king of the country of Unbuntu and turn your $50k into $25 million. Just send me your account info, your SSN and the money.

I wonder what it would take to open a Swiss account. You always hear about those in the movies.

[MikeSid]

Currency is traded like a commodity.

http://www.forex.com/

[MRM]

You wire transfer a deposit into the Swiss bank of your choice with directions to open an account with that wire. That's how you do it. But why you would want to I have no idea.

If you insist on buying foreign currency when the dollar is at or near all time lows (selling low and buying high) you'd do better to talk to a broker and just buy a foreign money market account. Or buy futures or options in the currency of your choice.

[Paul_Heery]

Originally Posted by MRM

...the dollar is at or near all time lows...

I think a lot of people, possibly HardDrive, would argue with that. Even with the potential bailout, the dollar stands to take another hit. You can't borrow yourself out of debt.

[RWebb]

how many FBI tails are you comfortable with?

[Dan in Pasadena]

Boat?

[HardDrive]

Originally Posted by Paul_Heery

I think a lot of people, possibly HardDrive, would argue with that. Even with the potential bailout, the dollar stands to take another hit. You can't borrow yourself out of debt.

That is exactly what I am thinking. Were not doing anything radical and cashing out our assets, but I don't see any reason to believe the dollar is going to gain value anytime soon. In fact, I believe I think it will continue to sink for a good long while. Basically I want to hedge some funds against the dollar.

I bought a boat load (well, a boat load for me anyway....) of Berkshire B last year because Buffett is hedged against the dollar. I think some quick research will show that it has paid off handsomely, and I think that trend will continue.

I guess somewhere in the back of my reptilian brain, I do have some thoughts about 'what if' we were to have to leave the US in a hurry. It would be nice to have some walking around money overseas.

[HardDrive]

Originally Posted by RWebb

how many FBI tails are you comfortable with?

Are we talking hot Angelina Jolie kind of agents, or guys that look like Agent Smith?

[RWebb]

have been trying to meet the hot Angelina Jolie kind of agents for years -- best I could was a 60+ FPS agent (sub-unit of Fed. Marshals Serv.) in the court house wt. room -- she only looked 50 & was very nice.... but...

you should expect Agent Smith

[TheMentat]

don't just hold a foreign CASH, do the same thing a low risk investor would do in the US, but in a foreign denomination:

- a foreign denominated money market fund
- Foreign issued government bonds
- etc.

At least you will earn a return that way, which may, or may not exceed a comparable investment in USD denominated assets... depending on what the US dollar does.

[MRM]

If you insist on buying some foreign currency, call your broker and buy some options. Make sure you do some research and know what currency you're dealing with and why. We may not be at the bottom vis a vis the Dollar right now, but as I stated earlier, we are at or near historical lows. My point is that the bloom might be off that rose. I switched into international mutual funds about three years ago. I'm not switching anything now. My mother in law holds $50,000 or so in RMB. I told her to leave it where it was, it's appreciated about 30% vis a vis the Dollar, but I'm not going out and buying a lot of Yuan now. Maybe it will go up, maybe it woll go down, but I can't say that the overwhelming force of history is moving the market the way it was obvious it was moving a few years ago.

Just buy some Euro or Asian based mutual funds. Holding cash in any currency really doesn't make much sense. With a fund you'll get the double bang for the buck (so to speak) from the return on investment and the (hopefully) increasing value of the local currency.

[M.D. Holloway]

50K huh...hmm. Well, maybe you should buy something that won't lose value that you could sell/use when things get dicey - water, dried food, ammo, petro, antibiotics come to mind.

[svandamme]

sent you my bank details in a PM...
glad to be of help

[p911dad]

Just drive up to Vancouver and walk into any Canadian bank. You do need to do it in person. Bingo-foreign currency. Deposit or transfer funds by wire. The helpful bank officer will be glad to guide you. Call first to make sure you bring all the right documents.

[id10t]

Originally Posted by gmeteer

Just drive up to Vancouver and walk into any Canadian bank. You do need to do it in person. Bingo-foreign currency. Deposit or transfer funds by wire. The helpful bank officer will be glad to guide you. Call first to make sure you bring all the right documents.

There's that pesky "more than $10k crossing the border" issue...

[svandamme]

just walk over the border 10 times in a row with 2 grand per walk
that'll take care of that technicality