Quote:
Originally Posted by silver912e
OK, I know next to nothing about money, except it takes a fair amount to keep my car running. So, is it possible to open a savings account in another country to take advantage of the exchange rate, and as a hedge against an economic meltdown here?
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Pls explain how you think that would help you "take advantage of the exchange rate" when buying parts.
You take your US dollars. You send them to a bank in Germany. The bank converts the dollars to Euros at the current exchange rate. You buy parts with the Euros.
How does that take advantage of the exchange rate???
Outside of buying parts, if you just want to trade currency because you think the dollar will go up or down vis a vis other currencies, or you want to have other currencies in case of an economic meltdown of the US dollar, you can do that without having an account in a foreign country.