Offshore deposit accounts

[stan_d]

Having taken an ass-whipping in the last equity crash, closely followed by a €150K wedgie when I sold my appartment in '09, I am now kinda keen to hold onto what little cash I've left!

Has anybody sourced an offshore deposit account that offers a broad spread of currencies? The HSBC Offshore Bank Account looks good but only offers Euro, STG and USD.

Thx.

 

[Marc]

Out of the frying pan and into the fire. Currency speculation is just as likely to get you burnt.

You should work to define your goals assess the financial implications and establish a sustainable long term strategy instead of chasing after your tail.

Marc Westlake CFP
CERTIFIED FINANCIAL PLANNER

 

[stan_d]

Thanks Marc. By going this route, the risk of currency rate fluctuations for me will be offset by,
a) the security in knowing that my deposits cannot be dipped into by the state and
b) having deposits in a broad spread of "safer" non-Euro currencies, which is better than having it here in the event of a break-away PIIGS Euro or Germany leaving the Euro or in the event of us leaving the Euro, all of which would likely lead to devaluation of whatever currency we are using.

For me it's all about spreading the risk and I'm not comfortable with having all the eggs in this basket.

So - what are people doing out there.....?