Foreign currency savings accounts?

[nsxsupra]

Does anyone have any experience of recommendation for bank in USA that allow you to open up a foreign currency savings accounts that is FDIC insured? These are very common type of accounts in other Countries, but I seem to be having trouble finding a bank in US that does these type of accounts.

It is for people move funds abroad regularly, travel to certain countries or own property abroad, or wish to invest overseas. The up and downs of the exchange rate really make a difference. Australian dollar saw a major jump, and Japanese yen has seen 100~128range in the past few years. The JPY rate easily effects my buying power from 5~15% depending on the exchange rate. I have enjoyed the good times of 1USD to 136JPY and suffered from the 1USD to 102JPY.

 

[satan_srv]

www.xetrade.com

Custom House is based in Canada and xetrade uses them, it works with your existing accounts, which would be FDIC insured. You just have to have accounts in the currencies you want to deal with, although that may be the problem you have in the first place.

 

[nsxsupra]

www.xetrade.com

Thanks a lot for the link, althrough it is not exactly what I am looking for, but if the foreign currency account is not allowed in US, this may be the second best option.

I am looking for something similar to this:
http://www.hsbc.co.uk/1/2/personal/savings-investments/more/foreign-currency

Very strange, HSBC provide this service for England, Australia, Canada, and other countries, but not USA

 

[710]

Very strange, HSBC provide this service for England, Australia, Canada, and other countries, but not USA

Not strange, we all have the freedom to do this with our local banks, unfortunately you in the US don’t have that freedom. So they have made one bank for you guys. I believe the only bank in the US that can legally do this for you is a bank in Georgia. It is heavily controlled by the government of course, and puts limits on transactions, but is also FDIC covered. Costs a lot tho. I’ll try to find the name for you.