is it better to keep $ in an American bank or transfer it to a European bank?

[nodehopper]

obviously the exchange rate is unappealing...but if the possibility exists, is it worth it doing that? Or, is the case that if the dollar crashes, the Euro won't be far behind?

What do folks well-versed in such issues think?

[Taverner]

1. There are strict laws on keeping money in Euros

Read up before you do it...

[prayin4rain]

5. yeah i agree

it gets quite complicated. a know a guy whose dad died with money in england and the only way to get it out is if all 5 beneficiaries fly over together and get it out together.

[nodehopper]

9. I am living and working in Europe now

I am paid in Euros and use a European bank for my salary, etc. But I have some money in a US bank, and am trying to figure out if it's better ot just leave it alone or consolidate all of my money over here.

[Taverner]

12. You live in Europe - that's a different story

If you live in the US there are different conditions than if you are an expat in Europe.

[nodehopper]

6. what type of laws do you mean?

regarding the possibility of doing it in the first place, or regarding the conditions attached to keeping money in Euros?

[Taverner]

10. Both - check with the bank before you convert

You may end up paying way more in taxes than you would if you didn't and just lost on the dollar.

[14thColony]

17. The EU banking laws are strict

I am an expat living in the UK - because I do not have a UK passport I had to prove I was here legally before I could open an account at a local bank. I want to put money into Euros as well, but since I don't reside in a Euro Zone country, I can't open a Euro account. My girlfriend in Luxembourgish, and it appears I CAN be added as a joint member on one of her accounts, but that's the best I can do.

[Dreamer Tatum]

2. The dollar is stronger now than it has been in quite a while

I'd worry more about your bank than your dollars.

[nodehopper]

7. right, the dollar is a bit stronger now, but is by no means stable

It rose because oil prices dropped. What will happen next month, though? American economy is not looking very rosy at the moment.

[secondwind]

3. think this over very carefully,and talk to a financial advisor.

[Cleita]

4. When our country goes into the crapper, historically it takes the world

with it so let's hope someone figures a way out of this because it isn't only us who will be thrown into a depression.

[chknltl]

8. Local Credit Unions.

They aren't risky lenders or investors of our $$ like deregulated banks are. Thom Hartmann suggests local credit unions as the best place to keep ones cash right now.

As far as European banks, I am by far not well informed on economics but IMO due to the mismanagement going on here in America, the entire world may be going into another 'worldwide depression'. As we fall we will be taking much of the world with us. I don't know what safety mechanisms foreign banks have that are superior to our domestic ones. I further don't know how much of America's deregulation they have taken on. Another-words I have no idea how safe they may be but to my uneducated thinking I would advise against that risk too.

[AllentownJake]

11. We are all fucked

Buy Gold, Liquor, canned goods, or shotguns and shotgun shells. Money has no intrinsic value.

[Tallison]

15. You forgot duct tape

And maybe powder concrete and some lime? :shrug:

[Oregone]

13. The Dollar is on a rally. Europe may take this hit harder than the US.

Im abroad but Im keeping my assets in USD for the time being. There is no shelter from this storm.

[nilram]

14. Everbank, E*Trade, HSBC

I have no idea which is better to do, but if you decide to do so, you can open a foreign currency account at Everbank, a US chartered bank.

http://www.everbank.com/001Currency.aspx

E*Trade is a better known company that is offering foreign currency trading, as well as trading in foreign stock exchanges.

http://www.e-trade.com

Or if you want your money to be in an overseas bank, you can open one over the internet at HSBC.

http://www.us.hsbc.com/1/2/3/international-services/bank

I believe, contrary to above postings, that the US Govn't doesn't care where you keep your funds, as long as you A) don't take more than 10 grand out of the country in cash at any one time, and B) you report all income, whether from overseas or foreign currency accounts, or whatever, to the IRS and pay income taxes on it.

[marmar]

16. Got a safe in your house? Even money markets are running negative today....

:scared: