Has anyone used Wise for foreign currency?

Anonymous
Anonymous wrote:Thanks everyone, this was really helpful! I will look into Revolut. Someone in another thread mentioned opening an account at HSBC in UK, but I don't have a justification other than "diversifying" so I'm not sure the account would be approved. The PP above makes it sound like a foreign account would be difficult to manage anyway.

If anyone else has ideas or suggestions, I'm all ears!



Wise works fine but if you want to diversify your assets, why you could simply invest in ETFs in euros (e.g, FXE), pound (e.g., FXB) or in other currencies. Their prices follow closely the exchange rate and they pay distributions that correspond to the short-term interest rates for these currencies.
Anonymous
Anonymous wrote:
Anonymous wrote:Thanks everyone, this was really helpful! I will look into Revolut. Someone in another thread mentioned opening an account at HSBC in UK, but I don't have a justification other than "diversifying" so I'm not sure the account would be approved. The PP above makes it sound like a foreign account would be difficult to manage anyway.

If anyone else has ideas or suggestions, I'm all ears!


I won't speak for OP or others on this thread, but for us the goal is to have readily available cash outside of the US banking system in the event the FDIC is shut down and/or there are bank runs.

Wise works fine but if you want to diversify your assets, why you could simply invest in ETFs in euros (e.g, FXE), pound (e.g., FXB) or in other currencies. Their prices follow closely the exchange rate and they pay distributions that correspond to the short-term interest rates for these currencies.
Anonymous
Wise works fine. They even pay a little interest on money you hold in the accoutn. I keep $1-2k in there as I use it when traveling to get a great rate paying in local currency.

They are licensed in the US, but they aren't a bank = not FDIC insured. However, they are huge and a potential $1-2k loss is a risk I'm willing to take. I've used them for years with no issues.
Anonymous
Anonymous wrote:
Anonymous wrote:Thanks everyone, this was really helpful! I will look into Revolut. Someone in another thread mentioned opening an account at HSBC in UK, but I don't have a justification other than "diversifying" so I'm not sure the account would be approved. The PP above makes it sound like a foreign account would be difficult to manage anyway.

If anyone else has ideas or suggestions, I'm all ears!



Wise works fine but if you want to diversify your assets, why you could simply invest in ETFs in euros (e.g, FXE), pound (e.g., FXB) or in other currencies. Their prices follow closely the exchange rate and they pay distributions that correspond to the short-term interest rates for these currencies.

These are ETFs in an American brokerage/bank account. That’s not the intent of this thread. At least I don’t think it is.
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Thanks everyone, this was really helpful! I will look into Revolut. Someone in another thread mentioned opening an account at HSBC in UK, but I don't have a justification other than "diversifying" so I'm not sure the account would be approved. The PP above makes it sound like a foreign account would be difficult to manage anyway.

If anyone else has ideas or suggestions, I'm all ears!



Wise works fine but if you want to diversify your assets, why you could simply invest in ETFs in euros (e.g, FXE), pound (e.g., FXB) or in other currencies. Their prices follow closely the exchange rate and they pay distributions that correspond to the short-term interest rates for these currencies.

These are ETFs in an American brokerage/bank account. That’s not the intent of this thread. At least I don’t think it is.


I responded above but the formatting was wonky. I'm not looking for a place to invest, I'm looking for a way to keep money out of the US banking system in anticipation of a complete collapse.
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Thanks everyone, this was really helpful! I will look into Revolut. Someone in another thread mentioned opening an account at HSBC in UK, but I don't have a justification other than "diversifying" so I'm not sure the account would be approved. The PP above makes it sound like a foreign account would be difficult to manage anyway.

If anyone else has ideas or suggestions, I'm all ears!



Wise works fine but if you want to diversify your assets, why you could simply invest in ETFs in euros (e.g, FXE), pound (e.g., FXB) or in other currencies. Their prices follow closely the exchange rate and they pay distributions that correspond to the short-term interest rates for these currencies.

These are ETFs in an American brokerage/bank account. That’s not the intent of this thread. At least I don’t think it is.


I responded above but the formatting was wonky. I'm not looking for a place to invest, I'm looking for a way to keep money out of the US banking system in anticipation of a complete collapse.


Revolut is a UK company but the account is a US account. If US banking falls apart, would Revolut US accounts fall as well? In that case UK HSBC would be better, if they accept investing as a reason to open the account.
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