Has anyone used Wise for foreign currency?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

You do Revolut is Gigantic in London. It is not going under. They have a UK Banking License too.

For Revolut customers in the US, the money is held in FDIC-insured Lead Bank, based out of Missouri.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

You do Revolut is Gigantic in London. It is not going under. They have a UK Banking License too.

For Revolut customers in the US, the money is held in FDIC-insured Lead Bank, based out of Missouri.

I know that. However, for Revolut the US is a small part of the overall market. They are not going to let US go BK as would kill their valuation and IPO. Medium term they will buy an existing banking license in the US and no longer use Lead Bank. The CEO Nik is the 45th Richest Person in the world. And this is his baby