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Investing In Currency USD

  • 05-10-2010 1:16pm
    #1
    ndubz
    Registered Users, Registered Users 2 Posts: 74 ✭✭


    Hi guys, don't know if this is the right place or the right question, but here is my problem.

    I want to start saving my money, but I don't want to trade on FOREX, too risky, I basically want to buy DOLLARS with my wages and put them into an account in USD if you get me. Can i hold an account like that in ireland? Im thinking not. How can I get around this as I don't want to hold that amount of cash in my house etc.

    Any help would be greatly appreciated

    PS. I want to start saving in USD as the EURO will crash against it sooner or later. Greenback is the safest bet.
    Tagged:


Comments

  • #2
    Black Swan
    Moderators, Category Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 47,535 CMod ✭✭✭✭Black Swan


    ndubz wrote: »
    PS. I want to start saving in USD as the EURO will crash against it sooner or later. Greenback is the safest bet.
    Currency trading in USDs? The value of the dollar has been dropping historically. I would rethink this. Why not consider a long alternative? How about a DRIP with JNJ? The Baby Boom is aging and their health care needs will be expanding for 20 years.


  • #3
    digme
    Closed Accounts Posts: 4,584 ✭✭✭digme


    The Dollar is devaluing every week and won't last much longer,stay away!


  • #4
    turbobaby
    Closed Accounts Posts: 927 ✭✭✭turbobaby


    You could invest in Dollar denominated ETFs, or shares with an online broker, who will give you a semi-decent exchange rate....

    Or else open up a USD account with any of the major Irish banks. Just get a form from the bank. You'll get hammered by their exchange rates though.


  • #5
    OfflerCrocGod
    Registered Users, Registered Users 2 Posts: 6,334 ✭✭✭OfflerCrocGod


    Buy Brazilian Real if you want a currency that will appreciate over time.


  • #6
    ndubz
    Registered Users, Registered Users 2 Posts: 74 ✭✭ndubz


    OfflerCrocGod wrote: »
    Buy Brazilian Real if you want a currency that will appreciate over time.

    Do you really think this is the case? Why like?, could I open an Irish Bank Account to hold that currency in?

    Thanks for all the help guys. You're Great :D


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  • #7
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    You can open a US$ account in PTSB anyway, my sister holds one so I know it can be done. As others have said though, I'd be wary about the fluctuation in the $ Vs € over the last year. You could lose maybe 25% of your investment very quickly, or perhaps you could gain 25%. The risk is great, and any loss in the exchange could easily take years to regain.

    Also, every time you buy currency, you will pay commission to the bank, and when you finally change your $ back to € you will again pay. You also lose on the buy/sell exchange rate difference.


  • #8
    OfflerCrocGod
    Registered Users, Registered Users 2 Posts: 6,334 ✭✭✭OfflerCrocGod


    ndubz wrote: »
    Do you really think this is the case? Why like?, could I open an Irish Bank Account to hold that currency in?

    Thanks for all the help guys. You're Great :D
    Brazil has a strong economy and will continue to grow its own internal market and its external one this will mean strong demand for the Real especially against weaker economies like the US/EU. I doubt you can hold it in an Irish bank account I meant more as a trade with an FX Dealer.

    I have/had positions in SEK and AUD and they have both done well another good currency is SGD. I speak from a GBP perspective. A mini contract on FX Dealers is £10K total exposure a full one is £100K, margin is 2% but I would suggest minimum 50% cover for some starting off.


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