Quote:
Originally posted by quantum-x
I'm getting fucked over by the exchange rate, does anyone know of any US banks that I can bank w/ as a foreigner, or a solution that allows me to sit on the US funds until the $ rises again, and any possible tax implications etc..
thanks!
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Hi quantum-x,
I have a USD account with the ANZ here in New Zealand.. Pretty much any of your local banks ought to be able to hook you up.
With regards to tax I convert the dollar amount to my local currency (in the books) based on the average exchange rate for the month Inland Revenue provides this.. well to my accountant anyway..
I don't really know if holding USD is really the way to go, it's definitely one strategy.. I have currency options that offer some protection for what I have although only about a quarter protected, I got this through ANZ too, although I had to ask the right questions coz staff on the ground generally don't have a clue what you're talking about.
Another option is to catch a plane to Vanuatu and setup a USD account with ANZ there.. Less tax hassles.. If you chose that option let me know how you get on
