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If this isn't possible it should be--debit cards with foreign currency

Submitted by haggercody on Sat, 01/26/2008 - 16:01

Daily Paul Liberty Forum

If this is possible please tell me because I am going to put all my money into it:

Is there a bank or financial institution that lets you convert your money to the foreign currency of your choice? Is that possible? It seems like it would be great for us, because we know the dollar is in decline, so we can put a bunch of our money in another currency. When it comes to buying something, we just swipe our card and this bank should deduct the funds at the current conversion rate.

I realize that if this were possible and everyone did it, the dollar would probably crash because the demand for the dollar would drop--but is that a bad thing? I mean--it has to happen. It's the dollars fault for being so inflated.

FYI

Submitted by Vet4RonPaul on Sat, 01/26/2008 - 17:11. Permalink

I remember hearing that there is legislation pending to regulate the fees charged by CC companies who allow this. Something about them charging several dollars per transaction for the conversion.

Citibank offers this service

Submitted by flavio on Sat, 01/26/2008 - 17:00. Permalink

But you must open your account in a foreign country, and have the funds in this foreign country. ATM withdrawals and debit card use will charge your current account, and apply the day's exchange rate. I don't know about the fees per transaction, though.

Interesting concept. I was

Submitted by Jabrah1 on Sat, 01/26/2008 - 16:10. Permalink

Interesting concept. I was just overseas and when I used my credit card, the money was used in the local currency, not dollars. so im sure something could work. whether or not it can be done is yet to be known...