Who needs foreign currency account?

Posted: August 15th, 2013 | Author: | Money

Savings Accounts and settlements are generally carried out in our currency, but this is not the rule, and many banks enables us to lead a SAVING ACCOUNT in euro, pound sterling, Swiss franc or another foreign currency. Why is it profitable?



To begin with, for example, that the transfer in euros, which goes into an account in local currency is automatically converted to current exchange rates. If, for example, a person works overseas and gets paid the money on the Polish account, which happens quite often, all of our payment is calculated to zlotys at the same time. However, it is not always recommended. For example, if you get paid the tenth day of the month, and by chance the euro will fall by 10 cents, that if our salary is € 2,000 we lost around 20 € .

On the other hand, foreign currency account, we can keep our money in the currency we want. This makes them resistant to conversion and we do not have to worry that our work is worth less by fluctuations in exchange rates. We can easily put aside money in our account currency and wait for their payment in U.S. dollars for the right moment. This also works the other way, and if you frequently buy from online stores abroad, then we can deposit the money into our account when the exchange rate is low and does not threaten us that they will pay more for shopping, because rate has just suddenly changed.

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