Putting some money into Swiss Francs
08-11-2011, 08:31 AM
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Putting some money into Swiss Francs
I'm trying to put some of my funds into Swiss francs as a hedge against further US Dollar weakness. My primary goal is to put my USD into Swiss francs, and to be as liquid as possible, in other words, I want the ability to extract money out at will.
Now I'm a newb when it comes to the investment/finance world, so what I propose might be an unsophisticated solution, but then again, it might be the right solution to fit my requirements. I'm thinking of opening up a Swiss bank account and wiring my USD money into my Swiss account as I see fit. It would be from my personal bank account in the US, I'm in NY and I'm with Chase bank. I'm not too concerned about the highest levels of privacy since there is nothing criminal involved, I'm not trying to hide anything, evade taxes, etc. They can look all they want as long as they don't take. I want the ability to extract money from my Swiss account from any ATM machine here in the US or anywhere else around the world. And also, the actual money has to be in Switzerland in Swiss francs, since I want the funds to be immune from any kind of US economic turmoil.
Did some basic research into the list of Swiss banks, UBS and Credit Suisse seem to be the largest. UBS has a few branches near my home in NY. If I go to them and open a bank account, is it just the same thing as opening up another US bank account that's going to have money denominated in US Dollars? Or will they actually help me set up a bank account based in Switzerland, denominated in Swiss francs? If not, would I have to directly contact the UBS banks (or other Swiss banks) that are physically located in Switzerland?
Thanks.
Now I'm a newb when it comes to the investment/finance world, so what I propose might be an unsophisticated solution, but then again, it might be the right solution to fit my requirements. I'm thinking of opening up a Swiss bank account and wiring my USD money into my Swiss account as I see fit. It would be from my personal bank account in the US, I'm in NY and I'm with Chase bank. I'm not too concerned about the highest levels of privacy since there is nothing criminal involved, I'm not trying to hide anything, evade taxes, etc. They can look all they want as long as they don't take. I want the ability to extract money from my Swiss account from any ATM machine here in the US or anywhere else around the world. And also, the actual money has to be in Switzerland in Swiss francs, since I want the funds to be immune from any kind of US economic turmoil.
Did some basic research into the list of Swiss banks, UBS and Credit Suisse seem to be the largest. UBS has a few branches near my home in NY. If I go to them and open a bank account, is it just the same thing as opening up another US bank account that's going to have money denominated in US Dollars? Or will they actually help me set up a bank account based in Switzerland, denominated in Swiss francs? If not, would I have to directly contact the UBS banks (or other Swiss banks) that are physically located in Switzerland?
Thanks.
08-12-2011, 06:52 AM
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I have some money invested in Swiss francs: about CHF17.65 sitting on my desk from my trip to Switzerland in April, '10. I don't know the exact amount, but I'll count it when I get home in a couple of weeks.
09-14-2011, 05:33 AM
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