Quote Originally Posted by DinarLady View Post
I can tell you what they just told me now on the phone from my bank that exchanges IQD. They said that I'd have to exchange into USD and then buy Euro or whatever foreign currency I wanted and that they don't hold your foreign currency in an account--that they only have USD accounts. He suggested I hold it in a safety deposit box. I had to leave a message with the foreign currency manager as he was out so I will expect a call back to get some better info about all of this and will post when I do.

Ok, I have a question now. Would one way to do this be to open a forex account and buy whatever currency you wanted on the FOREX and hold it in that form on your FOREX acct??. I am totally ignorant on this subject. I know that when I want to deposit money into my Scottrade account, that I just take a check to their downtown office and give it to the girl at the desk and within 24 hours I see my money online in my account ready to trade. Does the FOREX have an office in the major cities where you can do the same. How do you deposit money into a FOREX acct?? I guess the downfall of holding your money in that type of an account would be that you don't earn much interest?? I think having an e-gold account and holding it in gold wouldn't be a bad idea. Someone had posted the EVERBANK link which does have alot of good info on foreign currencies. Everbank may be the one to deal with in this scenario. You can probably email them with your question, NENO. Click on "learn more" under WorldCurrency heading and there is a 12 page guide to foreign currency exchange and investing.Welcome to EverBank! Like I said I need help in this area also DL
Good point,

This is what I have found as well, very few banks allow you to hold foreign currencies in accounts. There may be a few, like foreign owned banks, and these may be an option, but it depends, they will usually only allow a currency they are connected to as example. Their are Saudi owned banks in U.S. and others to consider, but overall I think it will be far to selective to consider this option.

As to your FOREX suggestion, yes, I trade FOREX and you can open accounts online, so that is an option which I already use and can hold whatever currencies I want for however long I want, and interest is earned on some currencies, so this could be an option for some. EverBank is reputable option. There are also offshore investments of foreign companies you can invest in through any brokerage in U.S., so this too is an option to look at.

Good luck to all, Mike