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Strategies & Market Trends : FOREX - Currency Trading -- Ignore unavailable to you. Want to Upgrade?

To: Oak Tree who wrote (44)	9/11/2004 4:10:06 PM
From: BubbaFred	Respond to of 55

Everbank is an online banking company and doesn't have a physical facility with tellers. There is no walk up windows for typical bank transactions. Cannot bring a big bottle of change and make deposit. ATM machine is the closest semblance to a facility. Everything is done by phone (for loans processings) or electronically through the internet. It is the first American bank that offers accounts in different currencies. The Bank of China also allows different currencies, but only if the deposit is that currency. They don't allow conversion from RMB to Euros (or dollar), but Euro to RMB is ok. It's only good for the residents in China. I don't know the policy of Bank of China in the US (NYC and LA). In US, the interest in foreign currency accounts is very minimal. After all, USD has been king for so many decades, and most Americans have no clue about foreign currency except when they travel. It is not considered as investment or safe haven. In PacRim Asian countries (Philippine, Indonesia, Malaysia, Thailand, etc), such account is a MUST. Most businessmen have several foreign bank accounts (in Singapore, US, Europe) and keep their cash assets in different currencies (primarily USDollar, Australian Dollar, and Euro). They don't like their local unstable currencies, so they have foreign accounts in more stable currencies. It's a necessity for those people. The way US debts are piling up, there will be a time when USDollar will behave like the pessos with potential devaluations etc (become monopoly money). That may not happen for another 20 years. It needs another currency to take its place of faith and trust. USDollar has been the pillar of strength in last half century, worldwide. In China, the Chinese word for US Dollar is translated as "Gold Money" or something like that. USDollar had been as good as gold, but maybe not anymore. everbank.com