How much cash should I keep in Euro?

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Tsar
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How much cash should I keep in Euro?

Post by Tsar »

Only having US dollars is very risky, especially if living abroad permanently. How much should a person keep in Euros and other currencies to be more on the safer side?

Some countries also have new restrictions on US dollars like Mexico or Cuba has a 10% fee on all dollar exchange conversion. So it does make sense not to have too many dollars.
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Cornfed
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Re: How much cash should I keep in Euro?

Post by Cornfed »

Ask your hedge fund manager.
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Yohan
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Re: How much cash should I keep in Euro?

Post by Yohan »

Tsar wrote:
April 6th, 2021, 1:12 am
Only having US dollars is very risky, especially if living abroad permanently. How much should a person keep in Euros and other currencies to be more on the safer side?
Just my opinion - it depends on your individual situation.

There are clearly countries which are too big to fail.

The exchange rate of those currencies is sometimes low, but then again going up, down again...but they are never worthless.

USA Dollar is one, the Euro is another... also Japanese Yen comes to my mind and also Australian Dollar.

The risk is more about where you keep this money, small banks might get bankrupt, but large banks usually survive (like Citibank) or are taken over by another bank (Citibank Japan was taken over 100 % by Sumitomo Trust)

Maybe the answer to your question is more about how to disperse your savings to several banks and in which countries - and if you really want to settle down somewhere for long term I can only recommend to buy your own accommodation and not depend on rent.

About myself, I own my condominium in Japan and my second condominium in Thailand. My retirement allowance is coming in Euro, and I keep what I don't need in Euro in an European bank. Savings are kept in Japanese banks in Yen, for my vacation overseas I have a banking account in Thailand in Thai Baht.

In my case it's about 70 percent in Yen, 15 percent in Baht, 15 percent in Euro - something like that.

I do not use USD at all.
yick
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Re: How much cash should I keep in Euro?

Post by yick »

Yohan wrote:
April 6th, 2021, 7:05 am

Maybe the answer to your question is more about how to disperse your savings to several banks and in which countries - and if you really want to settle down somewhere for long term I can only recommend to buy your own accommodation and not depend on rent.

About myself, I own my condominium in Japan and my second condominium in Thailand. My retirement allowance is coming in Euro, and I keep what I don't need in Euro in an European bank. Savings are kept in Japanese banks in Yen, for my vacation overseas I have a banking account in Thailand in Thai Baht.

That's excellent advice!

Your own place bought and paid for is your best security you can have, especially the older you get. It's all right moving all your crap around the place as a young man but you don't want to be doing that in your seventies and eighties. What happens when you're 85 and your landlord wants you out of the house within a month?

Another one is get permanent residency or citizenship of the country you want to live your life in. Asia isn't brilliant for this (though Yohan has it...) but they do have temporary retirement visas for foreigners, a lot of Latin America has PR and citizenship schemes which don't seem to be too expensive or particularly difficult to get.

If you decide on Asia as the place to lay your bones, make sure you have money to get the hell out once they change the regulations of staying there (like the Thais have just done...)
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Cornfed
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Re: How much cash should I keep in Euro?

Post by Cornfed »

yick wrote:
April 6th, 2021, 8:43 pm
What happens when you're 85 and your landlord wants you out of the house within a month?
That's what I thought about my uncle and maybe the answer is that you should just die at that point.
Tsar
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Re: How much cash should I keep in Euro?

Post by Tsar »

yick wrote:
April 6th, 2021, 8:43 pm
Yohan wrote:
April 6th, 2021, 7:05 am

Maybe the answer to your question is more about how to disperse your savings to several banks and in which countries - and if you really want to settle down somewhere for long term I can only recommend to buy your own accommodation and not depend on rent.

About myself, I own my condominium in Japan and my second condominium in Thailand. My retirement allowance is coming in Euro, and I keep what I don't need in Euro in an European bank. Savings are kept in Japanese banks in Yen, for my vacation overseas I have a banking account in Thailand in Thai Baht.

That's excellent advice!

Your own place bought and paid for is your best security you can have, especially the older you get. It's all right moving all your crap around the place as a young man
but you don't want to be doing that in your seventies and eighties. What happens when you're 85 and your landlord wants you out of the house within a month?

Another one is get permanent residency or citizenship of the country you want to live your life in. Asia isn't brilliant for this (though Yohan has it...) but they do have temporary retirement visas for foreigners, a lot of Latin America has PR and citizenship schemes which don't seem to be too expensive or particularly difficult to get.

If you decide on Asia as the place to lay your bones, make sure you have money to get the hell out once they change the regulations of staying there (like the Thais have just done...)
That's what I really hope to do eventually if I actually find a country worth living which really means getting a girl, being able to bank, and easy to get friends.
yick
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Re: How much cash should I keep in Euro?

Post by yick »

Cornfed wrote:
April 6th, 2021, 9:07 pm
yick wrote:
April 6th, 2021, 8:43 pm
What happens when you're 85 and your landlord wants you out of the house within a month?
That's what I thought about my uncle and maybe the answer is that you should just die at that point.
Why?
yick
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Re: How much cash should I keep in Euro?

Post by yick »

Tsar wrote:
April 7th, 2021, 1:38 am
yick wrote:
April 6th, 2021, 8:43 pm
Yohan wrote:
April 6th, 2021, 7:05 am

Maybe the answer to your question is more about how to disperse your savings to several banks and in which countries - and if you really want to settle down somewhere for long term I can only recommend to buy your own accommodation and not depend on rent.

About myself, I own my condominium in Japan and my second condominium in Thailand. My retirement allowance is coming in Euro, and I keep what I don't need in Euro in an European bank. Savings are kept in Japanese banks in Yen, for my vacation overseas I have a banking account in Thailand in Thai Baht.

That's excellent advice!

Your own place bought and paid for is your best security you can have, especially the older you get. It's all right moving all your crap around the place as a young man
but you don't want to be doing that in your seventies and eighties. What happens when you're 85 and your landlord wants you out of the house within a month?

Another one is get permanent residency or citizenship of the country you want to live your life in. Asia isn't brilliant for this (though Yohan has it...) but they do have temporary retirement visas for foreigners, a lot of Latin America has PR and citizenship schemes which don't seem to be too expensive or particularly difficult to get.

If you decide on Asia as the place to lay your bones, make sure you have money to get the hell out once they change the regulations of staying there (like the Thais have just done...)
That's what I really hope to do eventually if I actually find a country worth living which really means getting a girl, being able to bank, and easy to get friends.
That won't be as hard as you think to actually achieve.
Tsar
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Re: How much cash should I keep in Euro?

Post by Tsar »

I decided on Euros. I am definitely going to try to bank in Euros.

I need to avoid debt collectors in the US. I know I will be in Europe more often than the US.

I will return to Europe next year to a few countries hoping to bank in one before Asia. If I cannot bank in the EU, then I will try non-EU nations in Europe.

I already know I will go to Czech Republic, Serbia, and possibly other nations like Albania. Maybe Belarus or Russia.
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