Resident foreign currency account

[dj.dj]

Does anybody have a resident foreign currency account? If yes which bank and whats the procedure to open one with USD cash?

 

[theglobalinvestor]

Way too much hassle and most banks are not keen on this unless you have significant amounts to deposit due to regulations. Also, the interest rates offered by banks I had evaluated were very poor.

I keep usd in my us bank accounts and brokerage accounts. 5% APY until recently.

 

[Panthera_Tigris]

I keep usd in my us bank accounts and brokerage accounts. 5% APY until recently.

Where do you get 5% APY?

I know IBKR gives 3.83%

 

[theglobalinvestor]

Where do you get 5% APY?

I know IBKR gives 3.83%

Yes, rates have reduced now. It was 5% until recently across most savings products. Ex: Webull or cap one 360 savings. Or use a cash like etf to get higher returns with liquidity.