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Date: Wed, 21 Aug 2002 09:56:17 -0700
The most favorable way to deal in foreign currencies is on a "non-cash"
basis. This means, converting your SFRS. at the source, i.e. the bank where
your money is deposited. Negotiate the best rate with that bank or follow
the trend of the rates over a certain period of time and ask the bank to
convert when a certain rate is reached.(strike price) You can follow the
currency fluctuation "live" on URL "Yahoo-Finance-International-currencies".
Once the conversion is done, ask the bank to transfer the proceeds in US$ to
your account in the USA. Attention, any transfer exceeding $ 10.000 is
reported by the US bank to the Federal Bank (IRS monitored)
The second best way is to use a "Swiss registered" Credit Card. Since
recently, this requires that you have a "legal residence" in Switzerland.
(or at least a valid address). The credit card companies are no longer
allowed to sign up customers with addresses outside their territories over
which they assume responsability. (Europe/Americas/Asia).
US registered credit cards that are being charged against an account in
Switzerland, or for that purpose, any country that is considered a tax
haven, are reported to the IRS.
Exchanging currency bills is always the least favorable solution. The reason
being the fact that the physical handling of bills, including transportation
to and from countries under high security conditions adds cost to the
operation.
Hope this helps,
Have fun.
PS: currency rates quoted in the news papers are for transactions exceeding
1 mio.
Werner
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Received on Wed Aug 21 2002 - 17:30:53 PDT
