Opening a foreign bank account to move into another currency

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garfangle_IHB

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Does anyone know an easy and cheap way to open a foreign bank account (preferably online) to transfer money into another currency like the Euro or a basket of currencies ex-US? I know HSBC has an international account but it requires a minimum of $10K. Others I have seen require that or more.
 
When you have opened your foreign account, how will you transfer your money? I have found that your either get a bad exchange rate or high charges when transferring money from bank to bank
 
I believe Everbank's minimums are $10k as well on single foreign currency CDs. I went for APY on the 2 CDs I bought. Sounded good at the time. However, 1 of them has moved against me (paper loss--damn you, trade deficit). The rub is that I get a 1099 each year for accrued interest. I can't write down the paper loss until I cash out, but I get taxed yearly on interest earned. It was an unwelcome surprise that first tax season.
 
<p>Be very careful when yor are dealing with bank for this, your may get a bad exchange rate at the time you purchase the foreign currency CDs and the time when you try to sell it. I had purchased foreign CDs a couple years ago, you have to put you order one day ahead and you possible will get the worst rates of that day, plsu and 0.5% to 1.0% rates difference between the bank and the market.</p>

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