Ask HN: Best Currency for Saving as a Remote Software Engineer Paid in USD? | Hacker News Reader

Ask HN: Best Currency for Saving as a Remote Software Engineer Paid in USD?

3 pointsahil957 comments

Hello everyone,

I'm a freelance remote software engineer and I get paid in US dollars, which is then wired directly to my virtual bank account. Given the current economic situation in my country, I'm trying to figure out the best way to save my money for the future. The local currency (MAD) has been experiencing inflation and currency fluctuation, while the US Dollar is seen as a safe haven currency and is more stable.

I'm curious to hear from experienced investors and financially savvy individuals in the community. What is your opinion on the best currency for saving as paid in USD? Should I convert my savings into MAD or keep it in USD? Are there any other options that I should consider?

Thank you in advance for your input and advice.

The bogleheads.org "Non-US Investing" forum may be a good place to ask this question.

https://www.bogleheads.org/forum/viewforum.php?f=22

In South America it is customary to save in USD as our local currencies are known to have explosive and sudden ends, some more than others. If you can, and can handle the comparative lack of liquidity, keep everything in USD.

Even better if you can invest it in indexes and stuff, I know TD Ameritrade lets foreigners invest in actual stocks and indexes, which grow in value! Even better than saving dollars, but that might not be an option for you, I'm really not sure.

As you said, USD is more stable. If you're already being paid in that, I would keep it in that.

Unfortunately, this isn't always possible, for example, in Mexico, it is hard to get a USD account.

I'd not use a virtual bank account to hold considerable amounts because there is no guarantee that you will be able to withdraw your money in case of issues.

They said it was already in USD. So I don't think there's a concern about finding an account in that currency.

What issues do you see effecting a virtual account and not a physical bank? The physical bank is also completely reliant on the underlying virtual infrastructure for the same information necessary to perform a transaction.

Create a buffer in USD for unexpected expenses that may arise, invest the rest in ETF's.

Simple but effective.

If you can pick anything ... Swiss Francs.

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