Keeping USD for a collection and emergency fund

[Alexandoy]

My wife has been keeping some dollars in her safety handbag that is hidden in her dresser. Every time we would travel abroad she would exchange our peso to US dollars. She doesn’t exchange back the leftover dollars and she keeps it for emergency purposes.

The value of the US dollar is always stable vis-à-vis our currency and it is easy to exchange the dollar to any currency when needed.

We counted her US dollars that amounted to more than 1,000 which was surprising because that is big money here. Keeping dollars is a good investment compared to our currency which is slowly depreciating in value. With the dollar the savings would be increasing (compared to our currency) as time goes by. Instead of putting your money in the bank it is better to buy US dollars for your savings.

 

[Deleted member 28127]

The most of people at most of the country are thinking the same so you can keep the remaining euro or dollars after the trip but you have to take aware just from policies at airport if they see that dollars that you have in pocket are greater than dollars that are exchanged at bank you may face an investigation but for your case as dollar are hidden in her dresser in handbag everything is fine. So it is very good thinking however laws doesn't update to regularize it.

 

[Josemendez]

Most people from low tier country also use this medium to save money because of the weak Fiat currency they use. I think if one has the opportunity to save money online , it should be either USD OR EURO because of their strength.
I was surprised the amount my USD savings amount to when I withdrew last time

 

[Good-Guy]

I am not aware of how pesos are related to USD. However, in my country, the government is always trying to bring down the value of USD and this is what I feel. My government is trying to restrict imports and this can affect the value of the dollar in a negative way. I believe that it depends on country to country. If your currency is weak, then the dollar will become more powerful because it does have a lot of value as compared to pesos.

 

[sincerem]

I prefer opening a dollar account or another foreign currency account here in my country, if only I'm entitled to be earning that currency constantly. But if I'm not entitled earning through it constantly then i wouldn't consider creating an account around it to save treasury asset. I love saving valued currencies and the USD is on of them.

 

[Augusta]

I think basically it is about savig money in whatever currency to help in offsetting future bills or deal with emergency. It can be very frustrating that in the future one runs into debt due to lack of savings. So bottomline it is good to save for the future if it will be in dollars then so be it

 

[Setho]

The US dollars as you have said always has a stable value extending to a long period of time. One very important thing that I have noticed why people always like to keep their savings in USD is because even in countries where it is not a legal tender you can always use it to spend.

 

[Mika]

In my home country, you are not permitted to save money in foreign currency. You can save only in local currency. If you are found to be holding foreign currencies, you will go to jail. Only those who have import and export businesses are allowed to hold foreign currency in their banks.