XJO - Bear Posts only (Factors which might cause the markets to fall), page-12078

I've actually spoken to a number of Aussie banks (in Aus) and it's actually quite shocking how difficult it is to just open an account to store some USD, Euro or whatever currency and have it functionally work like a normal Aussie bank account.

The biggest issue is that I was told my deposits cannot be guaranteed so what is the point of even opening one of these accounts? I'm trying to get an actual bank which is reputable not an EMI.

It's really hard to find good info about this because the recommendations I get are for multi-million dollar account openings with banks in Singapore ect which I'm sure are great, but I don't want to hold that much cash. Just a hundred k or so. I want to keep more in equity as it seems they might continue printing and trying to inflate away which would just erode purchasing power and not cause a market dip. Hard to say for sure so I'm trying to cover all my bases by diversifying.

So if anyone knows a good way to hold that amount of USD/EUR/CHF while getting a bank guarantee I will be eternally grateful. So far it seems holding USD in something like ibkr is the least worst option. If I'm wrong here let me know, this is not financial advice.

@Clark Kent you were correct I don't intend to abandon my aussie assets i'm just moving cash positions into defensive equities both in aus and hopefully outside aus soon. as well as diversifying my currency holdings