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Tuesday, March 1, 2016

TNT :MCA's...... Which is CORRECT? By LeadRam, 1 MARCH

TNT : 
    • LeadRam said
      07:34 PM Dec 29, 2013
    Need some clarification on this as others may benefit as well. Thank YOU in advance.

    I understand that there are TWO similar...yet HIGHLY different MCA's that all should be aware of...and may want to know the benefit of using the best one for the CE.
    MULTIPLE Currency Acct.  and,   MULTI-Currency Acct.

    WHICH allows you to put the already ForEx currencies....VNN and others...without mixing with bad, unexpected results?
    I understand it to be the "MULTI" (per some of the kind tutorings of RAJAF).  WHAT IS ITS FULLEST OR BEST APPLICATION?

    Which then brings up the "MULTIPLE" variety. Sounds so similar...yet has a whole unique application that we really do not want?
    I think that I desire to put part of my 25% into the "MULTI" and be able to do ForEx and/or do other exchanges for possibly Canadian dollars but will have the flexibility for others, too.
    Is this correct and what could be the cautions/precautions as others have not talked this at least on this board.  thx...
    • docjohn99 said
      07:41 PM Dec 29, 2013
    To be ABSOLUTELY SAFE, I would only exchange your IQD/IQN as a single CURRENCY and avoid the MCA choices right now.

    Then at your future Wealth Manager Appt. inquire where to go from there.

    C'est La Vie. K.I.S.S.
    • kauaihn said
      07:50 PM Dec 29, 2013
    docjohn99 wrote:
    To be ABSOLUTELY SAFE, I would only exchange your IQD/IQN as a single CURRENCY and avoid the MCA choices right now.

    Then at your future Wealth Manager Appt. inquire where to go from there.

    C'est La Vie. K.I.S.S.


     I agree
    • theGraceMan said
      08:34 PM Dec 29, 2013
    Here's a link to some useful info describing the differences:
    www.isla-offshore.com/offshore-banking/multi-currency-bank-account/


    Seems like converting the CE'd IQN to USD funds then convert again into a new currency would
    invalidate the so-called asset backing of your deposits and create a potential tax consequence;
    unless the target currency is asset backed . . . who knows?
    . . . . . . . . since we have nothing verifiable wrt these tax changes and the tax advantages
    of IQN exchanged to USD funds nor the asset backing of the CE'd IQN to USD funds in a NIB,
    we are in uncharted waters.

    One reason to utilize the MCA or Multiple CA's is to get your new USD out of USD preparing for the USD
    devaluation which comes with the GCR. Although, if you have kept the IQN -> USD in a NIB, then you
    are not supposed to take the hit as you have asset backed instead of fiat USD. The rationale behind the
    NIB and separating IQN proceeds from all other currency proceeds is to avoid commingling asset-backed vs fiat currencies.
    Since I just don't have any real intel on this, I will go with a MCA and get my funds out of USD.
    Even the lame stream media is showing enough information that you can tell the USD value will be
    dropping as our petro-dollar bites the dust.

    My question is, if you convert IQN to USD then convert to AUD or CAD or other
    in a multi-currency, I would think your asset backing benefit is lost when you convert to the non-USD currency.
    However, if you pick your new currency correctly, it will increase in value against the
    devaluing USD and you will have accomplished one of the goals (protection against the USD devaluation),
    just not sure if we lose tax benefits if we convert to a new safer currency.

    I'm sorry I can't resolve all these questions based on the available information.

    Hope this helps and does not confuse.
    • RAJAF said
      09:42 PM Dec 29, 2013
    I plan on purchasing gold ( PAMP Minted Gold Ingots ) and hard currency cash from Sterling of the following currencies:
    *Vietnamese Dong
*Chinese Yuan
*Hong Kong Dollar
*British Pound
*Canadian Dollar
*Singapore Dollar
*Brazilian Real
*Australian Dollar
*Swiss Franc

    as the US dollar is expected to be devalued one wants to get their funds secured into assets… even putting money into Canadian dollar is good because their currency is going to increase.

    Later will establish a multi-currency account with the above currencies and tax-deferred muni bonds.
    • theGraceMan said
      06:30 PM Dec 30, 2013
    RAJAF wrote:
    I plan on purchasing gold ( PAMP Minted Gold Ingots ) and hard currency cash from Sterling of the following currencies:
    *Vietnamese Dong
*Chinese Yuan
*Hong Kong Dollar
*British Pound
*Canadian Dollar
*Singapore Dollar
*Brazilian Real
*Australian Dollar
*Swiss Franc

    as the US dollar is expected to be devalued one wants to get their funds secured into assets… even putting money into Canadian dollar is good because their currency is going to increase.

    Later will establish a multi-currency account with the above currencies and tax-deferred muni bonds.


     I like this plan
    • DAR said
      07:10 PM Dec 30, 2013
    As always, sound planning RAJAF...thank you!
    • LeadRam said
      09:33 AM Feb 29, 2016
    Revisiting some good old info... am Bumping due to RAJAF's reply. 
    NOTE:  TO MY KNOWLEDGE RAJAF DELETED HERSELF....and was NOT BANNED.                                 I submit to MODS as always to correct me on this should I be wrong. Thx.
    (BTW: I am totally settled in the area and difference of MCA's....and just wish others to be able to benefit from her great advice. :)  )
    She was such a treasure.... suggest you enter her name RAJAF....in the Search box up in the center and go to her Topics started to glean from her wide and varied bus. experience. [Great recipes, too!]  Consider it for either your first time exposure to these areas OR as back-up knowledge for your strategy(ies) as to what you may have planned up till now. Add IRR to this early info should you like.
    IF she helps you with those ...although tedious and time-consuming, you could look for her Replies to other member's Posts/discussions.  Her acumen on some many areas was stellar! 
    Lemmeknow if it helped... only as it keeps it more noticeable for others to find when you give any kind of Reply.  
    Smiles to U.
    LR
    • AmazingLaMont said
      11:03 AM Mar 1, 2016
    As an individual, you will probably not be permitted to open either of these types of accounts. The information that I received from a tier 1 bank was that these accounts are limited to international corporations with operations in multiple countries; the bank will not open one of these accounts for individuals or domestic corporations.

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