The Weekend News with MarkZ "Multi-Currency Accounts" 6-18-2022
The Weekend News with MarkZ 06/18/2022
Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good morning everyone, hope you all have a wonderful Saturday.
Member: Happy Father's Day Mark and all other Fathers out there.
MZ: On the RV front still hearing very positive things for the 20th and the 21st.
MZ: There is no negative news coming out of Iraq. Article “ The Central bank of Iraq: We launched 17 trillion dinars of development initiatives” We also shared several articles over the last 2 days about the continued support and execution for the white papers.
MZ: We did get more chatter out of Iraq for the need to increase the value of their currency yesterday.
Member: Enough with the chatter…lets see some action…lol .lots of talkers…we need to see some doers!!!
MZ: Still looks like we are in a great spot…nothing negative.
Member: Are the banking ppl were still on for Sunday at redemption centers?
Member: if Iraq comes out with the NEER (nominal effective exchange rate) would we still get the oil for dinar bonus?
MZ: As I undertand it- no…..we would not get that bonus….but I can tell you if it comes out at the NEER rate I will exchange it into a multi-currency account for dinar. Holding it there and watch it rise in value.
Member: Do the NEER already
Member: NEER is better than FAAR..lol
Member: I am ok with a $1.60 rate if they would just do it!!!
Member: What is the NEER.
MZ: if Iraq decides to quit waiting for the GCR….its the Nominal Effective Exchange Rate….the back up and punt plan for Iraq . If Iraq decides to go alone and not wait for the GCR they have approvals in place to do that. Iraq wanted $1…. the IMF, and UN wanted higher…so the rate is about $1.60 US per Iraqi dinar …So it’s a back up plan if this thing continues to drag .. There was a lot posted in the news a few months ago…they were all talking about it. They can make this change without approvals. The CBI can pull that trigger.
MZ: Keep in mind they want to go at a higher rate with everyone else….so it would be a worst case scenario …but you should be excited they have this back up plan.
Member: imo there is no way Iraq is going to go with the NEER because every country around them has rate of $3 -$4 and because of the price of oil and the expected rise in the price of oil. I would be looking for at least a rate of $3-$4 dollars per IQD when it comes out. To quote Frank26, their government cannot operate on a toilet paper rate.
MZ: I agree with you and Frank on that one. When they first suggested the NEER rate oil was about $70 a barrel. The NEER rate wouldn’t extend stability to the region because Iraq shares oilfeilds with Kuwait. The goal is to have Iraq, Iran and Kuwait to have currencies about the same. A reinstatement of the Iraqi dinar would be about $3.30.
Member: Kuwait’s rate is about $3.60 US per Kuwaiti dinar I believe.
Member: If Iraq goes alone…what happens with the rest of the currencies we own?
MZ: I am told if Iraq goes alone that Vietnam is willing to go at about .30cents and let it float. Then the rest of them would probably revalue at a later time.
Member: I could not find any bank domestically that would offer multicurrency accounts am I looking in the wrong spot
MZ: check out wise.com, HSBC, Chase, a number of banks offer them . I am told if the NEER happens. we will be offered multi currency accounts at our exchange. Don’t worry about having to find one.
Member: How do I explain the RV to my son? He doesn’t understand how a currency with no value can suddenly have value!? Please help with this question!
Member: example: Dong used to be about $2.25 before the war and was DEvalued. They want to get back to what it was. Right now it's about 22,500 to $1 USD
Mod Estimated: Dong - $2.25-$4.00???, Dinar - $6.00-$11.00???, Zim - .30 (per million) without projects, higher rate with projects only for projects, Indo Rupiah $1.47, Rial - $3.30 *
Member: My credit Union was down all last weekend for “updating”
Member: Housing market crash, Stock Market crash...Let's Gooooo!!!
Member: Juan O. Savin just said 96 hours early this morning. That is Tuesday! 96 hours till the event
Member: Juan said 96 hours… wow. I have never heard him give dates or time frame
Member: PPN Charlie Ward informed Chas contracts were signed 1-2 days ago
Member: So did Holly and Wolverine go under NDA? Haven’t seen a post from them lately
Member: They were asked by someone to stop posting intel….so the RV could go….like Mark was asked to not say things bout timing……hope it works.
Member: Still don’t understand why they waiting for a trigger event when the majority doesn’t believe or know about the reset!
Member: Fed Reserve Chairman came out saying we (US) need to go to Digital Currency to support US $ and trade. What he didnt say was more important - fiat going down
Member: I'm so ready for the GOOD LIFE, Lets get it started already
Member: I got two tickets to Paradise I want to pack my bags and leave tonight ! But I need this RV !!!!
Member: I have a positive feeling its happening this weekend…
MZ: I hope you are right. It would be a tremendous Fathers Day gift!
Member: Or Juneteenth miracle…..to celebrate getting out of debt slavery!!
Member: LOL- If this doesn’t go by the 4th, or my bday the 6th, or Amazon prime day the 12th, or Labor Day Sep 6th, or Columbus Day, or Veterans Day, or the year 2055 I’m done, I give up!!
Member: We all need to pray for it to happen this weekend . Prayer and positive energy can bring this home for all of us.
Member: See you on Monday everyone!!! Happy Father's Day to all daddies out there........
The CBD Guru’s joins the stream at the end…please listen to the replay for all their information.
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.
The next stream is Monday at 10Am est……..unless.
Multicurrency Account: What Is It and How Does It Work?
A multicurrency account lets you spend and hold different currencies to make managing life or work abroad easier.
Spencer Tierney Feb 9, 2022
What is a multicurrency account?
A multicurrency account is typically an account at a bank or financial tech firm that lets you spend, receive and hold multiple currencies. It can work like an international checking account with multiple subaccounts, each with a different currency. This lets you manage payments in a foreign currency instead of opening a new bank account overseas.
“Credit cards and multicurrency accounts allow you to spend as a local, but only multicurrency accounts allow you to quickly transfer and receive money,” says Leyla Beriker, product owner of U.S. payments at Revolut.
Most multicurrency accounts — also called foreign currency accounts — are reserved for businesses and high net worth individuals through international or private banking services at banks such as Citibank and HSBC. Two notable exceptions are Wise and Revolut, two fintech companies that offer multicurrency accounts for the general public and businesses.
Benefits of multicurrency accounts at fintechs
Personal and business multicurrency accounts have different use cases and perks. Here’s what Wise and Revolut offer for their personal accounts:
Competitive exchange rates. When sending money, converting between currency balances or making purchases, the firms’ rates tend to be based on foreign-exchange markets with low to no rate markups. There are some fees, but the total cost of a conversion tends to be much cheaper than what traditional banks charge.
Bank details for multiple currencies in one account. You can get country-specific bank details — Revolut offers a few, Wise provides up to 10 — so you can receive payments in different currencies. For example, you can have both a U.K. account number and U.S. routing number.
Mobile app and debit card included. Wise and Revolut both partner with banks to offer their debit cards, which work in the Visa or Mastercard network. And the Wise and Revolut iOS and Android apps are highly rated.
Read full article here: https://www.nerdwallet.com/article/banking/multi-currency-account#:~:text=Most%20multicurrency%20accounts%20%E2%80%94%20also%20called%20foreign%20currency,services%20at%20banks%20such%20as%20Citibank%20and%20HSBC.