Call with bank: “Excuse me sir, just have a routine question about your transactions. Are you American?” “Yes.” “Ah OK that’s all I need to know.” “Usually you need to know more for FACTA.” “Oh I’m not in Compliance I’m in Sales.” “Oh?” “Yeah you buy dollars.” “I do.” /2
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Partly it's because FX is basically sold as legalized gambling (which, aside from pachinko, does not exist in Japan at levels sufficient for demand) and partly it's because the interest rate environment has been so low for a generation that keeping savings in FX sounds reasonable
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The pitch goes something like "Why earn 10 bps on a two year bank CD when you could earn 2% APR on a CD at the same bank denominated in dollars?" "SOUNDS GREAT!" "Cool you have to buy the dollars from us; that OK?" "WOULD A BANK STEER ME WRONG?"
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Well, closer to 1 bps at the moment. What's a decimal place between friends.
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End of conversation
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Obligatory plug for owning your own forex operations. This is my "charge more".https://twitter.com/kchoudhu/status/975676673617285120 …
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