When you put your US dollars into a %26quot;foreign multi currency account%26quot; how is the (Local) interest rate compounded.? Assuming it is in a major bank in that country? Compound daily or longer or second by second because of currency fluctuations?
Foreign exchange rates?mortgage loan
Typically, one of the two possibilities exist:
1) The foreign bank maintains your money in USD ($) and there is no currency exchange.
2) The bank converts your USD$ to local currency at the time of deposit and pays you interest. You convert back the local currency to USD$ at the time of withdrawal.
Foreign exchange rates?
loan
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