- April 18, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Maximizing USD Before Exchanging to EUR
Hello,
I am currently looking to maximize the amount of USD I have before exchanging it back to EUR. I currently have it stored in Revolut, earning 4.01% APY. However, Revolut offers better rates if I upgrade my plan. Despite this, I am considering cutting out the “middle man” and investing in a Money Market Fund (MMF) directly. Can anyone provide recommendations on the best MMF options?
I have an IBKR account but have never used it. Would this be the best place to invest in a MMF?
As I am located in Europe, some US options may not be available to me. If anyone has insight or advice on this matter, I would greatly appreciate it.
Thank you.
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You can’t use US mutual funds as a non-resident. US ETFs are possible but may be inconvenient to get in Europe (there are [workarounds](https://www.expatfinance.us/general/us-etfs-in-europe), also [estate tax](https://www.privatebanking.hsbc.com/wih/wealth-planning/estate-planning/investing-in-the-us-while-managing-the-us-estate-tax-risk/)). There are European USD MMFs ([mutual funds](https://www.interactivebrokers.com/en/trading/fundscanner.php#/) & [ETFs](https://www.justetf.com/en/find-etf.html?assetClass=class-moneyMarket&groupField=index¤cy=USD)). You can also buy [US treasurys](https://www.interactivebrokers.com/en/bondscanner/index.php#/), [fixed maturity bond ETFs](https://www.justetf.com/en/how-to/invest-in-maturity-bonds.html), etc. Some mutual funds are free to trade on IBKR (select commission charged: no in the search tool). Note that some funds/share classes have very high minimum initial investments, but you should be able to find some with a low or no minimum. Bank savings or term deposit may be good if they offer good rates in your country and/or MMF holding has tax disadvantages.
Differentiate between [LVNAV, CNAV, etc.](https://www.immfa.org/about-mmfs/investor-help.html), funds ([check out this analysis](https://www.ecb.europa.eu/pub/financial-stability/macroprudential-bulletin/html/ecb.mpbu202104_2~a205b46756.en.html)) , e.g.:
* *BlackRock ICS US Dollar Liquidity Fund* vs *BlackRock ICS US Treasury Fund*
* *BlackRock ICS Euro Liquidity Fund* vs *BlackRock ICS Euro Government Liquidity Fund*
If you want to compare, have a look at: BlackRock (ICS), BNP Paribas (InstiCash), Amundi, Allianz, Fidelity, JPMorgan MMFs. Some are not tradable on IBKR. IIRC, Revolut uses Fidelity’s LVNAV, Wise uses BlackRock’s CNAV.
By the way, i m not aware Revolut pay any interest on your cash ! How have you find that? Thanks