Foreign Banking

[tmosley]

I was thinking that one way to "opt-out" of the crappy, bailed-out American system, while simultaneously protecting your accounts from both currency crises, and banking holidays would be to open up a checking account in a foreign nation, such as Australia, and have your paycheck direct deposited there.

You should be able to get a debit card that can be used in the States as normal, though it may include some kind of fee (from my preliminary research, it looks like 2.5% is a good bet). However, you should be able to pay most or all of your bills online for free (though I need verification on this), and get cash from ATM's for not-too-much (a $4 fee at most).

I need thoughts on this. I'm thinking I might call into Wall Street Unspun tonight to ask about it, since Peter Schiff deals with Australia fairly often.

 

[Pericles]

Most foreign banks will not do "offshore" banking for US citizens thanks to the IRS reporting requirements - rather than Australia, you need to look at the Caymans.

Other problem might be that the offshore bank will not have an ABA routing number, and the company deposit would be via IBAN, and the payroll processor could not make the transaction, or would incur a international wire charge, which either the company or you would have to pay.

 

[tmosley]

Yup. I tried signing up for a few in different countries, and they all required that I have a physical address in-country.

Ok, does anyone know of any banks that will hold assets denominated in non-US currencies that have branches in the US (and have that service available here)?

 

[Nationwide]

GoldMoney.com will store your $ in your choice of several currencies or silver/gold. No social security number required (Channel Islands UK).

 

[LibForestPaul]

Most foreign banks will not do "offshore" banking for US citizens thanks to the IRS reporting requirements - rather than Australia, you need to look at the Caymans.

Other problem might be that the offshore bank will not have an ABA routing number, and the company deposit would be via IBAN, and the payroll processor could not make the transaction, or would incur a international wire charge, which either the company or you would have to pay.

What if one is dual? Could I just state one nation instead of both?

 

[tmosley]

GoldMoney.com will store your $ in your choice of several currencies or silver/gold. No social security number required (Channel Islands UK).

I'm looking at it, and it seems that you can only pay other members. I don't see a way to issue checks against your gold or silver.

 

[InPaulWeTrust]

Yup. I tried signing up for a few in different countries, and they all required that I have a physical address in-country.

Ok, does anyone know of any banks that will hold assets denominated in non-US currencies that have branches in the US (and have that service available here)?

Try Bank of Brasil, they have a branch in NYC and in Miami. You can call them up and ask their customer service.

 

[Pericles]

What if one is dual? Could I just state one nation instead of both?

There is US law about that which usually conflicts with local law and is why most banks won't deal with US citizens who are not residents of the country in which the bank is located.