International Banking

[jvockrodt]

Does anyone have any experience with international bank accounts? I am interested in knowing if anyone has a recommendation regarding interest bearing accounts in euros and possibly other currencies that are open to U.S. citizens.

 

[MrNick]

All I heard is they are very expensive. I think most Swiss account's require at least 10,000 initial deposits.

 

[jonahtrainer]

Does anyone have any experience with international bank accounts? I am interested in knowing if anyone has a recommendation regarding interest bearing accounts in euros and possibly other currencies that are open to U.S. citizens.

I highly recommend GoldMoney which is a lot cheaper than almost anything else out there for the value you get (multiple currencies, bank privacy law protection, etc.). You can hold and earn interest on $, C$, Euro and Pounds. You can also buy gold and silver. No minimum account balances, fees once funded are only 25 basis points on interest earned and storage fees are a minimum of about $2/month. Very reasonably priced for what you get.

 

[jvockrodt]

Thanks. I'll check it out.

 

[DFF]

Yup. GoldMoney's great cuz' they function like a bank account w/multiple currencies PLUS hold gold/silver. And since they're based out of Jersey, they have to adhere to the Jersey Banking Commision, which, like Switzerland, is very strict in terms of privacy. Regarding currencies, in Jan. they're going to add Swiss Francs and Japanese Yen. The only thing GoldMoney doesn't offer (yet) are debit cards and checking.

 

[jonahtrainer]

The only thing GoldMoney doesn't offer (yet) are debit cards and checking.

Doubt they will either because of the jurisdictional nexus issues. That is not to say that some creative entrepreneur will not fill this huge need though. I was talking with someone who was contemplating a credit card that would accumulate silver ounces as a reward (instead of airline miles).