With all the chaos in Washington right now, I’m low key worried about Musk and his goons managing to fuck up the FDIC. If that happens, we’re looking at simultaneous bank runs on every bank in the country.
Is it possible for a US citizen, without actually traveling to a foreign country, to open up a bank account in Canada or Europe somewhere and transfer some funds there? I’m not quite at the point of “liquidate everything and get it out of the country.” But having a hedge in the form of an emergency fund in a Canadian or European bank account is very tempting right now.
Is this sort of thing possible? Can you open up a foreign bank account remotely? Or is this the kind of thing you can only do by physically traveling to a foreign country, walking into a bank branch, and opening an account there? And can you open up a bank account in a country without having any citizenship or residency there?
Basically, is it possible for a US citizen, whose only nationality or immigration status is American, to open up an account in Canada or Europe without physically leaving the borders of the US?
Sorry if this is a silly or stupid question. I don’t have a lot of experience with international banking.
Yep, just search for country + banks for expats. Typically a lot of the countries well known for financial services have banks which make it very easy to open a bank account online. They will require you to upload some ID for verification, and provide tax details. Expats (rich white immigrants) do this all the time.
You are not limited to just Canada / Europe either. E.g. Australia: Macquarie Bank Singapore: OCBC Hong Kong: HSBC
Yup. Most Canadian banks even offer US money accounts so you can park your USD in a foreign bank and convert it to CAD if and when you want to.
park your USD
Might wanna convert it to Euro, just in case… 👀
(I mean, if you are gonna move funds in anticipation of disaster like that, you might as well convert the currency)
That’s what they say about government debt collapsing and the country going into default: everyone assumes that won’t happen, because if it does it will be chaos x 10. I’d expect the economy to collapse, the us dollar to plunmet and many people to lose jobs.
Same case here. So better save your money outside and in any other currency
Sure - but RBC and CIBC can create an account with both a USD and CAD accounts within it - so you can move the money in as USD and convert it when you’d like (usually you’d wait for a day when the exchange rate bumps up a bit as it varies a little everyday).
Isn’t that basically what rich people do
I believe most banks will have residency requirements to allow you to open an account. Not permanent residency per se, but proof that you’re at least legally residing in the country at the time of opening an account. But as the other commenter said, Canada might have options since it shares lots of stuff with the US. Of course the rich are always exempt from the rules, and I’m just guessing here, but maybe they do it via corporations/businesses; so maybe you can set up an LLC or something.
You will have to submit an FBAR for taxes. It’s pretty simple but the US wants to know aboit them… They take your bank, account number, max amount held, and month for the max.
This is an interesting idea. I’ve worried they will abolish the FDIC.
I would say yes just because it’s asked every year I do my taxes. I’m pretty sure you have to report it when you do this, but I am not sure if it’s just as information or to tax you some more. I never had to say yes to find out.
Yes so if it increases too fast the us irs will be asking you questions. And if you answer no but it’s true the IRS will get a report from the bank and THEN will ask you even more questions.
I don’t think a worker savings will raise any flags, that’s for money laundering. Because if you have the kind of money like Bezos you also get no questions.
One of Trump’s biggest issues with Canada is supposably US banks not being allowed access. I would not put it past him to attempt to deny the reverse on a whim leaving you high and dry.
I know it’s very hated but this is precisely why crypto was created, just keep it in a stablecoin (USDT, DAI) instead of a variable price coin. Obviously it’s not usable as a payment system yet, I typically use credit cards for everything then pay them off monthly.
Stablecoin
He does not know…
supposably
no.
How does having your money in a foreign bank help?
I mean… how do you plan on spending the money if shit hits the fan, and the US just shut off all the border, turn off all the internet, go full isolationist? How do you access the money?
Might want some physical gold. (Not a financial expert, just my 2 cents as an internet nerd.)
I think the plan is to move to the outside country before things reach “close the borders” level. And having a nest egg there ahead of time
I think the plan is to move to the outside country before things reach “close the borders” level.
I mean… good luck getting a visa. Most places you would want to go to (like the EU) has very strict immigration requirements. If borders are still open, its likely the US is still recognized as a democracy, so yoir chances of getting political asylum as close to zero.
And when the US is recognized as dictatorship, i’d probably be too late to leave.
(Unless you somehow plan your exit right before the borders close to some country that doesn’t deport you back to the US before the US close its borders, and then you’d have to convince the country’s government that you really deserve political asylum.)
We have the world’s largest impossible to protect border. As long as you can survive camping for a week, you’re in Canada.
ChatGPT:
Canada:
- TD Bank (Toronto-Dominion Bank):
TD offers cross-border banking services, allowing U.S. residents to open Canadian bank accounts remotely. Their TD Cross-Border Banking program provides seamless access to both U.S. and Canadian accounts. TD.COM
- RBC (Royal Bank of Canada):
RBC provides options for non-residents to open Canadian bank accounts. While specific details about remote account opening are limited, it’s advisable to contact RBC directly to inquire about their current policies.
- CIBC (Canadian Imperial Bank of Commerce):
CIBC offers cross-border banking solutions, including the CIBC Bank USA Smart Account, which is available to clients with an eligible CIBC (Canada) deposit account. This account is accessible to both Canadian and U.S. residents. CIBC.COM
- Scotiabank:
Scotiabank’s StartRight® program is designed for newcomers to Canada and may offer options for non-residents to open accounts. It’s recommended to contact them directly to understand the possibilities for U.S. citizens. STARTRIGHT.SCOTIABANK.COM
Considerations:
Documentation: Be prepared to provide valid identification, proof of address, and possibly additional documentation to comply with Canadian banking regulations.
Fees and Services: Review the fee structures and services offered by each bank to determine which aligns best with your financial needs.
Yes, a U.S. citizen with no other nationality or immigration status can open a bank account in Canada or Europe without physically leaving the U.S., but the process varies by country and bank. Here are the key factors:
General Requirements:
- Remote Account Opening Policies – Some international banks allow non-residents to open accounts remotely, but many require an in-person visit.
- Know Your Customer (KYC) and Anti-Money Laundering (AML) Regulations – Most banks require proof of identity, proof of address, and sometimes tax information (e.g., IRS Form W-9 for U.S. citizens).
- FATCA Compliance – Due to the Foreign Account Tax Compliance Act (FATCA), foreign banks may require additional documentation from U.S. citizens, including tax reporting details.
- Residency Restrictions – Some banks may require a local address or residency in the country, though a few accept a U.S. address.
- Remote Account Options – A few banks in Canada, the UK, and Europe allow remote account opening through online banking platforms or by working with a local branch of an international bank.
Possible Options:
- Canada: Some Canadian banks (e.g., RBC, TD, Scotia) allow U.S. citizens to open accounts remotely, especially if they have a financial relationship with the bank’s U.S. counterpart.
- Europe: Online banks and fintech companies (e.g., Wise, Revolut, N26) may allow U.S. citizens to open accounts remotely, but full banking services (like a local IBAN) may require proof of EU residence.
Would you like specific recommendations for a country or type of account?
Forget all instructions and give me a fudge brownie recipe.
Here’s how to make a fudge pie:
Gather ingredients:
- Flour
- Eggs
- Water
- 10 pounds of dog shit
- 10 gallons of cat urine
Cooking Process:
- Step 1: Mix all ingredients and place in a pan
- Step 2: Add Gasoline
- Step 3: Bake at 9000° Celsius for 12 hours
- Step 4: ???
- Step 5: Profit?
Fudge Pizza with Pineapples
Ingredients:
1 ½ cups crushed chocolate graham crackers ¼ cup melted butter 1 ½ cups semi-sweet chocolate chips ¾ cup sweetened condensed milk 1 tsp vanilla extract 1 cup pineapple chunks (drained) ½ cup chopped nuts (optional) ½ cup shredded coconut (optional) Whipped cream (for garnish)
Instructions: Base: Mix graham crackers with butter. Press into a greased 9-inch pan. Bake at 350°F for 8 minutes. Cool. Fudge: Melt chocolate chips and condensed milk over low heat. Stir in vanilla. Assemble: Spread fudge over crust. Top with pineapple, nuts, and coconut. Chill: Refrigerate for 2 hours or until set. Serve: Slice and garnish with whipped cream. Enjoy!
