Non USA account for USA resident

[muhovic91]

Currently living in the USA
Want to open an account outside of the US, hopefully remotely and not needing to invest a great amount nor need to live at that location
Looking only to transfer $5k or so and just keep it there as emergency fund

Any and and recommendations are greatly appreciated

 

[TheCryptoAnt]

Do Wise/Revolut etc I think they are both available in the US

 

[daniels27]

Looking only to transfer $5k or so and just keep it there as emergency fund

With all the FATCA reporting and the bank cost for keeping your account, I highly doubt that this will lead you anywhere.

 

[muhovic91]

Do Wise/Revolut etc I think they are both available in the US

Im looking for an account thats completely separate from the US banking system. Looks like Wise (didn't look into Revolut yet) puts your funds back into various systems (including the US system)?

 

[ilke]

The amount is very low for the risk that the FI takes.

What is your reason for opening this account?

 

[TheCryptoAnt]

Im looking for an account thats completely separate from the US banking system. Looks like Wise (didn't look into Revolut yet) puts your funds back into various systems (including the US system)?

Their EUR and GBP accs is held in Barclays UK iirc

 

[muhovic91]

The amount is very low for the risk that the FI takes.

What is your reason for opening this account?

With the current political climate in the US, was thinking of having (some) funds outside of the US system as emergency

 

[daniels27]

Im looking for an account thats completely separate from the US banking system. Looks like Wise (didn't look into Revolut yet) puts your funds back into various systems (including the US system)?

Any bank you can open as US resident normally is a US bank with US licence. Any offshore bank will have to comply with FATCA, which bears a lot of opportunity cost and is not cheap. Hence, they won't take you unless you are a local resident as well or bring substantial revenue.

With the current political climate in the US, was thinking of having (some) funds outside of the US system as emergency

Just take 5000 in cash or gold and store it locally or in a bank box.

 

[muhovic91]

Any bank you can open as US resident normally is a US bank with US licence. Any offshore bank will have to comply with FATCA, which bears a lot of opportunity cost and is not cheap. Hence, they won't take you unless you are a local resident as well or bring substantial revenue.


Just take 5000 in cash or gold and store it locally or in a bank box.

Thanks for the feedback, greatly appreciated

 

[Clank]

HSBC Singapore or Hong Kong. You can open the account just by downloading the app.

 

[muhovic91]

HSBC Singapore or Hong Kong. You can open the account just by downloading the app.

USA citizens living in USA cannot without $150k or more - from what I've gathered

 

[daniels27]

USA citizens living in USA cannot without $150k or more - from what I've gathered

I would have guessed the same. If you are not US citizen or have another passport, you can open an account while lying about your US residency. Some did this, but I would not necessarily recommend.

In any case, if you are a US taxpayer I don't think it makes sense to deposit $5k anywhere, unless you are resident there and have valid reason for such account. Banks want to make money and not waste time on FATCA reporting.

 

[muhovic91]

I would have guessed the same. If you are not US citizen or have another passport, you can open an account while lying about your US residency. Some did this, but I would not necessarily recommend.

In any case, if you are a US taxpayer I don't think it makes sense to deposit $5k anywhere, unless you are resident there and have valid reason for such account. Banks want to make money and not waste time on FATCA reporting.

Thank you for your input