Explore the details of banking abroad and discover how to choose the right financial institutions and services to meet your needs as a global citizen.
Retirement Daily recently published an article by Stewart Koesten of Aspyre Wealth. Koesten addresses the quest for bank accounts overseas as part of financial plan diversification.
Whatever the motivation for leaving the U.S., moving to another country comes with financial challenges, most notably securing a bank account in a foreign country before relocating.
Even Americans without residency status abroad can benefit from a bank account in another country. For example when traveling frequently or for lengthy periods of time, a local bank account makes it easier to withdraw cash in local currency, often at lower fees than international bank cards or ATMs. It provides an easier method to move money between the U.S. and another country, as well. A bank account can also help with diversification of global holdings by possibly reducing risks that come with holding all funds in one currency.
Banking Abroad
- Resident vs Non-Resident Bank Accounts
- The Role of FATCA
- Local Banking Policies and Culture
- How to Open a Bank Account Abroad as a Non-Resident
Opening a bank account abroad as a non-resident is possible but may be challenging. Understanding local banking regulations, preparing the correct documents, and exploring alternative options like international banks or fintech services will make it smoother to manage your financial affairs while living outside of the U.S.
Read the full article on The Street’s Retirement Daily.
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