? Mine offers seriously LOW return.How else can I SAFELY park my fiat with some interest compounding?
Topic: Are off shore bank accounts worth it? (US citizens) - page 2. (Read 254 times)
Well then what bank is offering great interest rates here in the USA?? Mine offers seriously LOW return.
How else can I SAFELY park my fiat with some interest compounding?
? Mine offers seriously LOW return.How else can I SAFELY park my fiat with some interest compounding?
As far as I know, off shore bank accounts are expensive. You need to pay high bank fees.
Hey are worth if you have a big amount of money, so you can save on taxes.
Hey are worth if you have a big amount of money, so you can save on taxes.
On the topic of high interest, yes you can get higher interest in other countries but its mostly their own currency and not dollars. Which means you are betting against the fiat of that country vs dollar while getting the interest. What if you put your money into a country where their national currency lost more in value than the interest gives you against the dollar ?
In that case you wouldn't be making money at all, hell you would be losing dollars in that case. That is why it doesn't really make sense to put your money in any other country just for the interest.
Nevertheless, if you invest into those countries that is whole another topic, USA companies do make decent amount of return but they are also high entry barrier places whereas an investor could have a ton of stock from some offshore company and could reap the benefits when profiting.
In that case you wouldn't be making money at all, hell you would be losing dollars in that case. That is why it doesn't really make sense to put your money in any other country just for the interest.
Nevertheless, if you invest into those countries that is whole another topic, USA companies do make decent amount of return but they are also high entry barrier places whereas an investor could have a ton of stock from some offshore company and could reap the benefits when profiting.
It depends if you want to support your country. Offshore accounts encourages taxes to be avoided and national debt to increase. Although my preference is to go with bitcoin instead and not support any bank in any country
Well it all depends on your purpose of banking the money either offshore or in $$ US because some offshore saving may yield more interest then in the US bank, example some banks in the UK, and Indian pay more interest then most of the banks in the US and also the use of the found to found certain project of choice can force you to bank it offshore.
Well that is surely agreeable. Everybody would want to see their money go up in value because of high interest rate. The only problem I could see in this is the idea that you have to probably go offshore to check on the bank personally should you have some trouble about your savings. But anyway this is not much of a problem if the bank has a good customer support. Especially the online support, and most of all, if banks would have to apply or use cryptocurrency for your accounts to be checked and withdrawn easily when needed.
Not really mate! Indian Banking system is technically very advanced compared to many other first world nations. The customer service is also robust so no one would need to visit the bank personally even if they run into any issue with the banking account. I personally maintain two bank accounts and I don't remember when was the last time I had to visit their branch. Everything is done online and over phone nowadays.
Don't you need to set up the account in their country? I'd have to make a trip over there?
Well that is surely agreeable. Everybody would want to see their money go up in value because of high interest rate. The only problem I could see in this is the idea that you have to probably go offshore to check on the bank personally should you have some trouble about your savings. But anyway this is not much of a problem if the bank has a good customer support. Especially the online support, and most of all, if banks would have to apply or use cryptocurrency for your accounts to be checked and withdrawn easily when needed.
Not really mate! Indian Banking system is technically very advanced compared to many other first world nations. The customer service is also robust so no one would need to visit the bank personally even if they run into any issue with the banking account. I personally maintain two bank accounts and I don't remember when was the last time I had to visit their branch. Everything is done online and over phone nowadays.
Well that is surely agreeable. Everybody would want to see their money go up in value because of high interest rate. The only problem I could see in this is the idea that you have to probably go offshore to check on the bank personally should you have some trouble about your savings. But anyway this is not much of a problem if the bank has a good customer support. Especially the online support, and most of all, if banks would have to apply or use cryptocurrency for your accounts to be checked and withdrawn easily when needed.
I can give you few reasons to support offshore banking business over onshore one. Let me list out at least two reasons below. I will use the examples of Indian Banking system as I am well aware of it.
1. Higher interest rate:
In Asian countries like India, interest rate on bank deposits varies between 6.9% to 7.8%. It is way higher than any US bank. That helps your money grow faster in offshore.
2. Privileged service:
USD account holders are considered privileged clients. So it offers a lot of additional banking services for such segment of clients. For example, a no brokerage trading account, unlimited free ATM withdrawals, doorstep banking service to name a few.
Usually NRI people are the ones who enjoy such privileges to maintain USD accounts with Indian banks. It is definitely worth to maintain an offshore USD account.
1. Higher interest rate:
In Asian countries like India, interest rate on bank deposits varies between 6.9% to 7.8%. It is way higher than any US bank. That helps your money grow faster in offshore.
2. Privileged service:
USD account holders are considered privileged clients. So it offers a lot of additional banking services for such segment of clients. For example, a no brokerage trading account, unlimited free ATM withdrawals, doorstep banking service to name a few.
Usually NRI people are the ones who enjoy such privileges to maintain USD accounts with Indian banks. It is definitely worth to maintain an offshore USD account.
Would you prefer putting $$$ here in the USA, or elsewhere? please discuss
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