Banking in another country

[Derrick]

What are some of the benefits of setting up a bank account in another country? Are there some countries that are tax havens for wealth more-so than the United States? I've heard of the popular Swiss bank account because of the country's sound monetary policy. Is this the best country to look at when setting up a savings/investment account? Thanks.

[Inspires33]

USA can be a tax safe haven too if you know what you're doing. Lots of things you can write off on taxes, and you can buy debt to offset taxes as well. It is for the most part illegal to avoid taxes by throwing the funds in an offshore account. I wouldn't recommend that.

[sjumani123]

Opening an offshore bank account in another country is very possible these days. Although each country and each bank have different requirements, most of the time, they all follow similar protocols. I am NRI and having bank account in India with YES bank's NRI banking service. You need a bank that offers online banking so it will be easy for you to deal with the banks.

[felisterjack]

Moving to another country is a big step and change for most people and every country have it's advantages as well as disadvantages. Moving to, and getting settled in a new country will take a lot more preparation and planning if you have a family, compared to if you are doing it alone. However there are some general things to keep in mind for everyone.

[Harold]

Banking in another country is a good decision. You can Hold multiple accounts and transact in different currencies by this types of banking and you can enjoy easy, worldwide access to your money.

[fideliscm]

I've heard much more about setting up a bank account in another country..Its really much beneficial and better decision also.