Accounts abroad.
During periods of instability in one's home country, the question arises: how to protect one's savings from troubles while still
earning at least a minimal profit. The state has repeatedly punished law-abiding citizens, and one wouldn't want to be left in old age without a nest egg.
One option is opening an account with a foreign bank—an excellent alternative for storing funds, especially since most foreign banks have significantly lowered their minimum deposit requirements and documents confirming the origin of funds.
Since this question interested me personally, I conducted some research into the options and conditions for opening an account abroad.
First of all, you should pay attention to the following issues:
• The minimum deposit is usually at least 500 euros.
• Interest on deposits is quite low - 0.5 to 3 percent per annum.
• There is no need to advertise the existence of an account
• An account can be opened both in person and online.
• Often you need to pay a certain amount to open an account.
1. Open accounts online.
Not everyone has the opportunity to visit Switzerland or Austria in person to open an account, is it possible to do this online?
Yes, there is, but you should be extremely careful.
By entering the query "Account abroad" into a search engine, you will find a lot of companies offering to do this for you, usually accounts in the Baltic, European, American and offshore banks are offered.
First, check the company itself - the company's website should exist for at least a couple of years, the presence of offices and reviews on independent forums, only after you are convinced of the reliability, proceed directly to the choice of the account itself.
Country:
• Baltic States - the lowest requirements for the minimum deposit, sometimes you can find banks where you can open an account with an amount of 100 euros. Quite a high percentage of up to 5.5% on euros and dollars per year. A large number of representative offices in the CIS countries.
Intermediary companies charge for mediation from 200 euros.
• Europe - as tempting as it is, there are many more difficulties here than in the previous case, a certificate of the source of funds is often required, there is no point in going to most reputable banks without 50,000 dollars. The average interest rate on deposits rarely exceeds 1%.
The easiest way to open an account is in such countries as Poland, Slovenia, Bulgaria, Herzegovina, Bosnia, but these destinations are less in demand due to less stability.
The fee to intermediaries from 400 euros.
• America - the rate on deposits is about 3%, a suspicious attitude towards foreign clients.
The intermediary will take from you at best 1000 dollars for preparing the documents.
• Offshore - various Belize and Seychelles, everything is as simple as possible, no visits to the bank, no minimum balances, but the reliability of such investments in the long term is highly questionable.
The cost of services from 400 dollars.
Banks:
• Deposit banks - banks engaged in accepting deposits from the population, this is exactly the option we need. The owners of the population are insured here.
• Investment companies - often offer high returns, but in case of bankruptcy, no one guarantees the return of your funds.
2. Open an account in person.
If you often travel abroad, it will not be difficult for you to open an account in person, while minimal knowledge of English or German and a package of necessary documents are required.
The advantages are confidentiality (no intermediaries) and savings on intermediary commissions.
Having analyzed a lot of options, I decided to stop at the Baltics, I was won over by the availability of Russian language and a guarantee of deposits up to 100,000 euros.
