Accounts abroad.
During a period of instability in your home country, the question arises - how to protect your savings from troubles and at the same
time get at least a minimal profit.
The state has punished law-abiding citizens more than once; I wouldn’t want to be left in old age without a certain nest egg. One of the protection options is opening an account in a foreign bank, an excellent alternative for storing funds, especially since at the moment most foreign banks have significantly reduced the requirements for the minimum deposit and documents confirming the origin of funds.
Since the question interested me personally, a small study was carried out on the options and conditions under which you can open 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 year.
• The existence of an account should not be particularly advertised
• The account can be opened both in person and online.
• Often you have to pay a certain amount to open an account.
1. Open accounts online.
Not everyone has the opportunity to independently visit Switzerland or Austria to open an account; is it possible to do this online?
Yes it exists, but you should be as careful as possible.
By typing the query “Account abroad” into a search engine, you will find a lot of companies offering to do this for you; they usually offer accounts in Baltic, European, American and Offshore banks.
First, we check the company itself - the company’s website must have existed for at least a couple of years, the presence of offices and reviews on independent forums, only after we are convinced of its reliability we proceed directly to choosing the account itself.
Country:
• Baltic states - the lowest minimum deposit requirements; sometimes there are banks where you can open an account with an amount of 100 euros or more.
Quite a high percentage of up to 5.5% for euros and dollars per year. A large number of representative offices in the CIS countries. Intermediary companies charge from 200 euros for mediation.
• Europe - as tempting as it may seem, there are many more difficulties here than in the previous case, a certificate about the source of funds is often required, there is no point in going to most reputable banks without $50,000.
The average interest rate on deposits rarely exceeds 1%. The easiest way to open an account is in countries such as Poland, Slovenia, Bulgaria, Herzegovina, Bosnia, but these areas are in less demand due to reasons of less stability.
Intermediary fees start from 400 euros.
• America - deposit rate is about 3%, suspicious attitude towards foreign clients.
At best, the intermediary will charge you $1,000 for preparing the documents.
• Offshores - various Belize and Seychelles, everything is as simple as possible, no visits to the bank, no minimum balances, but the reliability of such investments for the long term is a big question.
The cost of services starts from 400 dollars.
Banks:
• Deposit banks - banks engaged in accepting deposits from the public, this is exactly the option that we need.
The property of the population here is insured. • Investment companies - often offer high returns, but in the event 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; a minimum knowledge of English or German and a package of necessary documents are required.
Advantages - confidentiality (without intermediaries) and savings on intermediary commissions.
Having analyzed a lot of options, I decided to stop at the Baltic states; I was attracted by the presence of the Russian language and the guarantee of deposits up to 100,000 euros.