Post: #1

I would like to open an USD bank account either in the US or in Singapore as an EU citizen.

I have found threads about US citizens opening accounts abroad, but not info on EU citizens doing it in the US.

What I really need is an account in USD and a debit card linked to that account. I checked PayPal debit card but it seems it is only for business accounts.

I have an USD account in an Australian broker, which is good for a plan B, but I was wondering if anyone found a good alternative. I want to stash my cash into USD as the EUR will be dead soon....

Post: #2

How exactly will the EUR be "dead soon"?

Post: #3

(06-02-2015 12:51 AM)Soothesayer Wrote:  How exactly will the EUR be "dead soon"?

It does not really matter, it is my personal belief on the evidence I gathered.

I just want my money to be in USD instead of EUR, that is all.

Post: #4

Soothesayer, if you think the Euro isn't in trouble you need to do a lot of reading in a short time.

There's some good information here: http://armstrongeconomics.com/euro-crisis

I'd also suggest that you look up some basic background information on the guy before you call him an internet quack. The guy is a very well respected economist and more recently was at the center of a rather famous case(at least among finance professionals) involving HSBC, Gorbachev/Putin, and the IMF in the early 2000's.

it also doesn't help that there's a massive hunt for cash underway in Europe. In Italy they even tried putting cash sniffing dogs at some airports. France in particular has gone batshit crazy hunting for physical assets to include cash and gold. If you live in Spain and try to fly out of the country while wearing a lot of jewelry you risk being pulled aside by security while they weigh the gold and silver.


To answer the OP's question: opening a US bank account from abroad is relatively easy. The reason why it's so difficult to do the reverse is because of a low known as FATCA which requires that foreign financial institutions report on the accounts of US citizens or risk having their assets in the US seized. No such requirement exists for EU citizens attempting to open a US bank account. However, be warned that the reporting requirements are now so low that it's relatively easy to trip them and be investigated for "money laundering".

Two thing: avoid large, bulge bracket financial institutions like the plague. Firms like Bank of America and Wells Fargo are generally engaged in risky and aggressive proprietary trading strategies and thanks to recent shifts in G20 policies your savings accounts can be used to cover those losses in the event they make the company insolvent. You want a firm that is NOT involved in investment banking or risky securities trading activities. Most smaller, regional US banks are good. I also have had the chance to meet with some of PNC bank's mangement and shadow their operations. The experience left me extremely impressed with the company's ethics and care for their customers.


Secondly, a better hedge might be to invest your money in the equity of "defensive" industries(ones that typically aren't impacted much by economic booms or busts) such as utility and tobacco companies. You're introducing some level of capital risk into your portfolio that way but there is a massive regulatory advantage: equities are NOT taxable until you sell any of the shares involved. From a policy perspective it also helps that the ultra-elite derive much of their income from equity investments. As a result the US government has historically been hesitant to implement any policies that negatively impact common stock investments.

Post: #5

(06-02-2015 09:25 AM)Easy_C Wrote:  Soothesayer, if you think the Euro isn't in trouble you need to do a lot of reading in a short time.

There's some good information here: http://armstrongeconomics.com/euro-crisis

I'd also suggest that you look up some basic background information on the guy before you call him an internet quack. The guy is a very well respected economist and more recently was at the center of a rather famous case(at least among finance professionals) involving HSBC, Gorbachev/Putin, and the IMF in the early 2000's.

it also doesn't help that there's a massive hunt for cash underway in Europe. In Italy they even tried putting cash sniffing dogs at some airports. France in particular has gone batshit crazy hunting for physical assets to include cash and gold. If you live in Spain and try to fly out of the country while wearing a lot of jewelry you risk being pulled aside by security while they weigh the gold and silver.


To answer the OP's question: opening a US bank account from abroad is relatively easy. The reason why it's so difficult to do the reverse is because of a low known as FATCA which requires that foreign financial institutions report on the accounts of US citizens or risk having their assets in the US seized. No such requirement exists for EU citizens attempting to open a US bank account. However, be warned that the reporting requirements are now so low that it's relatively easy to trip them and be investigated for "money laundering".

Two thing: avoid large, bulge bracket financial institutions like the plague. Firms like Bank of America and Wells Fargo are generally engaged in risky and aggressive proprietary trading strategies and thanks to recent shifts in G20 policies your savings accounts can be used to cover those losses in the event they make the company insolvent. You want a firm that is NOT involved in investment banking or risky securities trading activities. Most smaller, regional US banks are good. I also have had the chance to meet with some of PNC bank's mangement and shadow their operations. The experience left me extremely impressed with the company's ethics and care for their customers.


Secondly, a better hedge might be to invest your money in the equity of "defensive" industries(ones that typically aren't impacted much by economic booms or busts) such as utility and tobacco companies. You're introducing some level of capital risk into your portfolio that way but there is a massive regulatory advantage: equities are NOT taxable until you sell any of the shares involved. From a policy perspective it also helps that the ultra-elite derive much of their income from equity investments. As a result the US government has historically been hesitant to implement any policies that negatively impact common stock investments.

Good info, I am an avid reader of Martin Armstrong for over 2 years now myself. I have found out I might be able to open an US HSBC account through the local HSBC branch, there are people who had succes with this approach. We will see.
I will definitely invest in US equities, it seems to be the safe heaven of choice in the coming years...

Post: #6

I notice an Italian flag on your profile. Another option to look into is that there are typically a branch or two of American banks that service personnel near American military installations. You could check and see if there's any institutions that fit the bill.

Post: #7

(06-02-2015 12:46 AM)Glaucon Wrote:  I would like to open an USD bank account either in the US or in Singapore as an EU citizen.

I have found threads about US citizens opening accounts abroad, but not info on EU citizens doing it in the US.

What I really need is an account in USD and a debit card linked to that account. I checked PayPal debit card but it seems it is only for business accounts.

I have an USD account in an Australian broker, which is good for a plan B, but I was wondering if anyone found a good alternative. I want to stash my cash into USD as the EUR will be dead soon....

Try this.

https://www.fidelity.com/trading/investm...nvestments

Post: #8

(06-02-2015 12:21 PM)Harvey Specter Wrote:  

(06-02-2015 12:46 AM)Glaucon Wrote:  I would like to open an USD bank account either in the US or in Singapore as an EU citizen.

I have found threads about US citizens opening accounts abroad, but not info on EU citizens doing it in the US.

What I really need is an account in USD and a debit card linked to that account. I checked PayPal debit card but it seems it is only for business accounts.

I have an USD account in an Australian broker, which is good for a plan B, but I was wondering if anyone found a good alternative. I want to stash my cash into USD as the EUR will be dead soon....

Try this.

https://www.fidelity.com/trading/investm...nvestments

Nevermind I didn't see the thing about the debit card. Not sure if they would allow for a money market account or not. Though may be worth a phone call.

Post: #9

You're better off opening a bank account in Hong Kong. The HKD goes up and down with the USD, and if (when) the USD eventually collapses they'll just peg the HKD to something else. Why the fuck would you even consider holding money in the US with all of the ridiculous regulations?

Post: #10

Good point. Also Singapore. You also don't need to be IN a country to hold their currency.

Post: #11

(06-02-2015 12:46 AM)Glaucon Wrote:  I would like to open an USD bank account either in the US or in Singapore as an EU citizen.

I have found threads about US citizens opening accounts abroad, but not info on EU citizens doing it in the US.

What I really need is an account in USD and a debit card linked to that account. I checked PayPal debit card but it seems it is only for business accounts.

I have an USD account in an Australian broker, which is good for a plan B, but I was wondering if anyone found a good alternative. I want to stash my cash into USD as the EUR will be dead soon....

If you really believe the Euro is going to be dead soon, you should be focused on shorting it in the Forex market.

Stashing your cash in a USD account and letting it sit there would be a waste.

Post: #12

(06-03-2015 03:01 PM)VolandoVengoVolandoVoy Wrote:  

(06-02-2015 12:46 AM)Glaucon Wrote:  I would like to open an USD bank account either in the US or in Singapore as an EU citizen.

I have found threads about US citizens opening accounts abroad, but not info on EU citizens doing it in the US.

What I really need is an account in USD and a debit card linked to that account. I checked PayPal debit card but it seems it is only for business accounts.

I have an USD account in an Australian broker, which is good for a plan B, but I was wondering if anyone found a good alternative. I want to stash my cash into USD as the EUR will be dead soon....

If you really believe the Euro is going to be dead soon, you should be focused on shorting it in the Forex market.

Stashing your cash in a USD account and letting it sit there would be a waste.

It'll be dead soon, but it won't be a one way descent. There will be plenty of dead cat bounces that'll blow up a leveraged FX position.

Glaucon, good call on moving to safeguard your assets and glad to see others read Martin Armstrong as well. That man is a saint.

Post: #13

(06-02-2015 12:46 AM)Glaucon Wrote:  I would like to open an USD bank account either in the US or in Singapore as an EU citizen.

I have found threads about US citizens opening accounts abroad, but not info on EU citizens doing it in the US.

What I really need is an account in USD and a debit card linked to that account. I checked PayPal debit card but it seems it is only for business accounts.

I have an USD account in an Australian broker, which is good for a plan B, but I was wondering if anyone found a good alternative. I want to stash my cash into USD as the EUR will be dead soon....

Banks in the US usually won't open a personal account unless you have a proof of address in the country (utility bill). In Singapore you will need

UniCredit in Prague can open a USD account and card for you: https://www.unicreditbank.cz/en/web/cont...ts-centre-

Post: #14

(06-07-2015 11:18 AM)DaveR Wrote:  In Singapore you will need

In Singapore you will need proof of residency/long-term visa

Post: #15

If you're worried about your money being worth something why not open a currency trading account and just move the cash that way?

Post: #16

I was just going to post a new thread and found this one. What US banks will let a US citizen open a bank account from overseas (without being present)? I found silicon valley bank, but that seems to be company accounts.

Post: #17

OP, I'd highly advise against opening an account here.

A. You'll be under the nose of the IRS, and they're formidable.

B. Wiring money from the U.S internationally is not a simple process. When I was living in Europe, my bank (Wells Fargo) informed me that I'd have to come back in-person to the branch I opened my account and fill out some paperwork in order to enable international wires. Our online banking is about a decade behind most reputable asian/european banks.

C. While the Euro has an uncertain future, the dollar isn't much better. Despite the strong green back atm, the U.S economy is a house built on sand. As an American citizen, I'll be taking all my assets out of country over the next couple years, and likely forfeiting my passport too. A lot of successful guys I know...are doing the same. It's just not the business-friendly country it used to be.

If you want to diversify out the Euro, hold some dollars..but I'd strongly consider other currencies/assets. The singapore dollar, actually, would be a good one.

(06-07-2015 03:19 PM)JohnQPublic Wrote:  I was just going to post a new thread and found this one. What US banks will let a US citizen open a bank account from overseas (without being present)? I found silicon valley bank, but that seems to be company accounts.

I'd take a look at Charles Schwab. It's the best bank in the U.S for expats and frequent travellers imo. No foreign transaction fees, and all atm charges get refunded. You can open the account online, but I think you'd need a U.S address to mail to.

Post: #18

(06-03-2015 09:01 PM)Peregrine Wrote:  It'll be dead soon, but it won't be a one way descent. There will be plenty of dead cat bounces that'll blow up a leveraged FX position.

Glaucon, good call on moving to safeguard your assets and glad to see others read Martin Armstrong as well. That man is a saint.

The FX market absolutely does not anticipate that the Euro will be dead soon.

If you think the Euro will be dead soon, whether from a single precipitous collapse, or a series of swings, there are a number of ways you could structure Fx positions to profit enormously from that.

Want to know why the market does not anticipate it at this point? Because there is no information pointing in that direction.

Doomsday psychology is entertaining, but hardly a productive basis for decision making.

Anyway, you might be right. Stranger things have happened. And as I said, if you do hold that dying Euro belief, step up to the plate and get rich.

I wonder how widespread the dying Euro belief is in the prepper community. Perhaps it could be profitable to create an informational product on how to get off the sinking ship of the dying Euro and safeguard your assets from the coming collapse and hyper inflation and zombies.

Probably the safest investment is to buy bullets, antibiotics, water purification tablets, and MREs.

Post: #19

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http://www.pitbulleconomics.com/euro_crash.htm

Oh well, appears someone is already capitalizing on this particular fear.

Anyway, looking into my crystal ball, I don't see the Euro collapsing or failing. More like some continued depreciation down to 0.80 or .85 USD. Stabilizing slightly below dollar parity as European exports pick back up.

Post: #20

You should consider buying gold and storing it overseas if you're worried about currencies collapsing.

Post: #21

Don't do it, at least not in America. If I were in your shoes, and had a considerable sum, start an IBC, or better yet a 'foundation' (both are tax free) and if you incorporate any of the two in Belize, or Nevis, you have better privacy and protection than your 'traditional' American bank. Also, once getting any of the two structures set up, because the USD is used worldwide as reserve, you don't have to have an American based account, to have access to the currency. Something to think about.

Post: #22

(06-03-2015 01:48 PM)travolta Wrote:  You're better off opening a bank account in Hong Kong. The HKD goes up and down with the USD, and if (when) the USD eventually collapses they'll just peg the HKD to something else. Why the fuck would you even consider holding money in the US with all of the ridiculous regulations?

You can have a USD account with any personal banking account in HK

Post: #23

Most (if not all) US banks will not open an account for you unless you reside in the US and can prove it.

Many EU banks offer USD accounts. Just stay away from countries with problems (PIIGS: Portugal, Italy, Ireland, Greece, Spain.)