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Is it possible for a US citizen to open up a bank account in a foreign country and transfer money to it from within the US? (lemmy.world)

submitted 1 week ago* (last edited 1 week ago) by WoodScientist@lemmy.world to c/asklemmy@lemmy.world

23 comments fedilink hide all child comments

With all the chaos in Washington right now, I'm low key worried about Musk and his goons managing to fuck up the FDIC. If that happens, we're looking at simultaneous bank runs on every bank in the country.

Is it possible for a US citizen, without actually traveling to a foreign country, to open up a bank account in Canada or Europe somewhere and transfer some funds there? I'm not quite at the point of "liquidate everything and get it out of the country." But having a hedge in the form of an emergency fund in a Canadian or European bank account is very tempting right now.

Is this sort of thing possible? Can you open up a foreign bank account remotely? Or is this the kind of thing you can only do by physically traveling to a foreign country, walking into a bank branch, and opening an account there? And can you open up a bank account in a country without having any citizenship or residency there?

Basically, is it possible for a US citizen, whose only nationality or immigration status is American, to open up an account in Canada or Europe without physically leaving the borders of the US?

Sorry if this is a silly or stupid question. I don't have a lot of experience with international banking.

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[–] HeyJoe@lemmy.world 3 points 1 week ago (1 children)

I would say yes just because it's asked every year I do my taxes. I'm pretty sure you have to report it when you do this, but I am not sure if it's just as information or to tax you some more. I never had to say yes to find out.

[–] trolololol@lemmy.world 4 points 1 week ago

Yes so if it increases too fast the us irs will be asking you questions. And if you answer no but it's true the IRS will get a report from the bank and THEN will ask you even more questions.

I don't think a worker savings will raise any flags, that's for money laundering. Because if you have the kind of money like Bezos you also get no questions.