Yup. Most Canadian banks even offer US money accounts so you can park your USD in a foreign bank and convert it to CAD if and when you want to.
this post was submitted on 10 Feb 2025
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park your USD
Might wanna convert it to Euro, just in case... 👀
(I mean, if you are gonna move funds in anticipation of disaster like that, you might as well convert the currency)
That's what they say about government debt collapsing and the country going into default: everyone assumes that won't happen, because if it does it will be chaos x 10. I'd expect the economy to collapse, the us dollar to plunmet and many people to lose jobs.
Same case here. So better save your money outside and in any other currency
Sure - but RBC and CIBC can create an account with both a USD and CAD accounts within it - so you can move the money in as USD and convert it when you'd like (usually you'd wait for a day when the exchange rate bumps up a bit as it varies a little everyday).
Isn't that basically what rich people do
I believe most banks will have residency requirements to allow you to open an account. Not permanent residency per se, but proof that you’re at least legally residing in the country at the time of opening an account. But as the other commenter said, Canada might have options since it shares lots of stuff with the US. Of course the rich are always exempt from the rules, and I’m just guessing here, but maybe they do it via corporations/businesses; so maybe you can set up an LLC or something.
This is an interesting idea. I’ve worried they will abolish the FDIC.
Yep, just search for country + banks for expats. Typically a lot of the countries well known for financial services have banks which make it very easy to open a bank account online. They will require you to upload some ID for verification, and provide tax details. Expats (rich white immigrants) do this all the time.
You are not limited to just Canada / Europe either. E.g. Australia: Macquarie Bank Singapore: OCBC Hong Kong: HSBC
You will have to submit an FBAR for taxes. It's pretty simple but the US wants to know aboit them... They take your bank, account number, max amount held, and month for the max.
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.
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.
How does having your money in a foreign bank help?
I mean... how do you plan on spending the money if shit hits the fan, and the US just shut off all the border, turn off all the internet, go full isolationist? How do you access the money?
Might want some physical gold. (Not a financial expert, just my 2 cents as an internet nerd.)
I think the plan is to move to the outside country before things reach "close the borders" level. And having a nest egg there ahead of time
I think the plan is to move to the outside country before things reach “close the borders” level.
I mean... good luck getting a visa. Most places you would want to go to (like the EU) has very strict immigration requirements. If borders are still open, its likely the US is still recognized as a democracy, so yoir chances of getting political asylum as close to zero.
And when the US is recognized as dictatorship, i'd probably be too late to leave.
(Unless you somehow plan your exit right before the borders close to some country that doesn't deport you back to the US before the US close its borders, and then you'd have to convince the country's government that you really deserve political asylum.)
We have the world's largest impossible to protect border. As long as you can survive camping for a week, you're in Canada.
One of Trump's biggest issues with Canada is supposably US banks not being allowed access. I would not put it past him to attempt to deny the reverse on a whim leaving you high and dry.
I know it's very hated but this is precisely why crypto was created, just keep it in a stablecoin (USDT, DAI) instead of a variable price coin. Obviously it's not usable as a payment system yet, I typically use credit cards for everything then pay them off monthly.
supposably
no.
Stablecoin
He does not know...
