Why YOU Should Have Multiple Bank Accounts In Multiple Countries!
Let’s lay a few points down:
- You want to have your money in multiple currencies, in order to protect yourself against currency crashes.
- You want to spread the money you save across multiple bank accounts, if possible in multiple countries. If you have hundreds of thousands of dollars (or euros, or pounds) saved and your country is particularly unwelcoming for rich people (like Italy), the smart thing to do is to move the money into a jurisdiction that welcomes rich people with money.
- Your bank account, in case you don’t know, can be terminated / closed at any point without warning, justification or explanation. Yes, they can close down your bank account and not give you one bit of explanation. This happens in any country.
- There isn’t one advantage in having your money under one bank account only. Seriously, there isn’t one.
Why multiple bank accounts?
- If one account gets closed down, you’re not panicking because you can’t access your. Since you have your money spread out multiple bank accounts, if one gets frozen / investigated / closed / there is any kind of issue, you still have the others.
- If somebody runs a national asset investigation on you, your international bank accounts (the ones which you opened in other countries) aren’t detected. This is not to say that your government doesn’t know you have them (sometimes they do, sometimes they don’t but I’m not talking about this now)… it’s just that a national asset investigation won’t bring them up. Good for you.
- If one country temporary frozes bank accounts (like what Cyprus did), you have no issues as you have multiple bank accounts in multiple countries.
- One of your debit cards / credit cards can be hacked or fraudulently used and this might lead to an investigation being put on your account and, in turn, your account being frozen. You don’t want to have all of your money froze, do you?
- Multiple bank accounts give you multiple debit cards (rarely credit cards) with different limits, functions and advantages. If you’re a traveller, you know the advantage of having more than one debit card.
- Bank accounts leverage on each other: the more you have, the more banks want to do business with you. Being client of only 1 bank is suspicious: being able to prove you’re already doing business with 5 banks surely will make the 6th less suspicious and more prone to open you an account.
- Different speed in wire transfers. British banks are, for example, absolutely amazing with wire transfer. A national transfer gets completed immediately, while an international one takes no more than 2 days. Compared to Italy, for example, this is extremely fast. Dubai is quite quick as well.
- If you travel a lot, you’ll have far less problems if you use the card of the country you’re visiting. An American card if you’re in the USA, a British card if you’re in the UK, a Japanese card if you’re in Japan.
- If you say you have multiple bank accounts, you immediately convey you’re rich. This might prove quite useful at times.
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