Several people have international bank accounts for different reasons. For many people international accounts offer investment options, saving opportunities and simpler banking.
An international bank account is a bank account located outside of the U.S. The money is not held in an American bank, so it does not have to follow the same rules and regulations.
Regulations and Large Deposits
Some rules that may lead to people opening offshore (international) bank accounts are: tax declarations if you deposit more than $10,000 at a time and a background check conducted by Homeland Security when opening an account.
Elliott Wave International
Some people will open international accounts to insure monetary stability, as some currencies may be unstable or they devalue over time. Some use the Elliott Wave International Stable Currency Index in determining where to move their money. As of March 2010, the most stable currencies according to the SCI were (in no particular order) the Swiss franc, U.S. dollar, New Zealand dollar and the Singapore dollar.
Some American Forex traders will open international accounts and invest money into a currency that they believe will grow in comparison to the U.S. dollar.
Swiss Bank Accounts
Swiss bank accounts are the most popular offshore (international) accounts. They offer several different kinds of savings plans and competitive interest rates. Swiss bank accounts have a number attached to your accounts instead of your name, which makes banking nearly anonymous.
How to Open an International Bank Account
Opening an international bank account can be a great help if you travel extensively or are living abroad. International bank accounts make...
How to Set Up an International Bank Account
Setting up an international bank account is wise if you travel regularly or work overseas. International bank accounts are also important if...
How to Bank in International Currency in the USA
If desiring to maintain actual foreign currency balance accounts at a bank located in the United States, find a bank that allows...
How to Send Overseas Wire Transfers Over 10,000 US Dollars
Money management is crucial when traveling or living in a foreign country. If you are planning to work or study in overseas,...
What Are the Benefits of Swiss Bank Accounts?
Depositing money into a Swiss bank account is advantageous for many people. Swiss bank accounts offer privacy, protection of funds, and the...