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 2 weeks ago* (last edited 2 weeks ago) by WoodScientist@lemmy.world to c/asklemmy@lemmy.world

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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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[-] scytale@lemm.ee 15 points 2 weeks ago

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 post was submitted on 10 Feb 2025

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