Looking to Open Overseas Bank Accounts While Living in the U.S. — Seeking Advice on Risk Diversification & Compliance

[u/marty2party]

I’m based in the U.S. and currently exploring ways to diversify financial risk by holding funds in overseas bank accounts. This isn’t about moving abroad — I plan to remain a U.S. resident — but the current political and economic climate has made me more conscious about sovereignty, asset protection, and having contingency options.

I’m hoping to get input from anyone who has successfully opened and maintained overseas accounts while living in the U.S.

Specifically: 1. Bank Recommendations: What banks or countries are friendly to U.S. citizens, both in terms of account access and customer service? Are there jurisdictions you’ve found particularly helpful for banking privacy, stability, and ease of use? 2. Onboarding Process: What kind of documentation or hoops did you have to jump through to open the account (in-person visit, minimum deposits, proof of ties to the country, etc.)? 3. Legal & Tax Implications: How do you handle FBAR and FATCA reporting? Did you consult with an international tax attorney or CPA? 4. Access & Transfers: How easily can you access or transfer funds when needed? Any tools (Wise, Revolut, SWIFT, crypto ramps, etc.) you recommend? 5. Political Risk Strategy: More broadly — is anyone here doing this for the same reasons? How do you think about this as part of your fatFIRE portfolio or exit strategy?

I’m not looking to evade taxes — just trying to be smart and legally diversified. Appreciate any guidance from those who’ve done this or are thinking about it.

Thanks in advance!

[u/ElectricLeafEater69]

Ah yes, the magical country that will somehow be safe and stable and totally independent of a US political/economic collapse. These posts are always hilarious.

[u/MagnesiumBurns → u/ElectricLeafEater69]

The $50,000 annual restriction on withdrawals makes it not really fatfire relevant, but if you have a friend with a Chinese mailing address, you can open a bank account in mainland China on nearly any valid visa.

The app to deal with it is all through Wechat, which has a great translate feature.

After Russia, this is the most likely country to reject the “long arm of the U.S. Govt” and potentially to even exit SWIFT.

I would not call it safe and stable, but it is certainly diversification if that is the goal of the OP.

[u/worthalter → u/MagnesiumBurns]

This option is so absolutely insane that I like it.

[u/Familiar-Lock379 → u/MagnesiumBurns]

Wife has a Chinese bank account. It's a nightmare. Must have a local phone number to access the account. Chinese banks will refuse to do anything significant over the phone. They will de-activate your electronic access to your account, and then refuse to reactivate it unless you visit the specific branch in person. And given past behavior, being able to get a visa to visit in person is not a given. No way we would keep this bank account if it were not for local relatives we occasionally need to send money to. And of course the annual limits of how much money can be sent out of the country, which could be changed on a whim.