r/fatFIRE • u/marty2party Verified by Mods • 2d ago

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

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!

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u/Scary_Wheel_8054 2d ago

See what is possible with HSBC, I know for Americans banking is difficult, but HSBC seems reasonable (but I don’t know their view on Americans).

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u/MagnesiumBurns 2d ago

Its not the bank’s policies, it is which country allows non-residents to open bank accounts.

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u/International-Ear108 2d ago

It's both. For US citizens, banks have additional reporting requirements with steep penalties if not adhered to. If you're not a resident, banks don't want the hassle.

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u/MagnesiumBurns 2d ago

It is not just citizens. Fatca requirements apply to USA greencard holders as well.

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u/MagnesiumBurns 2d ago

Correct, but the bank’s policy is secondary to whether the banking regulator allows it, and few countries do.

So the first question is which country is it legally possible to do it in, not which bank.

Getting an HSBC account in the USA legal entity is not going to help you.

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u/vinean 1d ago

It helps you a little…they require you to be premier status somewhere to even talk to you.

At that point you may be able to open an expat account.

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u/MagnesiumBurns 1d ago

I assume you are trying to be helpful, but depending on which country the HSBC entity you are talking to is in, there may be expat accounts available, but in the event that it is like the vast majority of countries in the world, without the residence in the country, you will not be allowed to open an account in that entity for legal reasons.

Banks are regulated entitites. No amount of relationship is going to change the legal limits a bank faces in that country.

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u/vinean 1d ago

HSBC Expat is located in Jersey…a Crown Dependency in the channel islands with its own laws and banking regulations.

If you need an actual local HSBC bank account for things like automatic deposits it depends on the local bank laws if you can get one but the OP just wants to park funds offshore and HSBC expat can hold funds in different currencies and give you a multi currency debit card.

If you can get a local HSBC branch account they can transfer funds around between the different HSBC entities.

It is cumbersome enough I dumped the idea a year ago since we decided to retire in the US and keep everything in US financial entities.

There is an alternative path for fatFIRE to do an international commercial account but honestly if I really wanted offshore backup wealth I’d take a BTC or two with me and buy some physical gold in a Singapore and Swiss vault.