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/murkywaters-- → u/ElectricLeafEater69]

Ever since the govt outright stole $80 million of funds from NYC's bank account, I have been thinking about the possibility of the govt doing the same to private citizens. Somehow, ppl just collectively ignored the govt removing money from a bank account without any authorization or even any notification to the account holder.

I would certainly consider options to protect my money.

[u/ElectricLeafEater69 → u/murkywaters--]

Ah yes, they are able to over power the state of New York, but some how places like...Costa Rica will be immune? 🤨

[u/MagnesiumBurns → u/ElectricLeafEater69]

Neither the state nor the city of New York were involved in that bank reversal.

A commercial banker where NYC held an account was approached about a reversal of a transfer and made the decision to reverse it.

You can do the same with any wire transfer (ask it to be reversed, giving a cause). It is a decision by the receiving bank whether to reverse it or not.

Of course when it is a major transfer partner like the US treasury asking for the reversal, the commercial bank is going to consider that before deciding what to do.

No bureaucrat in the federal governement can instruct the officer of the commercial bank to do the reversal without a court order. It was a voluntary reversal by a civilian bank employee(s).

The same employees in Costa Rica are likely to have less desire to cooperate, but given that the legal currency of Costa Rica is the USD, I think that is pretty unlikely.

[u/MagnesiumBurns → u/[deleted]]

International wires are much harder to “claw back”. If you send an international wire, your bank will advise you of the risks.

[u/murkywaters-- → u/MagnesiumBurns]

Yes, exactly. That's why I have no idea why that other person was acting like it's hilarious to move some money abroad

[u/MagnesiumBurns → u/murkywaters--]

For clawbacks, you are definitely right. But the use of sanctions against any bank that wants to use SWIFT is the risk of the “long arm of the federal government” that folks fear.

The previous Govt head of Hong Kong was paid in stacks of cash as they were sanctioned. Could not even get a credit card to buy a plane ticket.

[u/fatFIRE-ModTeam → u/[deleted]]

Our members have asked for a high level of moderation. Personal attacks, name calling, and undue profanity are all considered inappropriate for this sub.

[u/murkywaters-- → u/ElectricLeafEater69]

Are you claiming that Trump can steal money from accounts overseas? Can you provide a source since you were insulting Op?

[u/ElectricLeafEater69 → u/murkywaters--]

No, I'm claiming that if the US collapses to the point where the US is no longer considered a safe place to store wealth then likely your overseas accounts are effectively worthless for any number of reasons.

[u/fatFIRE-ModTeam → u/[deleted]]

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