Do You Need To Be In Canada To Open Up A Bank Account?

[OsoHIghO]

It is easier to open a bank account in Mexico/Central America than Canada

[Waterstpub87]

It the easiest to open a bank account in the cayman islands or the Caribbean on one of the islands where the cater to offshore bankers. Banks in any of the countries enjoy deposits made in dollars because of the stability of the dollar and the fact that people tend to not make many transactions on off-shore accounts. This allows them to invest more a percentage of offshore deposits then banks in America would.

[jjgold]

These offshore bank accounts require lots of paperwork and many require large deposits

Most have lots of fees too

[Waterstpub87]

Well you taught me something then. I always thought that they begged for American dollars. I figured about the large deposits, the fees and paper work surprise me. You would be the guy to ask though

[chilidog]

Well you taught me something then. I always thought that they begged for American dollars. I figured about the large deposits, the fees and paper work surprise me. You would be the guy to ask though

I agree with jjgold. I live in Central America, and the moment you pull out a US Passport, they have to abide by US banking regulations, including the "Know Your Customer" crap. It is a lot more difficult to open a bank account, as a US citizen, when you are in a foreign country. I had to have a local, that had an account at that bank, to "vouch" for me, I had to get a letter of recommendation from 2 different US banks, I had to give them copies of my rental agreement, and 2 different utility bills, I had to get an accountant to draft up an earning statement, and I had to show them where the money was coming from.

As you can see, A LOT more difficult. Getting a bank account in the states is a freaking breeze.

[betplom]

I agree with jjgold. I live in Central America, and the moment you pull out a US Passport, they have to abide by US banking regulations, including the "Know Your Customer" crap. It is a lot more difficult to open a bank account, as a US citizen, when you are in a foreign country. I had to have a local, that had an account at that bank, to "vouch" for me, I had to get a letter of recommendation from 2 different US banks, I had to give them copies of my rental agreement, and 2 different utility bills, I had to get an accountant to draft up an earning statement, and I had to show them where the money was coming from.

As you can see, A LOT more difficult. Getting a bank account in the states is a freaking breeze.

Land of the free! (Not so much, eh?)

[Waterstpub87]

I guess gone are the days of question free offshore banking that I read so much about in my finance textbooks