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💸 Finance Related Megathread (lemmy.world)
submitted 3 months ago* (last edited 3 months ago) by goldenquetzal@lemmy.world to c/shtf_preppers@lemmy.world
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⚠️ Disclaimer: we are not financial advisors nor should this be considered advice. It is a collation of resources and personal experiences. Always consult with your own financial advisor, accountant, and tax specialist. If something happens, we are not liable.

📖 Reading

🏦 Banking

Out of country banking and reliable banks as US citizens. This is a bit difficult due to FATCA.

  • Swiss banks (may need min. $250K)
  • HSBC Premier UK (need £100K in savings, investments, or income to open this account, details below)
  • RBC Canada (no minimum but need to verify identity in person. You can apply online but it's better to call. Reason why and details in this post)
  • ScotiaBank Canada (no minimum but need to verify identity in person; you can also go to ScotiaBank Mexico to do this if you are closer to the southern border)
  • Singapore (may need min. $250K)

What if you don't have much money?

That's okay. Most of us don't. You can use WISE or Revolut (or similar) to hold funds in a different currency. Both are great options. Note that they are not insured so you could lose your money. They're better for short term holding. You can also use WISE to send money to places like BullionStar through PayNow for more security and faster fund transfer.

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[-] goldenquetzal@lemmy.world 2 points 3 months ago

🇬🇧 HSBC UK Premier Banking

This seems to be the process from everything I can understand and group members' experiences. This may not be correct so do not take this as fully accurate; always verify for yourself. This could be a good foreign banking route 1️⃣ if you have the means, 2️⃣ if you cannot go to Canada in person to use one of their banks, 3️⃣ if Singapore/Swiss banks' minimum requirements are out of your reach.

  • As a US citizen, you qualify for HSBC UK Premier if you have an HSBC US account. You do not need to go in person.
  • Eligibility revolves around having either a mortgage with them OR $100K in each country's equivalent of money hanging out at HSBC in their deposits or investments OR at least $5K per month in deposits.
  • Retirement accounts in the US on the US side count toward this $100K requirement. I verified this with HSBC UK. The process for that is:
    • Set up a banking profile with HSBC US
    • Work with investment side to set up IRA account
    • Roll over the IRA
    • Open HSBC UK Premier account
  • Needed to open an account with HSBC UK/US:
    • Addresses for past 3 years
    • Employment and income details
    • Proof of identity
this post was submitted on 26 Apr 2025
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