Banking in other countries
Wise
- Up to 75% cheaper than banks
- Multi-currency card usable in 160+ countries
- 70%+ transfers arrive in under 20 seconds
Having a bank account is something most of us don’t really think about.
It’s just something we have, need to have, something that is necessary to live in the 21st century.
Unless you want to live as a hermit somewhere in a hut, pay for supplies with gold coins, chickens, or … use cryptocurrency – which could really happen at some point.
The more the world goes digital, the more important having a bank account is – for the moment.
Cash payments will soon be a thing of the past, and as of right now, the only viable option is having a bank account with online access and debit/credit cards which you can use to purchase items or services.
Major economic blocs are actively passing legislation to preserve physical cash access.
For instance, the European Central Bank (ECB) and European Parliament maintain cash acceptance rules as legal tender, while US states and cities have enacted laws requiring physical stores to accept cash.
Rather than replacing cash entirely, governments regulate large cash transactions using caps (e.g., EU-wide upper cash transaction limits of €10,000 going into full effect under the EU Anti-Money Laundering Regulation, or mandatory USD $10,000 CTR filings in the US).
Within a few decades, though, it is very likely this system will be outdated as well and will be replaced by something else, mostly likely blockchain-related – but that’s not going to happen yet.
However, most people only have one (or a few)bank account in their country, and that’s it.
Their entire banking system is based in one nation, and in 99% of the time, that would be the nation where they are living.
This is a very bad idea, and leaves you open to so many problems … which might never occur, but it’d be silly to put your trust in hoping that it’ll never come to that.
Opening bank accounts in foreign jurisdictions as a non-resident has become significantly harder due to global tax transparency frameworks, specifically CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act).
Modern international banking requires extensive proof of ties, source of funds, and tax reporting compliance rather than passive offshore secrecy.
It’s basically the same principle which applies to every single other Base or aspect of your life.
If you rely on just one source for it, you are very vulnerable to something happening and causing you tremendous problems.
Being diversified and creating abundance in your life is of primary importance, for your personal life (multiple women/men), professional life (multiple businesses, …) and of course financial life (multiple assets, investments, and … bank accounts).
Another issue most people ignore is counterparty risk. When you keep all your liquidity in a single institution, you are fully exposed to its internal policies, technical failures, and financial health. Banks can merge, change ownership, adjust fee structures, or suddenly close accounts that no longer fit their compliance criteria.
Even temporary outages in online banking systems can prevent you from accessing funds when you need them most. Having accounts in different institutions reduces dependence on a single point of failure and gives you continuity in uncertain situations.
There is also a strategic advantage in separating your banking footprint across borders. Different countries operate under different legal systems, monetary policies, and levels of economic stability.
If one currency weakens significantly or one jurisdiction introduces restrictive measures, having access to another banking system can protect both your liquidity and purchasing power.
This is not about paranoia, but about positioning yourself intelligently in a world where financial rules can change faster than most people expect.
Why get banking in other countries?
Simply put: because it protects you and creates abundance and safety in your financial life – something every person should take seriously these days.
There’s a lot that can be said about your Banking Flags.
The first point is that you should never keep any significant amount of money in a bank in the country where you are residing (legally and formally), or where you are a citizen.
And most certainly not in a Western bank.
By significant I mean a sum that would matter to you. For one person, $5,000 would be a lot, and they’d definitely feel its loss, but other people wouldn’t even notice if they’d lose $500.000.
The reason for which you should never keep a relatively large sum of money in a bank account in a country where you are residing is rather simple:
Banks aren’t loyal to their customers, they are loyal to their government, and thus they will never prioritize your financial well-being over the demands of a government, legal or otherwise.
If you run into any sort of problem or dispute, the government can seize or freeze your money, and your bank will oblige them without a second thought.
Banks will also happily inform the government about how much money you have, so you can be taxed to the fullest extent.
Your “private” bank account is extremely transparent to the instances that could empty it without your permission.
Yes, (Western) governments can confiscate your money for no reason and then just keep it.
I’m not joking; this is called “civil asset forfeiture”.
While civil forfeiture remains heavily criticized by civil liberties advocates due to due-process concerns, routine personal savings in a retail bank account cannot be legally seized without procedural cause or a court-ordered tax/civil levy.
And if all of that wasn’t bad enough, add the fact that Western banks are extremely fragile, debt-ridden, over-leveraged, and are operating on an outdated, failing, corrupt and illogical system, one that isn’t designed with your well-being in mind.
Banks have collapsed in the past, have almost done so multiple times in the last few decades (and would have if it weren’t for government interference), and will almost certainly do so again in the future.
They can create money out of nothing, and they use your money to do so.
If banks go bankrupt, the government will bail them out, but your funds will most likely be lost.
Now, of course this depends on the country, and for example banks in Switzerland are usually better than a bank in the US or in France, but the same principles apply.
Under modern statutory deposit insurance frameworks, retail depositors do not lose their money up to established statutory limits during a bank insolvency, UP TO A POINT!
- United States (FDIC): Guarantees up to $250,000 USD per depositor, per ownership category, per insured bank.
- European Union (DGS): Guarantees up to €100,000 EUR per depositor, per banking license across all 27 EU member states.
- Switzerland (esisuisse): Guarantees up to CHF 100,000 per depositor.
Another factor to consider is the structural reality of modern banking. Most commercial banks operate on a fractional reserve model, meaning they only keep a small percentage of deposits readily available while the rest is lent out or invested.
This structure works as long as confidence remains high, but it also means your deposits are not sitting untouched in a vault.
In times of panic or systemic stress, liquidity can dry up quickly, and access to funds may become restricted.
Deposit insurance schemes exist in many countries, but they often cover only limited amounts and depend on the financial strength of the same system they are meant to backstop.
It is also important to understand that regulatory pressure is increasing worldwide. Banks are required to comply with extensive reporting obligations, know your customer rules, and cross border information sharing agreements.
While these measures are presented as safeguards, they also reduce privacy and increase the likelihood of account reviews, restrictions, or closures if your profile changes.
Diversifying across institutions and jurisdictions does not eliminate risk entirely, but it distributes it, giving you leverage and alternatives instead of leaving you fully exposed to a single financial and political environment.
So ... don't have a bank account?
That’s of course not the point.
In fact, what I mean here is that you should never have just ONE bank account.
I agree that for convenience’s sake, having a bank account in the country where you are living is definitely handy to pay for daily expenses.
I just mean that you should never keep large sums of money there, and that you should have several Banking Flags spread across the world.
This goes double for your Business banking accounts.
Keep a supply of cash money in a bank account in the country where you are living, but keep the vast majority of your banking spread across the world, far removed.
Look at your cash reserves as an Asset, and apply the Flags rules accordingly – put it somewhere safe, where nobody can touch it.
This is probably the easiest Base to set up, and I would advise you to create quite a few of them.
Never have any single bank account with a significant portion of your cash reserves, spread it around.
Or even better, only keep enough cash for your operating costs plus emergency fund, and keep the rest of your net worth in other assets like real estate, cryptocurrency or gold.
However, due to strict global Anti-Money Laundering (AML) and Know Your Customer (KYC) mandates, most top-tier international banks require proof of local ties (e.g., local residence permit, utility bill, local tax ID, or physical business operations).
Banks routinely reject non-residents or require high minimum account balances (often $100,000 to $500,000+ for private banking) to offset compliance costs.
How to get banking in other countries?
Getting started with planting some Banking Flags is relatively straightforward, and just like moving abroad it starts with doing research.
Check out some of the countries I’ll mention presently, or any country that you plan to move to, and see if you can open a bank account without the need to be a resident.
This can often vary between banks in certain countries, so make sure to be thorough in your research.
Just because bank A is being a dick, does not mean bank B isn’t an option.
The days of walking into a traditional retail bank on a tourist visa with cash and a passport are largely over.
Most tier-1 banks globally (especially in Europe, Asia, and North America) enforce strict Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols.
What Banks Require Now
Beyond a passport, non-residents almost universally must provide:
- Proof of Residential Address (a recent utility bill or bank statement from your home country).
- Proof of Source of Funds / Wealth (tax returns, employment contracts, or audited business statements).
- Tax Identification Number (TIN) from your country of tax residence.
- A Legitimate Link or Rationale explaining why you need a local bank account in that specific jurisdiction (e.g., property purchase, local business, or employment).
If you do need to get Residence in a specific country to be able to open a bank account, and that country is a viable option for Residence … I’d suggest you get it.
Get started with your Residence Flag, and then add the Banking Flag as soon as possible.
Make sure you receive both your physical debit card and your online banking information.
This is very important, because you need to be able to access your money from anywhere in the world, which is an absolute requirement for living the life of a citizen of the world – in my opinion the greatest and most noble path for a man in the 21st century.
That’s it, you’re done with your Banking Flag in one other country.
Now, rinse and repeat with as many other countries as you want.
Where can you get banking in another country?
Ideally, for your Banking Flags you’d want a country where Checking- and/or Savings Accounts are easy to open, and provide a decent return.
The latter immediately rules out any Western bank, because the returns are abysmal nowadays – not to mention the inherent risks I mentioned earlier.
But of course, having a decent return isn’t that important, as you’re not going to be putting large enough sums into one account for it to matter.
It’s just an asset, and as long as you’re not losing money, it’s okay.
Better options are:
- Belize
- The Bahamas
- Switzerland (it’s in Europe, so tread with caution … but their banking system does have a good reputation, and I personally plan to open one, if I ever visit Europe again)
- Uruguay
- Panama
- Singapore
- Hong Kong
- The Philippines
1. Switzerland
- Extremely safe and professional, operating under FINMA regulation. However, Swiss banks do not offer easy “retail” checking accounts to walk-in foreign tourists.
- Non-resident retail/multi-currency accounts typically start at CHF 10,000 to CHF 50,000 in minimum deposits, while private wealth management accounts require $250,000 to $1,000,000+.
2. Singapore & Hong Kong
- Premier banking hubs in Asia with strong legal frameworks. However, non-resident account opening on a tourist entry is strictly controlled.
- Unless you hold local work/residence permits, major retail banks (DBS, OCBC, UOB in Singapore; HSBC, Standard Chartered in Hong Kong) generally require Premier or Private Banking relationships, with minimum initial deposits ranging from SGD $200,000 to HKD $1,000,000+.
3. Uruguay
- Known as the Switzerland of South America due to its banking stability.
- Opening an account at private commercial banks (Santander, Itaú) usually requires a local tax ID (RUT or Cédula) and verified proof of foreign income. However, the state-owned bank (BROU – Banco de la República Oriental del Uruguay) permits basic foreign passport account openings, often requiring a small initial deposit or time deposit.
4. The Bahamas & Panama
- Standard offshore jurisdictions offering USD-denominated checking/savings accounts.
- Accessible for mass-market expat non-residents with minimum initial deposits starting between $1,000 and $5,000. However, transaction fees are high, digital banking interface quality varies widely between institutions, and full AML/KYC background checks apply.
5. Belize
- Highly restricted for retail non-residents. The Central Bank of Belize enforces strict Exchange Control Regulation approvals for foreign currency accounts held by non-residents, requiring explicit application letters, verified source-of-funds documentation, and formal administrative authorization.
6. The Philippines
- Highly accessible compared to strict financial hubs like Singapore or Switzerland, but retail banking is intensely branch-dependent and bureaucratic. While major commercial banks (BDO, BPI, Metrobank, Security Bank) offer Peso and foreign-currency (USD) savings or checking accounts, opening an account as a non-resident tourist without long-stay status is inconsistent and heavily subject to individual branch manager’s discretion.
Another benefit of having bank accounts across multiple diverse countries is that you are virtually protected against any one currency crashing.
You’re diversified across currencies, which is a very important aspect of having a secure financial life, just like being diversified across the world and across sectors.
If you have a bank account in, say, Germany, Spain and Italy, you are not protected against a crash of the euro, as all 3 of these nations use that currency.
A much better option is, for example, to have bank accounts in Belize, Singapore and Switzerland.
Your bank accounts are spread across the globe, in non-affiliated nations, with different currencies.
Whatever happens to any one of them, will most likely not affect the others, so you’re pretty safe in most scenarios.
Because this is pretty easy to implement, I would encourage you to not wait too long before getting started with creating several bank accounts across the world.
If something were to happen, you can rest safely knowing you’ve got backups upon backups.
Wise
- Up to 75% cheaper than banks
- Multi-currency card usable in 160+ countries
- 70%+ transfers arrive in under 20 seconds
