Comments by "Marvin Fine" (@torontovoice1) on "How to Open an Offshore Bank Account" video.

  1. I must admit I was someone confused by this video. Although you didn't name names of banks in particular countries, that's very understandable. But the whole concept from the beginning didn't make a lot of sense. So let me just elaborate. Your theme is talking about six and seven figure entrepreneurs, that is your target market you say. Some of the comments that you make just don't make sense. Let's say for example you talk about opening up an account in Tbilisi Georgia. Well if you opened up an account there, and you had other accounts in Switzerland or other places, and they found out about it, they would immediately freeze all your accounts. Sure it's easy to open up an account there, I couldn't agree with you more. But what are you going to do with the money that's in the account? Where can you send it? Who would take it? I suspect nobody. Because the whole world has become more and more difficult to bank. And then you talk about countries like Ecuador. Ecuador is a serial defaulter on their international bonds. They are currently still in default in their 2030 Bond. Sure you can open up an account there, but how you going to get the money out? Then you go out and talk about Swiss banks. And you mentioned opening up an accounts with small balances. Typically Swiss banks are looking for balances of over 5 million USD. They're not going to open up a bank account for you for $100, that's for sure. And the onboarding process is quite extensive. And then you talk about Canadian Banks. I am a Canadian non-resident, and I can tell you that all of the Canadian Banks closed all the accounts of non-residents several years ago, particularly the trading accounts. They sent a very clear letter saying you have 30 days to move your money. You will not be able to do any more transactions after 30 days other than sell securities and or transfer money to other Banks. Banks are very independent these days. Because of the US compliance rules, many banks have been stung with huge fines. I'm sure you recall it all started with UBS, and then it went all over the world. And the US has that power to find Banks and tell them exactly what to do. When the United States says jump, they ask how high! And if you want to talk about getting merchant accounts for Visa Mastercard, there not only difficult but almost impossible to get especially if the product or service is something that is not local. And they also have very strict rules on cash on cash in other words using a Visa card to fund the bank account, that's cash on cash. Plus, if the business has any baggage to it, let me say that in a nice way, they probably wouldn't touch you with a 10 ft pole. I agree with you if you go out to a country and get a residence permit or have citizenship in the country, and particularly by a property and want to use an account to fund the expenses, that's usually not too much of a problem. And of course people use prepaid debit cards like wise and revolute for low-cost forex conversion, as well as facilitating payments. But trying to receive money from third parties unless you open up a business account with them which is very scrutinized, they will immediately close your account. And there are hundreds of posts that I've seen about people that have had their accounts Frozen for one reason or another and literally weeks or months have gone by and they can't unfreeze it. Of course there's two sides to every story, and you only hear the posters side, I don't think that these companies arbitrarily close people's accounts or freeze them if there isn't some bona fide reason. But in short, it's getting more and more difficult to open up accounts where you do not have a Nexus with the country.
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