Moving money offshore

[STEPHEN VAN OSDELL]

Does anyone have a good contact, or other good information, about how to securely move funds offshore (not limited to Ecuador)? I’m asking this because I want to have funds I can access if the need arises for me to leave this country. If a 2nd Great Depression hits, I don’t believe people will be allowed to take money out of the country. I want to be ahead of the curve on this. So, I’m hoping for some good recommendations on how this can be done with me in the USA?

Thanks, Steve

[SUZAN HASKINS]

Just to make sure we understand your question: you want to move your money into a bank outside the US without physically moving there yourself? Or will you travel to that locale to open an account?

[STEPHEN VAN OSDELL]

Susan, first choice is to be able to move it to a secure ‘bank’ without physically having to go there. 2nd choice is that I could personally travel there is necessary. But what I’m talking about is ways to do this without setting up residency in the country where my money is. Hope this helps. I’ve read on my back channels today that, effective Nov 17, is going to stop international money transfers. Here is what they are halting, for how long I don’t know.

• All international wire transfers will be disallowed.

• All cash activity, including cash withdrawals and deposits, will be halted at “$50,000 per statement cycle.” How are businesses who deal with a lot of cash (such as restaurants) supposed to function under such restrictions?

This is pretty reliable information.

[EI EXPERT – EDD STATON]

I read this regarding some of Chase’s business customers but not as an across the board measure. Still, it’s chilling.

[SUZAN HASKINS]

Here is Forbe’s take on it — apparently this is just a move to get business customers to pay more for services: http://www.forbes.com/sites/halahtouryalai/2013/10/17/no-jpm-isnt-banning-international-wire-transfers-no-limits-on-withdrawals-either/

[STEPHEN VAN OSDELL]

They always throw the frog into a pot of lukewarm, never boiling, water!

[SUZAN HASKINS]

🙂 Love the analogy…

[KIMBERLY ANTONSEN]

So, this should not impact personal account owners? Or not yet, anyway? There sure has been a lot of gloom-and-doom talk about this lately in the expat (and wannabe) world. I think I will continue my plan to move some funds offshore.

[SUZAN HASKINS]

I’m not worried yet. And I don’t have a bank account in Ecuador — just use my ATM card whenever I need funds.

[STEPHEN VAN OSDELL]

There is a lot of nasty stuff headed our way here in the states in the next year or two. Remember those ‘black boxes’ in the new cars which they say were only for your safety? Well, now Oregon is passing (or has just passed) a law to start charging motorists highway tax by the mile based on the mileage on your black box. Won’t be long until they will be issuing tickets based on your recorded speed at a certain time and place all extracted from the black box at fillup time. And that’s just an ‘gentle’ one! I’m working on my wife very very hard to come over to my side of thinking and moving. And just one more big earthquake (we dodged a bullet last week with the 7.3 on Friday) or tsunami close to Fukushima and the entire northern hemisphere will become a radioactive ‘slow kill’ zone. Of course, better to be like the major news channels and just not talk about it. Much more to worry about from Assad! HA!

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