WHY OPEN A PERSONAL BANK ACCOUNT ABROAD: BENEFITS, SECURITY AND SAFEGUARDS

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WHY OPEN A BANK ACCOUNT ABROAD

The reasons that push more and more people to seek security abroad, in general, are:

1) The economic and political uncertainty of their country;

2) The possibility of using their own savings without limits imposed by the State;

3) Avoid invasive checks only by the fact that you have bought a car or a good of high value;

4) Always have access to their own money by avoiding the freezing of accounts for alleged lawlessness without even having been judged;

5) Safeguard their savings from the economic crisis;

6) Access to credit from foreign countries;

7) Guarantee and protection of privacy;

Europe is living from many years a high volatility in the financial markets, terms like spread and default have conquered more and more often the first pages. Not wishing to penetrate too much into economic and financial matters, it’s enough to say that is clear to all that the situation was and remains explosive, despite the temporary quiet moments of the financial markets (at least of the bond markets, while the equity ones are subjected to high volatility time).

The background situation in fact has not changed, indeed it is also worse. Considering the economic forecasts will be seen how the economic growth (GDP) struggles to restart, it may be said that the recession is over - meaning that has been touched the bottom - but certainly not that there is a real recovery; we could only talk of recovery, in fact, only when there was a constant growth of at least 2%. To the present, the only significant new is the massive intervention of the ECB, which actually creates an artificial wealth by entering new liquidity through the purchase of government bonds, a kind of drug that in the medium to long term can even be harmful if it won't be accompanied by real reforms both at national and continental level.

The ECB's intervention has reduced the spread between the bonds and the Bund and consequently the yields of European countries' in difficulty bonds. But the actual data remains severely negative. The public debt of European countries has increased. GDP has shrunk. And above all the confidence of consumers and entrepreneurs is still at the lowest historical.

The failure of a state is not new, take the case of Argentina, which involved several savers. In Argentina saved themselves only those who had brought their money abroad. They did not even save those who thought it was enough to have foreign securities or currencies. In fact the Argentines who had accounts in American dollars in the Argentine banks were seen to convert them in parity with the pesos: one dollar per peso. But without going too far, even the Greeks have seen their savings go into smoke and their accounts blocked, with long queues at ATMs to withdraw the maximum allowed daily.

Those who think of protecting themselves with accounts in multi-currency or investments in foreign securities in banks still risk. Because the banks will be subject to the laws of the country and when a country fails the laws are exceptional and extraordinary. Needless to appeal to equity or justice. In emergency, you don't look at anyone's face and they skip the normal democratic principles. Even more so in a country that today, as in the past, does not show great quality in terms of fairness and justice.

Certainly one could argue that the scenario of failure and collapse of the Euro is an extreme one. And we're convinced too. But there are also intermediate scenarios (in fact what happened in Greece or Cyprus) and in this case (wishing that not even the least pessimist occur) it is clear that not all banks and/or sovereign countries are equal: there are some at a lower step and others at a higher step.

Those who live in countries that are experiencing more difficulties are already paying the price in terms of taxes, job opportunities, retirement prospects etc., and the future is even more uncertain. In some countries behind the limit on the circulation of cash, controls on controls, limits to levies and transfers there is no willingness to limit recycling or black, but the real purpose is to restrict the freedom of citizens to use and move their saves as they believe, so that the money is left in the banks, penalty controls on controls; and you know, in some countries is the taxpayer to have to show that they have paid everything, the principle of guilt until proven innocence, and especially in the fiscal field.

The British Guarantee Fund, for example, is far more reliable thanks to the country system. Moreover, it is made even safer and more reliable by the fact that the British fund has in advance the liquidity to act and can do it freely, protecting also depositionists (over the famous 100,000 euros) and bondholders. The British banks in fact allow a complete diversification of the risk, both of the country risk and of the bank risk, while in other Countries if one falls, all fall.

For these reasons we believe it is essential to have a foreign account, and/or outside the European Union countries, why not. And have the option of moving your money to that account or changing currency with a single click. There are indeed hundreds of thousands of people in the world who would have wanted the opportunity to do so before being struck by misfortune, but unfortunately, of hindsight are paved the streets. With a single click, you will be able to bring your savings to safety in a timelapse of two days. It is clearly necessary to be careful and be ready to anticipate events. Better a false alarm than being caught unprepared. Because by the time events plummeting, your bank or the whole country might get into crisis. From one day to the next your bank account may be blocked and you will no longer be the master of your money by not having access (not just words, ask anyone in Greece).

We must trust countries that have stable economic politics and are not affected by the total political and economic uncertainty.

What's the use of having your money in a bank account, if you can't touch the money or just do a bank operation, and you be checked? It’s absolutely like NOT HAVING THEM!

What may seem impossible today it is not impossible at all. Besides, if 10 years ago you were told that Greek citizens would have lost their savings would you have believed it? Did you ever think that government bonds could make lass than zero? And to be clear, they are only be bought by the big banks to keep money moving, which would otherwise cost more. Prevention is better than cure, not only in the medical field but also in finance!

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