Every moment that you look closer at the local banking system in the west, one striking thing that leaves you worried to the core is their insolvency. The systems are so fragile and, cannot even withstand any form of stress.
A good example is the FDCI cover fund that is at the lowest level putting your deposits and interests at a great risk. In this post, we look at the risks that your deposits are faced with at home and why international bank accounts for non-residents are so critical.
Keeping political risks of the western banking system as low as possible
When money is deposited in the western banking system, it becomes the first target by the administrations in place. Because of their high levels of insolvency, western banking systems have created policies that allow them to control the banks and all deposits therein. One good example is what happened in Cypress.
Because the law allows the government to take deposits from banks, it withdrew all money in banks one night in 2013, and everybody found bank accounts frozen. The problem is not just in Cypress; you might already be a victim and suffering huge losses.
Countries such as Poland and Portugal have already nationalized and took complete control of the retirement savings while others such as Spain have resorted to taxing people’s deposits. You do not have to wait until all the deposits have been eaten up; get international bank accounts for non-residents in other countries.
International banks and banking systems are flexible and highly value all clients
Because of stringent controls imposed by the western systems, a lot of rules are imposed on banks. For example, the banks only keep a very limited amount of cash which makes it very difficult to withdraw large sums on demand. Think of a situation such as a sickness or business deal gone through rather fast and you need to withdraw a lot of money.
Most banks will turn you away because all the cash has been lent while others will require prior notice to make arrangements. However, you can get international bank accounts for non residents in top financial hubs such as Hong Kong where all clients are highly valued. Whether you want to make large withdrawals or want assistance, the banks are ready and will ensure you get value for service offered at all times.
Your deposits have better protection in international banks compared to those back at home
The justice system in the West has a very high-level risk of dragging people into lawsuits. Whether it is a storm with business opponents, neighbors in your home, or even open social media platforms, the chances are that you could be dragged into the court very easily. Attorneys are particularly interested in those people with high deposits.
Even if you have taken years to build the savings, getting all the funds frozen because of a lawsuit will be very easy. Do not put your efforts into such risks, look for a good international banking system to open an account and stay free from lawsuit related dangers.