Posted by forex at 4:33 AM
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1. Select a bank in a country that you'll visit frequently for business or pleasure. This allows you to have frequent access to your account in person, as opposed to over the phone or online. If you work overseas, your employer or clients may be able to recommend a good offshore bank for you to do business with. Find out about the history of your foreign bank. Discover past policies and financing regulations of your foreign institution. Ultimately, select a foreign bank that's deemed safe and highly reputable.
2. Set up online access. This provides you with access to your foreign banking information 24 hours a day, 7 days a week. Additionally, you can access your foreign account information from anywhere, as long as you have access to the Internet. Online functionality makes it easier and faster to receive bank statements, initiate transfers and check your available balance. Furthermore, you may be able to use your cell phone and other Internet-friendly devices to gain access to your foreign banking information.
3. Establish a contact person within your foreign bank. Your foreign bank representative should have experience dealing with offshore or foreign bank accounts. This person can act as your point of contact within the bank to help resolve problems with your account should they arise. Also, this individual may be able to provide you with information regarding the bank's policies and procedures.
4. Report all income gained as a result of your foreign account to the IRS. Having a foreign bank account doesn't equate with not having to report all your earnings to the IRS. Any foreign accounts that you exercise control over must be reported to the IRS. If your foreign account balance increases beyond $10,000, you are required to report this information to the IRS.