PDA

View Full Version : Canadian banking?



NathanAllan
April 16th, 2006, 09:36 AM
I'm curious, are Canadian bank accounts 'observable' by USA government agencies? It's always in the movies that "he had these offshore bank accounts," what's it all about? I can go online and start one at the Royal Canadian Bank easy, I was checking out their site a few minutes ago. What're the benefits of having an offshore bank account???

Nathan

alexkerhead
April 16th, 2006, 09:46 PM
The us gov can monitor anything it wants, just depends on how bad they want todo it.
The only reason to have an off-shore bank account is if you are doing something illegal and want to try and cover your tracks on the homeland.

CP/M User
April 16th, 2006, 10:30 PM
alexkerhead wrote:

> The us gov can monitor anything it wants, just
> depends on how bad they want todo it.

The only trouble with that is if they really want to do that
work more is required to obtain the information. I guess it's
a bit like here - if your an interstate driver is just over
the speed limit & the Coppa his them with his ray gun, they
mightn't necessarily fine you - more paperwork is required! A
speed camera though - I believe they can still get you with
those - cause it's more automated!

> The only reason to have an off-shore bank account is
> if you are doing something illegal and want to try
> and cover your tracks on the homeland.

Well I reckon if got yourself an account which pays interest
(and I mean proper interest) in a country where the currency
is stronger than yours - but which country would have a
stronger currency than the US?! Euro?, Pound? Don't think
Canada would have - last time I looked it's about the same
rate as Australia's - but things do change from time to time.

Cheers.

carlsson
April 17th, 2006, 12:50 AM
The strength of a currency is not only in the exchange rate, although if the rate slowly goes up or down it is a sign of relative strength. Another reason for having a Canadian bank account would be if you make business with Canadians and want to avoid fees for currency conversion and foreign payments. Then you can keep all the CAD in Canada, and only when really needed transfer amounts to or from that account. I'm not familiar whether banks in the US allows you to open accounts in Euro, but I think there are banks here in Europe which hosts accounts in USD.