Offshore savings bank account?

I get paid online via PayPal/payoneer and is currently transfering all the payments I get to Payoneer to kind of "save" them which obviously doesnt make any sense to get 0 interest and also pay a %2 fee when withdrawing. I can't open a local bank account because I would need an HR letter and some stupid paperwork (third world).

So I recently heard of online banks but most of them turned out to be for US citizens only.
What about offshore banks, Did anyone have a positive experience using one? My ultimate goal is to get interest on my money.

I have yet to see something of an offshore bank that allows registration of a pure foreigner without at least registering for a 'presence' in that country (e.g. registering for a business) and/or personally visiting a bank's branch in that country.

Moved to Business & Tax advice, as it's more suited for this.

Have a look at transferwise or revolut, they are from UK if I don't remember wrong and you can setup an account in few minutes no matter where you live.

perrymason said:

Have a look at transferwise or revolut, they are from UK if I don't remember wrong and you can setup an account in few minutes no matter where you live.

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It doesn't offer interest on savings.

if you can visit the US , you can get an LLC and open a bank account with an actual bank . but you have to go to the bank in person .

beginnerxyz said:

It doesn't offer interest on savings.

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Interest on savings accounts in banks these days is negligible.

If you are looking to profit from your cash that is the last place to look in my opinion.

beginnerxyz said:

It doesn't offer interest on savings.

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If your location is a developing country then no interest in a hard currency (whatever that currently means) should still be far superior to whatever the current situation does to your country's financial situation (and currency). The full financial costs of COVID-19 will hit poorer countries far harder and this has the potential to tank a lot of FX rates.

VarrieD said:

I have yet to see something of an offshore bank that allows registration of a pure foreigner without at least registering for a 'presence' in that country (e.g. registering for a business) and/or personally visiting a bank's branch in that country.

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This. You will need physical presence to open an account or to prove your address in that country.

If you can't able to open local bank account then you will never be able to open any bank account in this world.

paperbag said:

If your location is a developing country then no interest in a hard currency (whatever that currently means) should still be far superior to whatever the current situation does to your country's financial situation (and currency). The full financial costs of COVID-19 will hit poorer countries far harder and this has the potential to tank a lot of FX rates.

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What are you talking about? I said in my post that all my money is on Payoneer meaning they're in USD. Also local banks offer no interest on foreign currencies.

You're gonna get a pittance for interest just holding plain cash in any bank, unless you have a sizable long term deposit. Unless you're in some third world country holding the local currency in a local bank, in which I've seen some crazy interest rates like 15%, but then you're talking local currency which might be unstable and have no government insurance on the balance if the bank fails or currency flops, inflation, devaluation, corruption, war, etc. Plus the bank can stop your withdrawals and then what; you never know, it even happens in "first world" countries. Not my first choice.

Consider getting an account with Interactive Brokers and transfer your funds there, then put it in some low risk investments. Requires more work on your part, but you can get better returns, and you have full control over your money. I don't care much for mutual funds, but there are some decent ones, like Vanguard (VTTHX). Nothing is free (hence low interest in banks, not even matching inflation), but you can make a mint if you study and practice. If you give up responsibility and expect things to magically happen for you (e.g. blindly invest in mutual funds, like a lot of people), don't be shocked or angry if you lose everything.

thew only closest thing you'll get is like a prepaid card ( https://www.moneysupermarket.com/prepaid-cards/ ) but you could also get a paypal bank card

Interest in bank? it's useless, except your money is in long term investment program etc.

hc99 said:

You're gonna get a pittance for interest just holding plain cash in any bank, unless you have a sizable long term deposit. Unless you're in some third world country holding the local currency in a local bank, in which I've seen some crazy interest rates like 15%, but then you're talking local currency which might be unstable and have no government insurance on the balance if the bank fails or currency flops, inflation, devaluation, corruption, war, etc. Plus the bank can stop your withdrawals and then what; you never know, it even happens in "first world" countries. Not my first choice.

Consider getting an account with Interactive Brokers and transfer your funds there, then put it in some low risk investments. Requires more work on your part, but you can get better returns, and you have full control over your money. I don't care much for mutual funds, but there are some decent ones, like Vanguard (VTTHX). Nothing is free (hence low interest in banks, not even matching inflation), but you can make a mint if you study and practice. If you give up responsibility and expect things to magically happen for you (e.g. blindly invest in mutual funds, like a lot of people), don't be shocked or angry if you lose everything.

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I heard of interactive brokers. I know that stocks needs learning and long term patience, do you know resources to learn from?

beginnerxyz said:

I heard of interactive brokers. I know that stocks needs learning and long term patience, do you know resources to learn from?

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I made a short comment in another thread. Needs work and study, but if you spend 2-4 hours a day on it then you're gonna be ready to start in 1-2 years (just like playing guitar or anything else). It's worth it, always be making money whichever way the market is moving. I'm making a site with some of my strategies, will share it whenever it's ready.
https://www.blackhatworld.com/seo/online-stock-trading-strategies-that-worked.1229778/#post-13183310

beginnerxyz said:

I get paid online via PayPal/payoneer and is currently transfering all the payments I get to Payoneer to kind of "save" them which obviously doesnt make any sense to get 0 interest and also pay a %2 fee when withdrawing. I can't open a local bank account because I would need an HR letter and some stupid paperwork (third world).

So I recently heard of online banks but most of them turned out to be for US citizens only.
What about offshore banks, Did anyone have a positive experience using one? My ultimate goal is to get interest on my money.

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Yes I have some offshore bank accounts....
Try Europacific bank but U wont be paid any interest bc they are a full reserve bank

Try Swissquote

What nationality / current residency do you hold?
You are right to think of fees just don't keep your eggs all in one basket, diversify put your money to work. If looking at investing and just starting out look at low cost index ETFs
1. Euro Pacific Bank (EPB) can be hit and miss on performance, sometimes they query transfers and not good for parking for savings ok as a non-reporting account (depending on the details of your country of residence tax treaty with the USA if it says "not territorial islands")
2. With IB as USA biased you would be looking at 30% WHT part maybe claimable depending on your country of residence TAX treaty with USA, plus if >60K and you keel over than your family would pay IHT over this amount at 40%. But better options outside US but may still hold US equities/stocks. ETFs domiclied outside the USA
2. SWISSQUOTE are ok, but not low cost investing when using them to invest outside the Swiss market unless you are a high vol trader, plus 200€/y platform fee. you get WHT on Dividends in SWISSSIX but CGT Free ok for Crypto. If though you want to look at Global Gov Bond. Accumlative no dividend so no WHT to park your money, same with a money fund with other brokers 1% to park but better than a bank
3. There are other low cost Brokers there, fees play a major part if you are investing difference between broker fees of 1% and 0.03% is huge over the long term also 30% WHT compared to 15% or even 0% is detrimental too.
3.Could consider DigiBank like N26 if in EU, Revolut and etoro I am weary of wouldn't hold too much with them personally (same with EPB)
4. High Interest Term Deposits are available up to 6.5% (may open without travelling)
no depositor protection, you don't with Revolut (plus monthly platform fee), EPB

beginnerxyz said:

I heard of interactive brokers. I know that stocks needs learning and long term patience, do you know resources to learn from?

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Read the Book by AndrewHallam
He has a blog too, but the Global Expat Investor will give you a really good grounding about low cist index/ETF non-emotive investing he makes it really easy to understand probably by digital really cheap.. Easily read it in few days and it us not Expat biased as it can apply to anyone. As may still apply the same methods he even gives suggestions based on nationilities.
Just pay your taxes as per the requirements of your country of residence. When I read it and passed it on I said "shit I wish they taught that at school"