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What Are The Downsides Of Waiving Credit Card Payments?

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What Are The Downsides Of Waiving Credit Card Payments

I have really been struggling financially in the past year or so. When COVID-19 hit, things obviously got even tighter. Therefore, I was thrilled to learn that many of my credit cards and other lenders offered the opportunity to waive payments. This is incredibly helpful. However, as with anything financial, it’s important to look carefully at the terms before assuming that this is a good move to make. What are the downsides of waiving credit card payments?

What Does Waiving Credit Card Payments Mean?

Many people didn’t ever even think about waiving their payments until recently. However, with the COVID-19 situation, more people than ever are under financial strain. As a result, more and more credit cards are offering assistance that includes waiving payments. This isn’t a new thing; most credit cards have always had various forbearance and hardship programs. However, they have recently increased their offerings and made customers more aware of what they can offer as a direct response to COVID-19 challenges.

What it means to waive payments varies a lot from card to card. Most often, the credit card company will allow you a one-month period during which you do not have to make your monthly minimum payment. You generally don’t incur any penalty fee. However, you may (or may not) accrue additional interest during this time. However, there are different plans. For example, some credit cards will waive your late fees but still require the monthly minimum payment when you do pay.

Each company typically offers multiple hardship programs; waiving credit card payments is just one of the options. Some companies will assist you by lowering the monthly minimum payment, but not waiving it entirely. Others will work with you to adjust your interest rates, change your repayment plan, or otherwise improve your ability to meet the financial burden of your debt.

Downsides of Waiving Credit Card Payments

For the most part, I have found it personally advantageous to take advantage of waiving credit card payments right now. I was able to take one month off of payments, penalty-free, across several different credit cards. This allows me to save a lot of money on my monthly minimum payments, which is helpful while getting on my feet during this time of financial strain.

That said, there are definitely some downsides in waiving payments. Those downsides include:

  • The underlying financial problem doesn’t go away. If I can’t make my minimum monthly payments this month, then what will change to allow me to make them next month? If I’m only offered a one-month payment waive, is this helpful? These are things to consider.
  • You aren’t paying down your debt during this time. The debt itself isn’t going to go away. The idea when waiving credit card payments is that you are in a temporary bind that will lift soon. If that doesn’t happen, you still owe all of that money. In some cases, you may still be accruing interest.
  • Remember that if you continue to accrue interest, and especially if you keep using the cards without paying down on them, then you’re going into greater debt. Not only is this a burden on you, but it can affect your credit utilization rate. In other words, you might end up with a lower credit score as a result of waiving credit card payments.

Waiving credit card payments isn’t good or bad in and of itself. It has benefits and it has downsides. Review all of your options carefully before making the decision that is best for your personal finances.

How To Take Advantage Of The 0 Percent Interest Period

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How To Take Advantage Of The 0 Percent Interest Period

I have been a freelance writer for more than ten years. In other words, I have learned to live with uncertainty when it comes to when my income will come in. As a result, I’ve learned to live with debt from time to time. Therefore, I’ve become pretty skilled at how to take advantage of the 0 percent interest period on credit cards. Having done so, I’m happy to share what I’ve learned about the pros and cons of these promotional periods on credit cards. Also, below, we will take a look at whether the federal rate cut on interest makes these deals more accessible or not.

What is the 0% Interest Period?

The 0% interest period is usually an introductory offer that comes with a new credit card. In other words, you don’t usually get this deal from an existing credit card (although rarely one will offer it to current customers as a promotional deal.) Instead, you apply for a new credit card and, if you qualify, get the zero percent interest period for the specified amount of time.

The zero percent interest period may apply to any or all of the following:

  • Purchases
  • Balance Transfers
  • Cash Advances

In order to take advantage of the 0 percent interest period, you typically have to have good credit. The better your credit score, the better the terms of the deal. For example, with a great credit score, you might qualify for one year or more of zero percent interest. With lower credit, you might only qualify for a six-month zero-interest period.

Here Are The Things to Look Out For

If you want to take advantage of the 0 percent interest period by applying for a new credit card, then you should look out for the following things:

  • What does the zero percent interest cover (for example, purchases or balance transfers)?
  • Are there any additional fees (such as balance transfer fees)?
  • How long does the zero percent interest period last?
  • Do you earn rewards of any kind on your zero percent interest purchases?
  • Most importantly, what is the new interest rate when the zero percent period is over?

That last one is critical in planning out how to take advantage of the 0 percent interest period. For example, let’s say that you get 0% on balance transfers for six months. You decide to pay the balance transfer fee to take advantage of that 0% interest period. However, you were originally only paying 14.99% interest on that balance and when the zero percent interest rate is up, this new deal jumps up to 28.99% interest. Is that a good deal? Unless you can pay off the entire balance in that six month period, probably not.

Benefits of the 0% Interest Period on Credit Cards

This doesn’t mean that the zero percent interest period isn’t advantageous, because it often is. It can be especially helpful during times when income payments are insecure. For example, if you have seen a dramatic increase in income due to COVID-19, then you might find yourself struggling to pay for basic necessities like food. In addition to taking advantage of any programs available to assist you during this time, you might want to apply for a zero-interest credit card for purchases.

If you can’t pay for food, you can put it on that credit card, and delay making the payments until the zero percent interest period is coming to a close. Just remember that you do have to pay that money back eventually and that if you don’t do it in a timely manner, then you might accrue greater interest costs down the line. Use this option to your advantage, not to your own detriment.

Tips for Taking Advantage of the 0% Interest Period on Credit Cards

Here are some of the top tips to review before you decide whether or not to take advantage of the 0 percent interest period on credit cards:

  • Review all terms carefully. Make sure you know exactly what you are getting into.
  • Make smart choices. It is all too easy to let fear motivate our financial decisions. Think ahead and consider whether or not this is your best option for both the short-term and the long-term.
  • Shop around. You have options for credit cards with different terms, especially if you have a good credit score. Don’t take the first one that you see. Instead, get the best deal for your unique financial needs.
  • Stick to a budget. Just because you have access to this “free money” for a period of time doesn’t mean that you should go on a spending spree. Limit your purchases to those that are necessary.
  • Make a repayment plan. Create a plan that will allow you to repay this debt in full before the 0 percent interest period is over. Stick to that plan, making the payments necessary throughout the period to remain in good standing while paying down as much of that debt as you can.
  • Use balance transfers wisely. If you choose to take advantage of a 0 percent interest period for balance transfers, do the math to make sure that doing so makes sense. Consider the fees. Think about what your repayment plan will be.
  • Utilize rewards to your advantage. If you can get a cashback credit card with a 0 percent interest period so that you can earn cash on purchases with no fees, then you’re setting yourself up for a good situation. Even if you can’t get rewards, be sure to learn about the credit card’s benefits to make the most of it.

How Does The Fed Rate Interest Cut Affect Credit Cards?

You may have heard that the Federal Reserve recently announced an emergency rate cut that impacts credit card interest rates due to the COVID-19 situation. Does this mean that you will be able to take advantage of 0 percent interest rates with more ease? Unfortunately no.

While the federal rate cut does mean that credit card interest rates will decrease a little bit, the amount won’t be significant. Moreover, it certainly won’t bring your existing credit cards down to zero percent. Instead, most likely, you will see a small 1% decrease in the existing rate on your current credit cards. For example, your APR might decrease from 21.99% to 20.99%. While every little bit counts, this isn’t enough to significantly impact your debt.

In other words, if you owe money on credit cards, then you should keep paying that debt off as much as possible. If you can take advantage of the 0 percent interest period on a card to make paying that off easier, then do so. Go in with a clear head and a plan in place.

How to Save Money on Ironing Clothes

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saving money on ironing clothes

I don’t own a clothes iron. My lifestyle simply doesn’t require me to have ironed clothes. So, if someone were to ask me how to save money ironing clothes then my best advice would be: just don’t iron. However, I know that other people do iron their clothing. Whether it’s required for their professional lives or simply a preference, many people engage in this practice weekly, if not daily. Is it possible to save money on ironing clothes?

Buy the Right Iron and the Right Clothing

Most of the time, the key to really saving money on anything is to shop smart. If you buy the wrong materials to begin with, you waste more money over time. For example, you might find that paying a little bit more for clothes that iron easily saves you money in the long run. It can also be more efficient, saving you time. Likewise, spending money on the right iron (one that will last a long time) can help you avoid having to waste money replacing the item in the near future.

Buy the right iron.

You don’t want to buy the cheapest iron on the market. You also don’t need to buy the most expensive one. Shop around. Get the features that you need but no other frills. Find an iron with good reviews that emphasize long-lasting durability and good performance. Look for energy-saving models.

Buy clothing that doesn’t need to be ironed.

When looking for professional clothing, you can often find a “no iron” mention in the product description. You can also learn about different materials that generally stay wrinkle-free without ironing. Wool and other knits, denim, and rayon are just a few examples of fabrics that don’t typically need to be ironed.

Proper Preparation: Before You Iron

It’s important to have a routine for everything you do regularly in your life. Setting up the right routine can help save time. Done correctly, it can also help you save money. There are certain things that you can do to prepare your clothing for ironing. Here are those tips:

Remove clothing from the dryer immediately.

Hang clothing neatly as soon as you remove it from the dryer. Therefore, you minimize wrinkles. Even if you need to iron the item, you won’t have to spend nearly so much time doing it as you would if you had left the clothes in the dryer for days and allowed wrinkles to set in.

If you are the type of person who irons your linens, then the trick here is to fold them rather than hang them. Remove them from the dryer promptly. Fold them on top of the warm dryer, smoothing them down so that they are crisp. This typically eliminates the need to iron. At the very least, you won’t have to iron for long.

Don’t do your laundry and then let it sit. Don’t let it sit in the dryer. Make sure you don’t just move it from the dryer to a basket. If you want to have wrinkle-free clothing, make time in your routine to hang or fold everything as it comes out of the just-finished drying cycle.

Steam out wrinkles while you shower.

You just woke up. Your work clothes have wrinkles in them. Take them into the bathroom with you while you shower. Hang them up and shower as usual. The steam from your shower will help remove some of the wrinkles. You may find that you don’t even need to iron after all. If you do, the clothes are ready for very quick ironing.

Get your items ready to iron.

Generally speaking, you shouldn’t actually just iron one set of clothing at a time like in the above example. Instead, you should iron as much as possible at once. Just like it’s a waste to put one item in the dryer, it’s a waste to turn your iron on just to iron one thing. Therefore, you should set aside ironing time and do sets of items all at once.

Before you even turn on the iron, you should sort your items into piles. At the very least, sort into lightweight items and dense, heavy items. You should iron all of the lightweight items first, warming up the iron. Then you should move on to the batch of heavier items.

save money ironing

How to Avoid Energy Waste When Ironing

As you can see, a lot of the money that you can save on ironing happens before you even begin the ironing process. Once you start ironing, the most important thing is to avoid wasting energy. The longer an iron is on, the more energy you use; therefore, the more money you spend to use it. Here are some tips to avoid energy waste with your iron:

Clean the iron.

If your iron is dirty then you cause yourself unnecessary hassle. It also takes longer to iron your clothes. Therefore, make sure that you begin with a clean iron. Wipe the face of it down before you begin ironing.

If it’s a steam iron, check for mineral deposits before you start to iron. If they’re on there, they can get steamed into the clothes, which can ruin your clothing. Then you’ll have to buy more clothing, which is a waste of money.

Use the right heat setting.

You do not have to use the highest heat setting every time that you iron your clothing. In fact, each type of clothing does best with a specific level of heat. If you use too much heat, you might even burn your clothing and have to replace it. More than that, though, you’re just wasting your iron’s energy if you’re ironing with more heat than it requires. Figure out the best heat setting for each of your clothing items. Write it down so you remember it for next time.

Additional Tips to Save Money on Ironing Clothes

Finally, here are some additional tips to keep in mind to save money on ironing clothes:

  • Don’t iron if you don’t have to. It’s truly not always necessary. Relax a little about it when you can.
  • Iron when you have time to iron. If the iron is just sitting there while you do other things then you’re wasting energy. Focus on the task at hand. Turn the iron on, do all of your ironing, and then turn the iron off.
  • Try using spray starch. Some people find that they enjoy the crisp feeling of spray starch. Plus, it cuts down on ironing time. Of course, you do pay to buy the starch, so this might be a financial wash. It’s a personal preference.
  • Turn the iron off as soon as you finish ironing. Make sure that you immediately unplug it. Don’t allow vampire energy to run up your electric bill.

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Avoiding the Monthly Payments Mentality

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Monthly Payments Mentality

Chances are that you often think about money in terms of monthly payments. For example, you make monthly payments on your car, house, and cell phone. It’s not your fault; we’ve been conditioned to think this way. However, the monthly payments mentality can be such a trap. If you look only at that small picture, you might end up spending money when you could have been saving it. That’s why it’s important to learn how to get out of the monthly payments mentality.

What is the Monthly Payments Mentality?

You walk into a car dealership and the salesperson says to you, “how much are you looking to spend per month?” It’s finally time for you to buy your first home, and the broker wants to know what you are able to pay monthly on your mortgage. You sign up for a new cell phone service and they try to upsell you with a bundle package that’s “only” x dollars more per month. Or to give you a better phone that you pay for in small monthly additions to your regular bill. These are all examples of the monthly payments mentality.

The monthly payments mentality means that you’re thinking entirely or primarily about how much you’re paying for something per month. Therefore, you aren’t thinking about the bigger picture. You aren’t worried so much about the total amount paid over time. You aren’t concerned with what else you could do with that money over the long haul. You’re simply looking at, “what’s the cost per month and can I afford it?”

Why is the Monthly Payments Mentality So Popular?

The monthly payments mentality is so popular, so common, that you probably didn’t even think it was weird until you started to think about it a little bit more closely. Most of us pay almost everything in monthly installments. Car loans, student loans, mortgages, credit card bills, rent-to-own furniture, video streaming services … the bills arrive monthly, so we pay them monthly, and we don’t think much else about it.

Part of the reason for this is because most of us only get paid once or twice per month. We know what we earn per paycheck (or approximately what we earn monthly as freelancers.) Therefore, we can easily tell whether or not we can afford to make a monthly payment for something. It’s a little bit harder to look at your annual income and determine what you can and can’t afford all throughout the year. After all, doing so requires some serious advance planning.

However, the main reason that the monthly payments mentality is so popular is because it benefits the sellers. They realized long ago that you’re a lot more likely to believe something is affordable if you can pay just $10 per month for one year than if they want $120 out of pocket right now. Some services offer you a discount if you pay an annual fee instead of a monthly fee, knowing that they will benefit either way (with a smaller upfront one-time payment or more money paid out over the long run.) Some businesses even offer you the first month or two “free” so that what you’re focused on is zero payments until the future. It lures you in to make impulse purchases.

Make no mistake: the monthly payments mentality is popular because it benefits a business’s bottom line. It’s not popular because it’s best for you.

What’s Wrong with the Monthly Payments Mentality?

There are four key reasons that the monthly payments mentality is a problem for individuals who are truly interested in saving money.

1. It hides the total cost of your item.

What are you paying for your cell phone over the entire lifetime of the phone? You probably don’t know. All that you know is what you pay for it monthly. Hopefully you know what your total mortgage cost is, including all of the interest accrued over time, but many people don’t even know that. They know what they pay monthly, and that’s it.

If you don’t have a true understanding of the total cost of each and every item that you’re paying for monthly then you don’t really understand your finances. And if you don’t understand your finances then you’re on a slippery slope towards financial trouble.

2. Monthly pricing makes comparison shopping challenging.

This relates back to point one. If you aren’t looking at the total cost of an item, then you aren’t able to make the best long-term decisions about the right items to purchase.

Consider, for example, if you are about to buy a new car.

  • Loan #1 is for a car that costs $15,000. You pay $2000 down. Then you pay the rest in monthly installments at 6% interest rate for 84 months. You only pay $189.91 per month.
  • Loan #2 is for the same car with the same down payment and the same interest rate. However, you only take out the loan for 24 months. Your monthly payment is $576.17.

If you’re only comparing your monthly payments, then of course you take the first option. But obviously, when you consider the interest rate (not to mention the fact that you’ll be saddled with Loan 1 payments for many more years than Loan 2), you should take the second option. You’ll save over $2000 by making higher monthly payments for a shorter amount of time. If you can’t afford that, then maybe you should get a less expensive car.

Oftentimes, when you’re trying to compare monthly payments, you’re working with different interest rates and other terms of the sale. It all gets confusing. That’s why it’s important to look closely at total cost, rather than monthly costs.

3. Small Loans Encourage Big Debt

When you’re trapped in the monthly payments mentality, you can easily find yourself taking on a lot of debt. As long as you can cover the monthly bills, what’s the problem? The problem is that debt comes with interest, so you’re paying more than you need to for items that you may or may not need in the first place. Moreover, if you get into financial trouble, you’ll have all of that debt to deal with.

4. If You’re Spending, Then You Aren’t Saving

The more that you shell out, the less that you have to save and invest. If you get trapped into worrying about the amount of money you can afford to spend each month, then you’re no longer thinking about all that you can save. Therefore, the monthly payments mentality encourages waste.

How to Avoid the Monthly Payments Mentality

It’s time to get out of the monthly payments mentality. It’s time to start thinking about the bigger picture. Take a long hard look at your budget and make sure that you understand the total cost, including interest, of everything that you’re currently paying out monthly.

In cases of subscriptions, or services such as cell phones and streaming services, calculate not just your monthly cost but also the annual and five-year costs. This will give you a better view of the big picture of your spending. Therefore, you’ll be better able to make choices that empower you to save and invest, rather than to spend.

Before you make any new purchases, always go in with a plan. Never disclose your “monthly allowance” to the lender. That just encourages them to upsell you to that amount. Instead, make sure that you focus on the total cost of the item over time. In many cases, if you can’t pay the total cost out of pocket now, you might not actually want to purchase the item at all. If you do decide to make the purchase, looking at the total cost will enable you to make the soundest financial decision.

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Can You Fax a Check?

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checkbook

How many people use checks these days? How many people use fax machines? Despite the numbers going down dramatically, thanks to email and mobile banking options, there are still plenty of people out there who use both of these tools. Therefore, you might find yourself wondering, “can you fax a check?” The short answer: yes. However, it’s not as simple as sticking a check in the fax machine.

Why You Might Want to Fax a Check

The number one reason that someone usually wants to fax a check is that they want to make a payment by check immediately. In other words, even though they are writing out a check, they don’t want to have to wait for mail delivery before the recipient sees that check. For example, if you owe a company a check by a certain date, and it’s the last day of payment before you incur a fee, then you might want to fax a check.

The Business Has to Accept Faxed Checks

To fax a check, you have to make sure that the person or business receiving the check has the capability to receive it. Sending a check through a fax machine doesn’t automatically mean that the company receives a check that they can use. They have to have software or other tools that allow them to accept this form of payment.

Therefore, if you want to fax a check, you should first ask the business. Confirm that you have its correct fax number. Then, before you send the check, make sure that they don’t have any specific rules, guidelines, or formatting.

Some businesses require you to first submit your banking information to them through a specific form that they keep on file. Other businesses require that you put specific information in your cover letter when you fax a check.

Tips for Preparing to Fax a Check

Always follow all of the rules that the business you’re faxing lays out for you. With that in mind, here are some general tips to consider when you fax a check:

  • Include a cover letter that clearly explains what you’re sending, including the amount, and what the check is for
  • Also write “Faxed Check: (reason)” in the memo line of the check itself. Example: “Faxed Check: September electric bill”
  • Photocopy your check so that you have an 8.5″ x 11″ piece of white paper with the check centered in the middle. Then fax that paper, rather than trying to stick a small check through a fax machine
  • Make sure that you can read all details of the check on the photocopy, including routing number and account number
  • Contact the company to follow up, confirming that they received the fax check and have all of the information that they need in order to process it

Send Check Via Fax For Authorization

In some cases, you might fax check authorization to a business, rather than faxing a specific check for payment. Let’s say that you want your landlord to regularly pull your specific rent amount out of your checking account every first of the month. To do that, it needs your banking details. Sending a check to them so that they have the details is an easy way to do that.

In fact, many landlords and other businesses have tools that allow them to accept your faxed check as authorization for future payments. Typically, you will send a voided check to them via fax, using the same tips as shown above. Of course, follow any specific rules they require, which may include a form with details about what you’re authorizing them to do with your account.

In other words, you’re sending them your banking information by sending them a check. Doing so, you authorize them to print checks on their end using your information to obtain a specific set of money that you’ve agreed upon in advance.

How to Accept a Faxed Check

Maybe you are on the other end of the deal and would like to receive a check by fax. If you operate a business that will use this service regularly, then you’ll want to purchase software expressly designed for this purpose. Examples of popular check faxing software include:

  • CHAX
  • CheckComposer.com
  • CheckWriter.net
  • echeckdirect
  • ezCheckDraft software
  • OnlineCheckWriter.com
  • Vcheck

These check faxing programs allow you to integrate the service with other aspects of your business. You can integrate some of them with Quickbooks. You can easily set up automatic recurring check deposits. You can retain copies of faxed checks, which can assist in easily settling any billing disputes with customers.

Note that you will print the check on your end. In some cases, your bank may require you to use a special type of paper for check printing. You do not need special ink for printing out faxed checks. However, because the check doesn’t have some of the built-in security features of regular checks, you may have to go to a teller to deposit your faxed check rather than putting it through an ATM or mobile deposit.

If you choose to accept faxed checks, make sure that you pay attention to all fees. Find out if there are transaction, processing, or setup fees before you make a decision on which software you want to use.

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Best Offshore Bank Accounts and Why You Need One

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best offshore banks

I confess that for a long time I never would have thought about the best offshore bank accounts. I had a mistaken image that these accounts were for super-rich people who wanted to hide their money. In fact, I figured that most of them were criminals in the vein of an American Greed episode. However, now that I’ve learned more about what offshore banking really is, I understand that anyone can benefit from using these types of bank accounts. That’s how I’ve come to wonder about which ones are the best offshore bank accounts.

What Are Offshore Bank Accounts?

As you likely know, offshore bank accounts are bank accounts that are established in a country other than the one where you reside. More specifically, it’s an account at a bank that operates under an international banking license. Many people who live in the United States do opt to open offshore banking accounts around the world.

Benefits of Offshore Banking

There are many different reasons that people choose offshore banking. Here are some of the most common benefits people seek when choosing this option:

Protect Your Money

Nomad Capitalist reports that there are 39 countries that offer safer bank accounts than the United States does. If something goes awry here politically and/or economically, your money could be at risk. Theoretically, it’s protected, of course, if it’s FDIC insured. Nevertheless, you don’t want to be caught with your pants down when it comes to large sums of money. Putting some of your money in offshore bank accounts can help protect you from problems with the government and/or the American banks that you use.

Diversify Your Accounts and Your Currency

You don’t want to put all of your money in one account. In fact, you shouldn’t even keep all of your money in one currency. By saving your funds in multiple currencies, you protect yourself against a variety of changes in the global economy. The best offshore bank accounts offer the opportunity to utilize several different currencies and to easily transfer funds from one currency to another.

Earn More Interest

The best offshore bank accounts also offer very high-interest rates on your savings. Therefore, if you want to maximize the money that you earn in interest, you should explore your offshore options. Make sure that you do your research and understand all fees as you work to make the most of your money.

More Reasons You Need an Offshore Bank Account

International Man suggests these additional benefits:

  • It gives you financial freedom compared to tethering yourself to one country’s banking system.
  • It can give you access to medical care abroad just in case you need it.
  • Generally speaking, it helps with banking as an expat/tourist.
  • Acting now can help you make the most of your money in the future.

Of course, you want to keep your regular American bank accounts. But if you have extra money besides what you need in your immediate checking and savings account, then you might want to think about looking into the best offshore bank accounts.

Where Are the Best Offshore Bank Accounts?

You can open an offshore bank account almost anywhere. However, each country has its own rules when it comes to banking. Moreover, the United States has its own banking rules that you must understand if you engage in offshore banking. Depending on your specific needs, certain countries will offer better options than others. That said, some of the best offshore bank accounts are located in:

  • Belize, which has high-interest rates and 24 percent required liquidity; note that this one is controversial because of a poor reputation and should be considered carefully, weighing all pros and cons
  • Georgia, which Nomad Capitalist says is the easiest place to bank in and has good interest rates
  • Germany, which is widely recognized as one of the safest banking systems in the world
  • Hong Kong, which Sovereign Man ranks number one
  • Singapore, which has monetary stability and top financial advisors at their banks
  • South Korea, which has good business banking options
  • Switzerland, which leads the way in financial privacy
  • UAE, which is emerging as a strong new market for offshore banking

Generally speaking, the best offshore bank accounts are located in areas that are financially stable, don’t face a lot of US pressure for compliance, and have laws that are pro-business. Note that some countries (such as Sweden and France) have very safe banks but also have some drawbacks such as very high taxes.

What Are the Best Offshore Bank Accounts?

The best offshore bank accounts are located in countries where they are required to keep a lot of cash on hand (which isn’t the case with the United States, by the way). You want to choose a bank that offers good customer service, is relatively easy to bank with as a foreigner, and has terms you like (such as a high-interest rate.)

Here are some of the best offshore bank accounts to consider in 2019.

 

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