It’s not perfect, but it’s a legit out.
And you’re going to want in before everyone else wants in.
I hate these, but they have to be done. Everyone’s situation is different, and as much as it’s going to sound like it, this is not an endorsement of any product. Just me pointing something out, as usual. Like any bank, this route can collapse on you just as easily.
Fintech to the Rescue!
Fintech (Financial Technology) apps on your phone are a game-changer in a lot of ways. Being able to bank in a place where you don’t quite fit all the requirements (ex. I need a Mexican telephone number to be a member of a Mexican brick-and-mortar bank, and I don’t want one) with an app like Cuenca.
Or an oasis to utilize crypto if everything shuts down with an app like Tap.Global
If you’re ever feeling trapped and helpless when it comes to accessing money and the banking system in a particular place, there is probably a fintech solution out there that you’ve just never heard of. They have helped tens of millions of people over the years.
But with a looming banking crisis at the top of everyone’s mind, if it wasn’t already apparent, you are going to need outs when it comes to banking.
Here, and on the 10-Minute Contrarian Podcast, I have shown ways to set yourself up for offshore banking and residency probably more than anyone else out there not named Andrew Henderson.
But let me give you a fintech app that instantly gives you access to over 50 different banks from all over the world.
I’ve mentioned it many times before.
It’s Wise, formerly known as TransferWise
More About Wise
Again, this isn’t perfect, stick around until the end of this blog post.
Most people use Wise for sending money overseas, or doing what I currently do now and pay rent/bills in a foreign country that doesn’t use my home currency.
I have also used it to hold foreign currencies as a hedge. Done it for years. And it’s been great.
What people don’t usually think about however, is how this money on Wise doesn’t just float around in the ether. Depending on the currency, it’s all backed by an actual bank.
A bank you, by default, are now using if you’re on the app.
This to me a a very sneaky, almost hidden way to have access to offshore banks.
And you may really really need one someday.
I’ve been trying to get you all to be proactive instead of reactive, but most of you aren’t, and that’s why everyone was shitting their pants when US banks started to teeter (including most of you), and my episode on banking crises become my most downloaded episode in a very long time.
I was looking for a list of banks they use for each country’s currency, there used to be one, but the best I have found is on this page, which lists the IBAN numbers or account numbers, so you may just need to take one extra step and look up the bank in question that way.
Safety matters, and it’s only a matter of time before people realize they can also park money at Wise, and there will not only be a rush, but requirements will only get more difficult.
As always, being proactive is the move.
This is not a perfect solution by any means.
But with a world in crisis, any port in a storm will do. And there are many ports to be had here.
1 – For starters, KYC may differ from place to place, and some of you may not be able to access Wise.
2 – Some of these banks are large, some of them are small. In some places, you’re getting JP Morgan Chase. In others, you may be getting Johnny Ramshackle’s Bank of Coconuts. Either way, you’re getting options, and options matter.
3 – Wise is very anti-crypto! Do not use Wise for an outlet for anything crypto-related. Use a different solution for that. If Wise even sniffs that you might be moving any crypto here, they will shut down your account. This was from a recent podcast I just listened to this past week.
Between a Palau E-Residency and a Wise account, you can have a level of flexibility that most people don’t have, and are probably really really going to want, and it costs almost nothing.
At this point, there are no more excuses.
I have given you MANY solutions at this point when it comes to diversifying yourself from a flawed banking system to make sure you’re not scrambling and helpless if major bank runs come.
So if you ever end up standing in a queue, real or online, waiting and begging to access your money with the rest of the unprepared…..
Just know it didn’t have to be that way.