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hey guys Andrew Henderson Nomad capitalists here hanging out the beach in Bali want to do a little video and something I know a lot of folks are googling about talking about looking for in the world of offshore banking and it's something that I think has gone the way of the dodo bird now right in front of me where I'm standing here is a big beautiful beach and one danijon ever started its own banking sector it's a big country plenty of smaller countries have features tiny little islands all around the world have set up their own banking sectors and we love them for that they took advantage of an opportunity in the market created easy to use banks and lots of banks all around the world places like the Cook Islands places like all the Caribbean islands even the non islands like the Lee's got into the game small countries that figured hey we can hold people's money and that'll be one of the big things that we do Cayman Islands is famous for that but one of the things along the way that these banks used is they're kind of secret sauce they got people in the door that might not have otherwise come was the idea of what's called room at a remote bank account opening never what bank account opening is basically what it sounds like it's where you don't have to be there to open a bank account typically when you go and open an account in the US and Canada Australia wherever you go in you show your driver's license you show some kind of ID or where you live it's definitely better and that's the case with banks I'll run the world obviously offshore banks that are outside of your country all have their different protocols which is why there's often a lot of confusion when it comes to figuring out which offshore bank is best but I'll tell you what's changed the last couple of years one of the big things has changed the Panama papers one of the big things that's also changed is the government's increasing focus on wiping out terrorism and drugs and all the different stuff and yes they use those things as excuses but whether you like it or not a lot of these banks in smaller countries have been under the radar and some of them have really gotten whacked others of them have just had their competitive advantage taken away and in an era where your bank really needs to know who you are to avoid not only the problems of opening the account but the problems of keeping the account open the idea of sending some papers through FedEx is no longer appealing now I said as soon as recently is two and a half years ago today remote a bank account opening toss 500 bucks in an account build a tunnel it's pretty easy and it's still somewhat is there are still banks where you can give an account open the challenge really that I see going forward and the challenge that some folks who have come to me have already been having is keeping the account open moving the money out accessing the money getting people to deposit money in so these accounts that off these banks that offer remote account opening not only I think it's becoming more more difficult to do a remote account opening to the point where it's just worth it to fly there and you'll probably save the money and fees everything else very quickly but keeping the account open is becoming the big challenge now with offshore banking even if you can get an account how do you keep the account like that old Seinfeld joke about rental cars you want to keep the account you want to be able to receive money send money if you just have an account with a bunch of money sitting there and it's locked and you can't do anything with it doesn't really serve you and that happened to some folks in Belize recently it happened some folks in other places more and more countries are especially shutting down to US citizens but quite frankly even if you're not a US citizen my advice more and more is get on a plane if it matters to you if it's important to you to have some money in another country go to the best back don't necessarily find the best bank with the competitive advantage of sitting at home in your couch that worked a couple years ago still works in some situations I'm sure there'll be folks who will say you know they can do it just pay him twelve hundred bucks maybe someone even in the comments section of this video will have some magic solution that suggests that I'm wrong but I can tell you from a lot of personal experience and a lot of bank account openings that not only are the banks that you open in person a lot better a lot higher quality but they also get to understand you and you eliminate a lot of the challenges of ongoing operations so remote bank account all putting I think from a practical perspective is largely coming to an end there are some cases where if you have an attorney in a particular country you can do a power of attorney I don't have experience with that in places like Singapore I have experience with it in more mid-range jurisdictions but no things like power of attorney are great of course means you have to have an attorney in that country so might just be easier to fly there and do it then find an attorney but there are also a few other banks that are really rock-solid banks that have special remote opening procedures for for example only US citizens there are a couple banks in Europe that allow that there are a couple banks in Asia that allow that those banks are better and by the way they generally require at least a hundred thousand sometimes into the millions of dollars to do it so this is not the 500 hour account in general remote bank account opening not a great procedure I'm not saying that there aren't banks that are out there I know a couple that I do recommend that work well with remote account opening but the average tiny little island put 50 bucks in the account paid $20 a month in fees and just kind of have some fun do it all it's very easy is really in my opinion going away so you'll want to be careful you'll want to put the effort in is I always say if it's worth doing it's worth doing right