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Open a Dutch Bank account

Posted By: Robert Wachtel
Date: Wednesday, 13 April 2016, at 11:17 p.m.

In Response To: Open a Dutch Bank account (Casper Van der Tak)

If your "perspective" is just reducing transaction costs for currency conversions, you could not find a more clumsy way to do that for an American than opening a foreign bank account. The efficient way to convert currencies is just as Ed proposes: trade with your friends at the midpoint between banks' buy and sell -- entirely commission-free.

But to the point that does not interest you: for your information, many gamblers (do you know any?) do have income they want to hide, and even if they don't, who needs the exposure? The Justice Department squeezed the last bank-secrecy holdouts, Switzerland, Liechtenstein, and Austria, just a couple of years ago, forcing them to divulge a the names of all their American clients. There was a lot of bloodletting. American law requires all citizens to pay tax on money they earn or acquire in foreign countries -- so wherever in Europe you might open an account, you invite a fresh nexus of inquiry for the taxman.

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