Transferwise
If you want to transfer money online , but don ’ t want to send a wire transfer , new services like Transferwise can help . ( For a full review of the different services , read our article on the best ways to transfer money internationally coming out in September 2016 .)
Transferwise is based on a peer-to-peer system that cuts out middleman banks and allegedly reduces the fees of moving money overseas . I haven ’ t found this to be the case ; the cost to send $ 5,000 to a foreign bank account was as much as $ 50 ; even crappy US banks charge less to send larger wires .
In reality , services like Transferwise are a better replacement for expensive money senders like Western Union or Moneygram , not for replacing wire transfers . However , Transferwise is easier to use than a wire if your domestic bank dislikes your moving money offshore , since you send the money domestically and their service handles the rest .
Take cash from an ATM
It sounds too easy , but among the easiest ways to move money offshore is merely to take it out offshore to begin with . Sometimes , the simplest solutions are the best .
In The Best Offshore Banks , we discuss a number of high quality banks that require $ 2,000 , $ 1,000 , or even less in their foreign currency equivalent to open . The only catch with some of these banks is that — unlike accounts that allow you to wire money in later — you need to deposit the money when you open the account .
These banks don ’ t allow remote account opening , but you can literally use their ATM to take out the amount of the minimum deposit . If you ’ re domestic bank ATM card imposes a limit on daily withdrawals ( usually $ 400 or $ 500 for US banks ), you may need to plan one day ahead so you can max out the limit on two different days in order to get enough cash .
Bitcoin and cryptocurrencies
Bitcoin has been put forward as the possible “ ultimate offshore bank account ” due to its ability to store money securely in the cloud . Bitcoin guru Stephanie Murphy spoke extensively about the privacy benefits of using Bitcoin at two of my Passport to Freedom conferences .
However , Bitcoin can also be used as a mechanism to transfer funds offshore . If you own Bitcoin in your home country , you can access them in your destination country by using services like Local Bitcoins , or by using one of the growing numbers of platforms that connects directly to a bank account .
Coinapult , for instance , allows you to store Bitcoins and freeze their value to the value of a foreign currency , gold , or silver , reducing volatility until you want to move them into your foreign bank account . Coinbase and other services allow transfers to connected bank accounts , although many offshore jurisdictions are not yet supported .
Sell your gold and silver
If you own gold or silver offshore , such as in a vault here in Singapore , you can often sell those precious metals and have funds wired into your local bank account . Singapore is an excellent option for this as gold storage here is highly secure and Singapore bank accounts are also excellent .
If you already own gold and silver , there are ways to ship it overseas ( again , Singapore is a good option ) and later sell it for cash . Transporting gold on your person can be risky since customs forms are required in many cases . You should also make sure you follow all rules regarding sales of precious metals , capital gains taxes and other reporting requirements in your home country . Consult a tax professional for help .
If you ’ re wondering why “ put money in a suitcase and show up in the Virgin Islands ” isn ’ t on the list , it ’ s because almost everyone on earth — save those in Hong Kong and a few other countries — has to declare cash being taken out of the country .
While transporting any amount of cash is legal in most countries , most law-abiding citizens don ’ t carry large amounts of cash over borders . Those who do often make customs officials suspicious enough to go so far as to confiscate your cash . On top of the legal hassles , most banks don ’ t want huge piles of cash being deposited due to money laundering concerns ; many banks now charge a cash deposit fee for the privilege .