I Closed My Bank Accounts

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In this video, Mr Henderson discusses his decision to close several bank accounts around the world. He highlights the importance of regularly reviewing and consolidating financial options for better efficiency and shares specific reasons for closing accounts with banks like TD Canada, TBC Bank in Georgia, and UOB in Singapore, among others.

00:00 Start
00:15 Why Mr Henderson Closed Bank Accounts
02:16 TD Canada
04:49 TBC Bank in Georgia
07:02 Terra Bank in Armenia
07:22 UOB in Singapore
10:29 Banks in Armenia
10:58 Banks in Montenegro
11:53 Erste Bank
12:22 UniCredit in Serbia
12:54 A Bank in the Bahamas
14:19 Banking in the UAE
15:23 Mr Henderson's Suggestion
16:32 How Nomad Capitalist Can Help You

Nomad Capitalist helps clients "go where you're treated best". We are the world's most sought-after firm for offshore tax planning, dual citizenship, and international diversification and asset protection. We use legal and ethical strategies and work exclusively with seven- and eight-figure entrepreneurs and investors.

We create and execute holistic, multi-jurisdictional Plans that help clients keep more of their wealth, increase their personal freedom, and protect their families and wealth against threats in their home country.

No other firm offers clients access to more potential options to relocate to, bank in, or become a citizen of. Because we do not focus only on one or a handful of countries, we can offer unbiased advice where others can't.

DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

[lindaparker]

you can never trust canada again after what they did to the truckers and their supporters.. so evil 😢

[cryptosecuritytools]

Yeah I 'closed' my bank account with Chase in the US and the bastards kept it open and then claimed I owed them money 4 years later

[JDavisonPGAVietnam]

I live in Vietnam and just inherited a large sum of money from my grandmother. Now I’m torn between keeping it in my American bank account vs my Vietnamese bank account. I’m thinking a Singapore bank now that I watched this video. Good content Andrew.

[SkeenCharles]

A Horrible bank in South Africa, "Standard Bank" - only way you can get anything is by going into a branch. Even though their branches are only on South Africa and they know you are overseas - they always say: "Come into your nearest branch".

[vktravellog]

Its like the south park episode when stan deposited $100 and the banker said its all gone 😂😂😂😂

[tkwalton]

Great video. I have two bank accounts in the US, Schwab and Bank of America. B of A is notorious for sneaky, hidden fees. No reason to hold on, really. Have been following you for awhile now and looking for a good plan B...maybe a few. As I don't quite qualify as a NC client, appreciate all the tips you otherwise provide. Thank you!

[LuciaMinca]

Love your content Andrew 😊I have 2 properties in Colombia and about to move permanently end of September. I’m considering applying to work in your organization once I’ve left the US for good. Thank you for all of your amazing information.

[imacer]

I left TD in Canada a few years back as well. It became more of a hassle to keep the account open than the benefit I gained from it.

[Anonymous-jb]

Andrew, this is probably the most troublesome topic for expats and nomad capitalists, we found. Could you please make more videos on this, especially for the 'oridnary folks' who are not (yet) millionaires, but want to start on this journey? We might not be your target audience, but will give you the views! ;)

For example, you need an address and tax residency when depositing money with investment platforms and banks. But most tax residencies with lower taxes (like Paraguay, Costa Rica, even Georgia - might have great banks, but not investment platforms, etc), don't have access to great banking and investment products (e.g. London traded ETFs), so you are likely to want to keep your home country address and residencies when investing or putting money into banks.

The problem for a new nomad capitalist though, is that if you spend more than 6 months a year outside your home country (UK, US), at some point, the investment platform and your banks are very likely to realise you live abroad and close the accounts regardless of your tax status, as seems to be more related to your address (it's especially relevant to the UK, but read a lot of stories from the US as well).

They usually freeze your assets and tell you that all you can do is sell, but you sell and can't cash out, because the platform like Vanguard only allows you to cash out into a high street bank. But your high street bank at home is likely to have closed your account too and you will lose a lot in fees trying to send the money to expat bank accounts like HSBC.

So, if, for example, you don't have a new tax residency (since UK doesn't require you to) or have a 'cheaper' residency like Paraguay (or Georgia, or Costa Rica), what would you invest and bank through, since banking and investing isn't too great for Paraguay residents?

At least that's what we read and there has been an upsurgence in banks and platform cracking down on this (esp UK and US ones). But even if they don't close, it's the worry that they might that might leave you in paralysis, unable to become a nomad capitalist (unless you have the money for your services, which most starting nomad capitalists won't have).

[GringosOnTheGulf]

Awesome video Andrew.👍🏼❤ thanks for sharing this with us all.
Cheers from 2 Canadians 🇨🇦 living in Mexico. 🇲🇽✌🏼

[andycommonsincanada]

Andrew, as always your content is interesting and moreover informative. As a Canadian I have to say don’t trust Canadian Banks anymore. We closed our accounts with CIBC because of the banks closing accounts without justification.

[renatosureal]

in ROMANIA ... when opening an account with a ROMANIAN government issued RESIDENCE PERMIT and Personal Numerical TAX number (CNP)... BANKS force you to provide TWO addresses: (1) your RESIDENCY address in the Romanian city which matches your RP document and also a (2) DOMICILE address which is one's country of origin's address, as if .... one's residential address is not the same as one's domiciliary address - it is A MESS !! 🤡🤦‍♀

[leoniebachmann]

A bank "account" with a deposit/cash is nothing but a loan to the bank. As soon as the bank goes bankrupt, there goes your money.

[gilbertorios]

would love to hear you speak on your experiences and choices of banking in Colombia.

[Andrew-ttlv]

What about neobanks? Revolut, NuBank etc?

[cmeds]

I appreciate the consistent content NC team <3

[thelostcreole]

My Life IS all cash and metals. I have a bank account only to pay utilities. My favorite option IS Western Unión! You can send money to yourself to travel destinations and people can pay you there. Fees are not great but convenient.

[pablomartinez-sistac]

Hey Andrew, how about a vid on fintechs? The one on the channel is four years old so I thought an updated version would be good. Im currently living in the DRC where Wise is not allowed and Revolut is limited. Keep up the great content

[paulpenn]

Right about TD bank, they are not worth having an account with. Filed a complaint with CFPB, but no correction occurred.
AH forgot to include HSBC, but I think he closed that already.

[cryptolatino]

Thanks for the list. Any thoughts on Crypto friendly banks that you know of?