Can you tell me what you know about keeping money off shore?

I have never banked out of Canada, but I would check to see how much insurance is on an account. In Canada and the USA is usually between $100,000 to $250,000.
I believe that the acronym is F.D.I.C.

I’m just hypothesizing here, but I would imagine there is some degree of expense and overhead involved in doing this as opposed to using US banks. Call that x. That would mean that the dollar amount being moved offshore would likely need to be substantially larger than x for it to make any financial sense whatsoever (maybe 100x?). Now if you’re moving a percent of your holdings say 20% offshore that would mean your total holdings would be something like 500x. I have no idea what x costs, but If were talking about $10k (bank fees, foreign LLC creation and filings, foreign lawyers, etc.) then it wouldn’t make sense unless you had $5 million total in your investments using the example numbers. Everyone’s risk and strategies would be different of course, but the point is the cost of x will have a substantial impact on whether this is a strategy one can afford to consider.

@gorillapaws In the business I manage we now use Wise and keep as little as 100£ or € in Europe. The US account using that same service we often only have $10. The money usually moves in seconds. Previously, we used XE to move money, but with that service we didn’t hold any money in Europe, we sent money from the US to our contractors in Europe directly to their bank accounts.

I’m thinking of maybe using Schwab or some other well known financial center.