Where to put $10-20K in Asia? As a hedge against the west

[iloveyouguys]

Where to put $10-20K in Asia? As a hedge against the western economies.

Preferably without flying there

 

[Clip]

Without a visit you can easily get Neat.Hk personal card with a limit of 100k HKD (12.86 K USD). You can topup with a virtual HK Bank account
They don't report to anybody
Neo Banks (Virtual Banks) are coming to HK soon, maybe the lift some restrictions and can open remotely

With a visit, I would recommend Bank of China HK and convert to JPY, this would be a currency with potential big gains if world economy cracks

 

[hernanday]

In that amount bitcoin + wallet, would be better than anything in Asia I could think of. Your plane ticket to recover your money would be more in some cases than the 10k.

 

[iloveyouguys]

In that amount bitcoin + wallet, would be better than anything in Asia I could think of. Your plane ticket to recover your money would be more in some cases than the 10k.

I'm asking in the scenario that I already have some BTC

I'm not comfortable with putting more money in BTC

You mean a plane ticket would be more than 10K? It's around 1K for me which is 10% lol, and that's why I was looking for remote bank opening or some kind of remote trustworthy investing service.

 

[iloveyouguys]

Without a visit you can easily get Neat.Hk personal card with a limit of 100k HKD (12.86 K USD). You can topup with a virtual HK Bank account

With a visit, I would recommend Bank of China HK and convert to JPY, this would be a currency with potential big gains if world economy cracks

neat.hk is trustworthy long term?

I don't mind the reporting

I suppose Japan banks don't allow remote opening?

 

[Clip]

neat.hk is trustworthy long term?

I don't mind the reporting

I suppose Japan banks don't allow remote opening?

No idea, never tried

But foreigners are not as welcomed as HK or SG

 

[Sols]

If I'm not mistaken, wealth management accounts can be opened with banks in Singapore and Hong Kong without flying there but the minimum deposit usually starts at 10x the amount mentioned. For a personal account, a visit should be expected.

I've heard about foreigners successfully opening bank accounts in South Korea while visiting as tourists and without any significant connections to South Korea. I believe it was with Shinhan Bank.

 

[hernanday]

I'm asking in the scenario that I already have some BTC

I'm not comfortable with putting more money in BTC

You mean a plane ticket would be more than 10K? It's around 1K for me which is 10% lol, and that's why I was looking for remote bank opening or some kind of remote trustworthy investing service.

I'm going to try to be as helpful as I can here. 10-20k is not much, so you are going to need to find a lower income place in Asia like Mongolia, Georgia or perhaps even Cambodia, who is going to see your 10k as a lot of money and have a reason to open your account. The big places like HK and SG are not going to want to open such a small account for the pain in the a*s it will be. Another option you'd have would be to simply buy gold and put in a safe in SG. You can also try EMIs if you trust them. If you are American, banks have to do Facta documents for you which is a nightmare. Even bankers in France now don't want to deal with American customers anymore and had a big row with the French government (there are many Americans in France). Basically French banks complained that Facta laws meant an American account can never truly be closed and it cost them a s**t ton of money to keep open all these dormant accounts and keep reporting them.

For example, if you are a French bank near a place like the American university of Paris, full of Americans and you open 500 accounts a year or something like for American students. Over a 10 year period, a medium size branch will have to be reporting accounts for 5000 people to facta of people who are mostly no longer in the country. And by 20 years it will be 10k. That would require them to hire multiple people full time just to comply with that crap.

 

[Runway]

Where to put $10-20K in Asia? As a hedge against the western economies.

Preferably without flying there

Hedging against the western economies in USD??
Or you mean in local currency?

 

[iloveyouguys]

I'm going to try to be as helpful as I can here. 10-20k is not much, so you are going to need to find a lower income place in Asia like Mongolia, Georgia or perhaps even Cambodia, who is going to see your 10k as a lot of money and have a reason to open your account. The big places like HK and SG are not going to want to open such a small account for the pain in the a*s it will be. Another option you'd have would be to simply buy gold and put in a safe in SG. You can also try EMIs if you trust them. If you are American, banks have to do Facta documents for you which is a nightmare. Even bankers in France now don't want to deal with American customers anymore and had a big row with the French government (there are many Americans in France). Basically French banks complained that Facta laws meant an American account can never truly be closed and it cost them a s**t ton of money to keep open all these dormant accounts and keep reporting them.

For example, if you are a French bank near a place like the American university of Paris, full of Americans and you open 500 accounts a year or something like for American students. Over a 10 year period, a medium size branch will have to be reporting accounts for 5000 people to facta of people who are mostly no longer in the country. And by 20 years it will be 10k. That would require them to hire multiple people full time just to comply with that crap.

Thank you. I'm non-US non-EU

 

[iloveyouguys]

Hedging against the western economies in USD??
Or you mean in local currency?

In case if there's a crisis in western countries due to economic problems, war, societal problems, etc. Or if I lose my access to western countries

 

[daxbr]

In case if there's a crisis in western countries due to economic problems, war, societal problems, etc. Or if I lose my access to western countries

For that kind of contingency, you may want to look for an unpopulated place, where people look like you and cost of living is low. Cost of Living Index 2020

 

[JohnLocke]

In case if there's a crisis in western countries due to economic problems, war, societal problems, etc. Or if I lose my access to western countries

If that is an concern I would look into Switzerland or Australia - I'm not sure that China nor any euro zone country will be safe in that case.

 

[Martin Everson]

Where to put $10-20K in Asia? As a hedge against the western economies.

In your damn pocket!!!!

In case if there's a crisis in western countries due to economic problems, war, societal problems, etc. Or if I lose my access to western countries

Again in your damn pocket!!!!

In a real economic crisis or if you loose access to western countries then again cash is king. Speak to Syrian middle class who ended up refugees from one year to the next with no ability to open a bank account anywhere in the west .

 

[Clip]

In your damn pocket!!!!



Again in your damn pocket!!!!

In a real economic crisis or if you loose access to western countries then again cash is king. Speak to Syrian middle class who ended up refugees from one year to the next with no ability to open a bank account anywhere in the west .

Then in this case is better to have Bitcoin or stablecoins. You can always do an OTC for cash in Europe. Imagine bringing lots of cash in a boat to Lesbos

 

[daxbr]

In your damn pocket!!!!



Again in your damn pocket!!!!

In a real economic crisis or if you loose access to western countries then again cash is king. Speak to Syrian middle class who ended up refugees from one year to the next with no ability to open a bank account anywhere in the west .

Have you tried to cross border with 20k cash with you lately? They have it counted before you take it out of your pocket.

 

[John Andrews]

give 9999 EUR to each family member, problem solved. or find someone at the airport to use as a mule

 

[Martin Everson]

Have you tried to cross border with 20k cash with you lately? They have it counted before you take it out of your pocket.

$20k into 1000chf notes is only 20 notes you know

Then in this case is better to have Bitcoin or stablecoins. You can always do an OTC for cash in Europe. Imagine bringing lots of cash in a boat to Lesbos

BTC is an option but BTC is way too volatile as a store of value. The day you need it your BTC may be worth only 1500 each....lol.

 

[daxbr]

$20k into 1000chf notes is only 20 notes you know



BTC is an option but BTC is way too volatile as a store of value. The day you need it your BTC may be worth only 1500 each....lol.

Felony structuring, if it happens to be US border. His idea of prepositioning $20k k in strategic locations is generally valid and addresses your Syrian concerns of lack of financial base.

 

[Martin Everson]

Felony structuring, if it happens to be US border.

You lost me whats this got to do with US? He said below:

Where to put $10-20K in Asia? As a hedge against the western economies.

Why would he walk into the lions mouth of western supremacy aka US if he wants to hedge against the west