International banking diversification is useful, but too many accounts can become costly, duplicative, and difficult to manage. A practical offshore banking setup should be reviewed regularly, with accounts kept only if they still serve a clear purpose: transactions, wealth storage, investing, or backup access.
The main lesson is to start broad, test different jurisdictions and banks, then consolidate once the useful accounts become clear. Many people have too few options, but after building a diversified structure, it can make sense to close accounts that no longer provide value.
Bank accounts can serve different roles:
- Transactional banking for daily transfers, cards, and payments
- Cold storage for holding cash or wealth safely
- Investment banking for access to markets or products
- Backup “tunnel” accounts for moving money if another jurisdiction becomes difficult
- Local accounts connected to residence permits, property, or business needs
The goal is not to keep every account forever. The goal is to have enough options so capital is not trapped, while avoiding unnecessary fees, poor online banking, low service quality, and mental clutter.
TD Canada Trust
A TD Canada Trust account was closed after becoming inconvenient to access remotely.
The account had been opened around 10 years earlier as a Canadian dollar and U.S. dollar account. It was used mainly to park Canadian-dollar liquidity, not for regular transactions.
The problem was access. When login access failed, the bank said the solution was to visit a branch in Canada. After pressure, the bank agreed to close the account and send a Canadian bank draft to a U.S. address.
That draft then had to be sent to another bank for processing, which took time and involved a fee of about $500.
The account was not closed because TD Canada Trust was necessarily unsafe or unsuitable for everyone. It was closed because it no longer justified the inconvenience. Canada also has added political and banking concerns after account freezes in recent years, though the transcript notes the risk is different for non-residents who are not politically active in Canada.
TBC Bank in Georgia
TBC Bank in Georgia was also closed, despite the speaker still viewing Georgia as a useful banking jurisdiction.
Georgia has long been attractive for offshore banking because accounts can sometimes be opened without traveling there, and the country has offered higher yields than many developed markets in the past.
However, TBC became duplicative. Bank of Georgia was described as becoming more innovative, especially through its Solo program, including new card and lounge-related benefits.
The complaints about TBC were practical:
- Online banking did not work well for the speaker
- Some people doing business in Georgia reportedly had accounts closed without clear reason
- The account overlapped with other Georgian banking options
- U.S. dollar interest rates in Georgia are now less attractive than before
When developed-market banks in places such as Singapore, the UAE, and the U.S. are paying higher rates, Georgia is less compelling for U.S. dollar cash. Georgian lari deposits can still pay more, but that is a separate currency position with its own risks.
The decision was to consolidate Georgian banking rather than maintain multiple accounts.
Smaller Georgian and Armenian Accounts
A smaller Georgian account at Terabank had already been closed because it felt too local and limited for serious international banking.
In Armenia, an account at Ardshinbank was closed because it was not technologically convenient and required too much in-person handling. It had originally been useful when Armenian banks paid high interest rates on U.S. dollars, but that advantage became less meaningful.
The account functioned as a small backup banking “tunnel,” but over time the amount held there was no longer worth the administrative effort.
The transcript notes that Armenian dram exposure performed well for the speaker after buying around 500–520 against the dollar and later seeing the rate around 400, while also earning high annual interest in dram deposits. However, only one Armenian bank account was considered necessary.
The broader principle is that as wealth grows, the minimum useful account size rises. A small account that once seemed worth maintaining may later become too much hassle for too little benefit.
UOB in Singapore
UOB in Singapore was closed even though Singapore remains one of the preferred jurisdictions for safe banking and asset storage.
UOB is one of Singapore’s major banks and is described as statistically strong, but the service experience was poor. The account was opened shortly before the pandemic, and the priority banker later left. The speaker then had difficulty setting up online banking and sending signature confirmations by mail.
The issue lasted for years, and the account became duplicative because the speaker already had enough Singapore banking coverage.
The practical lesson is that even a strong bank in a strong jurisdiction can be worth closing if service is poor and the account overlaps with better alternatives.
The transcript also notes that accounts in Malaysia or Thailand can sometimes help create a pathway into Singapore banking, especially for people with residence or regional banking relationships.
Montenegro and Serbia
A Montenegro bank account at Prva Banka was closed after becoming unnecessary.
The speaker owns property in Montenegro and could potentially obtain a residence permit through that property. With a residence card, it may be possible to open a local bank account again. However, maintaining the residence permit was not worth the hassle, and Montenegro can be visited as a tourist for 90 days.
The account was also not technologically advanced. The broader Balkan region is described as weak for online banking, including Montenegro, North Macedonia, and Serbia.
A Serbian account at UniCredit Serbia had also been closed the previous year for similar reasons: poor online presence and an outdated branch experience.
These accounts were useful for testing local banking, but not worth keeping as long-term infrastructure.
Bahamas Offshore Bank
A Bahamas bank account was closed because the value did not justify the fees and service model.
Island offshore banking jurisdictions can be expensive. They may charge high annual fees, high wire fees, and take a slice of interest when placing deposits with correspondent or partner banks.
The transcript notes that some Bahamas banks do not necessarily keep deposits locally. They may place term deposits through other large banks around the world, each with different rates and credit ratings, while charging for the service.
The account was also reviewed in light of concerns around offshore banking exposure after the FTX collapse, although the bank said it had no exposure.
The conclusion was that the niche offered by the bank did not justify the cost, and the account was closed.
UAE Bank Account Kept, But Not for Transactions
A UAE bank account was considered for closure but ultimately kept.
The UAE is viewed positively as a safe and responsive country, but the personal banking experience was not considered as strong as Singapore or Malaysia. Even at private banking level, service and English-language communication were described as underwhelming.
The account was kept in dirhams as an additional diversification point, but not as a main transactional account.
The UAE’s new 9% corporate tax is also mentioned as a reason the country is less ideal for certain company structures than some promoters suggest. The speaker does not currently maintain an active UAE company.
Why Consolidation Matters
Too many bank accounts can create problems:
- More login and compliance work
- More tax reporting
- Higher fees
- More paperwork
- Duplicative jurisdictions
- Poor service experiences
- Low balances spread across too many places
- Harder tracking of funds
- More mental clutter
This is especially important for U.S. persons, who face detailed foreign account reporting obligations. Americans may still need international diversification, but fewer, better-organized accounts make reporting easier.
The transcript warns that many tax professionals do not properly understand foreign bank account reporting, so internationally experienced tax help is important.
How to Build a Better Banking Structure
A practical international banking setup should include multiple account types, but not unlimited accounts.
A useful structure may include:
- One strong transactional account
- One or more safe wealth-storage accounts
- One investment-focused account
- A few backup banking “tunnels” in different jurisdictions
- Local accounts only where needed for residence, property, or business
The best account depends on the person’s citizenship, residence, company structure, tax position, deposit size, expected transactions, and risk tolerance.
Some accounts will not work out. Fees may be too high, service may be poor, online banking may fail, or the bank may not understand the client’s international profile. That is why it can make sense to start with more options, test them, and then close weak or duplicative accounts.
The main takeaway is that banking diversification should be active, not passive. Open enough accounts to avoid dependence on one country or one bank, but review them regularly and close those that no longer serve a real purpose.
