Skrill as substitute for offshore bank - geographic diversification of cash?

Discussion of the Cash portion of the Permanent Portfolio

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Sam Brazil
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Skrill as substitute for offshore bank - geographic diversification of cash?

Post by Sam Brazil » Wed Aug 26, 2015 11:10 am

HB advocating parking some cash in offshore bank accounts (not tax haven banks, per se), for example in places like Canada, to protect against banking crises in the US or disasters affecting the US.

Well it turns out that legislation has made it virtually impossible for USA citizens to open bank accounts abroad unless you have millions of dollars.

Thinking outside the box, would something like Skrill be a decent substitute for parking a small amount of cash? Skrill is kind of like the European equivalent of Paypal. I do a lot of work hiring remote workers abroad from EU to Russia and many prefer to be paid via Skrill.

Skrill has a NYC office, but it seems to be very much a non-USA company...looks like HQ is in London.

A money processor like Skrill has certain risks that a bank doesn't, but then again, banks have certain risks of their own.

Thoughts?
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MachineGhost
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Re: Skrill as substitute for offshore bank - geographic diversification of cash?

Post by MachineGhost » Fri Oct 02, 2015 1:37 am

No offices or branches in the country to qualify.
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AdamA
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Re: Skrill as substitute for offshore bank - geographic diversification of cash?

Post by AdamA » Fri Oct 02, 2015 6:10 pm

http://gyroscopicinvesting.com/forum/go ... #msg105972

We discussed this a while back.  There's no perfect answer.
"All men's miseries derive from not being able to sit in a quiet room alone."

Pascal
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