With the failure of Silicon Valley Bank, a lot of people in tech, at least temporarily, lost their access to their money. While the US Congress agreed to secure these deposits and protect the people, the fear is still there. Now, many ask if it is possible to keep money in multiple banks worldwide in the case one you are using currently collapses.
For some, the collapse of the monetary system would only mean a pause on their debts. But even someone just saving money can benefit from a global perspective. Some of the options people are using are:
- Foreign bonds
- Foreign bank account
- Investing in developing countries
Thankfully, you don’t need to physically go to each of the places to have access. With a good VPN provider such as Le VPN, you can be anywhere in the world and have access to all of your funds at the same time as if you are present.
And the good thing is, you would be safe while doing so.
Don’t Keep All Your Eggs In the Same Basket
Regardless if you are a tech millionaire looking to invest your money or a recent graduate looking to save a bit, you should always keep your money in different places. That way, if something happens, you will always have a plan B.
Today, with access to services where you can quickly make a portfolio with investments, there is no need to save all of your money in a bank. It doesn’t necessarily need to be entirely in investments, but some diversity is always a good thing.
If you are looking for international opportunities, that will be more work. It is usually a good idea to learn the local language and be aware of the situation in that country. But that work, both literally and figuratively, pays out.
Foreign and International Banks
While it may be illegal for citizens of some countries to keep bank accounts abroad, in some places, it is fine. And, with a lot of modern banks, it is possible to make an account online. You will still need to give your private information, but if you are using a VPN and only sending directly to the bank, that would be secure as well.
For deposits, the best choice will always be smaller but stable European countries, such as Luxembourg, Belgium, the Netherlands, or Switzerland. And if you are keeping it in local currencies like the Swiss Franc, you would also experience a much lower inflation rate than in Dollars or Euros.
If you are someone working in tech in California and you find yourself in a situation like today, you would just switch the card on your Apple Pay and carry on as if nothing ever happened.
Investments and Deposits
Although all investments always come with risk, a calculated risk is often better than missing out. For investments specifically, you don’t need to use a VPN to buy either foreign or domestic stocks or options. But, it will come in handy for information.
In a lot of countries, it is impossible to see all of the local media from a foreign IP address. But, by choosing a local VPN server and using Google Chrome to translate pages, you can quickly get all of the information you need, similar to how you watch foreign TV shows and sports.
Some believe that global investments are only for people who are considered the richest, but that is not true. Especially for those working in the US, investing in the development of businesses in South America, Africa, or Asia can go a long way with what would be considered middle-class savings.
Crypto is an Option
Cryptocurrency like Bitcoin might be a far cry from its top value of $60.000 two years ago, but it is much more stable today. Additionally, it is much more useful today, where it is known and accepted around the world.
Bitcoin is also just one of the options when keeping your money in crypto. Options like Ethereum, Uniswap, and Monero are also viable for anyone and are relatively stable.
The biggest risk with crypto is cybersecurity. Unlike investment portfolios that can’t be easily in danger if you get your identity stolen, crypto is not as protected. If you choose this option, you will need to be aware of what tools you are using and how you are behaving online.
If you are scammed and use your foreign bank account, you can still call them and cancel the transaction. There is a tight paper trail to a known location. But with crypto, that is not the case. If your hot wallet is stolen, you have no solutions against the unknown attacker.
Thankfully, with crypto, you also don’t need to use your private information. If you are staying covert and not telling anyone online that you have one, there is no way for someone to target you.
Secure National Bonds
Holding national bonds will never make you rich. But they won’t leave you poor either. When it comes to stable countries, these bonds can be the best way to keep your assets secure.
For instance, Norwegian government bonds may only have a 2.75% yield, but the Scandinavian kingdom only had a 1% inflation last year.
Banks failing, especially those that keep a lot of tech money, can be troublesome. Trying to find rent money and paying for expenses when everything is blocked is stressful and makes you reach out for help.
But, with a premium VPN like Le VPN, you can quickly collect information from all around the world and find out where else to deposit your money. That way, you will never be true without any funds.
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