I once was working in the USA for two years and had an ING account there. Is it legal to keep this account even though I am in Canada now? What can happen to my money if it's illegal? The interest rates are higher in US ING than in Canada ING, that's why I'm keeping my money there.
2006-07-27 05:00:11 · 5 answers · asked by sophiest 2 in Business & Finance ➔ Personal Finance
I agree with OPM. You may have an account anywhere.
Regarding interest rates- you are seeing first hand what many people don't understand: Why do currency rates change and what makes people want to buy another currency? Well, Canadians may want to buy dollars right now because dollars are cheap compared to Canadian dollars, and the rates in the US are higher. Look at Japan's rates. Practically ZERO. So, people have been borrowing Yen to buy dollars and then buy US Treasuries cause our rates are so much higher.
Your risk is currency fluctuation. But I admire your thinking-
2006-07-27 05:10:26 · answer #1 · answered by Anonymous · 4⤊ 0⤋
Unless you have been put on a terrorist watch list, anybody in the world can have accounts in financial institutions in the United States, without limitation.
2006-07-27 05:03:33 · answer #2 · answered by OPM 7 · 0⤊ 0⤋
I don't think it would matter. In the U.S. you have to delcare any foreign accounts on your taxes - it may be the same for Canadian taxes.
Lots of people have accounts in other countries, and even trade on their stock markets.
2006-07-27 05:06:36 · answer #3 · answered by Jennifer W 4 · 0⤊ 0⤋
You were here when you opened the account. You can keep the account.
2006-07-27 05:07:10 · answer #4 · answered by patience3987 4 · 0⤊ 0⤋
I don't see why it would be illegal.
I would run it past a lawyer to be sure.
check out
http://www.getprotectedhere.com
2006-07-27 11:57:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋