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Open an Account International

Should US expats open a foreign bank account overseas? If you’re living abroad (or planning to move abroad), you've probably already given this question some thought. From getting paid smoothly to paying local bills, opening a local bank account can definitely make sense, but before you do it, be aware that it may trigger US FBAR reporting. While FBAR (Foreign Bank Account Report) filing doesn’t trigger tax, not filing an FBAR can result in steep fines. At Online Taxman, we’ve helped thousands o