kidinmn

I'm a U.S. and Italian citizen that resides in South America and am planning a two to three month trip through Europe. I plan on taking under $10,000 to expense my trip. Obviously I can't keep in in my wallet nor suitcase during my trip. Even though I'm an Italian citizen but not resident would it be possible for me to open a bank account in Europe to deposit my travel money and use a debit card to withdraw what I need? I can't deposit it in my local Argentinean account and withdraw money with an ATM card in Europe since a new law was passed that won't allow me to withdraw any funds outside of Argentina. I can use my Argentinean debit card (don't have a credit card), but not withdraw cash in foreign countries in their currency. I certainly don't want to put my travel money in an Argentinean account because everything is too controlled here and the banks are untrustworthy. I thought about depositing it into a U.S. account and using a debit card to be able to withdraw cash in Europe but I'm not sure if I would have to claim it on my taxes even though it's under $10,000 and it's unearned income.

StCirq

Hi, kidinmn.

This might answer some of your questions, maybe all.

http://rome.angloinfo.com/countries/italy/banking.asp

ira

>I'm not sure if I would have to claim it on my taxes even though it's under $10,000 and it's unearned income. <

US citizens are supposed to report all income from all sources.

BigRuss

>I'm not sure if I would have to claim it on my taxes even though it's under $10,000 and it's unearned income. <

Unearned income has to be claimed on your taxes regardless of whether you put it in a US bank. It's likely exempt from taxation depending upon the source and your overall income (because you get a hefty exemption for income received as a citizen abroad). So the bank issue should not be driving your decision to report the income nor should the reporting issue drive the decision to deposit in a US bank.

I'd consider moving as much money as you can out of Argentina considering its current political state and economic policies, but that's an analysis you have to undertake yourself.

kidinmn

I don't keep money in an Argentinean bank. They can't be trusted and as far as having it transferred, a lot would be lost during the transaction. Many foreigners here are in the same dilemma. Transferring it or wiring it to the States is not an option. I'm wondering if I can get a European friend to open a joint bank account and they can send me the debit card so that I can use it during my travels.

jamikins

Opening a bank account in the UK anyways is like trying to get into Ft Knox. You need to provide a valid passport and proof of residency in the form of a utilities bill that has been sent to your UK address. I really dont think anyone else can set this up for you.

This is all to prevent money laundering and is a requirement of our regulator. I highly doubt it is much different in most European countries as we have banking agreements in place to make it an open business environment.

Do you have HSBC in Argentina? Perhaps they could help you out as they are a global bank? They have accounts for people who are moving here etc.

bilboburgler

Given the terrible inflation in Argentina and the hideous, ungrateful government I certainly would try and get any money out. I'm not sure that is really a holiday issue though as I would just try and get any money out.

Given that this need to get money out has been a problem in Argentina every 15 years or so going back to pre-WW2 there must be normal unofficial pathways for this?

If anywhere is capable of helping and with strong Argentinian connections then have a look in Italy. We do have some real Italy experts on this site

kidinmn

I was thinking of opening an account in Italy since I have an Italian passport but not residence. The problem is that you have to have a numero fiscale, taxi id number, and I don't have one since I don't have earned income there.