Hey guys, i’m a Canadian resident. I have a corporation registered in Canada, and all of my income flows through this account and eventually into my personal account. I’m considering either opening a second Canadian account or an offshore bank account for the purpose of travel. My goal is not to change my business structure or avoid taxes, but simply to make it easier to make purchase worldwide.
I’m planning to do some travel in Asia and eventually South America. I know that in many countries, fraud can be a problem. Not only will I have to fight with my back to keep my account from being locked (they tend to be cautious when it comes accessing your account internationally) but i’m also concerned about having my card duplicated and used illegally.
What i’m looking for is some kind of bank account or prepaid card I can use to travel with. The idea is that I would transfer money to the account online, then withdraw the balance in cash to pay for my expenses. Because there will never be a balance on the card, I won’t have to worry about fraud. I’d also like to see if there is a way that I could reduce the fees I pay on currency exchanges or withdrawing in a foreign country.
Anybody have any suggestions?