Live Breaking News & Updates on Moderna vaccine reactions

Spread the love
QUESTION: Do Americans have to be concerned about having money in foreign exchanges in places like London or other European countries if they impose capital controls? Is this as big a risk for Americans and you wrote it is for Europeans?
EM
ANSWER: Yes. They will require you to prove that you are not fronting for someone else. When I was going to work for a few months in Singapore, a friend of mine there asked if he could find me a condo to rent rather than a hotel. He put down the rent deposit, and I wired off $6,000. Two months later, when I got there, he said he never got the wire. I called my bank and told them to put on a trace, and HSBC returned the wire that day. They refused to credit his account because they could not verify I had no ownership in his account. I had to write him a check. Capital controls can be a real problem even for legitimate transfers.

Qatar , United-states , Texas , Kiev , Ukraine-general , Ukraine , Washington , China , Yemen , Russia , Michigan , London