from
(snip)"A securities analyst sent a note this morning "I just received this today from a company I have used for 3 years."
He was referring to a memo from Currency Online regarding Restriction of our service to USA based clients
Regrettably I write to inform you that, due to changes in legislation, we will be unable to continue to offer our international money transfer services to clients located in the United States of America (USA). As a result, any existing transactions that you have outstanding with Currency Online will be completed in the normal way, however you will be unable to undertake any new transfers.
Below we have anticipated some of the questions you may ask. Should you have any further questions please email us at [email protected] or call us on our free phone number 1866 420 7697.
Q: Can I still access my online account?
A: Yes. While you will be unable to undertake further FX transactions with Currency Online, you can still log into your account and have full access to review funds held on account plus any current and historical transactions.
Q: What happens to my existing FX transactions?
A: Simply complete the contract as normal. Please ensure you deliver your funds by the agreed value date and we will pay your purchased funds to the nominated beneficiary.
Q: What do I do if I have a Market Order in place?
A: As the outcome of a market order is an FX transaction we will unfortunately need to cancel any outstanding Market Orders you have. We shall, if we have not already done so, be calling you directly.
Q: What if I am no longer located in the USA?
A: Simply provide us with your new proof of address and you will be able to continue to use our services as normal.
Once again, please accept our sincere apologies for any inconvenience this may cause. We will of course let you know should we resume our services to US based clients. In the meantime, we thank you for your support and understanding.
The team at Currency Online"(snip)
trying to research what is actually behind this new development...
from
(snip)"one of the most troubling on the long list is the growing problem of currency controls against Americans conducting legitimate offshore business. We have long argued that the noose was tightening against the free movement of Americans, and their money. Not just globally, but right at home.
While there is no one specific law restricting the free movement of currency across US borders, America has “de facto” currency controls.
You read the above correctly: today, the USA has de facto currency controls restricting Americans from conducting legitimate global business across their borders. Finally, we are not alone and others are taking notice and waiving the same warning flag."(snip)
Now, the IRS has acquired indirect and discretionary control over offshore banks under the 2010 HIRE Act, which integrates the provisions of the Foreign Account Tax Compliance Act. These far reaching burdens will all but cut off any and all offshore banking and investment opportunities for Americans.
Read that last sentence again….it is very significant.
The newly adopted financial and compliance burdens and expenses impacting foreign banks dealing with Americans are very dramatic and will be so great, that US citizens will certainly be cut off from financial markets outside the US boundaries.
From a global perspective, for Congress to attempt to regulate foreign banks from sovereign jurisdictions is arrogant and distasteful.
But worse yet for Americans, the certain spillover to non-financial investments will likely follow, since investing in real estate, stocks, bonds, and intangible assets involves US citizens using a foreign bank to complete an offshore transaction, unless traveling with a suitcase full of cash across borders"(snip)
Honestly, I'm not sure what precipitated this 'cutoff' of US clients by this international currency exchange and funds transfer service ... on a US holiday weekend no less. But the underlying principles which led to this 'cutoff' could be similarly applied to other international currency exchange and funds transfer services channeling 'foreign earned' money to US citizens.
This function is of course an essential part of US webcam girls receiving future payments for money earned via foreign country based webcam hosts ... which necessarily involves a de-facto 'foreign bank account' in the camgirl's name at the webcam host's foreign 'bank' ( = payment processor ) which temporarily holds her 'foreign' webcam earnings. This certainly "involves US citizens using a foreign bank to complete an offshore transaction", as the attorney put it.
I'm not trying to raise undue concern, but if this new US Capital Controls measure becomes widespread, it could lead in the extreme to a situation where US webcam girls using foreign based webcam hosts may need to travel to Cyprus ( or wherever ) in order to personally withdraw their webcam earnings in Euros ( or whatever ).
In more practical terms, the possibility that new US Capital Controls could potentially be enacted at any time leads to a few considerations ...
- while international funds transfers are still possible, make frequent transfers so that your 'foreign account' balance doesn't build up to a high level. This is based on the possibility that, with little or no notice, the webcam earnings held in your 'foreign account' could effectively be 'trapped' until you show up in person in the foreign country to withdraw your funds.
- consider fewer efforts using the foreign webcam host, and greater efforts using a ( new ) US based webcam host to build a 'presence' / ranking / regulars. This is based on the future possibility that new US Capital Controls could effectively cause huge numbers of US camgirls to quit foreign webcam hosts and move to US based webcam hosts within a very short period of time ... at which point building a 'presence' / ranking / regulars will be far more difficult.
I would also point out that I have already personally experienced the effects of new US Capital Controls ... i.e. being forced to close my Swiss bank account !
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