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Why Americans Have Millions of Dollars in Foreign Bank Accounts

December 13, 2017

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Many Americans have money in foreign bank accounts for a variety of reasons that range from business dealings to personal needs.

GOBankingRates surveyed more than 300 adults living in the U.S. and found that some have amounts in offshore accounts up to $5 million, though most (67.6 percent) have $250,000 or less in foreign bank accounts.

Just over 22 percent of Americans surveyed had $250,000 to $500,000 in bank accounts abroad, 6.5 percent had $500,000 to $750,000, 2.1 percent had $750,000 to $1 million, 0.9 percent had $1 million to $5 million, and 0.6 percent had more than $5 million.

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