Question 1

How much should I put down on a house?

Accepted Answer

While 20% down is ideal to avoid mortgage insurance and secure better rates, many buyers put down less. FHA loans allow 3.5%, conventional loans as low as 3%, and VA/USDA loans allow 0%. Consider your savings, budget, and whether you'd rather have cash reserves for emergencies, repairs, and moving costs versus a larger down payment.

Question 2

How do international wire transfers work?

Accepted Answer

International wires transfer money between banks in different countries using SWIFT network. You need recipient's SWIFT code, account number, bank details, and address. Transfers take 1-5 days and involve fees from both banks.

Question 3

What is compound interest?

Accepted Answer

Compound interest is interest earned on both your principal amount and previously earned interest. The more frequently interest compounds (daily vs. monthly), the more you earn over time through exponential growth.

Question 4

Can I have a bank account in a foreign country?

Accepted Answer

Yes, as a non-resident you can open foreign accounts, though requirements vary by country. You typically need passport, proof of address, and sometimes minimum deposits. Consider tax implications and reporting requirements.

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Frequently Asked Questions

How much should I put down on a house?

How do international wire transfers work?

What is compound interest?

Can I have a bank account in a foreign country?

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