Foreign bank accounts

Hello, I'm from Canada, and I was thinking that later on in life I may want to take some long vacations in other countries, maybe Cuba or the Philippines or England. I was just wondering if it was possible to create personal bank accounts for use there? Keeping a certain balance to those accounts so if I do go to a country, I'd have some spending money waiting for me? What exactly would I need? For interest on the money tax-wise, would I be paying the country the account is held or my own government? I've tried some googling in terms of Philippine banks but they say nothing of it.

 

I myself do not own a Philippine bank account but I do have a foreign (Swiss) one. What I basically did was to enquire from my local bank advisor to get the paperwork done and getting a minimal cash into it. Weeks later, I got approved and tada.
Not sure that's how Canada works though, but it's pretty much the same.

 

You can also get one of off-shore accounts but they cost alot to just set them up and you need minimal mothly incoming I think.

 

I would suggest meeting with a Finicial advisor or a banker to understand it better for an issue you like this.

 

^this.

in the meantime i would suggest reading the following books on the subject:

-"invisible banking" by lance spicer. very practical and awesome book. it's tailored for the australasian, but it's methods are applicable to anyone.
-"treasure islands" by nicholas shaxson. this takes more of a historical look at 'offshore', but it's nice to get a perspective of the euromarket. note: the author seems to have some socialist leanings- so prepare yourself for some cringing when it comes to the author's opinion.

 

Quite difficult and not practical on your scale.