American Expats Left Frustrated As Banks Cut Services Abroad

[Alby]

Folks, any validity to this?

"Expats Left Frustrated as Banks Cut Services Abroad

Americans Overseas Struggle With Implications of Crackdown on Money Laundering and Tax Evasion"

Link:

http://m.asia.wsj.com/articles/expats-left-frustrated-as-banks-cut-services-abroad-1410465182?mobile=y

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[Alby]

http://m.asia.wsj.com/articles/expats-left-frustrated-as-banks-cut-services-abroad-1410465182?mobile=y

One should be

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[MikeB]

The link is to a subscriber only page. If you do a search for "Expats Left Frustrated as Banks Cut Services Abroad" you'll find the whole WSJ article. Worth reading.

We should probably change the title to "American Expats Left Frustrated..." since it only affects Americans.

[Alby]

I am not allowed to paste it I think. However, wsj allowed reading it on their website.

Here is their public link.

http://m.asia.wsj.com/articles/expats-left-frustrated-as-banks-cut-services-abroad-1410465182?

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[Alby]

True. Only Americans are affected coz only us have such a government :)

I don't get it really? They want us to pay taxes yearly when we are outside and then they do this? What are we paying for then?

Thanks MikeB for the explanation! That's what I do too instead of paying the $200+ USD for that subscription ;)

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[jon1]

I have heard others having the same problems with investment companies dropping them. One way to avoid being identified as overseas would be to use a VPN to the US (from a US Server) before accessing your account. That way you are logging in to the web site with a US IP address.

 

I foresee a lot of US Expats using their wife's account in the future. By depositing your monthly budget by check into her account, limits visibility of your exact location (also limit your credit card account transactions). Online buying should be done with VPN also. 

[Alby]

Frankly, I don't get it?

Doing this by the IRS means no expat money investments or activities? But then, wouldn't that mean no more expats are allowed?

If so, what's the point behind being a cocoon American?

It's very dangerous to put idiots in a position of power!

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[MikeB]

The article mentions banks checking if you're logging into your acct from overseas but if you're using a US debit card to get cash or a credit card to make purchases in a foreign country you have to notify the bank of your location or the transaction will likely be declined. Especially from a 3rd world country. So they know where you are if they're interested, I don't see that using a VPN accomplishes much. You may be ok if you stay under the radar but if you report a fraud incident (or the bank detects one) that could be the end of the acct. Hard to deny it when you have years of foreign withdrawals.  As for transferring your assets to the wife's foreign acct, no risk there huh?

[Alby]

The laws are being put in place to protect the good guys and not to do you harm so what harm did we do by just living abroad?

There is no need to vpn or hide coz we didn't do anything wrong did we?

It's all because if you are American you'd have to pay irrespective of where you live!

Name one more country that does this aside from the USA? None!

I can now understand why denouncing the US citizenship is on the rise.

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[scott h]

If this is the same program that started last year, its not all that big a deal. My tax lady back in the states sent me a form. We listed our bank accounts here in the Philippines and the amounts in them. Signed it, scanned it, emailed it back to her and it was done :mocking: . Got our federal refund directly deposisted into our state side bank account :thumbsup: and whammo,,,,,,,,,,taxes are done for another year.