Jump to content

Need advise regarding my Financial bank in the USA while living in the Philippines


Recommended Posts

I'm moving to the Philippines at the end of the year for permanent retirement.  All of my financial's are with brokers in the USA.  Retirement investments.  My understanding is I may not be able to keep my financial Investments with a US company if I move out the Country.  i.e. no longer a US resident.  What do you guys do?  Is there a US Financial firm that will allow me to keep my retirement stuff in the US while I'm living abroad or do I need to transfer everything to a Philippines bank?  What is the best way?  Thank you 

Link to post
Share on other sites

I'd rent a mailbox in the US and give that address to your banks: https://physicaladdress.com/

For transferring money from the US to your new residence, nothing is better than HSBC: https://internationalservices.hsbc.com/overseas-account-opening/

Charles Schwab also has an international account: https://international.schwab.com/

Edited by Shady
  • Like 1
Link to post
Share on other sites
2 hours ago, boyee said:

I'm moving to the Philippines at the end of the year for permanent retirement.  All of my financial's are with brokers in the USA.  Retirement investments.  My understanding is I may not be able to keep my financial Investments with a US company if I move out the Country.  i.e. no longer a US resident.  What do you guys do?  Is there a US Financial firm that will allow me to keep my retirement stuff in the US while I'm living abroad or do I need to transfer everything to a Philippines bank?  What is the best way?  Thank you 

Honestly speaking, I'd ask the question of your current providers to see how the land lies with specific investments - some may allow non-residents to retain, others may not.

  • Like 1
Link to post
Share on other sites

I have left my account with my credit union who had no objection. I write a check once a month and deposit it my BPI account and it takes about 20 days to clear. I try to budget a month ahead to allow time for my check to clear.

  • Like 1
Link to post
Share on other sites

I am going through these questions now. I have made arrangements so I can transfer money from Wells Fargo to BPI. Cost me $4.00 and a knock on the exchange rate but at least I can transfer $2,999 in a single transaction. I also have a Credit Union here in California I can transfer into the Wells Fargo account with no fee's. Also kept checking and credit cards open.

My credit union doesn't seem to mind if I am considered an expat. As long as my retirement checks get direct deposited and I keep a minimum balance that is. My goal is to keep multiple avenues available as we never know what might happen.

As previously mentioned above, talk to your bank directly. Manager would be preferable.

Link to post
Share on other sites
7 hours ago, boyee said:

I'm moving to the Philippines at the end of the year for permanent retirement.  All of my financial's are with brokers in the USA.  Retirement investments.  My understanding is I may not be able to keep my financial Investments with a US company if I move out the Country.  i.e. no longer a US resident.  What do you guys do?  Is there a US Financial firm that will allow me to keep my retirement stuff in the US while I'm living abroad or do I need to transfer everything to a Philippines bank?  What is the best way?  Thank you 

I am in the same situation as you, planning to make our move later this year, if possible??

I guess there is different rules for different countries but I would NEVER, even consider, to move ALL of my money to a Philippine bank! I plan to keep most of my money in Sweden and then I will transfer to a Philippine bank when needed.

  • Like 4
Link to post
Share on other sites

I have Vanguard which I love.  But they will not allow me to keep them if I am not a US resident.  Ill talk to Schwab, I hear they are more friendly to expats

  • Like 1
Link to post
Share on other sites
  • Forum Support
4 hours ago, boyee said:

I have Vanguard which I love.  But they will not allow me to keep them if I am not a US resident.  Ill talk to Schwab, I hear they are more friendly to expats

As mentioned in the first reply, the answer is to have a mailing address in the US.  Things went to hell when my financial account manager changed and the new manager found I did not live in the US.   I now have an address in the US and things are fine.  My manager knows that I do spend time each year in the Philippines so I may occasionally have to contact her via skype instead of regular phone.   And I don't get out much so will "most likely" never meet her in person. :whistling:

  • Like 2
Link to post
Share on other sites

https://www.investopedia.com/articles/personal-finance/053116/top-10-checking-accounts-us-expats-living-abroad-cof-schw.asp

A good place to start if you want live overseas and open a USA bank account. 

 

For U.S. citizens living abroad, referred to as expatriates or expats, maintaining checking and other bank accounts in the United States provides several advantages. These include the convenience of paying bills or making payments in the country and the ease of direct deposits for employment or Social Security payments.

 

However, using these accounts while living in a foreign country can be expensive due to bank fees. For example, ATM transaction fees can be high—anywhere from $1 to $5 per transaction, if you choose the wrong bank. And without a strong mobile platform and 24-hour help centers, it may be difficult to access funds when overseas.

 

Below are the 10 top checking accounts for expatswith proven track records. Some of the banks listed have a hefty physical presence abroad, think HSBC and Citi, and others, like Ally Bank or Capital One, operate, for the most part, as online entities. All the banks listed have been vetted with expats and travelers in mind. All information has been updated as of Jan. 2, 2021.

 

KEY TAKEAWAYS

  • U.S. expatriates looking for the best checking account will need to consider whether they prefer a bank with a physical location, an online-only bank, or one that offers the best of both.
  • Other things to consider are foreign transaction fees, which can eat away at your balance each time you make an ATM withdrawal or debit card purchase.
  • Some banks and credit unions will offer reimbursement of foreign transaction fees.
  • In order to receive reimbursement of fees and other benefits on your checking account, you may need to meet a minimum monthly balance or other requirements.

Capital One 

Expats can use the Capital One 360 interest-bearing checking solution offered by Capital One Financial Corp. (COF) without paying maintenance, foreign transaction, or ATM fees.1 Account owners can set up direct deposits for work or Social Security payments. In addition, for Capital One 360 products, there are no additional fees when you use your debit card abroad.2

 

Be aware that if you plan on making mobile deposits of checks while living abroad, you might face restrictions that prevent you from doing so depending on the financial institution you use. For example, while you can deposit a check from anywhere in the U.S. and U.S. territories using Capital One's mobile deposit app, certain items are not eligible for this service, including checks that are not payable in U.S. currency or are not drawn on a financial institution located in the U.S.34

 

Charles Schwab Bank 

For expats seeking a low-cost checking account for international use, the Schwab Bank High Yield Investor Checking Account offered by the Charles Schwab Corp. (SCHW) pays rebates on all ATM charges, processes transactions in foreign currencies at no charge, and does not charge service fees. The account pays interest and can be linked to Apple Pay. When you open a checking account with Schwab Bank, you will need to open and be linked to a Schwab One brokerage account, as well.5

 

Citibank 

The Citibank ATM Network is available in over 40 countries, so accessing an ATM may not be a problem. A subsidiary of Citigroup Inc. (C), Citibank offers expats the convenience of handling their financial affairs in offices around the world, as well as online. With the Citi International Personal Account Package and the Citigold interest checking account, customers receive wealth management and financial planning services in addition to banking services.6

 

Customers must maintain a minimum combined average monthly balance of $200,000 in eligible linked banking, investment, and retirement accounts.7 There is no monthly service fee for accounts that meet the minimum average monthly balance. The account offers fee waivers on most bank services and reimbursement of fees charged by other banks for using non-Citi ATM machines. Depending on the type of Citigold account you hold, wire transfer fees are either waived or reduced.8

 

HSBC 

The international footprint of HSBC Holdings PLC (HSBC) provides expats an unparalleled physical presence with operations in 64 countries and territories.9 HSBC Premier checking offers a variety of features, including no ATM or transaction fees, no annual fees, and emergency cash up to $10,000 should a customer's wallet be lost or stolen.10

 

To qualify for the Premier account, customers must maintain a minimum balance of $75,000 in linked accounts with the bank or have monthly recurring third-party direct deposits of at least $5,000 or an HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000.10

 

If you can't afford a Premier account, try an HSBC Choice or Advance checking account, both of which allow you to bypass ATM fees in specific countries.11

 

HSBC Bank is known for its customer service and will help you open an account overseas, even before you move. In addition, you can move your funds via its mobile app between any of your HSBC accounts, which can come in handy if you have multiple accounts across multiple countries.

 

Alliant Credit Union 

The high-interest rate checking account at Alliant Credit Union pays an annual percentage yield (APY) of 0.25% with no minimum balance requirement and no monthly service fees.12 Unlike many banks, credit unions often pass processing charges on transactions through to customers without markups.

 

As a result, fees charged to expats on foreign ATM withdrawals and debit card purchases are 1% of the total transaction. However, Alliant does offer an ATM fee rebate of up to $20 per month.12

 
 

Some financial institutions charge foreign transaction feesto customers who make withdrawals from foreign ATMs or make purchases in a foreign currency using an electronic payment card. These fees are typically 1% to 3% of the transaction's value.

First Republic Bank 

The ATM Rebate checking account offered by First Republic Bank (NYSE: FRC) offers free withdrawals at ATMs around the world, refunds on charges for withdrawals from non-network ATMs, and waived transaction fees on debit card use. The account pays interest when a minimum of $3,500 is maintained throughout each monthly statement cycle. There is a $500 minimum to open an ATM Rebate checking account.13

 

Ally Bank 

While it only offers online banking, Ally Bank has a robust online interface for expats with free bill paying, no maintenance fees, and no monthly maintenance minimums.14 Ally Bank charges a standard foreign transaction fee of up to 1% of the transaction amount for ATM withdrawals and debit card transactions. There may be an additional charge if you use a non-Allpoint ATM overseas.15

 

Fidelity Investments 

For expats holding investment accounts with Fidelity Investments, the debit card included with the Cash Management Account can be used to withdraw cash from over one million ATMs worldwide. For each foreign transaction, there is a 1% foreign transaction fee for non-U.S. dollar transactions, which may apply whether or not there is a currency conversion. The account also offers travel and emergency assistance, accident insurance, and damage waivers for car rentals.16

 

Navy Federal Credit Union 

For active and retired members of the military who banked with the Navy Federal Credit Union (NFCU) while living stateside, the credit union also adds value for members living abroad. You won't be charged ATM access fees when using International Navy Federal and CO-OP ATMs.17

 

However, some CO-OP ATMs and non-NFCU ATMs may charge an International Assessment Service Fee (ISA) of 1% of the amount withdrawn. The credit union pays a rebate of up to $10 per statement period to cover ATM charges for direct deposit accounts. The Flagship Checking account pays tiered dividend rates with a maximum APY of 0.45% for balances over $25,000.18

 

State Department Federal Credit Union 

If you or an immediate family member is employed by the U.S. Department of State, this federal credit union has a lot to offer its members. You can open a Basic checking account (no minimum required), an Advantage account with a $2,000 balance, or a Privilege account with a $25,000 balance.19 All accounts give members access to nearly 30,000 free ATMs. Members can utilize the credit union's robust online banking system, plus its 24-hour call center.

 

The credit union offers Advantage account holders a monthly reimbursement of up to $15 for ATM foreign transaction fees. Privilege account holders receive a monthly reimbursement of up to $25. The Advantage checking account pays dividend rates with an APY of 0.45% and the Privilege checking account pays an APY of 0.50%.19

  • Thanks 1
Link to post
Share on other sites
On 2/16/2021 at 8:37 PM, boyee said:

I'm moving to the Philippines at the end of the year for permanent retirement.  All of my financial's are with brokers in the USA.  Retirement investments.  My understanding is I may not be able to keep my financial Investments with a US company if I move out the Country.  i.e. no longer a US resident.  What do you guys do?  Is there a US Financial firm that will allow me to keep my retirement stuff in the US while I'm living abroad or do I need to transfer everything to a Philippines bank?  What is the best way?  Thank you 

Are you a US citizen and just planning to reside in the Philippines or are you a Green card holder in the US? If a green card holder and giving up residency in the US your choices will be limited. If you are a US citizen you have many options. 

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...