How do full time expats handle financial institution.

[usa32]

Obviously when a full time expat, most are going to want to keep there money in the USA(if from there). 

I am currently a schwab customer. I have heard if schwab gets wind that you are a resident in another country, they will close your account.

I also see they have a schwab "international account" Where Philippines, is one of the allowed countries. However, there appears to be lots of limitations on what you can do.

no mutual funds or us based etfs it appears.

What's everyone else doing?

Thank you

Edited July 1, 2023 by usa32

[Gator]

2 hours ago, usa32 said:

Obviously when a full time expat, most are going to want to keep there money in the USA(if from there). 

I am currently a schwab customer. I have heard if schwab gets wind that you are a resident in another country, they will close your account.

I also see they have a schwab "international account" Where Philippines, is one of the allowed countries. However, there appears to be lots of limitations on what you can do.

no mutual funds or us based etfs it appears.

What's everyone else doing?

Thank you

I also have a Schwab account. I don’t use the ATM card here a lot, but I do use it and I also send myself remittances from the account. However, I keep my residency in the USA via a mail forwarding service in my home state of Florida. I also use a VPN that I set to show I’m in Florida as well. In the 10+ years of having the account I’ve never had any issues with them.

[Old55]

We have a Schwab account and contacted them some years ago about what if we moved to Philippines. Their reply was as Gator stated "use a US mailing address" it's not like they investigate your residency.

You may want to contact them in this regard. 

[Kingpin]

5 hours ago, usa32 said:

What's everyone else doing?

HSBC for Expats: https://www.expat.hsbc.com/

[Freebie]

Have spending cash in BPI /HSBC premier here plus BPI cards.. most money in HSBC HK Premier plus their cards and for plan C in case I ever go back to UK have HSBC Expat.

Stocks in DBS Treasures HK meaning if I ever need to sell in hurry money can be in any of my bank accounts within  48 hours. Dividends  encashed then sent to BPI for spending.

 

Funds and managed money with HK companies managed out of Scotland. Access within 48 hours. My money all easy and smooth and within reach.

[hk blues]

I'm British so don't suffer from the issues the American members do with banks. I have 3 UK accounts where I keep the bulk of my money  - all 3 happily accept my Philippines address and send cards/paperwork etc here no problem - sending money here is also no issue.

I'm probably not doing things the most efficient way but it's working for me and has done for 18+ years. 

[mountainside]

8 hours ago, usa32 said:

I am currently a schwab customer. I have heard if schwab gets wind that you are a resident in another country, they will close your account.

I also see they have a schwab "international account" Where Philippines, is one of the allowed countries. However, there appears to be lots of limitations on what you can do.

I've been a Schwab client for years.  During our last residency in the Phils we had an 'international account".  But Schwab has since exited the Philippine market, advising clients there that their accounts were available for withdrawal purposes only.  The only exceptions were for those with APO-FPO mailing addresses.  I was back in the US when that occurred (and still am).  @OnMyWay helped me obtain an FPO address in the Philippines (I'm former US military) so that when we return to the Phils in September I'll use that address or the US physical and mailing addresses that I now know to carefully maintain.

If those options aren't available to you, you might consider switching to Interactive Brokers.

[RobH]

I am British and live here in Zambales. Just had a letter from Natwest bank saying closing my account of 54 years because I live in the Philippines. Now looking for another bank.

[fillipino_wannabe]

Had my UK bank closed 3 months ago, already have most of my money in Philippines banks anyway. I think they're a lot stricter in the last couple of years since banks started being fined for failing the anti money laundering regulations in the UK.

[jimeve]

4 hours ago, RobH said:

I am British and live here in Zambales. Just had a letter from Natwest bank saying closing my account of 54 years because I live in the Philippines. Now looking for another bank.

Most UK banks are closing expats accounts, that's what I googled anyway. Had my UK bank closed down because the stupid postman forgot to post my mail and I missed the dead-line to respond back to to bank. Anyway After several phone calls I got 2 out of three accounts reinstated, only a matter of time they will close down my accounts permanently.