How do full time expats handle financial institution.

[usa32]

19 hours ago, Gator said:

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.

Do you actually own a house in florida, or using a friend or families? What address does schwab have on file for you

[usa32]

16 hours ago, Kingpin said:

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

I appreciate it, but they dont really compete with schwab/fidelity etc, for investment accounts/stocks. Thank you though

[usa32]

13 hours ago, hk blues said:

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. 

Yeah, that would be nice. I am still an american citizen. I understand if I was asking money to be sent to iran etc. But I don't know why in the usa, it has to be such a pain. I worked there for decades, paid taxes, and still will be paying taxes, when not living there.

[Gator]

2 hours ago, usa32 said:

Do you actually own a house in florida, or using a friend or families? What address does schwab have on file for you

When I opened the account I did own a house.  However, since the early 90’s because of my law enforcement background, and subsequent career in the transportation industry where I was on the road for weeks & months at a time, I’ve used a mailing address that was different from my home address. Schwab only has that address, which is accepted by both banks and the State of Florida for residence purposes (ie FL DL, vehicle registrations, tax home purposes etc).

I do not to use “PMB” (postal mail box) in the address. Most of the time I simply put the box number after the street name or put it in the field for “Apartment number”. The only time it was questioned was in 2007 when I was applying for a rather large loan to buy a new semi-truck. I simply told the bank (located in Arkansas) that I lived in an RV and had no permanent address. They accepted that and approved the loan. 

[Kingpin]

4 hours ago, usa32 said:

I appreciate it, but they dont really compete with schwab/fidelity etc, for investment accounts/stocks. Thank you though

Yeah they're a bank, not competition but an addition, and for expats like me a necessary one considering how easy to use - no ATM fees, no VPNs, no US residency or phones  - and free to transfer funds internationally.

But if you're looking for an investment service: https://www.morganstanley.com/what-we-do/wealth-management/etrade

[Kingpin]

4 hours ago, usa32 said:

still will be paying taxes, when not living there.

Permanent foreign residents are exempt from paying tax on regular income up to $120,000

[usa32]

16 hours ago, Kingpin said:

Permanent foreign residents are exempt from paying tax on regular income up to $120,000

not on investment income. dividends/interest that reside in a us brokerage. I believe you are talking about regular salary income.

Edited July 3, 2023 by usa32

[Kingpin]

6 hours ago, usa32 said:

not on investment income.

Right, but even then only if more the standard deductions up to $25k

[Freebie]

On 7/3/2023 at 12:51 AM, usa32 said:

appreciate it, but they dont really compete with schwab/fidelity etc,

Those of us here who are non American have no idea who/what  Schwab is.. Yes it a brand used by many Americans not exactly an international brand available to all.

[Chaplain]

On 7/2/2023 at 2:55 AM, 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

It is a beautiful country, great people, and I have lived here full time for the past 7 years. We are simple people, law abiding, super low key, quiet and humble life style (retired Chaplain). I opened a few accounts when I first arrived - Commerce and B D O. The commerce closed my 2 accounts and took the money without any notice - over 20,000 Php, no explanation given, no paperwork, nothing - the 20,000+ was the required maintaining balance. Being a guest here in this country, I politely and respectfully went through every avenue I could imagine - even took the good advice of several here on this site, but, I never got an explanation, not even an excuse - nothing - just shrugged off. Same week - BDO did the same - coincidence? maybe - but they closed, and took everything with my name on it - kind of like a warning - so beware. Fortunately I limit my risk level by diverse exposure. We have very little recourse being a guest here in this country - but that is how they treat their guests sometime I suppose so just be careful.