How do full time expats handle financial institution.

[hk blues]

8 hours ago, Chaplain said:

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.

I recall your story from the past.

You seem to have the feeling you were targeted - have you any idea why this would be the case because if this was a common trend amongst us foreigners I wonder why we haven't hear of many more cases.

I am not doubting your story, just musing why you have been subjected to such an action, twice.

 

[Lee]

1 hour ago, hk blues said:

just musing why you have been subjected to such an action, twice.

Twice in the same week it would seem.

 

1 hour ago, hk blues said:

BDO did the same - coincidence? maybe - but they closed, and took everything with my name on it

Depositors monies are covered up to P500K in the PI so you could get it back----maybe.

[hk blues]

1 hour ago, Lee said:

Twice in the same week it would seem.

 

Depositors monies are covered up to P500K in the PI so you could get it back----maybe.

It wasn't actually me - it was another poster.

I'm Scottish, if it had been my money this would have been the scene in the bank if they tried to keep my money - 

[JoeLansing]

I currently have my money in a large credit union with many international members who are not USA citizens.  I don't anticipate any issues when I move to philippines with them closing anything.  

[Youngster]

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

I'm a full-time expat but still maintain an US address and a phone number for banking and other purposes.  Yes, Schwab will send you an account shutdown letter once they become aware or you showing an appearance of residing out of the country.  In my case a little over 2 years ago, making about $14K ATM withdrawal in 3 consecutive days for a downpayment to apply for a car loan triggered their shutdown letter.  It basically stated that they believed I am residing out of the country, and my option was to transfer my accounts to Schwab International.  Otherwise, I have 90 days to contact them to confirm my US address or they will shut down all accounts and will send me a check.  

I just happened to be scheduled to be back in the States before the 90 days were up, so upon my return, walked into their office and confirmed my address.  I guess I could have called immediately after receiving the letter, but figured it would be more believable walking into their office.  Since then, I've only done travel notices for the day of ATM withdrawals, maybe 4 or 5 times a month, and haven't encountered any issues.  But, I do maintain accounts at several banks and at Fidelity just in case I would need to move my money in a hurry.

[usa32]

On 7/6/2023 at 10:06 AM, Youngster said:

I'm a full-time expat but still maintain an US address and a phone number for banking and other purposes.  Yes, Schwab will send you an account shutdown letter once they become aware or you showing an appearance of residing out of the country.  In my case a little over 2 years ago, making about $14K ATM withdrawal in 3 consecutive days for a downpayment to apply for a car loan triggered their shutdown letter.  It basically stated that they believed I am residing out of the country, and my option was to transfer my accounts to Schwab International.  Otherwise, I have 90 days to contact them to confirm my US address or they will shut down all accounts and will send me a check.  

I just happened to be scheduled to be back in the States before the 90 days were up, so upon my return, walked into their office and confirmed my address.  I guess I could have called immediately after receiving the letter, but figured it would be more believable walking into their office.  Since then, I've only done travel notices for the day of ATM withdrawals, maybe 4 or 5 times a month, and haven't encountered any issues.  But, I do maintain accounts at several banks and at Fidelity just in case I would need to move my money in a hurry.

@Youngsterfrom what i read the schwab international account sucks, as far as investment options