Wells Fargo closing account because I have a foreign address
Posted by Nasha210@reddit | expats | View on Reddit | 39 comments
Hi, US expat with a 20 year old Wells Fargo account. I just got a message saying that because I am not residing in the US and use a mail forwarder they are closing my accounts. I work for a US company and get paid direct deposit into there. But I own no property in the US. Is this some new regulation?
I can move my money to my Bank of America account but what is stopping them from doing the same thing?
Can I list a friend’s house as my permanent address (I have no living family)? My kids go to university in the US but they live in a dorm.
DifferentWindow1436@reddit
I have BofA and Citi and they are both fine with a non-US address as long as you originally opened the account with a valid address. I have a reference address and a mailing address on my account. It's all there in the open, nothing funky.
I would call them first. If that doesn't work, BofA might be a better option.
Sail-Spiritual@reddit
This has been a while, but was wondering if you also have Citi credit cards linked to your foreign mailing address ?
DifferentWindow1436@reddit
I don't. I never had one because I always used my Chase United card for the points. I still have that card and they know I am abroad. They are very cool with it. In fact, I had changed my address to Japan and then my card got hacked just before a trip. They arranged to have a new card shipped to me in America at my sister's house.
Sail-Spiritual@reddit
Thats great to know Chase is expat friendly. I've been wanting to get Citi cards but I'm not sure if they would allow one to add a foreign mailing address to account.
oldehappycat@reddit
Citi was not fine when found out I was residing overseas. I had been a customer for 10 years. They abruptly closed my accounts. They determined that my mail service address was not a legitimate residential address.
DifferentWindow1436@reddit
Interesting because I am crystal clear about not being in the US. It is right on my account.
Maybe they have some other criteria they consider. Account type, balance, activity, etc.
unappreciatedboi@reddit
Do I need proof of address for BofA?
DifferentWindow1436@reddit
You already have a BofA account, right? That means you opened it with your US address. So you would add a mailing address outside the country.
It's been awhile, so I can't recall if I did this online or over the phone. I want to say I told them I was living in my wife's country for awhile and wanted to add my non-US mailing address. I think I did this because I needed to get my debit cards sent over, which they did.
In my BofA account, it is called Address 2. In Citi they just changed it to my contact address.
Good luck!
unappreciatedboi@reddit
Not yet. I have no US address yet (technically) but have an SSN and green card. I tried online but they said I need to do it physically. I'm not in the US currently.
DifferentWindow1436@reddit
Ah, ok. That's a different story. Yes, you will have to physically open an account with your US address. If you don't have a valid permanent address I don't think you can get an account opened. Not sure if there are any niche banks that will do that. I do recall seeing this question asked by LLC owners because you can open an LLC from outside the US no problem but opening the bank account is a problem without a physical presence.
unappreciatedboi@reddit
I have an address but nothing to prove I live there except maybe some USCIS forms?
Lolalamb224@reddit
What do you mean by mail forwarder? I’m preparing to depart the US so I would really appreciate the info so I can try to maneuver this myself.
EUblij@reddit
I use US Global Mail. Set up many years ago, but if I recall, you must do this before leaving the US. Something about notarized signature on application documents, or some such bureaucratic nonsense.
Lolalamb224@reddit
Thanks so much. The US global mail option looks great. Perhaps capital one won’t notice that it’s a mail forwarding service? Fingers crossed
EUblij@reddit
I use 2 US banks regularly and have not been called on it yet. Going to cancel soon, though as I only get a few pieces of mail per year. Going to use a sibs address.
Lolalamb224@reddit
You’re the best thank you so much!!! I really appreciate your suggestions.
EUblij@reddit
My pleasure, and my best wishes.
onejohnson18@reddit
Does anyone have any experience with Bank of America and foreign ATM fees? They currently reimburse my ATM fees
Nasha210@reddit (OP)
BoA has been fantastic so far. ATM fees were $5 for me last time I used them a few years ago
onejohnson18@reddit
Thanks they are my current bank and I’d be nice not to have to go to the hassle of changing banks
atchijov@reddit
The most “bullet proof” solution, open wise.com account. They truly don’t care about your address, you will be able to create accounts in any currency you want and since few month ago, they actually will pay interest on USD accounts.
godspell1@reddit
Can you pay US credit cards from a Wise account?
atchijov@reddit
I have not tried it personally… but wise.com USD account is just normal account in US bank (with all normal attributes, routing number and account number). So if you can pay CC from a “normal” US bank account (different than bank which issued the CC), than you should be able to.
Artemis780@reddit
This is the way.
ejhall@reddit
Use Schwab. All foreign atm fees reimbursed. Not sure about the mail forwarding part though.
toss33331@reddit
Yep they have an international "branch" that knows how to navigate the Patriot act and have chosen to support that business model.
crackanape@reddit
They are doing you a favor. Wells Fargo is a miserable experience for foreign use, with punitive fees, obstructive customer service, etc.
Dependent_Monitor215@reddit
Use Wise, and tell the company to deposit you there.
marcopoloman@reddit
I have several bank and credit card accounts. I never tell them where I live. Just leave your old address in file or use a friend's place.
Prestigious-Gap-1163@reddit
Wells Fargo is the worst bank for anything international. Even if they don’t close it, what you pay in fees won’t be worth it. Bank of America is friendly to international everything. And allows virtual addresses, but you may need to actually call them and not just do online paperwork.
ErickaL4@reddit
Totally agree. I have wells fargo now and on the rpcesspf closing it. Terrible.
ericblair21@reddit
I haven't done this, but an option is the State Department Federal Credit union, here . You can join an organization like American Citizens Abroad, which then makes you eligible for the credit union. They have absolutely no problem with overseas clients, including overseas mortgages and loans for cars garaged overseas.
3andahalfbath@reddit
I haven’t seen this one yet but there’s also USAA as an option. You don’t need to be military to open a bank account!
harmonious_fork@reddit
If BoA doesn't work out, you can look into Wise. They're built for this sort of thing.
Accurate_Cup_1532@reddit
HSBC US did the same to me. They sold my account t9 Citizebs who refused to have customers overseas. Unfortunately I have been overseas for over a decade so I can't open a new US based account - I have no address in the US. I ended up using Wise when needed ti pay the IRS or receive funds then transfer to my local bank. Not ideal. I wish I was able to open a BofA account now but it is too late.
ra9rme@reddit
Just provide a family or friends US address as your “residence” and keep the mail forwarding address as your mailing address.
navyblue4222@reddit
Establish residence in South Dakota
Todoslosplanetas@reddit
Ask your friend and if they are fine with it, use their address. You could also have a rental contract with them, say, rent a room at their place for a nominal amount, if that makes both feel better.
crash_bandicoot42@reddit
PATRIOT Act and Bush. It's not new, banks don't want to deal with the average (broke) person complying with that law. A handful of banks (SDFCU, banks that expect a decent amount of their customers to be transient like TD Bank) will let you have a foreign address but most won't and will close out the account. If your friend is comfortable with that and you have proof that's what most people do.