Trying to comply
Posted by grtfl84@reddit | expats | View on Reddit | 30 comments
We are planning to move abroad in approximately a year, when we begin to collect social security, but the us banking compliance seems very tricky.
We will be selling our home, do not have a “trusted” friend or family member to use for a physical address, and will need a us bank for ss and 401k deposits.
How do we handle not having a physical address for banking?
Everything we’ve researched has said that P.O. Boxes and virtual addresses are a red flag and w get our accounts flagged.
We just want to move abroad.
NotASpyJustExpat@reddit
Which banks? I use capital one, fidelity, chase, and US bank (probably some i'm forgetting) for banking/credit cards and they accept my address i got with yourtaxbase so far (there are a few different companies similar to them but havent tried them yet)
Dorkypotato@reddit
We have a mail place in the USA we use- we pay them yearly for an address and to handle all ourpackages that come in, and have them forward them to us in Europe. We both have Schwab accounts, as well as American phone numbers and this American address we use for them, as well as European bank accounts and phones. We never keep more than 10K Euros in the Euro bank account, so as to comply with their tax laws (anything over is a red flag).
We have never had a problem, and have no plans to discuss our European lives with our US bankers. I'm not sure why anyone does, frankly.
From having an EU and an American lawyer on retainer for my work, it's my impression that if you're not hiding assets in the EU, working for an EU employer and not reporting it (both my spouse and I work for US clients/companies in entertainment industry), or working for a giant US company that is somehow reporting your employment to your EU residential country, you have more or less nothing to worry about with the EU or the US.
At some point when we're citizens of our EU country and not just residents, we've discussed buying a property in the USA and renting it out, pretty much permanently, for tax reasons. But the rest of all this is not a big deal. We rent in a major city in the EU, and we own a property in the countryside nearby there.
AGuyintheback@reddit
Look into some of the banks/credit unions that cater to people in the armed forces. They are very used to dealing with people who live overseas but still need access to the US banking system
Ok-Dealer4350@reddit
Navy Federal is international. I joined 13 years ago when we bought our house. They even have a brokerage section. They are located on military bases, but I was surprised to see they were in Rota, which is across the bay from Cadiz, Spain. Lovely city, Cadiz. Navy Federal lists their international locations online.
bryanthehorrible@reddit
SS will make direct deposits into any Japanese bank that has a four-digit IBAN international routing number. I don't know about other countries, but I would imagine that the same rule applies to most unsanctioned banking systems. My Jackson IRA will also wire money to my Japanese bank account, but it was difficult to set up. they demanded that the bank provide instructions with a letter on the bank's letterhead. Not going to happen, but printouts of instructions from the bank's english website did the trick.
Double-check that the schwab account will still be usable in your destination country. For whatever reason, I cannot open a Schwab account from Japan.
Finally, verify the wire transfer procedures and cost from any US accounts that you plan to leave open. My only ÙS bank has a clumsy process and charges $70
raffwriter@reddit
You just need a physical address; get all of your statements and correspondence electronically. There won’t be much for anyone on the U.S. side to collect.
Open the account with your current address. You’re still in the U.S. You can update later.
I use Schwab; they’re built to handle international banking.
The best part is zero ATM fees when you’re in a foreign country (those fees can get steep).
Any ATM fees that you have to pay are reimbursed.
Their CS is typically quite good also.
Humble_Interest_9048@reddit
Plus one for Schwab.
RoundAd4247@reddit
What country are you trying to move from?
Artichoke-Rhinoceros@reddit
Oh my, thank-you for this subreddit. I’m as guilty as the next U.S. citizen, so this is both a kick-in-the-pants, and hilarious.
edwardsantes@reddit
tranquilo
grtfl84@reddit (OP)
Good ol’ USA
mattyofurniture@reddit
OP did you read SSA’s guide?
https://www.ssa.gov/pubs/EN-05-10137.pdf
grtfl84@reddit (OP)
No. Thank you for the link
LocksmithOdd3381@reddit
Why are you concerned about being flagged?
I read from time to time the stats of SS agency tracking the SS checks that 'go abroard' and that number is in the 100's of thousands.
ubfeo@reddit
And that's a good thing. A lot of fraud specially with SSI and SSDI...
LocksmithOdd3381@reddit
I'm not saying that it's fraudulent or not. It's also not being flagged. It's just Americans that live abroad and receive the SS checks. Nothing wrong with that.
forreddituse2@reddit
Set all documents to paperless delivery and keep use your old address, or even your deceased relatives' address, does not matter as no mail will be sent. SS or banks won't send a detective to knock your door.
ThisUsernameIsTook@reddit
Rarely, a piece of mail will be sent. Usually because an email server somewhere screwed up and an email bounced. Or, like my friend overseas, Schwab keeps randomly deactivating paperless delivery and sends physical statements until he resets it.
Far better to have someone you trust and use their address than to use a random address or one no longer connected to you or someone you know.
edwardsantes@reddit
I went down to my local branch of a nationwide bank, and sat down with the banker and asked him. He mention Schwab, which I was already looking into, but also asked me to let him check into moving abroad and maintaining my account. He called me a week later and said "You can keep your account." I asked did they prefer my mail forwarding PO box address or my future address abroad once I knew it? He replied "Uh, let's go with your PO box here in state."
He definitely checked with higher ups. My local SS office has a super sharp employee who said to just let her know my address abroad-amd you can definitely have your SS sent to a bank abroad as long as it's not Iran or North Korea and some others-jusy Google it. I'm keeping my local doctor, and keeping my local bank to keep everything as simple and transparent as possible.
Lucky_Astronomer_435@reddit
Cuba is another one where getting SS directly is not allowed.
That said not all countries allow you to easily get a local bank account. I’m moving to SẼ Asia and there are almost no affiliated banks there and they don’t like to give foreigners bank accounts because of the extra paperwork for their side of the tax stuff.
katmndoo@reddit
Open a Schwab account. If you need to , make in an international account.
Ordinary-Might-4174@reddit
Haven't tried myself (I have a "trusted friend's" address I use), but in my research I've run across a company called Savvy Nomad that apparently will provide you a physical address in Florida (good because there is no state income tax). I think there are a few other services that provide physical addresses like this too. Cost a monthly fee, but probably not outrageous.
arnenat@reddit
We used a domicile service to handle this for us. We cut our ties with California and use them to manage our mail and scan it digitally on top of this it’s Florida so it’s 0% tax. The one we use is yourtaxbase.com but there’s others too. We only went with the one that was verified compliant with all banks.
grtfl84@reddit (OP)
We won’t have a physical address in the USA. USPS reports virtual addresses to banking institutions. If we don’t have a physical address that complies with banking laws, accounts can be frozen.
baskaat@reddit
There is a mail box business where I live. It has an actual physical address that you can use and then they forward your mail (if any) onto whatever PO Box you want to use. It’s satisfies the government and banks, etc., but you do have to provide them ( new requirements) with other additional info, ID … see if you can find something similar new year via Google search
Neither-Principle232@reddit
Try travelingmailbox.com. They give you a physical mailbox. We moved from NY state to France and have had zero issues. Still have a US bank account as well as a new French one.
ibitmylip@reddit
What about Schwab?They have brokerage accounts and checking accounts, and they work well with clients overseas.
Top-Half7224@reddit
Some states are more lenient than others, you might look into a mail forwarding service in one of those. Also, some banks allow overseas addresses. I have been using Charles Schwab for 10+ years using my overseas address. No issues.
Realistic-Depth-5155@reddit
How do you not have a trusted family or friend? That’s odd.
grtfl84@reddit (OP)
No kids or trusted family. It happens more often than you’d expect.