Posted on 07/02/2014 7:15:58 AM PDT by SeekAndFind
I have read of some banks refusing to allow Americans to hold accounts
Makes life tough for some expats
When I left, I left a spare account card with my then fiancee and transferred money from one account (my active one) to "hers", thus providing real time money to her.
What DO ex pats do ?
It all sounds like a great excuse for a bank-run. Everybody withdraw it all, ALL at once!
RE: Setup overseas with a foreign national to hold escrow collateral funds in their travel & expanse account not in a bank [or in a foreign real estate escrow account, not a bank.] matching those funds in a US bank; then Cash Out when you need it overseas.
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The most flexible people are those who have DUAL passports. They can always open a bank account in a foreign bank with their other passport.
RE: First Sovereign Bank of Sealand
Where is that in the world map and who lives there?
“What DO ex pats do ?”
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I have had NO American banking since 2004.
My last America card, AMEX, expired in 2004. I was then in central Europe. I did not renew, as the fee went way up, and very few places in central Europe took it.
I had a bank account and MasterCard in Slovakia. I doubt that there was any reporting to the US government.
When I moved to the Philippines I closed out the Slovak accounts and opened an account in a Philippine bank. They also gave me a MasterCard.
I do get Social Security. It is direct deposited into my Philippine bank. It is in my account on the 4th of each month, like clockwork. I will check online tomorrow to make sure that it is there.
Since my bank has branches only in larger cities, I have to travel a few hours to the bank, but we also do extra city shopping for things that are not available in our small town.
My wife has a separate account in our local bank. It has come in handy when we run low on cash, as was the case this month.
The treasury has no problem with depositing in a foreign bank ?
“The treasury has no problem with depositing in a foreign bank ?”
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Not at all, but it has to be a large nationwide bank.
The deposits are actually done out of the US embassy in each country. This was also true when in Slovakia. The Social Security department in the Philippine US embassy is maybe the largest one outside of the states, due to the huge number of retired expats here.
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