American Expats Must Have This

#LivingOverseas #ExpatChallenges #GlobalLiving
As an American living abroad, there's one question that comes up time and time again: should I keep a US bank account? When it comes to banking as an expat, things can get complicated. One of the main challenges is dealing with transaction fees. Every time you use your debit or credit card, you're hit with a fee - and those fees can add up quickly.
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[@Rob-100]

When I was a young lad in the Yorkshire dales the teacher used to read stories to us at the end of the day. Which I enjoyed very much. I can imagine you been a lovely story teller to children.

[@KateGypsy]

You're so very kind. Thanks.

[@Ella-ne1ek]

This is really important information thank you for sharing❤

[@KateGypsy]

I'm glad you found it helpful. And thanks for watching.

[@johnnyserratt6176]

Thanks for this info.

[@scottwilliams4455]

I look forward to your video on having a phone number and address maintained in the States. BTW I have an Indonesian bank account for direct deposit SS for several years now. So far so good.. always great exchange rates and the deposits are always instant. Never ever had a problem on this end.. only from the complex bureaucracy that is the SSA. I love your plants collection. Keep up the good information. I've recommended to quite a few folks the value of your experiences.

[@KateGypsy]

Well, you've given me something to think about. I just might have SS deposit into my BCA account. Thanks for letting me know you've been doing that.

[@PhrukhattrukhaiMokhuntai]

Indonesia beautiful country

[@Rob-100]

I used to and still use a revolut card when I was traveling abroad.

[@KateGypsy]

Great method. Thanks for sharing that information. And thanks for watching.

[@YasharY-e8m]

Thank you for informational video ❤

[@KateGypsy]

You are so welcome! Thanks for watching.

[@ProofEditWrite]

Great advice

[@KateGypsy]

Thanks for watching.

[@teddyt6711]

Greetings Kate, I was just wondering if you would explain about getting the medicare at age 65 while you live in Indonesia as an expat. I'll be looking forward to your next video on medicare. Thank you for all your information

[@brunocrayston3877]

I have my French bank account (Credit Mutuel) and an Indonesian bank account (Bank Central Asia)...
About taxes I think they are automatically taken by the ministry of finances (I must find out about it) and I have a debit card which I don't use much...

[@KateGypsy]

Sounds like you have things well in hand. Thanks for watching.

[@arthursondheim2255]

Frictional costs in banking and transactions often add up so one should read the fine print.
American banks are highly variable in their rates and commissions. Almost always it is a bad idea to wire money overseas from American banks because of poor rates and/or high commissions up to 9% in lost purchasing power.
Instead, Wise and other foreign exchange and remittance outfits charge under 1% in commissions, with exchange rates at mid-market (similar to those quoted on Google) and can be carried out with bank ACH transfers.
Always contact your bank, credit card, Wise or remittance before travelling to/ and from a foreign country. Find out if you need to inform them prior to departure to INA or anywhere else. The number of travellers and new expats who have been frozen out of their accounts, and who have frantically tried to secure funds overseas is in the millions.
Let your financial institutions know before you go.
Generally speaking, credit cards provide greater protection against fraud, and it easier to sort out than with debit cards which legally had fewer consumer protections against fraud, and debit cards typically have higher financial liabilities for cardholders. Credit cards used wisely can provide points and cash back on purchases, many without foreign transaction fees BUT check their exchange rates. Both banks and credit cards are usurious, so be aware or Beware.
In the name of "anti-money laundering" the U.S. government has increased the headaches for most Americans living overseas, costing expats dearly in hours of paperwork and thousands in special overseas tax preparation. It is one of the reasons that American competitiveness has been falling, and U.S. trade imbalances are so high.
Fortunately, gone are the bad old days when even U.S. Treasury checks went stale with beig processed, really sitting, at INA banks in the late 80's and early 90's because they took months to clear.