How to Bank When Living Overseas
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- Опубліковано 20 сер 2024
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When people are moving overseas, they often want to know how to pay their everyday bills in a new country.
In this video, beyond offshore banking for asset protection and growing your wealth, Andrew will tell you how you can bank to make sure your function in your new home so there are no surprises.
1:08 Keeping USA Bank Account
2:32 The Best Way to Pay Abroad
5:48 Banking Overseas
6:45 Paying Be Credit Card in Europe
7:51 Living in Panama
8:16 Miles Card
10:21 Information for U.S Tax Payers
Andrew Henderson and the Nomad Capitalist team are the world's most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best".
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Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we've spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
Hi Andrew. I’m Cindi’s husband. Thank you for putting her in her place. I’m eternally grateful. 😉
😂😂😂😂
Bro, she seems like a terror to deal with! Good luck on everything Cindi related! I'm gonna keep you in my prayers! 😂😂
LOL
Sounds so funny.
Tell her to get back in the kitchen and make you a sandwhich.
Just got back from Malaysia and Wise was a God send.
I did that when I was living in Dubai. My employer sent me to the bank who opened an account for me, gave me 3 credit cards and a debit card and my pay was directly deposited into said bank (that is a UAE requirement). I used that account to pay local expenses and wired money to my account "back home" which I used to pay back home expenses. I still occasionally used my back home CC, but mainly used my Dubai CC even when back home. Online banking at both banks and it didn't really matter where I was.
Before living abroad in 2015-2018, I met with my Chase banker and told him I was going to travel across Asia & Europe. He set up a travel alert so the bank wouldn't decline foreign transactions. He advised me it would be ok except in Malaysia and Singapore due to money laundering regulations. In 2022, I met with the bank again who told me Chase no longer does travel alerts and there were no countries where I couldn't use my US credit or debit cards. I still plan to get a Wise account as a back-up.
Americans leaving in large numbers has never been a problem before, but as America declines expatriation is growing. Of course, a corporate-controlled government will try to reduce or stop it. COVID is a perfect example of never wasting a good crisis, and it's still being used for nefarious reasons that have nothing to do with the disease. Getting back to "normal" apparently will not be allowed to happen.
Yes. That is correct. I own and use two Chase cards overseas with no foreign transaction fees. Use them across 20 countries since 2021. There has been only a few restaurants in Thailand that don't accept non-Thailand based credit cards (weird to me and there must be something more to it than simply that). I've never needed anything outside of those, my Cap One Venture X, and Charles S debit card but I'm considering getting Wise as well.
As usual, Andrew gives another very useful set of tips for free, and I want to offer something back. The Nomadic capitalist lifestyle requires people to be dynamic because the OEDC-controlled world is changing fast. There are now some interesting potential issues with having multiple or certain passports. I.e My friend recently had to recertify their US travel ESTA. One of the new questions is "how many passports and nationalities do you hold?" and asks you for specific details. There are other questions now being asked that have implications for nomads and US expats who have renounced that also include a growing list of countries that they ask if you have ever or recently visited. At the very least, you now need to keep a copy of these submissions to be consistent; at worst, an ESTA issue could have unknown ramifications. Worth keeping an eye on.
No problem at all, I go to Serbia every year I have 2 americredit credit cards, I use cards over there like here in USA and just pay them online. No different than you pay them here in USA.
Lol andrew got into a facebook war with a Karen :)
I moved from the US to the UK in 2009. I kept my bank account and I am still using it today for many things like irs payments, PayPal, utility bills for my house there, sending money... It is working well.
Worth looking at using a free US based VPN to log into your US bank account so that you don't run into potential problems in the future with changing rules like Andrew did. ) Opera has a free VPN that's worth looking at)
How do you maintain a mailing address in the USA that's attached to your bank account? That's been my problem because I only have a personal mail box now and financial institutions need a real street address.
@@GlobalAdventurer my bank in the US accepted the UK address. You just need to call them as you cannot do address change online.
@@IaN09876 Thank you. I think I'll sign up for a state department bank account (not operated by the state department) because they accept foreign addresses too. My bank doesn't accept foreign addresses.
Thanks, Andrew!
Definitely depends on a variety of factors. If your business has a global audience you may even be able to have the corporate account accept the currencies you need for your personal life (and also paying taxes in those currencies) and take your salary in whatever currencies you need. And while $50 in wire fees may not mean much to a 7 figure entrepreneur having local accounts can still be cheaper.
I found that some banks have branches in other countries, in my case the Royal bank has branches in the Caribbean as well as associate banks (PNG bank) in the USA. I found my credit follows me and the movement of funds is much easier. That being said I still have to maintain limited ties to Canada to avoid being considered eligible for taxation.
Im not a US resident, Ive never lived there, but my credit cards are from US banks because they have the best ones.I applied only for Citi and Bofa credit cards, at the moment Im not allowed to apply for Chase credit cards
American banks are actually very flexible. I found a small one in Alaska and specifocally told them im a citizen from X and i spend a lot of free time in Y but I work in alaska... I need to pay usa cell bills and transit money from X to Y (im from the country that us allowed to work on american soil as a resident alien/work permit while being paid in foreign currency
Huh??? Why can’t you pay them? I do all the time through bill pay.
Not only that the credit cards have the best exchange rates. I was a currency trader for a long time and one of my biggest frustrations
I wish would find out who she was interacting with. She told you that you must have never lived abroad.😂😂😂😂😂
Wise has worked extremely well for me. I also like schwab but my address with them is at a relatives home in a state with no state income tax. But I am only a part time international resident.
as a UK national who spends winters in France or Spain, paying rents and just about every other charge in cash is no problem. just mention that choice up front and both parties are usually fine with the deal.
He is right, USA banking account with a bank that understands international or a Foreign bank with a signifiant us presence ie Citi , TD ect they should also have no problem with you traveling as much as you want to as long as you let them know. As far as paying your credit card from overseas banks I think if you have a dollar account and a Visa logo or MasterCard logo on your debit card it should work.
Idk, I paid Amex with foreign checks. However, mail it super early. That's my advice. You also have to estimate your charges for a foreign currency check. So make it a little higher than you expect. I already have a credit profile here, so they would give me a card. I keep US cards for online USD purchases. It doesn't necessarily profit you. The exchange rate is still going to affect you at some point.
I WAS IN THE PHILIPPINES AND PAID MY B of A CREDIT CARD BY GOING ON-LINE AND PAYING IT THAT WAY. I NOTIFIED MY BANK THAT I WOULD BE IN THE PHILIPPINES.
Did you also notify them in ALL CAPS!!!???
Did you keep your US phone number for authorization/authentication when doing online banking. If so, how did you keep your US cell phone number. Thanks
Great video. Very helpful and informative. It's a no brainer that it would be safer and more useful to keep your US bank account if you move overseas.
Hello, Andrew. I would like to open a corporation in a jurisdiction such as the UAE or perhaps Georgia. However, I've been told that in light of the Panama papers it is becoming very difficult to open a bank account for a new company if the beneficial owner of the company is not also a resident in the same place the company is resident. In your opinion, how difficult would you anticipate it to be to form a new company in the UAE free zone and open a bank account for it starting with a small deposit, maximum 10K US? Thanks for this video and for all the information you provide.
It was much easier to keep my American credit cards and a checking account at an American credit union. I just pay the bills online. I use my brother's address for all my accounts and go out of my way to be polite to my American credit union. It's worked for 17 years. Cindy's childish response makes her not worth talking with. Palpal is useful too.
Go Where Your Bank Accounts Are Treated Best!
Bitcoin fixes this
First, if you are a US citizen and moving to Costa Rica the best thing is to keep US credit cards because they treat you better than the CCs in Costa Rica. If you need to return anything the US credit card will have better ethics than a CR CC. Would you have any way to deal with SMS US bank codes using an international phone? Thank you so much
Do NOT feed the trolls!, you just gave this "Cindi" the validation she does NOT deserve!, you could have made this video about banking overseas without even mentioning her!
The most important thing is the 2 factor identification which is a serious pain in the ass. Many people end up getting or keeping a US phone. The problem being the banks want to send you a code to your phone and it has to be a US phone.
So if you dont have the US phone yo are screwed.
No problem if you have a google voice number, which is a US number to receive 2FA code. So far we have no problem with any financial institutions.
However it’s easier to get this google voice setup while you are in the US.
10:12 Don’t mess with the bull, Cindy, or you get the horns. 😂
Andrew, just because you have this channel which gives millions of people the correct advice about what Cindy advised you on doesn't mean you know more about these things than Cindy does. There are different types of intelligence, you know. Whales and dolphins communicate differently tha do humans and it doesn't mean rhat they are less intelligent than humans are. Maybe Cindy is an expert on foreign banking advice but just for squirrels or something. 😂
maybe Cindy is a whale 🐳 🐳
depends where you go, in europe your US account is worthless afaik. we do not write cheques here and thus also wont accept those from out of continent to pay your bills
banking in europe uses IBAN which is also standard in middle east brazil and caribbean etc.
You just did a video on us bank being on shaky footing so I don't understand this. Keep US bank or banks are shaky now?
Good information! I'm a Canadian considering moving to a Central American country in a few years. I have been considering Belize which I have heard has issues with banking and people withdrawing money, etc. So, as a Canadian, I could have an American bank account and use it to pay stuff in Belize? This is a good answer for me. Thanks!
@Nomad Capitalist, I'm thinking this isn't legitimately you...
Thank you
With a VPN, can a bank's online banking detect that you are NOT local?
Just ACH between banks as necessary.
Currency conversion is no problem.
Of course, I'm not Cindi, so I'm not all-knowing...
It’s not hard - walk to money machine - insert please - secret code please - how much please? - wait while I count that - 🖐️ money - retrieve 💳- go go go
I work for a US company who does not care where i work from. I want to move to thailand with my wife is a thai citizen while working for my company. How can i use my money from the US while in Thailand? I still plan on paying my US taxes. But want to make sure i do this legally. I am confused on the new thai tax laws and what to do.
Thank you, I was wondering how it was done.
You're the Man! 😁
Hi Andrew, You mentioned offshoring a retirement account. Is that possible for an American? Recently, the US has started making it difficult for Americans to invest in certain countries. Would offshoring make it it less difficult or risky? I'm talking specifically about Roth IRAs.
Hi, would you like to see a video about it?
@@nomadcapitalist Yes, I definitely would
@@gryblk21 You have to be careful about IRS rules. You will still need a US approved custodian for the account but there are a number of custodians who will give you a checkbook to move your IRA funds however you want (being careful that you don't self deal or dump an LLC with an active trade into it). I would also avoid investing in companies where 50% or more of the stock is owned by US persons (you could just ensure no US shareholder has more than 10% but still best to avoid CFC rules outright).
My understanding is that you'd first need to renounce your US citizenship. You cannot just offshore a retirement account as it factors into your annual US tax considerations.
Will it be possible to keep my brokerage accounts like Schwab and Fidelity if I plan to live off dividends abroad and use their cards too?
The U.S banks are collapsing and people are losing their money so it seems fragile right now. The dollar is declining and will be worth toilet paper soon. with governments going toward Fed central banking how would that work then ? I'm from Canada and they are moving forward with central bank system as well. I would like to know when i sell my house what would be the best option for me to get all my money out of Canada when i try to move abroad and how would i access my money when i shut down everything here . Thanks, I always enjoy your show
When people dont know their limitations, they get ignorant and then get told
How to move a small amount of gold and silver overseas?
Unless I carry it as pocket amount?
Sounds like a Karen not a Cindi.
Subscribed and Thank You Andrew
Man, Cindi cut you deep
Has anyone tried Hustlers University or GIGA UNI?
After 7 minutes of listen, wouldn’t you agree the banking system is out dated? Crypto needs to take over payments so this is all a thing of the past like the Pontiac Aztec.
İ live in 4 country's
🇯🇵🇵🇭🇹🇷🇩🇪
But Banking i use all from Japan.
Example Wise and Credit Cards.
Us nationals don’t have to report foreign bank accounts
I'm personally looking to transition to credit unions rather then banks with this whole banking crisis going on it's a lot less risk. I am thinking of moving to Malaysia, though, because in the long run I don't see the usd lasting, but I don't know how reliable Malaysian banks are. I've thought of a Kuwait bank account too, I'd just need someone who speaks arabic, but that would be a good international option since they have branches in the US, Singapore, and Europe.
kuwait finance house (KFH) have branch in malaysia.see their websites
IF MY WIFE HAS A BANK ACCOUNT IN THE PHILIPPINES AND WE LIVE IN THE PHILIPPINES, DO I HAVE TO PAY US TAXES ON THE INTEREST OF THIS BANK ACCOUNT? MY NAME IS (NOT) ON THE ACCOUNT. I SHOULD NOT HAVE TO ASK THIS QUESTION, BUT I AM A US CITIZEN.
If the interest is paid to your wife then you don't have to pay any interest, I think.🤔
Cindi 😅
Looks like Andrew got April 1st baited by Cindy ;)
Okr
Lol😂