Overseas Resident With US Account

sjg | Jan 28, 2019 | 9 posts since 2019

I wonder if anyone has information regarding bank account availability for overseas- based US citizens. I use a US address for occasional correspondence, though this is not my fiscal residence. Consequently I have been denied opening a bank account. At present, my funds are held in a large US bank, which allows for my foreign address but pays a miserable return on my deposits. Obviously I would prefer to move to a bank with a better return. Any ideas?

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Answers

MidAtlantic | Jan 29, 2019 | 142 posts since 2012

While some banks allow you to keep an existing US account when you move overseas, you will find it virtually impossible to open a new account from abroad because of the ID requirements. However, there is one possible solution:
https://www.americansabroad.org/sdfcu-account/
I know nothing about this account so this is not a recommendation and it may not meet your requirement for "a better return".

AnnO | Jan 28, 2019 | 129 posts since 2018

I don't know about bank accounts for that situation, but I do know US citizens living overseas have had trouble with brokerages shutting off their accounts if accessed from an overseas IP address. So in case any other banks you decide to do business with decide to do something similar, you might consider using a US-based VPN service whenever you need to access the bank's website (this would hide your overseas IP address). Obviously they don't all have a problem with this, as your current bank doesn't, but it's something worth considering. The brokerages have sprung this new restriction on some account-holders unexpectedly after the person had been accessing it from overseas for years prior.

sjg | Jan 30, 2019 | 9 posts since 2019

Thanks for the input. I had considered a VPN but assumed this might raise suspicions as well. My current US bank account was opened before my move, so I suppose I was grandfathered in, however, my activities are strictly limited - e.g. no CDs can be opened. Likewise, an Oppenheimer brokerage account I inherited does not permit any activity apart from selling shares and cashing out. I should also add that many banks here in Europe will not open accounts for US persons because they don't want to deal with FATCA requirements. Quite a conundrum.

kentchristopher | Feb 9, 2019 | 41 posts since 2018

As an American who spends a majority of each year outside the US, I think your problems stem more from not having a US mailing address. You can solve this by using the address of a family member, friend, or even (I think - may vary with the bank) a PO Box or mail-scanning and forwarding service. I've never had any issues accessing my accounts (banking or brokerage) from overseas without using a VPN - even doing so for months at a time. (That isn't to say that a VPN service won't be useful for other reasons.)

sjg | Feb 10, 2019 | 9 posts since 2019

I don't rule out using a family member or friend's address as my "permanent address" - I have done so in fact but resent having to resort to giving false information just to carry on normal banking activities.

MidAtlantic | Feb 11, 2019 | 142 posts since 2012

You would still have issues proving your address such as a utility bill in your name.

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