"Impossible" to open an American financial account from Thailand?

[DanFromHawaii]

NEED: American financial account with direct deposit, debit card, and online money transfer capabilities

PROBLEMS:
1. IRS and State of Hawaii require an American financial account in order to pay taxes and receive electronic refunds
2. Must have functioning account by 10/15 and tax filing deadline
3. My retirement fund requires an American financial account for direct deposit and have been holding my monthly payments since January
4. Cannot travel to USA to open an account because of Covid
5. Many financial institutions require proof of residence with a utility bill with my name and address, but Thai laws require my wife to own our home so can't do that. My only proofs of residence are Social Security letters addressed to me at my address, personal invoices addressed to me, and my "Yellow Book" Tabian Baan
6. I don't have a large amount of money, like $75,000, to deposit. I maybe can do $1,500, but that's the most (so Charles Schwab is not possible because they require $25,000 to open) 

 

SO: I need name of an American financial institution that YOU have successfully opened an account with FROM THAILAND (satisfying all my conditions as stated above). Thank you.

 

If this is truly impossible, I cannot pay taxes or receive tax refunds or my retirement funds ever again.

 

P.S. I was born in the USA and have no felonies or misdemeanors of record

[lopburi3]

1.  https://www.irs.gov/individuals/international-taxpayers/foreign-electronic-payments

2.  read above

3.  are you sure?  

4.  there is no restriction on travel to USA.

5.  most banks can make exceptions for overseas.

6.  USAA if ever in military.  State Dept Federal Credit Union I believe is recommended and there are others that allow opening from overseas.

[ubonjoe]

Moved to here on the Home Country forum where it has been discussed before.

[ubonjoe]

Info here about opening an account at the State Department credit union. https://www.americansabroad.org/sdfcu-account/

[rjwill01]

I opened with interactive brokers, when Ameritrade would not let me trade in Thailand.  Interactive Brokers LLC (IB) is a U.S.-based brokerage firm. 

I am the other American who has no felonies or misdemeders. I thought the other post was talking about my Brit and Aussie friends. Good luck.

[bkk6060]

I opened a Charles Schwab account but had a current

stock investment account prior.  Did not remember anything about 25k.  I did all of it from here online.

The stock account did not require a large deposit.

But, I bet there are some banks you can open accounts online so do some more research.

[Jeffrey346]

Just did this 6-8 months ago with Chime Bank. The are an online bank owned by Bancorp. I needed a US address but did not have to supply any proof.

They will issue you a no fee international debit card. You can have your retirement DD with no issues. There cell/mobile app is awesome.. Check it out.

BTW, if you want me to recommend you, they will pay both of us $50.  But you must setup DD.

[yankee99]

you can open online but you most likely will need a vpn and possibly genuine ss card and usa drivers license 

 

i opened etrade from here 

also secured usa citi card, chase card and discover from Thailand 

 

be prepared to have to call and sometimes they want to call you.  This was ok with google voice 

[Jeffrey346]

10 minutes ago, yankee99 said:

you can open online but you most likely will need a vpn and possibly genuine ss card and usa drivers license 

 

i opened etrade from here 

also secured usa citi card, chase card and discover from Thailand 

 

be prepared to have to call and sometimes they want to call you.  This was ok with google voice 

I did not use a vpn. But do have a US phone number from Ooma. They did not call me.

I told them I do not have a US drivers license. They accepted my passport. 

[tf6122]

1 hour ago, Jeffrey346 said:

Just did this 6-8 months ago with Chime Bank. The are an online bank owned by Bancorp. I needed a US address but did not have to supply any proof.

They will issue you a no fee international debit card. You can have your retirement DD with no issues. There cell/mobile app is awesome.. Check it out.

BTW, if you want me to recommend you, they will pay both of us $50.  But you must setup DD.

Ally has worked out well for me. Good service, a good app and some of best saving interest rates available from US banks

[tf6122]

1 hour ago, Jeffrey346 said:

Just did this 6-8 months ago with Chime Bank. The are an online bank owned by Bancorp. I needed a US address but did not have to supply any proof.

They will issue you a no fee international debit card. You can have your retirement DD with no issues. There cell/mobile app is awesome.. Check it out.

BTW, if you want me to recommend you, they will pay both of us $50.  But you must setup DD.

Ally Bank has worked out well for me. Good service, a good app and some of best saving interest rates available from US banks

[Tracyb]

I opened a Capital One Bank checking and savings account online from my home here in Thailand.  I obtained a Capital One debit card, too.  Regarding the mailing of the debit card....it had to be sent to my address in the USA from where someone forwarded it to me here.  
 

 

[Presnock]

Had same problem with new DOJ rules in attempt to thwart money laundering - 54 countries are involved in this. I had the same BOA account for 50 years and had to give it up as I live in Thailand.  But, you can get a US bank account if you meet all the requirements through State Department Federal Credit Union.  They will give you credit cards, deposit of retirement funds, transfers to Thai banks , everything with no real hassles.  They will require you to join American Citizens Overseas (55 USD a year or some other membership of americans overseas that might be cheaper.  But since their transfers overseas are cheaper than BOA I thought it was great.  In addition your credit card could give you 2 percent back on all purchases so you come out ahead there too.  Anyway contact them at SDFCU.com and tell them what you need and they will advise you!  I did this last year and have more than 14 months with them and service has been great.  You also get a "credit advise" showing your transfer each month from the sdfcu acct to you Thai bank account and can use these to match the thai bank and Immiration liked that too.

 

Good luck

 

[rosst]

Try TransferWise 

[TimBKK]

https://travelingmailbox.com and any number of similar services will allow you to establish a U.S. mailing address that you can then use for bank and brokerage applications.  

[asiacurious]

Capital One 360 Checking Account.  Very easy to set up.  You will need a US address to send an ATM card.  You can open it without making an initial deposit, though you DO need to do so within 60 days.

 

Also, no outrageous currency charges with their ATM card.  You would have to pay the 220 baht fee charged by local banks, but the conversion rate on Baht is basically the middle market rate.

 

https://www.capitalone.com/bank/checking-accounts/online-checking-account/

 

Good luck, and post back what you end up doing!

 

 

 

[1FinickyOne]

12 hours ago, DanFromHawaii said:

I don't have a large amount of money, like $75,000, to deposit. I maybe can do $1,500, but that's the most

Dan, sounds like you have the money but just don't want to... sometimes to get what you want, sacrifices have to be made... 

[rwill]

Probably the best solution, if you have the $25,000 to open it is a Charles Schwab international account.  You can use your Thai address and phone number with it.  You can also get a debit card and checks but you have to request them.  The debit card refunds almost all charges with no limits.  You can also wire online with it.  An international wire costs $25 but when I did one last month they refunded it back to me.  So free wires.  I don't have any bills in my name here but they accepted my Thai Drivers license as proof, your address is on the back of it.  They even did the translations for it.

 

I do have a Capital One 360 account I was able to open online.  I used my sisters address in the US for it.  I don't recall having to show proof of the address but they may have changed by now.  The debit card is decent.  No fees or foriegn exchange charges but they don't rebate other banks fees.  A bigger problem is you need a US phone number to get the one time codes you sometimes need.  Onesimcard has a SMS verification service that uses a US phone number and emails you the code messages.  That is an extra cost to add on each year though.  https://www.onesimcard.com/international-sim-card/

[LUNG JIM MAE RIM]

My son and I have successfully opened Transferwise Borderless Accounts and used for IRS refund direct deposit, stimulus payment direct deposit, monthly transfer of annuity payments. Works just like a bank account, but no debit/credit card, interest, etc. 

[ChouDoufu]

navy federal credit union accounts (checking/savings/credit cards) can be opened from thailand, using thai address, and they will mail credit cards/debit cards to your thai address.

[gamb00ler]

7 hours ago, Presnock said:

Had same problem with new DOJ rules in attempt to thwart money laundering - 54 countries are involved in this. I had the same BOA account for 50 years and had to give it up as I live in Thailand.  But, you can get a US bank account if you meet all the requirements through State Department Federal Credit Union.  They will give you credit cards, deposit of retirement funds, transfers to Thai banks , everything with no real hassles.  They will require you to join American Citizens Overseas (55 USD a year or some other membership of americans overseas that might be cheaper.  But since their transfers overseas are cheaper than BOA I thought it was great.  In addition your credit card could give you 2 percent back on all purchases so you come out ahead there too.  Anyway contact them at SDFCU.com and tell them what you need and they will advise you!  I did this last year and have more than 14 months with them and service has been great.  You also get a "credit advise" showing your transfer each month from the sdfcu acct to you Thai bank account and can use these to match the thai bank and Immiration liked that too.

 

Good luck

 

Instead of joining American Citizens Overseas, you can join American Consumer Council for $8.  You can do it all online and pay with credit card.  They will send you membership certificate in e-mail.  Use the membership # to sign up for State Department Federal Credit Union account.  For joint accounts only 1 of us needed to join ACC.  They are somewhat restrictive on ACH transfer amounts but not unreasonable.  If the ACH transfer is originated from your external account the restrictions don't apply.  They have much better CD and money market rates than Schwab.  If you receive automatic pension deposits you will qualify for "Emeritus" status and pay less for domestic wires.

 

I opened my account while still here in US, but other posters have opened from Thailand.

Edited August 28, 2020 by gamb00ler
speling

[cmarshall]

7 hours ago, gamb00ler said:

Instead of joining American Citizens Overseas, you can join American Consumer Council for $8.  You can do it all online and pay with credit card.  They will send you membership certificate in e-mail.  Use the membership # to sign up for State Department Federal Credit Union account.  For joint accounts only 1 of us needed to join ACC.  They are somewhat restrictive on ACH transfer amounts but not unreasonable.  If the ACH transfer is originated from your external account the restrictions don't apply.  They have much better CD and money market rates than Schwab.  If you receive automatic pension deposits you will qualify for "Emeritus" status and pay less for domestic wires.

 

I opened my account while still here in US, but other posters have opened from Thailand.

I opened my SDFCU account from Thailand.  The best feature of the account from my point of view is the "emeritus member" status which is available if you have your SS or other retirement income direct deposited to your SDFCU account.  Then, if your Thai bank is Bangkok Bank, which has an ABA number, then you can transfer money from SDFCU to BKK Bank at the emeritus domestic wire rate of $6 for any amount.  Since the business days do not overlap the money always arrives the next morning at about 9 AM.  Much better than the no longer available ACH and dirt cheap.

[tonray]

Cautionary tale for future retirees...do NOT burn all of your bridges when you move here.

[kawikasudo]

Iam from Hawaii and live in Naklua. I visited Hawaii in March and am now stuck in Hawaii and have lost my retirement visa. Hawaii banks require you tobe here to do transfers. I opened an account online with USAA.com. It was easy and can transfer domestic and international. The only requirement is you have a honorable discharge from the military. I only put four years in the Coast Guard.

[WorriedNoodle]

12 hours ago, TimBKK said:

https://travelingmailbox.com and any number of similar services will allow you to establish a U.S. mailing address that you can then use for bank and brokerage applications.  

I have a similar service but the brokerage wanted a US utility bill otherwise no more debit cards could be sent. Other than that the US broker lets me trade with a Thai address and I just Transferwise the money to me these days.