American Banking Question

[nice2noya]

Hello again!

Been in Thailand about three years and constantly frustrated by my useless Wells Fargo bank back in the USA.

I have been denied access to my online banking four times and I can only resolve by paying for long distance calls to the many layers of people within Wells Fargo. (the most common issue is that they now want to send a SMS cold to a phone number in USA so that I can access my accounts)

Been with them over 10 years and explained MULTIPLE times I am in Thailand and I don't have a working phone number in the USA.

Like pounding a stake in my skull when dealing with these people and I'm done and ready for another bank.

Any Americans with good advice for a better choice?

I look for an account that works with low balances and fees as I'm only interested in a destination for my SS check and a debit card for rarely used occasions.

Thanks again in advance.

[lopburi3]

If you have military service USAA is a good choice - if not believe State Department Credit Union is available to members of several expat groups and has good reviews.  If you have US address (or family) some local banks seem to be better than the mega size places.

 

SS can be direct deposited to Thai accounts if that would fit better.  Believe you have to go through the Manila office but believe many have done so.

[1FinickyOne]

17 minutes ago, nice2noya said:

I look for an account that works with low balances and fees

not sure where you are from but I have benefitted by local banks and long term relations... of course, you get better service and people willing to take care of you if they too have reason to value your account... 

 

fair is fair

 

You don't seem to be offering them much reason to service/keep or profit from your account... 

[nice2noya]

You're absolutely accurate.

When I owned five businesses and deposited over $90,000 USD a month in their bank I had a "personal account representative" I could call 24/7 and never had to enter a bank.

No problems went unsolved for more than one day.

Now, after divorce and businesses sold or gone, I'm NOT a "desired customer" of Wells Fargo.

I wish they would just come out and tell me, "Go bank somewhere else" instead of the phony scripted statements about "how concerned they are that I'm having THE SAME issues over and over".

I AM moving on, just wanted an opinion about a BETTER bank for me as a poor person on SS.

 

 

[nice2noya]

Thank you lopburi3,

I'm not sure about the CU you mentioned.

I'm not a vet but I know they offer great services.

As far as smaller local banks, I struggled with this and found that not so many offer ATM cards that work in Thailand so targeting the larger banks that do frustrate me.

I do like your suggestion about direct deposit of my SS check.

It may turn out to be the best solution.

Oh, I'm in Pattaya, Thailand and have two bank accounts here...I should check out the possibilities...

THANK YOU!

[nice2noya]

lopburi3,,

Forgot to thank you for State Department CU suggestion.

I WILL look into this option.

Thanks again.

[Guest TerryS123]

Charles Schwab...

 

No foreign transaction fees

Refund all ATM charges worldwide

No issues whatsoever with online, ATM, etc in Thailand or elsewhere worldwide. 

[lopburi3]

8 minutes ago, nice2noya said:

Thank you lopburi3,

I'm not sure about the CU you mentioned.

I'm not a vet but I know they offer great services.

As far as smaller local banks, I struggled with this and found that not so many offer ATM cards that work in Thailand so targeting the larger banks that do frustrate me.

I do like your suggestion about direct deposit of my SS check.

It may turn out to be the best solution.

Oh, I'm in Pattaya, Thailand and have two bank accounts here...I should check out the possibilities...

THANK YOU!

Thai Wife and I opened a joint account with a Denver bank when visiting sister some 20 plus years ago and no issues - use mainly for medical insurance deposits and tax refunds.  Have not used cards for years as find much better to transfer funds using Wise than pay card fees.  

 

Below is the proper banking forum and you can find additional information there.

https://aseannow.com/forum/13-jobs-economy-banking-business-investments/

[Etaoin Shrdlu]

I was able to open a checking account with Chase using my Thai address and phone number while I was on a visit to the US in 2018. The Chase app works on my phone with my Thai SIM. I have my pension check direct deposited to it each month and I have deposited personal checks to the account by taking photos of the checks using the app. Chase sent me my debit card and a box of checks by FedEx to me here in Bangkok. I had to give Chase a copy of a bank statement showing my Thai address and a copy of my passport. It may be necessary to physically go to a branch of Chase in the US to open an account, however.

 

Before I opened the Chase account, I had also been in contact with TD Bank about opening an account without the need to physically go to a branch. At the time, TD Bank would open accounts for those while overseas. Not sure if this is still true.

 

Edited March 8, 2022 by Etaoin Shrdlu

[dddave]

3 minutes ago, TerryS123 said:

Charles Schwab...

 

No foreign transaction fees

Refund all ATM charges worldwide

No issues whatsoever with online, ATM, etc in Thailand or elsewhere worldwide. 

I concur.  I've been with Charles Schwab for 15 years while spending most of my time in Thailand.  Never an issue that couldn't be quickly solved by the best CS of any bank I have ever dealt with.  ATM fees always returned to my account.

I also keep my investment account with Schwab and am very happy with their service.

I believe you must be physically in the US to open an account and a US phone number is required.  There are ways around that.

[Mavideol]

48 minutes ago, nice2noya said:

You're absolutely accurate.

When I owned five businesses and deposited over $90,000 USD a month in their bank I had a "personal account representative" I could call 24/7 and never had to enter a bank.

No problems went unsolved for more than one day.

Now, after divorce and businesses sold or gone, I'm NOT a "desired customer" of Wells Fargo.

I wish they would just come out and tell me, "Go bank somewhere else" instead of the phony scripted statements about "how concerned they are that I'm having THE SAME issues over and over".

I AM moving on, just wanted an opinion about a BETTER bank for me as a poor person on SS.

 

 

when I read you post I thought it was mine as had the exactly same problem just different bank, the ex kept the contacts and the bank follow her instructions, I moved what was left (not much 555) of my money and went to a local town small bank/credit union

[sqwakvfr]

Sometimes USAA does the same thing as Wells Fargo.  At least with USAA they will send the security code to a Thai Phone Number or my USA based Skye Number.  I have one solution you can try with Well Fargo:

 

1.  Open an account with a VOIP provider(such Skye and set up a USA based number) and see if Wells Fargo can send the security code to this number.  

 

If Well Fargo will not do this then you might have to change banks.  If you have served in the US Military and was honorably discharged then you can try either USAA or even Navy Federal Credit Union. 

 

I have been with USAA since Ronald Reagan was president they are very well organized to serve overseas members.  

[Jingthing]

SDFCU

 

State Department Federal.Credit Union

 

Can open account with passport and Thai address

 

Can direct deposit social security

 

Can always login from Thaila

 

Online SWIFT 25 dollars

 

You can't open a US based Schwab account from Thailand.

 

Yes  Dump Wells Fargo!

[audaciousnomad]

Others have stated, and I can corroborate their claims. Charles Schwab since 2010, and it has never failed. All my ATM fees have been reimbursed. AND important: No account maintenance fees. It's a FREE account!

I have used it around the world....China, India, Sri Lanka, even in the Himalayas in Nepal.  Once you go Schwab, you will wonder why you ever put up with any other bank's B.S.

[biervoormij]

28 minutes ago, audaciousnomad said:

Others have stated, and I can corroborate their claims. Charles Schwab since 2010, and it has never failed. All my ATM fees have been reimbursed. AND important: No account maintenance fees. It's a FREE account!

I have used it around the world....China, India, Sri Lanka, even in the Himalayas in Nepal.  Once you go Schwab, you will wonder why you ever put up with any other bank's B.S.

I have had Charles Schwab  for about 8 or 9 years and think very highly of them but they told me I would have to have a US address to keep my US based account or switch to their international account. I also still have issues with receiving the text messages on my Skype US phone number when attempting to login via a browser but they have an option to receive an automated voice call for the security code that works with my Skype number.

 

I did not have any problems with the Schwab's ATM card on my travels around South and Central America but it gave me hell traveling in the US. Customer Service was great on getting the card reactivated each time I crossed a new state line even though I had put up travel notifications.

 

If transferring an account to Schwab they will resolve the gold medallion signature guarantee but only offer this when transferring an account.

 

[Jingthing]

36 minutes ago, audaciousnomad said:

Others have stated, and I can corroborate their claims. Charles Schwab since 2010, and it has never failed. All my ATM fees have been reimbursed. AND important: No account maintenance fees. It's a FREE account!

I have used it around the world....China, India, Sri Lanka, even in the Himalayas in Nepal.  Once you go Schwab, you will wonder why you ever put up with any other bank's B.S.

But you can't open from Thailand. Open before you leave.

[howlee101]

2 hours ago, TerryS123 said:

Charles Schwab...

 

No foreign transaction fees

Refund all ATM charges worldwide

No issues whatsoever with online, ATM, etc in Thailand or elsewhere worldwide. 

Agree with using Charles Schwab.  I believe another poster stated as much but you will need a US mailing address (or use a family members address.  I also recall, to open a Schwab bank account, you first must open a brokerage account first.  It's been a few years ago but I opened a brokerage account with $50, then opened a checking account by transferring $25 from my brokerage account.  The wife and I never had any issue at the ATMs...and the refund of the ATM charges are a bonus.

[howlee101]

3 hours ago, nice2noya said:

Any Americans with good advice for a better choice?

An option....download the app Talkatone.  You can select from a variety of area codes and you will be assigned a number.  Keep in mind this is a web based number so it doesn't matter where you are as long as you have wifi.  I have a Florida area code and have used it to get the "code" my credit card sends me as part of the dual authentication.  With Talkatone, you have to use it periodically or it will expire (I think it's 60-90 days).  I even get a warning sent to my email (when you register) that "you need to use your Talkatone number or it will expire".  Another suggestion, you may want to consider getting a VPN service.  I personally use SurfShark only because it was $2 per month for the basic service (you have to sign up for the 24 month option for that price).  I've been using them for about 3 years now. Just a heads up, some Thai websites (i.e. Immigrations) cannot be accessed with the VPN on.  Good luck.

[Jingthing]

2 minutes ago, howlee101 said:

An option....download the app Talkatone.  You can select from a variety of area codes and you will be assigned a number.  Keep in mind this is a web based number so it doesn't matter where you are as long as you have wifi.  I have a Florida area code and have used it to get the "code" my credit card sends me as part of the dual authentication.  With Talkatone, you have to use it periodically or it will expire (I think it's 60-90 days).  I even get a warning sent to my email (when you register) that "you need to use your Talkatone number or it will expire".  Another suggestion, you may want to consider getting a VPN service.  I personally use SurfShark only because it was $2 per month for the basic service (you have to sign up for the 24 month option for that price).  I've been using them for about 3 years now. Just a heads up, some Thai websites (i.e. Immigrations) cannot be accessed with the VPN on.  Good luck.

Many financial.institutions that require 2FA will only accept a US mobile account in your name. 

[skatewash]

2 hours ago, dddave said:

I concur.  I've been with Charles Schwab for 15 years while spending most of my time in Thailand.  Never an issue that couldn't be quickly solved by the best CS of any bank I have ever dealt with.  ATM fees always returned to my account.

I also keep my investment account with Schwab and am very happy with their service.

I believe you must be physically in the US to open an account and a US phone number is required.  There are ways around that.

Was able to open a Charles Schwab Checking Account (and associated brokerage account) while in Thailand using my virtual mailbox address in the US (travelingmailbox dot com) and magicJack (VIOP phone) and free Google Voice (for SMS used in 2-factor authentication).

Unfortunately, given the way things are today you are asking for trouble by letting any US financial institution know you live outside the US.  Banks that don't care today, could start caring tomorrow.  Your signal that they care will be restrictions on your account and possible closure.  Too late at that point.  Always use a US address and phone number for US accounts.  Always use a VPN set to the US to access your US accounts online (I use SurfShark).

Had a much less than satisfactory experience trying to open an account at State Department Federal Credit Union.  It's like they don't think people actually live outside the US.  Was rejected for the account.  Meanwhile I applied successfully from Thailand online (using VPN set to US) for a Charles Schwab account with no foreign transaction fee and and unlimited ATM reimbursement (e.g., the 220 baht fee for using a Thai ATM is completely reimbursed).  Also opened 3 CapitalOne credit cards from Thailand using my US virtual mailbox address and magicJack US phone number.  No US financial institution knows I live in Thailand.

[skatewash]

2 hours ago, Jingthing said:

SDFCU

 

State Department Federal.Credit Union

 

Can open account with passport and Thai address

 

Can direct deposit social security

 

Can always login from Thaila

 

Online SWIFT 25 dollars

 

You can't open a US based Schwab account from Thailand.

 

Yes  Dump Wells Fargo!

Well, I had just the opposite experience.  Could not open a State Department Federal Credit Union with either a US (virtual) or Thai (actual residence) address and phone number.  Rejected.

Did open a Charles Schwab account from Thailand using my US virtual mailbox address (travelingmailbox dot com) and magicJack phone number, and a VPN (SurfShark) set to the US.
Accepted.

Opened 3 CapitalOne credit card accounts (no-foreign transaction fees) from Thailand using same virtual mailbox address and US magicJack phone number.

[skatewash]

1 hour ago, biervoormij said:

I have had Charles Schwab  for about 8 or 9 years and think very highly of them but they told me I would have to have a US address to keep my US based account or switch to their international account. I also still have issues with receiving the text messages on my Skype US phone number when attempting to login via a browser but they have an option to receive an automated voice call for the security code that works with my Skype number.

 

I did not have any problems with the Schwab's ATM card on my travels around South and Central America but it gave me hell traveling in the US. Customer Service was great on getting the card reactivated each time I crossed a new state line even though I had put up travel notifications.

 

If transferring an account to Schwab they will resolve the gold medallion signature guarantee but only offer this when transferring an account.

 

The US government wields a big stick regarding how US financial institutions need to treat customers who live outside the US.  I respectfully suggest that the reason you had problems with Charles Schwab was not of CS's doing but imposed by the US government and had you used a US address (even a virtual mailbox one) and a US phone number you would have had no problem with CS.

As for your problem with Skype and getting security codes, you might try using the free Google Voice phone service which you should be able to open from outside the US if you use your Skype phone number.  I regularly get SMS security codes on my Google Voice number for 2-factor authentication while in Thailand.

Also, strongly suggest you only access your US financial institutions when using a VPN set to the US.

Nothing good comes from your US financial institution knowing you live outside the US.  That your US financial institution doesn't care today is not a guarantee they won't care tomorrow.  And after the fact there's nothing you can do about it, before the fact there is.

[skatewash]

1 hour ago, Jingthing said:

But you can't open from Thailand. Open before you leave.

Except that I did open a Charles Schwab account from Thailand.  But I do agree with your point, open all the US financial institution accounts you think you will ever need while you are in the US.  It's simply easier.

[biervoormij]

14 minutes ago, skatewash said:

The US government wields a big stick regarding how US financial institutions need to treat customers who live outside the US.  I respectfully suggest that the reason you had problems with Charles Schwab was not of CS's doing but imposed by the US government and had you used a US address (even a virtual mailbox one) and a US phone number you would have had no problem with CS.

As for your problem with Skype and getting security codes, you might try using the free Google Voice phone service which you should be able to open from outside the US if you use your Skype phone number.  I regularly get SMS security codes on my Google Voice number for 2-factor authentication while in Thailand.

Also, strongly suggest you only access your US financial institutions when using a VPN set to the US.

Nothing good comes from your US financial institution knowing you live outside the US.  That your US financial institution doesn't care today is not a guarantee they won't care tomorrow.  And after the fact there's nothing you can do about it, before the fact there is.

How do you do banking in Thailand and keep the US from knowing you live here? I recently opened a new bank account in Thailand and they wanted my Passport and had to file some US Tax forms to open the account.

 

I am also required to file an FBAR each year and am sure I would get into major trouble with the US government  if I did not do this.

 

I agree with you about the issue was not Schwab wanting a US address but about the US government. I just was pointing this out if the OP did not have a US address to use.

 

Thanks for the advice on Google Voice. I will try and set it up again but had problems when I tried from Thailand and had read it was not possible unless you were in the US.

 

I hope the US will not enforce the being in the US requirement and if they do I hope there will be some notification. I am sure the US government can tell where I am as long as I use my US passport.

 

 

 

[Jingthing]

39 minutes ago, skatewash said:

Except that I did open a Charles Schwab account from Thailand.  But I do agree with your point, open all the US financial institution accounts you think you will ever need while you are in the US.  It's simply easier.

OK.

You faked it well.

I'm sure you had a valid state driver's license. Passport wouldn't have worked.

MagicJack is already being rejected by many financial firms.

[skatewash]

2 minutes ago, biervoormij said:

How do you do banking in Thailand and keep the US from knowing you live here? I recently opened a new bank account in Thailand and they wanted my Passport and had to file some US Tax forms to open the account.

 

I am also required to file an FBAR each year and am sure I would get into major trouble with the US government  if I did not do this.

 

I agree with you about the issue was not Schwab wanting a US address but about the US government. I just was pointing this out if the OP did not have a US address to use.

 

Thanks for the advice on Google Voice. I will try and set it up again but had problems when I tried from Thailand and had read it was not possible unless you were in the US.

 

I hope the US will not enforce the being in the US requirement and if they do I hope there will be some notification. I am sure the US government can tell where I am as long as I use my US passport.

 

 

 

US financial institutions think I live in the US because I use only a US address for those accounts.  Thai financial institutions (banks) know I live in Thailand.  As I have $10,000 or more USD equivalent in a Thai bank, every year I file an FBAR with Financial Crimes Enforcement Network (FinCEN) for all my Thai bank accounts.  I file US Income Taxes every year using my US mailing address in which I declare interest earned in my Thai bank accounts.

The point is that Thai banks are not going to restrict my account or close my account if they find out I'm living in Thailand (or even if I'm living outside of Thailand). US financial institutions on the other hand can and do restrict or close the accounts of people who do not live in the US (that is, for example people who use addresses outside the US).

The US government imposes regulations on US financial institutions regarding where their customers live.  US financial institutions perform due diligence to determine whether they have any customers who live outside the US.  If they really wanted to find where I live, it wouldn't be hard.  But I'm not going to volunteer the information.



 

[Onerak]

5 hours ago, nice2noya said:

Hello again!

Been in Thailand about three years and constantly frustrated by my useless Wells Fargo bank back in the USA.

I have been denied access to my online banking four times and I can only resolve by paying for long distance calls to the many layers of people within Wells Fargo. (the most common issue is that they now want to send a SMS cold to a phone number in USA so that I can access my accounts)

Been with them over 10 years and explained MULTIPLE times I am in Thailand and I don't have a working phone number in the USA.

Like pounding a stake in my skull when dealing with these people and I'm done and ready for another bank.

Any Americans with good advice for a better choice?

I look for an account that works with low balances and fees as I'm only interested in a destination for my SS check and a debit card for rarely used occasions.

Thanks again in advance.

Your main problem is not able to have a US phone number. There are lots of suggestions in this forum about how to get a US phone number that works outside the US to receive SMS message, am I correct? If so, $3/month T-Mobile phone number should be adequate I think. I remember receiving SMS on my T-mobile number in Thailand. May be somebody can confirm it. I'm in the US now, so I can't confirm it. Most US bank option to use email or SMS for verification. Get a bank (e.g. Ally) that has option for email verification instead of SMS verification only. 

Edited March 8, 2022 by Onerak

[skatewash]

6 minutes ago, Jingthing said:

OK.

You faked it well.

I'm sure you had a valid state driver's license. Passport wouldn't have worked.

MagicJack is already being rejected by many financial firms.

While I do have a valid state driver's license I didn't know where it was when I opened the Schwab account so would have had to use US passport book or US passport card because those were the only US identification I would have had at hand in Thailand.  I was a bit surprised I was able to open the account.  Issues about living overseas simply didn't come up during the application process.  There is very little that actually needs to be mailed if you sign up for electronic delivery of documents (aside from the ATM Debit card and the checks which were mailed to my US virtual mailbox address and forwarded to me in Thailand). It wouldn't make any sense (to me) to have anything mailed to me in Thailand when it can be mailed to me in the US and I can have it scanned or forwarded to me in Thailand.

Yes, I faked it well, so that I as a US citizen who happens to live in Thailand can have a US checking account in the US.  Next thing you know I'll be "laundering money" by sending myself funds from my US bank account to my Thai bank account so I can pay for my expenses in Thailand.  What a nefarious little scoundrel am I. ???? 

[Onerak]

1 hour ago, skatewash said:

Too late at that point.  Always use a US address and phone number for US accounts.  Always use a VPN set to the US to access your US accounts online (I use SurfShark).

I have a question about SurfShark. Can I chose SurfShark VPN server in a specific US states, for example, I need to connect to IL (most probably a server in Chicago) server when I am in Thailand. Is it possible with SurfShark? Can you please check and confirm before I sign up. Thanks. 

Edited March 8, 2022 by Onerak

[Jingthing]

8 minutes ago, skatewash said:

While I do have a valid state driver's license I didn't know where it was when I opened the Schwab account so would have had to use US passport book or US passport card because those were the only US identification I would have had at hand in Thailand.  I was a bit surprised I was able to open the account.  Issues about living overseas simply didn't come up during the application process.  There is very little that actually needs to be mailed if you sign up for electronic delivery of documents (aside from the ATM Debit card and the checks which were mailed to my US virtual mailbox address and forwarded to me in Thailand). It wouldn't make any sense (to me) to have anything mailed to me in Thailand when it can be mailed to me in the US and I can have it scanned or forwarded to me in Thailand.

Yes, I faked it well, so that I as a US citizen who happens to live in Thailand can have a US checking account in the US.  Next thing you know I'll be "laundering money" by sending myself funds from my US bank account to my Thai bank account so I can pay for my expenses in Thailand.  What a nefarious little scoundrel am I. ???? 

You misunderstood.

There is a difference between opening a US account while already in Thailand vs. using an existing account that you opened before.

 

Look folks there will be hundreds of different personal experiences on these issues. They are a moving target. Bank policies change. 

Edited March 8, 2022 by Jingthing