Recieved this email last night. Now where do I put my ROTH, IRA, Regular stock account, and my checking? Oh yes, my retirement and SSA go to the checking at SCHWAB. I kept an address in Florida at my BIL but I'm guessing that's not good enough.

Interactive Brokers is the only other one I know that serves expats 

 

 

We recently noticed international activity in your Schwab Bank account(s) shown below, which may indicate you reside outside the U.S. Schwab Bank requires clients to maintain a U.S. address (no P.O. boxes) as their primary residence. We're writing to request that you confirm your address with us. If we do not receive confirmation, we will need to close your account(s).  1

Your next steps. Please confirm your primary residence within 60 days in one of the following ways:   - ...... We need to receive confirmation of your primary residence by February 27, 2023. If we do not receive confirmation as requested, your account(s) will be closed. You'll receive a notification if your account(s) is closed. If any assets remain in your account(s) at the time of closure, Schwab Bank will either transfer the assets to a Schwab Bank or Charles Schwab & Co., Inc. account with like registration, if available, or mail a check for the entire account balance(s) to the address on record for your account(s).

-   Please be aware that, if applicable, Schwab Bank High Yield Investor Checking ®  and Schwab Bank High Yield Investor Savings ®  accounts, Schwab Bank Bill Pay TM , debit cards, and associated Schwab Bank products will also be closed or discontinued as a part of this process.

I'd take a quick trip back to USA to confirm your location and ask if you have to ask permission to take a lenghty vacation. I'd go on the offensive with the pricks. At the same time look for alternatives.

check out Schwab one international account, you can get one with a Thai address and minimum 25kusd deposit

Did you call Schwab?

they have this page promoting their international accounts:

 

https://international.schwab.com/expatriate-essentials

 

I called and spoke to a "Customer Service" guy at Schwab and he was not real helpful, but he indicated that I would have to have an international account if I lived the majority of the year in Thailand.

 

He didn't seem interested in providing any information other than the most basic info.

I am gonna call back during the day and see if I can talk to someone more helpful.

I am curious about any differences in the two types of accounts.

 

 

 

This must be a new thing as I lived for 15 years in Thailand and withdrew money through an ATM in Thailand twice a month with my Schwab debt card and nary a word was ever said.  I used a PO Box as my mailing address the entire time.  I had both a brokerage account and a checking account and it was not an international account.

4 minutes ago, bluebluewater said:

This must be a new thing as I lived for 15 years in Thailand and withdrew money through an ATM in Thailand twice a month with my Schwab debt card and nary a word was ever said.  I used a PO Box as my mailing address the entire time.  I had both a brokerage account and a checking account and it was not an international account.

That was what I was hoping to do.

I have a mailing address in the US.

I wonder what the transactions were that flagged the OPs account.

It's all these people with Schwab accounts with little money in them that use the account for foreign ATM transactions as Schwab has no foreign transaction fee and covers any local ATM fees. I've wondered for years when schwab would catch on to the freeloaders. Looks like it's finally beginning. 

21 minutes ago, bluebluewater said:

This must be a new thing as I lived for 15 years in Thailand and withdrew money through an ATM in Thailand twice a month with my Schwab debt card and nary a word was ever said.  I used a PO Box as my mailing address the entire time.  I had both a brokerage account and a checking account and it was not an international account.

 

16 minutes ago, cdemundo said:

That was what I was hoping to do.

I have a mailing address in the US.

I wonder what the transactions were that flagged the OPs account.

I am using a US residential address with Schwab and all other financial partners (except SSA) in US and Canada.  I've lived in Thailand since Sep. 2020 and have had no issues with any of them.  I have a Google Voice number from the area code of my former residence and my current proxy address to bolster the subterfuge.

 

I kept the Schwab account partly for the ease and efficiency of converting funds to ฿ via their debit card at ATM or BKK bank tellers.  It is doubtful that my 35 year history with Schwab would prevent them from taking action if they became aware of my relocation to Thailand.

Interactive brokers.

Hurry.

Last time I checked the minimum open was 100k. Not sure if that is current.

If they force a cash out of a traditional IRA the tax hit would be a disaster. 

 

I've been talking about these issues for many years already.

 

Some people choose to be an ostrich about it.

 

Just because you haven't been  busted yet by your US banks and brokerages doesn’t mean you won't.

 

9 hours ago, gargamon said:

It's all these people with Schwab accounts with little money in them that use the account for foreign ATM transactions as Schwab has no foreign transaction fee and covers any local ATM fees. I've wondered for years when schwab would catch on to the freeloaders. Looks like it's finally beginning. 

Why are we freeloaders. I pay my federal taxes same as everyone.

You could try Fidelity.

 

If they somehow realize you reside outside the USA, your account is restricted such that you cannot purchase mutual funds.

 

You've got a US address and phone for the application.  They should be able to handle transferring your entire portfolio from Schwab, including your IRA with no tax worries.

1 hour ago, NoDisplayName said:

You could try Fidelity.

 

If they somehow realize you reside outside the USA, your account is restricted such that you cannot purchase mutual funds.

 

You've got a US address and phone for the application.  They should be able to handle transferring your entire portfolio from Schwab, including your IRA with no tax worries.

He could.

It would be a challenge to open from Thailand and I wouldn't assume continuation of any policies you may have heard about Fidelity in the past.

I'm with Fidelity. They were aggressively investigating me for years because of Thailand logins, but they dropped bugging me after I started only logging in from the US directly with TeamViewer (not a VPN).

It might be a case of out of the frying pan into the fire. 

 

I'm hanging on with Fidelity because they are good and I've been with them since I was 20. I was disgusted when they starting hassling me. It seemed unethical to treat such long term customers that way.

 

But I would have the most confidence in Interactive Brokers long term to be actually expat friendly.

20 hours ago, Dante99 said:

check out Schwab one international account, you can get one with a Thai address and minimum 25kusd deposit

Would you know if that one can handle an IRA/ROTH also?

18 hours ago, gamb00ler said:

It is doubtful that my 35 year history with Schwab would prevent them from taking action if they became aware of my relocation to Thailand.

Yep, I've been with them for 27 years. I expect they 'caught' me because they looked at my withdrawals over the last 20 months or so and all of them were from Thailand. Maybe just bad luck, a new program analytic, or noticed I'd also sent two wires to a Thai bank in the last year.

19 hours ago, gargamon said:

I've wondered for years when schwab would catch on to the freeloaders. Looks like it's finally beginning. 

Nope, not freeloading here. Between plenty and way too much at Schwab. They close my account two serious problems. First it puts me in a much higher tax bracket, Second Medicare goes way higher, and third is no where to place the money. I'd have to have it wired to a Thai bank.

1 hour ago, IAMHERE said:

Would you know if that one can handle an IRA/ROTH also?

I do not know.  Do let us know if you find out.  Thanks

2 hours ago, IAMHERE said:

Would you know if that one can handle an IRA/ROTH also?

Schwab Int account can hold retirement accounts.

Account transfer is not a taxable event, the cost basis will also be transferred. You may have to pay tax and report higher income only if you sell stocks or transfer from a IRA account to non-IRA account. To transfer part or whole account , sign into Schwab account >move money>tranfer account and follow the instructions.

 

Stay with Schwab since you are familiar with the company and from my experience it is the most "expat friendly ". If you are interested, Interactive Brokers Lite does not have a minimum to open and no maintenance fee. IBKR can also hold retirement accounts and can receive online account ACATS tranfers. Sign into account>Tranfer&Pay>Transfer Positions>Incoming and follow the instructions.

 

 

 

 

 

 

13 hours ago, EVENKEEL said:

Why are we freeloaders. I pay my federal taxes same as everyone.

What does paying federal taxes have to do with using a Schwab account to get something free?

2 minutes ago, gargamon said:

What does paying federal taxes have to do with using a Schwab account to get something free?

Explain yourself. What exactly is a man living in Thailand getting for free and a man living in USA paying for.

21 hours ago, Jingthing said:

Interactive brokers.

Hurry.

Last time I checked the minimum open was 100k. Not sure if that is current.

IB never required 100k to open an account. They did require an account total value of at least 100k to avoid a monthly fee, but that has also been removed. There are no minimums now and no monthly/inactivity fees. 

You have a US address. Do you pay tax in that state, or Fed Tax? Then just tell them that address is your residents. By law, I think, you are supposed to be in the States most (more than half) the time, but they don't really check on that. Owning property, receiving official mail at that address is prove enough.

1 hour ago, EVENKEEL said:

Explain yourself. What exactly is a man living in Thailand getting for free and a man living in USA paying for.

Many people living overseas use the Schwab ATM card as a cheap way to get money from the US. Obviously people living in the US have little need to avoid foreign transaction fees. The issue is the expats that keep a Schwab account to avail themselves of the freebies and have no investments there. Schwab likely determined that the easiest way to minimize their costs was to just get rid of all people living overseas, some of which may have significant investments there.

51 minutes ago, araiwaja said:

IB never required 100k to open an account. They did require an account total value of at least 100k to avoid a monthly fee, but that has also been removed. There are no minimums now and no monthly/inactivity fees. 

I obviously misremembered. Good news. They do target more advanced investors.

14 minutes ago, bunnydrops said:

You have a US address. Do you pay tax in that state, or Fed Tax? Then just tell them that address is your residents. By law, I think, you are supposed to be in the States most (more than half) the time, but they don't really check on that. Owning property, receiving official mail at that address is prove enough.

Proof enough is whatever the firm demanding it says it is.

27 minutes ago, Jingthing said:

Proof enough is whatever the firm demanding it says it is.

That of course is true, but all he is asked for is confirmation, A "yes that is my resident" may be enough.

My traditional IRA is with Schwab, and my address on record with them is my Thai address. The only downside of not having a US address is that I can't trade online, as I found out last year when I tried to sell some shares in the IRA account to cover my RMD (required minimum distribution). Instead, I had to call their international number and do the trade via phone. And I had to pay $25 for the inconvenience of not being allowed to trade online, again, due to having a foreign address.

 

17 hours ago, Jingthing said:

He could.

It would be a challenge to open from Thailand and I wouldn't assume continuation of any policies you may have heard about Fidelity in the past.

I'm with Fidelity. They were aggressively investigating me for years because of Thailand logins, but they dropped bugging me after I started only logging in from the US directly with TeamViewer (not a VPN).

It might be a case of out of the frying pan into the fire. 

 

I'm hanging on with Fidelity because they are good and I've been with them since I was 20. I was disgusted when they starting hassling me. It seemed unethical to treat such long term customers that way.

 

But I would have the most confidence in Interactive Brokers long term to be actually expat friendly.

Before you started using TeanViewer, what was it that tipped them off that you were outside of the United States?

34 minutes ago, suzannegoh said:

Before you started using TeanViewer, what was it that tipped them off that you were outside of the United States?

Logins from Thailand.

1 minute ago, Jingthing said:

Logins from Thailand.

With or wiithout a VPN?

15 minutes ago, suzannegoh said:

With or wiithout a VPN?

Without but be clear they know where you are even with a VPN. Financial institutions have tools.

 

Banks etc are blocking people all the time that are using VPNs.

 

VPNs are only good to shield your activity from your IP and accessing geo restricted websites.

 

Probably over 90 percent of people paying for VPNs don't need them. They are oversold.

 

Even logging in an a public wireless network doesn't need a VPN as things like banking are already encrypted.

 

But banks are a higher level of surveillance.