How about a full service U.S. bank dedicated to serving expats, digital nomads, etc.?

[jaywalker2]

Throw in brokerage services as well that you can use from anywhere.

[Thailandbuckeye]

You might try the State Department Federal Credit Union. I looked into it but I already do all my banking in the U.S. at a Credit Assn so it didn’t appeal to me, although it may in the future.

 

Possibly you could transfer the locked funs?

 

https://www.sdfcu.org/

[CartagenaWarlock]

3 hours ago, Etaoin Shrdlu said:

I was visiting the US when I went into a Chase branch and opened the account.

 

I know this isn't helpful if you aren't planning on going to the US, but it is better than not being able to open an account under any circumstances with only a Thai address.

 

Before I opened the Chase account I did look into trying to open an account in the US without traveling there. If I remember correctly, TD Bank would open an account without me having to be physically present. This could be initiated over the phone using one of their toll-free numbers.

I'm in the US now. I will drop by the location on Monday and ask if I can open one, though I already have a Chase bank account. ChatGPT says you should be able to open one with Chase and BOA. 

[FritsSikkink]

6 hours ago, Jingthing said:

Could a wealthy entrepreneur open a U.S. bank with all the standard services dedicated to serving expats, digital nomads, etc.?

An account where U.S. nationals already living abroad could open new accounts with just a passport.

An account where living abroad doesn't make you a suspect and no need to create a fake U.S. residence with U.S. address and cell phone number?

A bank that could somehow finesse with clout and lobbying effort to still comply with "know your customer" laws even to the point of getting those laws changed to accommodate expats?

Can't they "know" us through different means, like Zoom calls, voice prints, official evidence of our foreign address, etc.?

Yes I know there are existing alternatives like State Department Federal Credit Union and that's great as far as it goes, but I'm talking about something even better and even more targeted at us.

It shouldn't be so hard for Americans to live abroad and still manage U.S. finances when needed, and many of us need to. 

A pipe dream for sure but do you think there's a profitable market for this?

I do as Americans moving abroad becomes much more popular for both working age people and retirees.

I know I'm not the only expat who has experienced many nightmares over the years by being treated badly by U.S. financial institutions.

Know any billionaires? 

 

You have a problem with 1000 USD, noting to do with a wealthy entrepreneur.

Just have a local bank account.

[mania]

6 hours ago, noobexpat said:

Think how a bank makes profit.

 

 

With Fractional reserve banking they don't need no stinkin small profits 😂

[noobexpat]

6 hours ago, Jingthing said:

I know enough to know that different banks have different business models but I assume you're talking about loans.

 

 

Really? What about the other 10 income streams you've missed?

Obviously never worked in banking.

[noobexpat]

6 hours ago, Dan O said:

Banks make money by floating  the deposits to other banks and institutions. You don't think they actually store your deposits in the vault until you need it do you?

 

Lucky you're here. So much knowledge. My whole career is banking.

[GammaGlobulin]

9 hours ago, Jingthing said:

This topic inspired by yet another issue with a U.S. financial institution caused by living abroad.

In this case an account of about 1,000 dollars that has been frozen and requiring me to visit a branch in the U.S. to unlock. I have no plans to travel to the U.S. Without going in details of how this happened, how about this for an idea?

 

Could a wealthy entrepreneur open a U.S. bank with all the standard services dedicated to serving expats, digital nomads, etc.?

An account where U.S. nationals already living abroad could open new accounts with just a passport.

An account where living abroad doesn't make you a suspect and no need to create a fake U.S. residence with U.S. address and cell phone number?

A bank that could somehow finesse with clout and lobbying effort to still comply with "know your customer" laws even to the point of getting those laws changed to accommodate expats?

Can't they "know" us through different means, like Zoom calls, voice prints, official evidence of our foreign address, etc.?

Yes I know there are existing alternatives like State Department Federal Credit Union and that's great as far as it goes, but I'm talking about something even better and even more targeted at us.

It shouldn't be so hard for Americans to live abroad and still manage U.S. finances when needed, and many of us need to. 

A pipe dream for sure but do you think there's a profitable market for this?

I do as Americans moving abroad becomes much more popular for both working age people and retirees.

I know I'm not the only expat who has experienced many nightmares over the years by being treated badly by U.S. financial institutions.

Know any billionaires? 

 

 

How about MICRO Banking?

Ever heard of THAT?

 

Or, JT, is Micro-Banking just to FREUDIAN for you?

 

 

[sqwakvfr]

If one is veteran USAA or even Navy Federal Credit Union might be an option.  Both are geared to serve active duty, retired and veterans.  Some in these categories live overseas like myself.  USAA in the past was a great bank but no so much anymore.  Having an overseas address with USAA has not been a problem (at least not yet).  I have heard good tings about Navy Federal and the next time I am in San Diego I might visit a branch there.  

[Dan O]

6 hours ago, noobexpat said:

 

Lucky you're here. So much knowledge. My whole career is banking.

You made to 2 comments that added nothing, yet complain about an accurate comment by me. I never claimed to be a financial wizard and apparently you aren't either if you think banks make no money on free checking and moving that money. Just to be clear having a bank account doesn't qualify you as having a career in banking.  Don't like my comments your free to move on or contribute something of value, your choice

[gargamon]

Just finished opening and funding a Schwab International account. Canadian passport and foreign proof of address were all that was required to open. 25k minimum to fund. I transfered a few existing Vanguard retirement funds recently, when they needed my SSN. SSN not required to open the account initially or do normal transactions. My Schwab ATM card is in the mail. 

 

Not available in all countries of residence. Canada , no. Thailand, yes. But a Canadian in Thailand is ok. 

Edited March 24 by gargamon

[jaywalker2]

Citibank has a Global Executive Account. It's based in New York. I opened mine with just a passport, I think, but that was some time ago. The cost is $25 a month or free if you keep a combined balance of $25,000 or more in investment, savings, or checking accounts.

 

They'll send you text SMS to your Thai phone number. The service isn't that great and Citibank has just recently downsized its Thai operations but the advantage is that it's aimed at people living abroad.

[biervoormij]

52 minutes ago, jaywalker2 said:

Citibank has a Global Executive Account. It's based in New York. I opened mine with just a passport, I think, but that was some time ago. The cost is $25 a month or free if you keep a combined balance of $25,000 or more in investment, savings, or checking accounts.

 

They'll send you text SMS to your Thai phone number. The service isn't that great and Citibank has just recently downsized its Thai operations but the advantage is that it's aimed at people living abroad.

Did you open this while in Thailand either online or at the Citibank in Bangkok?

 

I see on the Citibank site that there is access to US based credit cards. Do you have a credit card through this account?

 

 

[jaywalker2]

2 hours ago, biervoormij said:

Did you open this while in Thailand either online or at the Citibank in Bangkok?

 

I see on the Citibank site that there is access to US based credit cards. Do you have a credit card through this account?

 

 

I opened it in when I was in Japan. I have a debit card but they told me credit cards were only available to US residents. I also had an account with Citibank Japan but they couldn't open a US account for me.

[biervoormij]

7 minutes ago, jaywalker2 said:

I opened it in when I was in Japan. I have a debit card but they told me credit cards were only available to US residents. I also had an account with Citibank Japan but they couldn't open a US account for me.

Thanks for the answer. I have a US debit card but no longer have a US credit card and was hoping this might be a way to get one. I may have to become a US resident again to be able to get a US credit card again. It is just the additional fraud protection with the credit card and I would also like to reestablish a US credit score. I think not having a credit score may cause problems if I wanted to return to the states.

[JimmerJJ]

That would be a great thing that you suggest Jing.  As it is many US citizens living abroad are being denied their rights because of the overboard archaic Patriot Act. You are required to have a US address and phone for many things financial and Expats have to use clandestine work-arounds to maintain a US address or phone. It's frequently suggested to use a friend in USA but that's a band-aid solution.  Here's an example, me.  I'm currently in a dispute with Experian because they removed my credit score and they say I'm "Unscorable" on my Experian dashboard page.   It's been several weeks and I'm still trying to find out why they did that but no answer yet.  I'm 72 and have been with the same credit union for 40 years and I have never once been late on a mortgage or credit card payment and so too with my other 2 banks.  I have no bankruptcies, outstanding loans, criminal record nothing adverse to impact on my credit.  Squeaky clean. My credit score has always been over 800 and in Nov 23 it was 815.  So it's preposterous for Experian to say I have no credit history to score. But I believe it is because I'm using a CMRA address to forward  my mail to me. I have an Experian account but it does not allow you to enter a foreign address.  I submitted a complaint to the Consumer Financial Protection Bureau a division of the FTC) and they are a government agency to oversee credit bureaus (private companies) and all CFPB did was forward my complaint to Experian and then a week later Experian responds with an answer saying nothing except 'we're working on it' and with that nothing-response CFPB closed my complaint. It's a nightmare to try and hold the private Credit Bureaus to account and worse you get zero help from the CFPB. My whole 40 years credit history is up in smoke because of them and I get no answers.  So my next step is to complain to the FTC and then my Nevada Senator and then to a credit attorney.   I wish all Expats would join together and fight to have part of the Patriot Act (maybe wrong but I believe it is the crux of these problems) amended so it is not hurting US citizens.

ExperianMaintain US address.docx

[JimmerJJ]

(double-post deleted)

Edited May 21 by JimmerJJ
Trying to delete it, it posted twice sorry.