Is Usaa Bank Really A Us Expat Friendly Bank?

[Thaiquila]

As many of you know, there are issues for Americans with US banks being expat difficult. Sometimes little details can get you.

For example, one bank I am working with requires a callback number in their wire agreement. If the number needs to change or goes away, you would have to fly back to the US to effect a new wire agreement. This bank is Suntrust. I think it still might be OK because it is my understanding that they don't do callbacks on repetitive wires (wires to specific accounts you have previously set up).

I heard of this other bank, USAA, specializing in US military and vets, but apparently any US citizen to open a bank account there. Any people here with their accounts? If so, if you are doing wire transfers, can you provide details about your experience with them? Basically nothing on the website for non customers about this, however this blog entry from Argentina is very enthusiastic:

http://expat-argentina.blogspot.com/2005/1...for-expats.html

[Hambledon]

I would imangine that USAA would be very savy when it comes to internationa banking and personal business, being that their clients are mainly US military personal who are often deployed over seas with their familes. I shall find out myself soon, but so far, no problems with ATM and CC with them while in Thailand. I am moving to Thailand in a month or two, so I shall find out for sure. However, you cannot be a member of you are not either current active US military, retired, or family of military. If you qualify, USAA is prehaps the best insurance and banking company in America, with some of the best rates anywhere and, because it is member owned, a dividend on profits once a year.

[Thaiquila]

Thanks for that. I do understand you can't be a member and use their insurance services without a military connection, but according to the blog I cited, their banking services are open to all US citizens. And aside from the wiring services which I would like to know more about, they sure do appear to have remarkably low fees.

Edited August 23, 2006 by Thaiquila

[ThaiBob]

Consider Etrade Bank. Easy on-line setup and link to outside accounts. International wires are $25 (versus $40 with BofA). FAX wire transfers to 1-800 number with no callbacks. Favorable international ATM withdrawls also.

[Vespa]

USAA is perfect in every respect.

Have used their wire service , all it takes is a phone call from Thailand to get money wired directly into my Thai bank - flat $35. fee.

AFAIK you do have to be a member to use their services.

As many of you know, there are issues for Americans with US banks being expat difficult. Sometimes little details can get you.

For example, one bank I am working with requires a callback number in their wire agreement. If the number needs to change or goes away, you would have to fly back to the US to effect a new wire agreement. This bank is Suntrust. I think it still might be OK because it is my understanding that they don't do callbacks on repetitive wires (wires to specific accounts you have previously set up).

I heard of this other bank, USAA, specializing in US military and vets, but apparently any US citizen to open a bank account there. Any people here with their accounts? If so, if you are doing wire transfers, can you provide details about your experience with them? Basically nothing on the website for non customers about this, however this blog entry from Argentina is very enthusiastic:

http://expat-argentina.blogspot.com/2005/1...for-expats.html

[Thaiquila]

USAA is perfect in every respect.

Have used their wire service , all it takes is a phone call from Thailand to get money wired directly into my Thai bank - flat $35. fee.

AFAIK you do have to be a member to use their services.

Well, according to this Argie guy, you don't need to join anything to use their bank and banking services. Hmmmm.

Anyway, did you require a signed wiring agreement setup when you were in the US? Did you set up the target bank info beforehand?

[Vespa]

Well, according to this Argie guy, you don't need to join anything to use their bank and banking services. Hmmmm.

check www.usaa.com

Anyway, did you require a signed wiring agreement setup when you were in the US? Did you set up the target bank info beforehand?

Just a phone call

[Thaiquila]

I will check this out. The usaa site doesn't give any hope to non-military, but the blog does:

USAA Bank is an FDIC-insured Federal Savings Bank, not a credit union, and therefore they cannot legally restrict access to their bank to a specific group of people.

Edited August 24, 2006 by Thaiquila

[Vespa]

I will check this out. The usaa site doesn't give any hope to non-military, but the blog does:

USAA Bank is an FDIC-insured Federal Savings Bank, not a credit union, and therefore they cannot legally restrict access to their bank to a specific group of people.

I'd put my trust in the site

Edited August 24, 2006 by Vespa

[Thaiquila]

Well, if you are already using their service, good for you.

I think the blog writer has a lot of credibility (he has a really great blog) and he writes that it can be done. If it turns out some people can benefit from this (military and non-military) that would be a good thing. I am not sure I will use them because I already have too many bank accounts, but if they are really that great, and it is possible (still a ? mark) worth considering anyway.

You trying to keep the riff raff out?

Edited August 24, 2006 by Thaiquila

[PeaceBlondie]

Let me write to my daughter-in-law. She and my son are both employees of USAA Bank and its IT subsidiary, and they've both worked in Member Services.

She got me to open an account, but she's a manager, and I'm family.

[ChiefBEM]

You trying to keep the riff raff out?

Actually, USAA was initally brought into existance by a handfull of US Military Officers who were sick and tired of being "Ripped-off" by Insurance companies.

They kept the "Riff Raff Out" by restricting membership to US Military Officers and their dependents.

However, I believe in the 1980s membership was extended to senior enlisted members of the US Military and their dependents. Since then the membership has been expanded but I believe it is still military and employee based.

USAA rapidly became the best insurance company in the world.

USAA today is much more than an insurance company but it has retained its top ranking in insurance and became a top ranking financial corporation.

I am a retired Army Officer and since the 70s have had all of my insurance needs and investment portfolio with USAA.

If you can join the Banking Division of USAA, you definately should join!

Regards,

ChiefBEM

[Thaiquila]

OK, well too bad, on the face of it, if you are not eligible for USAA membership, you cannot open a USAA bank account. This differs from the report on the blog. The blog suggested a different strategy than I tried. I just went out and asked them if I could, and they said no. The blog seems to suggest some kind of tricky method, but I don't want to go there, so there you have it. If you are a resident of the home county of the bank, you can though, that is so very inclusive.

Another one down. Riff raff successfully dodged.

Edited August 24, 2006 by Thaiquila

[daxbr]

OK, well too bad, on the face of it, if you are not eligible for USAA membership, you cannot open a USAA bank account. This differs from the report on the blog. The blog suggested a different strategy than I tried. I just went out and asked them if I could, and they said no. The blog seems to suggest some kind of tricky method, but I don't want to go there, so there you have it. If you are a resident of the home county of the bank, you can though, that is so very inclusive.

Another one down. Riff raff successfully dodged.

USAA has just reversed that policy and is accepting general public.

[amexpat]

If you get a USAA account and can open an account with Bangkok Bank, you're dancing.

Just go online and transfer from USAA to your BangKoK account number at Bangkok Bank of New York. The swift code or r/t number is available on their website.

It's a local transfer - no fees, no problems. It's just as if you deposited cash in Bangkok, Chiang Mai, etc. Funds available in about 2-3 days, onshore exchange rate. All good.

You're welcome.

[ronz28]

OK, well too bad, on the face of it, if you are not eligible for USAA membership, you cannot open a USAA bank account. This differs from the report on the blog. The blog suggested a different strategy than I tried. I just went out and asked them if I could, and they said no. The blog seems to suggest some kind of tricky method, but I don't want to go there, so there you have it. If you are a resident of the home county of the bank, you can though, that is so very inclusive.

Another one down. Riff raff successfully dodged.

USAA has just reversed that policy and is accepting general public.

Nope, I just called and membership is still restricted as indicated on their website.

[Carmine6]

OK, well too bad, on the face of it, if you are not eligible for USAA membership, you cannot open a USAA bank account. This differs from the report on the blog. The blog suggested a different strategy than I tried. I just went out and asked them if I could, and they said no. The blog seems to suggest some kind of tricky method, but I don't want to go there, so there you have it. If you are a resident of the home county of the bank, you can though, that is so very inclusive.

Another one down. Riff raff successfully dodged.

USAA has just reversed that policy and is accepting general public.

Nope, I just called and membership is still restricted as indicated on their website.

Too bad, they're fantastic. Top rated insurance company and very good banking. One thing they offer that I've never seen anyplace else is depositing a check by scanning it in at home. You just scan it in on their website and shred the check. That was added after banks were allowed to treat a scanned image as if it were the original check.

The effective exchange rate on ATM withdrawals is also very good.

From their website:

Who is eligible?

Membership is open to:

Active-duty officers and enlisted personnel.

Children whose eligible parents have or had a USAA auto or property insurance product.1

National Guard and Selected Reserve officers and enlisted personnel.

Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS).

Former military personnel:

Retired officers and enlisted personnel.

Former officers and enlisted personnel who separated from the military on or after Jan. 1, 1996.

Former USAA members who had USAA auto or property insurance.

[JimGant]

Just go online and transfer from USAA to your BangKoK account number at Bangkok Bank of New York. The swift code or r/t number is available on their website. It's a local transfer - no fees, no problems. It's just as if you deposited cash in Bangkok, Chiang Mai, etc. Funds available in about 2-3 days, onshore exchange rate. All good.

Easy to set up with USAA -- just as easy as setting up electronic funds transfer (EFT) between USAA and another US financial institution. The only difference is, since you can only send one way (States to Thailand), the EFT with Bangkok Bank is set up one-way only. (This is all done with no extra jinking required from you.)

Note: Bank of America customers have had problems using similar EFT set-ups, probably because of running afoul of the following warning from Bangkok Bank: "Important Note: You cannot transfer funds from Bangkok Bank’s account in Thailand to your account with banks or online payment service providers in the US via Bangkok Bank's New York branch and the ACH system. If you initiate direct debit or ACH debit transactions to Bangkok Bank's New York branch, banks in the US and online payment service providers may suspend your account."

EFT transfers are slower than wire (SWIFT) transfers, but are certainly cheaper than the flat $35 rate USAA charges for wire transfers. For amounts less than $50, it's free; $51-100, $3 fee; $100-2000, $5 fee; $2000-50,000, $10 fee; and above $50,000, $20 fee. Both methods have a .25% fee at the receiving end, at least 200 baht, but no more than 500 baht.

If your wire transfers are usually to the same account, USAA has a neat system where you setup a "template" with all the pertinent data -- except amount to be sent. Then, when you want to wire money (again, maybe because it's faster than ACH transfers), you call the toll free number from Thailand, answer the authentication questions, and give the template name and amount to send. That's it.

USAA's MasterCard credit card is also a good deal to use in Thailand, as they only charge the 1% foreign transaction fee (while most today add another 2% or more to this fee), plus there's a 1% rebate on all purchases, effectively cancelling the foreign transaction fee. This is all off the interbank exchange rate, which is normally a few satang better than the TT rate (the rate you get when you EFT or wire).

Their ATM cards also charge the 1% foreign transaction fee (but no flat fee, plus any flat fee at receiving end is reimbursed). However, there is another .8% fee charged, which USAA says is related to the Cirrus Network. Since ATM fees are nearly impossible to completely get your arms around, comparing ATM card fees often requires using different cards in the same machine at about the same time. When I did this with SunTrust's ATM card, USAA did considerably better. But compared to others, I don't know.

[hhgz]

"USAA Bank is an FDIC-insured Federal Savings Bank...and therefore they cannot legally restrict access to their bank to a specific group of people."

Where did you get that information? There are 2 USAA Savings Banks - one is a Federal savings bank, and the other is not. Accordingly, they are overseen by different agencies and it doesn't matter. I'm only going to confuse you. Regardless, access to the USAA Savings Bank and the insurance products ARE restricted, even though you believe it's against federal law.

[think_too_mut]

Just go online and transfer from USAA to your BangKoK account number at Bangkok Bank of New York. The swift code or r/t number is available on their website. It's a local transfer - no fees, no problems. It's just as if you deposited cash in Bangkok, Chiang Mai, etc. Funds available in about 2-3 days, onshore exchange rate. All good.

Easy to set up with USAA -- just as easy as setting up electronic funds transfer (EFT) between USAA and another US financial institution. The only difference is, since you can only send one way (States to Thailand), the EFT with Bangkok Bank is set up one-way only. (This is all done with no extra jinking required from you.)

Bullshit.

As long as you are legit, you can do it both ways. Any way, including Thai banks. I do that.

The number of criminals spraying this site is amazing. Our friend Vladimir with a bag of money from Russia, is just a few posts below. He wanted it all over the net.

Good that the governments have robust measures to prevent that.

[PeaceBlondie]

The fact that USAA is open to all present, retired, and former (veterans) service members is a huge expansion from its officers-only days.

[JimGant]

Bullshit.

As long as you are legit, you can do it both ways. Any way, including Thai banks. I do that.

You do this within the Automated Clearing House (ACH) system? This is a US-only system, and thus why it's not open to two-way international transfers -- as explained by the quote from the Bangkok Bank website.

I'm aware that EFT transfers are easier between European and Thai banks.... But we're talking ACH transfers here. Please provide the US and Thai banks -- and the network -- that you "do that" with. I seriously doubt it's using the ACH system -- but I've been wrong before.

[jfchandler]

One of the very dependable banking blogs I subscribe to also recently confirmed that USAA has opened its banking deposit services (checking account, CDs) to the general public -- but that you still need one of their regular past requirements (ie military) to access their insurance and other services.

See the USAA blog post at this location....

In part, the blog reads:

USAA Bank's deposit products are now available to all

Even though the USAA's Become a Member Page does not state it, you don't need a military connection to qualify for USAA Bank deposit products. I confirmed this again when I called this morning. You still have to have a military connection to qualify for their loan and insurance products (and Deposit@Home). For a couple of years USAA Bank had excluded the general public access to their banking products. I was informed by a reader earlier this year that they quietly ended this exclusion.

In addition to banking services, USAA is well known for providing top services in auto insurance and mutual funds. So if you're lucky enough to qualify for these through the military connection, you might want to look into their products. The consumer advocate, Clark Howard, has mentioned USAA many times. You can read some of his commentary here.

USAA Federal Savings Bank is headquartered in San Antonio, Texas. It has been a FDIC member since 1983 (FDIC Certificate # 32188). The bank continues to have solid financial ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 3/31/09 data.

[johnnymoretti]

I have been a USAA member since 1982.

I am an Air Force vet, but not commissioned. I used my father's commission to enable me to become a member. I think the elegibilty requirements have changed a bit since 1982.

Also, USAA is one of the largest and most solid banks in the country. It is NOT owned by shareholders. It is owned by its members, and this is why you do not see it listed along with other banking institutions (ie; Bankrate.com).

It employs nearly 22,000 people. The building its headquartered in is as large as the Pentagon and is known as the largest single-company occupied building in America.

Its also a Fortune 500 company and rates highest in customer service.

A. M. Best Company: A++ (Superior)[28]

Moody's Investor Service: AAA (Exceptional)

Standard and Poor's: AAA (Extremely Strong)

In their May 2009 issue, Consumer Reports named USAA's brokerage division as the top rated discount brokerage service in the United States.

This is why I am a member. If you are eligible, I suggest you strongly consider them as your financial institution.

Thank you, USAA, for your value and service. No bailouts needed!!!

[andyc2006]

I can confirm that the general public can now open checking & savings accounts at USAA.

Via usaa.com, I just setup an account for a family member (I already have one), who has no connection to the US military.

It takes about 5-10 minutes to setup the account.

[daxbr]

I can confirm that the general public can now open checking & savings accounts at USAA.

Via usaa.com, I just setup an account for a family member (I already have one), who has no connection to the US military.

It takes about 5-10 minutes to setup the account.

Good news as this is by far the best expat checking account, in my opinion. Been using it for years with great success.

Unfortunately, some of the best features like internet deposit of paper checks (Deposit@Home and IPhone deposits) are still available for ex-military only.

Story from NYTimes:

August 10, 2009

Bank Will Allow Customers to Deposit Checks by iPhone

By SUSAN STELLIN

The Internet has taken a lot of the paperwork out of banking, but there is no avoiding paper when someone gives you a check. Now one bank wants to let customers deposit checks immediately — through their phones.

USAA, a privately held bank and insurance company, plans to update its iPhone application this week to introduce the check deposit feature, which requires a customer to photograph both sides of the check with the phone’s camera.

“We’re essentially taking an image of the check, and once you hit the send button, that image is going into our deposit-taking system as any other check would,” said Wayne Peacock, a USAA executive vice president.

Customers will not have to mail the check to the bank later; the deposit will be handled entirely electronically, and the bank suggests voiding the check and filing or discarding it. But to reduce the potential for fraud, only customers who are eligible for credit and have some type of insurance through USAA will be permitted to use the deposit feature. Mr. Peacock said that about 60 percent of the bank’s customers qualify.

USAA may seem like an unlikely innovator in mobile banking. It ranks in size just below the top 20 banks in the United States, and serves mostly military personnel, though many of its products are available to anyone.

But with just one branch, in San Antonio, and customers deployed all over the world, the company has been aggressively developing an anytime, anywhere banking strategy. Three years ago, it introduced the option of depositing a check from home using a scanner. That laid the groundwork for the phone deposit feature, which USAA plans to offer on other phones this year.

“Mobile is going to be a bigger part of how people do commerce and how they interact with their financial institutions,” Mr. Peacock said. “The great value that we see is the time savings.”

About a million of USAA’s 7.2 million customers use their cellphones to access their accounts — either via text message, a mobile browser or an iPhone application introduced in May. The deposit feature, which USAA previewed in an online video, puts the bank in the vanguard of the effort to turn cellphones into portable branches.

“USAA has been pretty progressive with this,” said Nick Holland, a senior analyst with Aite Group, a financial services research company.

The most popular banking tasks done on cellphones are reviewing account balances, transferring money, making payments and finding A.T.M.’s, analysts say. But in general, mobile banking has been slow to catch on. Mr. Holland said tighter budgets have forced banks to focus on using technology in ways that cut costs or generate revenue, rather than simply creating buzz.

“If banks can get people to stop calling call centers for mundane inquiries and instead send a text message,” he said, “that saves a bank about $14 for every one of those inquiries.”

Mr. Holland predicted that other banks would follow USAA and offer some type of mobile deposit capability, especially deposit options aimed at small-business customers who may be willing to pay for the convenience.

A study released recently by comScore, a digital audience measurement company, found that more than 15 million people in the United States used mobile banking each month, a number that is expected to grow as networks become faster and more people migrate to smartphones.

“It’s the iPhone that really propelled things to the forefront,” said Marc Trudeau, a senior director at comScore.

While comScore found that just 3 percent of mobile banking customers use Apple devices, Mr. Trudeau said the iPhone had paved the way for applications that let customers accomplish tasks more efficiently than with a phone’s Web browser.

For instance, Bank of America, which has an iPhone app, has more than three million mobile banking customers, and 43 percent of them bank with an iPhone or iPod touch, said Tara A. Burke, a company spokeswoman.

A cellphone is also always at hand, so it is potentially a more convenient than a computer. In fact, comScore found that people most often use mobile banking services at home.

“We’ve all seen the ads showing people banking from a beach in the Caribbean,” Mr. Trudeau said. “The reality is much more mundane than that.”

Edited August 14, 2009 by daxbr

[daxbr]

Email from USAA:

USAA CEO Announces Expanded Member Eligibility‏

(...)

hope you agree that all men and women who have honorably served in the U.S. Armed Forces deserve to do business with a financial services company that understands their unique needs, appreciates their service and does the right thing because it is the right thing to do.

Your USAA Board of Directors believes so, and I am very pleased to let you know that USAA membership is now open to anyone who has honorably served in the U.S. military.

(...)

[xbusman]

USAA - perfect in all regards. I think they won the top customer service award last year and are always in the top five. Everything is easy, done by humans, and they are very expat friendly.

They are on a hair trigger for Asia, Africa and Russia. If I move from country to country too fast or change my spending habits quickly they will freeze my accounts immediately. A simple phone call during US business hours will resolve the situation but it can cause duress if you are not aware. While it can be frustrating, I always appreciate the protection it offers. I can usually bypass this inconvenience if I call them in advance with my travel plans when in that part of the world.

All in all, an excellent bank with reasonable rates and unequaled customer service.

[JimGant]

If I move from country to country too fast or change my spending habits quickly they will freeze my accounts immediately.

On their website, you can click your credit and/or debit accounts, go to "manage travel notifications," and fill in your travel itinerary for the next 90 days.

Now, having to go to their website every 90 days to 'refresh' my Thailand 'visit' isn't convenient. However, they, without any quibble, opened a permanent file on my plastic to say, 'expect most activity in Thailand, some in the US.' Good stuff!

They have toll free numbers from Thailand.

[longball53098]

Can USAA accounts be opened from LOS on the phone or internet and CC applied for and received?