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[OnMyWay]

4 minutes ago, Shady said:

A joint Schwab account with your Filipina wife, can you do that?

Would she have access to all of the funds, or only through limited ATM debits?

Yes, you can do that with Schwab Int'l, as long as she has an ITIN or SSN.  She really won't have access to the funds nor will we need access to the funds.  We won't be using the ATM card.  As I said in another post, this will be a minor account, not all my savings / investments, with the purpose of growing a bit and being there when I die, for her easy access.   Actually, I believe a citizen of most countries can open a Schwab Int'l account, individual or joint.

I'm also trying to figure out how to open investment accounts for my U.S. citizen kids who live here.  I have not figured out the best way yet and I am looking for ideas, if anybody has some.

[Shady]

3 minutes ago, OnMyWay said:

being there when I die, for her easy access. 

That's my question, what's the easy process for her to get funds?

  

3 minutes ago, OnMyWay said:

I'm also trying to figure out how to open investment accounts for my U.S. citizen kids who live here.  I have not figured out the best way yet and I am looking for ideas, if anybody has some.

I like HSBC, because unlike Schwab, they actually have branches here (and around the world).

[OnMyWay]

2 minutes ago, Shady said:

That's my question, what's the easy process for her to get funds?

It is a joint tenancy account.  If I die, it does not get locked up.  It should be as easy as using the ATM card if there is an urgent need.  I intend to have instructions that will make it as easy as possible.  It is a taxable account so if assets are sold and taxes are due, she would need to handle that.  I will have contacts for that too.  We file U.S. taxes jointly now, so if I die, she would contact my CPA for help.

https://www.investopedia.com/articles/pf/08/joint-tenancy.asp#:~:text=Joint Tenancy With Survivorship,-Joint tenancy with&text=In this arrangement%2C tenants have,of the money or property.

I have been interested in HSBC for a long time, but they only have a branch in Manila, right?

[GeoffH]

1 hour ago, OnMyWay said:

I have been interested in HSBC for a long time, but they only have a branch in Manila, right?

I have a HSBC account with some emergency funds in it, they don't have a lot of branches everywhere like a local bank but they do have one in Cebu (for the Visayas) and one in Davao (for Mindanao) as well as the three branches in greater Manila.  Plus they have HSBC 'bill payment' franchises in Cagayan De Oro and Baguio.  I'm never used the one in CDO (the app works for me) but I gather they're not full service branches.

Edited August 15, 2020 by GeoffH

[Shady]

2 hours ago, OnMyWay said:

It should be as easy as using the ATM card if there is an urgent need.

So only limited access using ATM withdrawals, no way to get the total?

2 hours ago, OnMyWay said:

I have been interested in HSBC for a long time

I have a US HSBC account, I haven't gotten an HSBC account in the Philippines yet but my understanding is that if I were to apply for an international account, the two accounts could be linked for easy transfers.

 

 

[OnMyWay]

3 minutes ago, Shady said:

So only limited access using ATM withdrawals, no way to get the total?

 

If I die, she would be the surviving owner of the account and she would be able to do anything she wants with the assets, which would be funds, ETFs, or cash, most likely.  That is the purpose of this particular account.

[Jollygoodfellow]

1 hour ago, OnMyWay said:

If I die

Sorry, it's not a matter of "IF", it's a matter of when  

[Shady]

2 hours ago, OnMyWay said:

If I die, she would be the surviving owner of the account and she would be able to do anything she wants with the assets, which would be funds, ETFs, or cash, most likely.  That is the purpose of this particular account.

Right, the question is how does one cash out an account like that if there are no branches?  Presumably you would be able to do it, by online transferring into your account that funded Schwab account. But how would she do it if she only has access to the Schwab account and an ATM card?

 

 

[OnMyWay]

7 minutes ago, Shady said:

Right, the question is how does one cash out an account like that if there are no branches?  Presumably you would be able to do it, by online transferring into your account that funded Schwab account. But how would she do it if she only has access to the Schwab account and an ATM card?

 

 

Wire transfer or check.  She has a dollar account here and my kids have dollar accounts here.  There are several options.

In any case, it is highly unlikely that she would urgently need that money.  We have other means.

[OnMyWay]

1 hour ago, Jollygoodfellow said:

Sorry, it's not a matter of "IF", it's a matter of when  

Well, that depends.  I was chatting with my friend Walt Disney the other day......  Oops!  Wasn't supposed to mention that.