American Banks closing expat accounts

[pete999]

Greetings,

Wells Fargo will be closing my account soon as they are no longer interested in expats.

I'm more than happy to open a dollar account at BPI and have my pension directly deposited there.

My major problem is paying my USA AMEX and USA Visa cards without having a USA Bank account where I can pay by direct withdrawal.

I desperately need a way to pay my USA Credit cards without needing a USA bank account. Mail and wire transfer are too slow and costly. Can not pay my USA cards through BPI or BDO.

If anyone is already doing this or has a solution, please let me know. Thanks

[JJReyes]

Strange that Wells Fargo is no longer interested in expats.  What they want, which is common for all banks, is a minimum deposit and digital global banking.  Their branches are mostly empty of personnel, and they are shutting down as leases expires.  

[OnMyWay]

4 hours ago, pete999 said:

Greetings,

Wells Fargo will be closing my account soon as they are no longer interested in expats.

I'm more than happy to open a dollar account at BPI and have my pension directly deposited there.

My major problem is paying my USA AMEX and USA Visa cards without having a USA Bank account where I can pay by direct withdrawal.

I desperately need a way to pay my USA Credit cards without needing a USA bank account. Mail and wire transfer are too slow and costly. Can not pay my USA cards through BPI or BDO.

If anyone is already doing this or has a solution, please let me know. Thanks

Fidelity was going to shut down brokerage accounts because I used my PH address.  I called them and the agent I talked to said it would be fine if I just changed my address to a U.S. address.  I changed it to a Travelling Mailbox address in Florida and no problems since.  I use my Travelling Mailbox for all banking, brokerage, SS, IRS, etc.  I don't want anything important mailed by snail mail to the Philippines.  It will get lost.  Anything mailed to me goes to my mailbox, where it is scanned in and I can view it online.

If you are beyond that point, you can open accounts at SDFCU, State Dept Federal Creidt Union.  They have no problem with expats and most of the customers probably live overseas.  You can check on their website what the qualifications are.  Worst case you might have to join an association to qualify.  I paid $75 to join an Overseas Citizens association that qualified me to join SDFCU.  I never had to renew it and I still have the accounts at SDFCU, since 2018.  You will have full service online banking, with bill pay, etc.

I don't recommend having your SSDI directly put in BPI.  Keep your money in a U.S. bank.  If you open SDFCU accounts, you can write yourself a dollar check every month or two and deposit it in your BPI dollar account.  That is the cheapest way to transfer dollars, at $5 flat fee per check deposit.

[baronapart]

I have SDFCU, Navy Federal, Alliant FCU and Penfed accounts. I also have Credit Cards from these institutions. All allow foreign addresses. SDFCU is particularly expat friendly. I also have a Schwab account and use my oldest son's address. Do not try and use a foreign address with Schwab. I would never use my Chase or American Express Bank accounts or CCs in the Philippines and will probably close them when I move permanently.

I have withdrawn funds from SDCU, Alliant, and Navy Fed from an ATM at a small land bank in the bowels of central provincial Mindanao with issue. Can't get any better than that.

Edited September 19, 2023 by baronapart

[OnMyWay]

1 hour ago, baronapart said:

I have SDFCU, Navy Federal, Alliant FCU and Penfed accounts.

Good list!  I had not heard of Alliant and Penfed before., as being expat friendly.  Penfed seems to accept anyone.  Alliant has a simple workaround to let everyone join.

[Lee]

On 9/18/2023 at 9:08 PM, OnMyWay said:

I don't recommend having your SSDI directly put in BPI

Seem to recall that you CAN'T have SS monies deposited into a PI bank.

 

On 9/18/2023 at 9:08 PM, OnMyWay said:

I use my Travelling Mailbox for all banking, brokerage, SS, IRS, etc.  I don't want anything important mailed by snail mail to the Philippines.

I started out with everything from the US being sent to a mailing service but over time the SS paperwork started showing up here in the PI.

I believe that the IRS helped facilitate this change of address when my taxes were filed each year.

Edited September 19, 2023 by Lee
spelling

[OnMyWay]

2 hours ago, Lee said:

Seem to recall that you CAN'T have SS monies deposited into a PI bank.

My kids SS is deposited to BPI.  US Embassy Manila SS staff said it had to be that way.  I found out later that is not true.

[Shanebo]

All my funds are still in a US banks and I have an automatic fund transfer set up each month to my PNB account via PNB US branch. I am still employed by a US company and they require my direct deposit salary go to a US bank. I haven't reach SS age yet but this is some good information to know.