Money transfers.

[fastpitch17]

I have lived outside the US for over 12 years. I still use my US bank that I have used for the past close to 35 years. They are fully aware of where I live and have my Indonesian address on my account. I do have any new cards sent to my sister simply because when she mails them to us they arrive in about 10 days whereas the bank mailings take 5 to 6 weeks if we get them at all.

Those that receive US Social Security has to have an account where it can be directly deposited. If a US Citizen living abroad or a foreign national living outside the US is receiving SS, they have to have it directly deposited to a bank in an approved nation. Indonesia is not approved so no direct deposits to Indonesian banks.

 

[serious_fun]

Indonesia is not approved so no direct deposits to Indonesian banks.

Really? Indo is on the SSA site as one of the nations where direct deposit is available:

International Programs - Your Payments While You Are Outside The United States - Country List 6

benefit payments abroad, beneficiaries outside the United States, taxation of benefits, reporting requirements, overseas direct deposit

www.ssa.gov

 

[Rellek]

Really? Indo is on the SSA site as one of the nations where direct deposit is available:

International Programs - Your Payments While You Are Outside The United States - Country List 6

benefit payments abroad, beneficiaries outside the United States, taxation of benefits, reporting requirements, overseas direct deposit

www.ssa.gov

WOW. Iraq is approved.

 

[Hawk256]

WOW. Iraq is approved.

As well as Russia, China and most of Africa.

 

[fastpitch17]

Good t

Really? Indo is on the SSA site as one of the nations where direct deposit is available:

International Programs - Your Payments While You Are Outside The United States - Country List 6

benefit payments abroad, beneficiaries outside the United States, taxation of benefits, reporting requirements, overseas direct deposit

www.ssa.gov

Good to know. Been awhile since I checked and at that time was not on the list. Not sure if I would want it direct deposited here.

 

[serious_fun]

Not sure if I would want it direct deposited here.

For tax reasons? I'm debating where to have my SS deposited when the time comes...I'd prefer to have it dropped into a local account, but not if "the man" takes a slice out of each cheque.

I wonder if the SSA can split the deposits into a number of accounts? update: I just checked, and they cannot split the deposits.

Can I split the direct deposit of my Social Security benefit between two bank accounts?​

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Currently our system allows direct deposit only to a single account, at a financial institution (e.g. checking account, savings account, or prepaid card account). However, you may preauthorize your financial institution to transfer funds into your other bank accounts.

 

[pantaiema]

There are many US credit cards that charge no foreign exchange fees. Citibank, Capital One, Chase and Amex are a few that I personally hold. Each card often has different features, so check before signing up.

I get airline miles, hotel points, or 1-4% cash back on purchases. I use them wherever possible while I’m in Indonesia.

Typically, a specialist credit card with the perk of zero fees (or near-zero fees) for foreign transactions is more widely available than its debit card counterpart. This is because this specialist debit card can be considered as a loss leader product without monthly fee.

Typically, debit cards have a direct link to bank accounts, and this account will charge monthly fees. There are only a few that do not charge monthly fees. For example, the one mentioned by fastpitch17 in post #48 has a monthly fee of US$5. However, there are still a limited numbers of specialist current accounts with debit card that have these perks and do not charge any fees.

For cash withdrawal from ATMs in Indonesia (not for purchases), a debit card is a preferable option. If you withdraw cash from an ATM in Indonesia using a credit card, it is a cash advancement as you are not using your own money but you are using the bank's money. Typically, they will charge you the daily interest from the day of withdrawal until you clear all of your credit card balance on the following statement month. The interest could be huge 15%+pa depending on the credit card term.

 

[flavus]

Typically, debit cards have a direct link to bank accounts, and this account will charge monthly fees. There are only a few that do not charge monthly fees. For example, the one mentioned by fastpitch17 in post #48 has a monthly fee of US$5. However, there are still a limited numbers of specialist current accounts with debit card that have these perks and do not charge any fees.

For Americans, there's quite a few banks that don't charge monthly fees - eg Chase doesn't (if you keep a certain balance), and checking accounts from investment companies like Schwab and Wealthfront don't either.

But the combination of no monthly fee and no forex transaction fee / charge for using a third party ATM is indeed rare. Schwab is the only one I have found so far, so I load up my current account before trips just in case.

As others have noted - debit cards are riskier so I only ever use them with ATMs in locations that look safe, and use credit cards for transactions since I can dispute charges easier.

 

[pantaiema]

For Americans, there's quite a few banks that don't charge monthly fees - eg Chase doesn't (if you keep a certain balance), and checking accounts from investment companies like Schwab and Wealthfront don't either.

But the combination of no monthly fee and no forex transaction fee / charge for using a third party ATM is indeed rare. Schwab is the only one I have found so far, so I load up my current account before trips just in case.

As others have noted - debit cards are riskier so I only ever use them with ATMs in locations that look safe, and use credit cards for transactions since I can dispute charges easier.

Chase is offering a better deal in Europe: zero fees for foreign transactions and no monthly account maintenance fees. Additionally, they provide 1% cash back every time you use the debit card for a purchase including foreign purchases.

Chase current account

Open a free Chase current account.

www.chase.co.uk

Typically, debit cards with zero foreign transaction fees and no maintenance fees are offered by challenger banks (also known as neo banks). These are a type of new financial institution—relatively small banks that operate exclusively online and aim to disrupt traditional banking models by providing innovative and customer-centric financial services. Their goal is to attract millennial and Generation Z customers. Some of the notable ones include Starling Bank, N26, Revolut, and Monzo. Even larger banks like HSBC, Santander, Fineco are trying to match their offerings.

However, this trend will likely come to an end eventually, as it currently operates as a loss leader for these banks.

 

[flavus]

Chase is offering a better deal in Europe: zero fees for foreign transactions and no monthly account maintenance fees. Additionally, they provide 1% cash back every time you use the debit card for a purchase including foreign purchases.

Oh, interesting!

 

[pantaiema]

Oh, interesting!

I personally have this Chase bank accounts so could tell from personal experience. Beside cashback, they also pay a competitive interest for the money staying in the current account. But for many people the interest in current account is irrelevant as people will only feed that account when needed. Most of the time the money will be sitting in higher interest easy access saving account.

 

[flavus]

Beside cashback, they also pay a competitive interest for the money staying in the current account

I feel doubly cheated now, in the US even their 'savings' account has terrible interest.

I now keep the bare minimum there and pay my credit card bills by linking other bank accounts. Parking enough money to cover expenses, a 4%+ difference in interest adds up over time!