Banking question

I am planning on retiring to Dumaguete in 3 years (I know, seems like a bit early to prepare). I am wondering what banks here in the U.S. will allow me to have an address in the Philippines once I move. Any suggestions? I want to start now so I have a history with the bank, as I currently use a credit union for everything. Thanks in advance.

 

Not sure this will help, but we maintained an account with Bank of America in the US and did our main banking at BPI in the Philippines.

 

Hi, You can read in several banking posts that a Charles Schwab account is a good thing to have because they reimburse the entire fee of any ATM anywhere in the world. I'm in Dumaguete, have my Social Security deposited in a credit union in the USA, transfer it online to Schwab, and withdraw pesos from any ATM in Dumaguete. Fidelity also reimburses ATM fees, but charges a 1% foreign transaction fee.
I have an account at Bank of the Philippine Islands in Dumaguete, but I would probably pick another bank because if you do need to go inside for any reason, the main branch is always crowded, and the branches do not have adequate parking for cars (motor scooter parking is available everywhere).
Transferwise is a good app with low fees and a great exchange rate, for moving money from my credit union to my BPI account. The transfer may take from 1 to 24 hours to show up in my BPI. Transferwise also has bank accounts and ATM cards, but I have not experience with using those features.

 

I had a Transferwise ATM card, was very expensive and only used it a few weeks.

When using your Schwab account and withdraw pesos how's the exchange rate?

I normally do my account in Aust to Transferwise to BDO

As far as the OP's question on a address, maybe your accountant, children, a good friend, ex wife. (in that order ) Would need someone that is not moving around. I have talked with my accountant about this and will be using him.

 

There are many forwarding address companies you can use as your mailing address in the US. Online they are referred to as virtual mailbox. They will scan your mail and send it to you via email.

https://www.guru99.com/best-virtual-mailbox-service.html

 

I have used a virtual for years living in the Philippines. Without a US mailing address you will have trouble with banks, credit cards ( you need a stateside billing address to use US cards overseas), and brokerage firms. I use Traveling mailbox, $199 a year for 30 scans a month. You can pick among several states for you address. They will scan and forward mail and packages for you. Very honest and professional, I have never had any issue with them.

 

So, if I have a US mailing address but not a residence, then I am good to go? In that case, virtual seems like the way to go. I think I would prefer, after a time, to forego the US account ATM and just transfer money as needed. Then if I needed (or wanted) to return to the States, I could jist have them send me another.

 

Thanks for the info on the mail forwarding service. I have a PO Box in the the US, that my sister or brother-in-law collect my mail from. My sister was able to pay the fee to renew it in 2020, but the PO clerk wanted me to pay in person, so I may have a problem renewing in 2021. It is good to know there are alternatives.
In case you did not know, USPS has a free service called "Informed Delivery". I get an email from the post office with a link that shows a black and white scan of letters or packages just before they are delivered. Occasionally I ask my sister to open the envelopes, take pictures of the letters, and send me the pictures.

 

See my response on your other post. We have dealt with Schwab and USAA for couple decades, they are used to members being overseas.

We use our local here Philippine bank checks, atm, and credit card, all peso stuff. ALL asset moves are in dollars to our bank here, then we control what the exchange rate is and timing to our peso account.

We have a California PMB at a service that takes mail and ships it to us every quarter and is "address" for US banks and cards and taxes (we say "#120" instead of Box 120, some don't like boxes), small store front, national chain (know owner personally, they can scan/ email also). Everything is "electronic statements," very little snail mail. I trust them enough that they opened and scanned a "real check," and i did a website deposit to USAA from here.