Advice for setting up banking accounts

**snafu** · 07-13-2012, 10:27 AM

I take International contracts and have run into some banking brick walls. You can track finances on various [home] accounts but you can find yourself blocked on certain seemingly straight forward transactions. If you are earning income overseas, it is more convenient to have automatic deposit in local currency using an ATM card for a couple of withdraws each month. Otherwise you cope with conversion, conversion fees, errors, partial truths, scammers, and hassle after hassle.

Check with your financial institutions for their suggestions, list of their specific fees and restrictions. Get statements in writing as it was our experience that talking to three different officers got us three different statements/interpretations and when they assured us we could transfer funds between accounts we discovered they had to be the same. That is we could transfer between checking a/cs but not saving to checking or vice versa; we could take cash out of an investment a/c but we couldn't put money in urrgh.

**phantom** · 07-13-2012, 10:45 AM

I have both a Schwab checking account and an Ally savings account. It's been a while since I linked them, but I seem to recall it being easy, and it was definitely free. Both banks have nice, easy to use web sites, and the speed of transferring funds between the two tends to be relatively quick.

I have had a couple of technical issues with Ally over the years, but never anything a quick phone call to their custom service people couldn't straighten out.

The only drawback I can see to dropping a brick and mortar would be the inability to deposit checks. I don't get many checks, but when I do, I like to be able to go somewhere and drop them off. Schwab will let you mail them deposits, but I find it easier to make deposits at another bank and transfer them to Schwab.

**The Internationalist** · 07-13-2012, 10:56 AM

I will be working for International Schools.

If I remb correctly I think most deposit your check into your American bank account.

**snafu** · 07-13-2012, 01:44 PM

International Schools likely have no problem electronically depositing to your American account but you will have day-to-day expenses at your school's location and there are fees and exchange charges for every transaction from the machine branch at location you're using and home branch. Check information carefully and fully understand how you access your $$$, verify transactions and fees, charges, or their preferred terminology. Making international phone calls needs time and time zone considerations, roaming charges and frustration when the person you need to talk to isn't available.

Our most annoying experience was sums designated for retirement a/c following their copy of our pre-determined plan. They accepted the money but left it in cash, not the designated ETF...no matter how many times I had a notarized, signed document faxed. Banker types get very rules conscious when the client is out-of-the-country.

**sblatner** · 07-13-2012, 03:17 PM

My brother and SIL work for an American School. I believe they have one check direct deposited into a local bank and the other direct deposited in the US. You may be able to have your check split between a local bank and an American bank.

I do suggest that you have someone in the US on a bank account in case you need someone local to handle something for you. I am my brother's contact here in the US. If he has ATM issues, etc., I talk to the bank and let them know that a transaction is okay or not or at least e-mail my brother so he can call them. Also, once in a while he needs a paper check sent for something and I do that from here.

**The Internationalist** · 07-13-2012, 07:52 PM

yea i think i am gonna roll with 3 for now

BoA online checking account

Charles Schwab checking account

Ally Account (checking, savings, money market, CD)

Advice for setting up banking accounts