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shaun

Cheap Livin' Needed

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Tola

I've just opened an International Current Account with Lloyds Bank,with the US$ obviously being the opted-for currency.It,unfortunately,does not accrue any interest,but with the rates being as low as they are these days,i'm not too bothered.You have to either earn £50,000 per annum,or deposit £25,000 into the account.It's a Visa Debit card and,as such,charges are levied at 1.5% for cash withdrawals.Paul says that Canadia Bank is fee-free up to $450(thanks for that info Paul),so that particular transaction would cost $6.50 by my calculation.It beats the other method we have tried,ie an international transfer from my Lloyds Current Account.Lloyds charged me £10 and Bank Acleda $10 for a transfer of $500(this was a 'dipping the toe in the water' transaction and we have yet to try a bigger amount).There was,however,a shocking further $31 taken in charges from what we can only assume is the intermediary bank.We could not find out from Lloyds or Acleda which bank the transfer had gone through(Acleda had given us a list of seven intermediary banks).This added up to about $57 in charges.The $31 may be a fixed charge for transfers up to $1000,or $10,000,but we just don't know.Anyway,good luck Shaun!

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Parrothead

I'm in the process of opening a Schwab (USA) investment account. Supposedly, they have free (reimburse) foreign ATM fees. 

Beware, the application is 19 pages long! 

Edited by Paul

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phuketrichard

according to the other forums, Canadia now charges $4 /withdrawal

 

as to Charles Schwab  u need open the account IN THE STATES  so its only good for Americans as i tried to open one form Thailand even thou i am an American an was told i need apply in person  UNLESS its has changed.

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Parrothead

 

 


as to Charles Schwab  u need open the account IN THE STATES

 

Which is where I am. But, I believe he is in the UK at the moment. They may would accept it from there as well. 

 

Of course, I have to mail my documents to them. So, what would it really matter where you are, if you are going to open an account? I mean, aside from them not allowing IPs from SE Asia?

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Parrothead

I stand corrected. Below is the PDF I downloaded for my application. The statement regarding citizenship and near the top of the application: 

 

All account holders must be either U.S. citizens or U.S. resident aliens, reside in the U.S. or one of its territories, and provide a U.S. mailing address.

 

 

www.schwab.com_public_file_P-2123214_APP38165-16-WB.pdf

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jimmyboy

Yes, USA citizens "enjoy" a nearly unique status in worldwide earnings and reporting requirements- it is only burundi of gambia or some other outlandish place that treats it's nationals as chattel under the law.

 

That, btw is regardless of domicile country.

 

However! There is a bright spot in the legislation.

 

In order to qualify for SS retirement pension in USA, you must qualify by having paid over 40 quarters of your working life.

USA has many reciprocal agreements with other developed nations that accept quarters worked in that country as equivalent to quarters worked in USA.

 

For long term expatriates- single or dual nationals, this means that there may be an advantage to the requirements.

 

For example, a person now age 57, in Australia would not be eligible for old age pension until age 67. Yet if that same person was a US national- he or she would be eligible for a 75% old age benefit from USA social security.

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phuketrichard
For example, a person now age 57, in Australia would not be eligible for old age pension until age 67. Yet if that same person was a US national- he or she would be eligible for a 75% old age benefit from USA social security.

 

not quite right;

the youngest u can get SS in the states is 62 years old

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jimmyboy

right- sorry i got distracted while trying to post and didnt complete the sentence

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Parrothead

What did you 

 

:D

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luigi

I'm in the process of opening a Schwab (USA) investment account. Supposedly, they have free (reimburse) foreign ATM fees. 

 

Beware, the application is 19 pages long! 

Most of the application is just blah blah. Schwab has done well by my accounts. Wire transfers, moving $ around with ease, direct deposit, etc. If they ever miss refunding an ATM fee just send them a message & they take care of it.

There Street Smart Edge trading platform is a breeze to maneuver within. A real class act organization. Can reach live people with ease if needed.   They make me glad I dumped B of A. & Merrill Lynch.They suck!

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