Are you a US expatriate navigating the complexities of managing your American bank accounts while living abroad? You’re not alone. Whether you’re abroad temporarily or settling in another country for the long haul, handling your finances effectively is crucial. In this guide, we’ll explore essential tips and strategies to ensure smooth management of your US bank accounts while overseas.
Reasons to keep your bank account
There are several compelling reasons to maintain your US bank account while living abroad:
- Your account may be linked to other financial institutions or services, making it cumbersome to change everything.
- Having an open account can be convenient if you plan to return to the US.
- Keeping your credit cards active helps maintain a healthy credit score.
Tips to maintain your accounts
Many big banks require minimum balances to waive fees, typically around $1500. It’s advisable to maintain at least this balance to avoid unnecessary charges.
For your cards, beware of foreign transaction fees, which can significantly impact your spending. Opt for credit cards that offer no foreign transaction fees to save money. You can usually swap the card product without applying for a new card.
If you don’t plan to use your US credit card while abroad, it’s safer to keep at least some small charges, otherwise the institution may close the card for inactivity. A pro tip is to put a recurring subscription on it.
Accessing your account
Don’t forget that banks typically require a two factor authentication (2FA) in order to let you login. Our recommendation is to keep your US phone number active and keep using it, alternatively you can check if your bank supports international phone numbers.
Banks that support expats
There are a few banks that support account holders with international address, for example everything said above applies to Bank of America and Chase among the others.
Notable banks that instead don’t support this scenario are Wells Fargo, CapitalOne and Marcus.
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