I've been an expat for 2 decades at this point and I think most people are better served by not doing this and instead using a bank & broker that explicitly support a foreign address.I plan on keeping a US address (relative or virtual mailbox) for my Vanguard investing purposes - pitfalls here?
The biggest problem is what seems to work today might suddenly stop working tomorrow and dealing with that headache while overseas is not fun. And over the years every bank and brokerage I've used has gotten progressively stricter and smarter about detecting and blocking overseas users. Blocking VPN exit points, telling you to "just" go into the brick & mortar bank that is 3 miles from your mailing address, blocking virtual numbers like Google Voice, asking you why you are currently calling customer support from overseas for the third time in a year, etc.
I've had accounts frozen at Wells Fargo for months until my next trip to the US when I needed to "reauthorize" with an ATM card at any Wells Fargo ATM(?!) I've had Schwab (US) close my account because they detected and decided I was overseas for too long and no longer resident in the US.
Don't get me wrong, just using US address of a relative is going to work fine 99% of the time. But opening accounts is so easy nowadays, just go with someone who you don't have to lie to.
Statistics: Posted by AlohaJoe — Tue Nov 19, 2024 3:41 am — Replies 21 — Views 1978
