Should I use a U.S. address or report my new address abroad for banking and Social Security after moving out of the U.S.?

@Mark ********

were you being sarcastic but is it really that easy to be a South Dakota resident ?

@David *****

good point. I have both a checking & savings account in a credit union I barely touch. I simply do online transfers for this purpose.

@Kenneth ******

sounds like I'll be doing the exact same thing. I know there's Bangkok Bank division in New York did you send your direct deposit through them or the one in Thailand? Thanks

@Kenneth ******

You can decline Medicare Part B and avoid payments. Medicare Part A is free.

@Kenneth ******

Why? 1) All of my income, savings, and investments are in the US and are denominated in USD, and it would make zero sense to liquidate everything and move it to Thailand. 2) My pension can only be paid into a US bank account. 3) US banks have better consumer protections and interest rates than Thai banks, and will issue credit cards (that have real fraud protection).

We can disagree about the quality and cost of Thai insurance, and agree that medical care here is much cheaper than in the US, but it isn't correct that you "have to pay Medicare" if you have a US address. Part A is free wherever you live, and Part B - which does cost money - is optional wherever you live. You simply decline it, and you pay nothing.

Yes, I have a Thai bank account for day-to-day spending, but that is by no means a solution to all of my banking and financial needs.

@Bradley ********

Thanks for that info. I've read about this before. Do you know if I need to have a Charles Schwab account for a minimum amount of time 1st, before getting the refund privilege ? Does a Charles Schwab account require a mininum in the account by chance? And if so, do you know the mininum amount? Thanks in advance, Cheers from Mike in Oklahoma

@Bradley ********

why does your profile have nothing on it? Fake?

@Mike *********

Good point on eSIM or US number- banking extremely difficult without

@Bradley ********

they are a virtual mailbox. Escapees is exactly what a virtual mailbox is…a physical address that receives mail and scans it (as well as other services).

@Brian ********

a few banks are able to have international customers due to their own international presence. They need to do extra paperwork which others aren’t setup or choose not to do. The Patriots Act does not technically prevent overseas clients. It just requires better tracking.

@Andrew *******

I’ve always used a Thai address with Social Security. Last year I moved from Bangkok to Sisaket province. When I got my proof of life letter in Sisaket it said that it was their 2nd attempt. I returned the letter using EMS and never had an interruption in my benefit deposits. I find mail delivery in Thailand to be reliable and reasonably fast for international mail except around New Year’s.

@Andrew *******

I begged and pleaded with them to let me use my USA address because I know things get “lost” in the mail here. They insisted I had to use my actual Thailand address (which I have to notify them of every time I move). Sure enough, what you describe has happened a couple of times. Last year I never received the letter from them and they cut me off.

@Neil ********

That’s what Bank of America told me, after 6 months they will closed the accounts

@Cherie *******

please describe the virtual mailbox. I just tried to change my address for SS and using a PO Box was rejected. I’m tempted to use the physical address of the PO but I’m hesitate at this point. My bank had no issues with the PO Box address.

@Cherie *******

me too in SD

U still file the income tax report every year so keep the US address

@Ken **********

best answer

@Ken **********

This is what I do to keep an account open. Because this requirement is relatively new for most of the banks, does anyone know if only a physical US address and phone number are required, or do we need to be physically present in the US for a set time period each year? I don't believe there is a physical presence requirement, but not certain.