How to Bank in America From Abroad
The Association of Americans Resident Overseas placed the number of Americans living abroad at anywhere between 4 and 7 million, as of 2008. As Americans relocate to foreign lands, they must also make choices about banking and financial services, since many expatriates maintain assets in U.S. banks. Banking in America from a foreign country can present challenges because of currency exchange rates, differing financial products and fees for international transactions. Banking from abroad can be achieved by establishing accounts with institutions that do business internationally and by looking for services and products that are friendly to the international customer.
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Instructions
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Identify the type of banking service -- wire transfer, checking or savings account -- or product (certificate of deposit) you will need while abroad. If you must pay bills to U.S. creditors, then you may want to maintain a U.S. bank account. If you have certificates of deposit or money market accounts, you will want to keep those active while abroad.
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Meet with a banking representative at your American bank to determine whether the services or products you need can be supported from abroad, if you currently have a U.S. bank account. Some banks do not sever a customer relationship and will offer the same services to you during your stay abroad. Ask about international transaction fees for using a foreign ATM machine and check to see if your bank has a branch office near the city where you will live while abroad.
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Leave a power of attorney with your American bank. A power of attorney gives a trusted person the right to sign documents or to carry out business transactions on your behalf. Put a power of attorney into effect by choosing a trusted individual in America to act on your behalf in case your bank needs your signature or approval for a transaction in your absence.
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Consider online or electronic services as a way to conduct banking while abroad, if you currently have an American bank account. Most banks offer electronic monthly statements, online banking and other Internet-based services to their clients. These services can be accessed from abroad through an Internet connection, giving you the option to transfer funds, pay bills and monitor your account balances.
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Open an account in a branch office of a U.S. bank while abroad. Many large U.S. banks, such as Citibank, HSBC and Wells Fargo, have foreign branches or offer international personal bank accounts. Other banks, such as Bank of America, offer free ATM withdrawals from affiliated banking institutions abroad.
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Open a bank account in the United States, in person, after determining that the bank can support the types of transactions and products you will need while living abroad. Most banks require you to show you are a U.S. citizen, or a permanent resident, and you will have to leave a signature card so the bank has a record of your signature for business purposes. Notify the bank you will be residing abroad so it does not block your ATM card for suspicious activity.
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