Got a letter this week from Citibank AU saying they were closing my account for unspecified reasons "pursuant to their T&Cs". I was only using it to funnel funds through because they don't charge fees for overseas ATM withdrawals. They weren't making any money out of me so I'm sure that's the reason. Bit inconvenient though, perhaps I should have left a higher balance in there instead of cleaning it out each time. Still, combined with using fee free ATMs here (Maybank and MB Bank), I must have saved over $500 in fees in the time I had that account.

timmydownawell wrote: ↑Sat Jan 13, 2018 9:06 am Got a letter this week from Citibank AU saying they were closing my account for unspecified reasons "pursuant to their T&Cs". I was only using it to funnel funds through because they don't charge fees for overseas ATM withdrawals. They weren't making any money out of me so I'm sure that's the reason. Bit inconvenient though, perhaps I should have left a higher balance in there instead of cleaning it out each time. Still, combined with using fee free ATMs here (Maybank and MB Bank), I must have saved over $500 in fees in the time I had that account.

Yes, seems like it will be happening to more people and it is not as easy as 'just fly back to the states and open an account and fly back. You will find that you no longer have legal State residency will need to establish a residence then apply for state DL or ID card, to open bank account, which is mail to that new address and could take over 60 days without complications. Then contact SS with new information as to your 'new' residence.
Then-
You have to find a bank that will legally allow you to be retired outside the US without having to have at least $50,000. for a minimum balance. I don't have money like that and live month to month on my SS I can't find a bank willing to do that.

I haven't lived in the United States in many years. I have three bank accounts there. I don't keep much money at all in any of the accounts. I get my income deposited into them then transfer it out or withdraw it here via ATM. I don't pay any ATM withdraw fees. All ATM fees charged here are refunded to me each month. The banks make very little money from me at all.

How it can be done:

- Open bank accounts in the US with valid US driver's license while in the US.
- Use residential address on US driver's license for "street address", this fulfills the residency requirement.
- Sign up for mail scanning and forwarding service for a few dollars a month.
- Use mail forwarding address as "mailing address" with all bank accounts.
- Change all bank accounts to paperless, receive email and phone contact from them only. Nothing sent in the mail except new cards, which go to the mailing address at the mail forwarding service.
- Pay $10 a year for a US-based Skype phone number that rings through to my phone here in Cambodia. Have only been called once by any bank ever.
- Renew US drivers license every 5 years online from the comfort of a Brown coffee shop in Phnom Penh.

This officially requires maintaining US residency, though there are ways around that too. If you want to follow the rules you have many options to maintain a US residential address:

1. Use address of family member.
2. Use address of friend.
3. Use address of a business you own or someone you know owns.
4. Rent a small room in a small town in the US, or buy a cheap house somewhere for the residential mailing address. Houses as cheap as $2000 sell in the US quite often in run down little cities. Annual taxes can be in the range of a couple hundred dollars.