Transferring Kids Social Security

[seekingthetruth 1,246]

My two daughters get social security deposited to a BPI account here in the Philippines.  My wife is custodian on the accounts.  When U.S. Embassy Manila staff helped us start Social Security, they said for the kids, living in the Philippines, it had to be deposited in a Philippines bank.  My SS is deposited to my Chase bank account in the U.S.

 

So now we are moving to the U.S. in 2022.  I am having a hard time figuring out how I will change the kids SS direct deposits from BPI to a U.S. bank.

 

1.  I need to open U.S. accounts for the kids with my wife as custodian.  I have only contacted Chase bank, and they require an face to face visit to a branch in order to open new accounts and present ids.  Are there any banks that will allow them to open accounts remotely?

2.  I don't want to have the timing such that the direct deposits will be left at BPI after we move, and then I have to deal with BPI remotely to transfer a balance and close the accounts.

 

Has anyone had any experience with this?  Any suggestions?

[JeanneAdil 6,405]

have you thought to use direct (R) express as approved by SS?

 

https://www.ssa.gov/pubs/EN-05-10073.pdf

[payxibka 10,045]

25 minutes ago, JeanneAdil said:

have you thought to use direct (R) express as approved by SS?

 

https://www.ssa.gov/pubs/EN-05-10073.pdf

Wrong agency.  He is referring to Philippines Social Security not the US version,  that is why he posted in the regional forum. 

Edited December 4, 2020 by payxibka

[seekingthetruth 1,246]

22 minutes ago, JeanneAdil said:

have you thought to use direct (R) express as approved by SS?

 

https://www.ssa.gov/pubs/EN-05-10073.pdf

Thank you.  That might be a possible interim solution until we can open U.S. bank accounts.  I will be calling SS soon but I wanted to ask for experiences first.

[seekingthetruth 1,246]

1 minute ago, payxibka said:

Wrong agency.  He is referring to Philippines Social Security not the US version,  that is why he posted in the regional forum. 

No.  I am talking about the U.S. social security system.  I posted in the regional forum because I thought that possibly someone moving from the Philippines to the U.S. had experienced this scenario.

[JeanneAdil 6,405]

49 minutes ago, payxibka said:

Wrong agency.  He is referring to Philippines Social Security not the US version,  that is why he posted in the regional forum. 

sorry he said he set it up thru US embassy which to me meant US SS

[flicks1998 1,044]

2 hours ago, seekingthetruth said:

No.  I am talking about the U.S. social security system.  I posted in the regional forum because I thought that possibly someone moving from the Philippines to the U.S. had experienced this scenario.

Maybe try Charles Schwab.  I have accounts with them and I would never use any other bank.  Everything is done online so no face to face would be needed, however I do not know which documents they will require for your spouse.  If your spouse is not a US citizen or PR yet, it may not be possible but I would check with them.  They are extremely helpful and the best bank by far I have ever used.  Many of the US expats I know living in the Philippines also use this bank as there are free overseas ATM withdrawals, good FX rate conversion, etc etc etc.

 

If you can open an account with them, then you would open the high yield checking account.  

 

https://www.schwab.com/public/schwab/investing/accounts_products/accounts/open_an_account.html

Edited December 4, 2020 by flicks1998

[Carpe Vinum 2,327]

2 hours ago, flicks1998 said:

Maybe try Charles Schwab.  I have accounts with them and I would never use any other bank.  Everything is done online so no face to face would be needed, however I do not know which documents they will require for your spouse.  If your spouse is not a US citizen or PR yet, it may not be possible but I would check with them.  They are extremely helpful and the best bank by far I have ever used.  Many of the US expats I know living in the Philippines also use this bank as there are free overseas ATM withdrawals, good FX rate conversion, etc etc etc.

 

If you can open an account with them, then you would open the high yield checking account.  

 

https://www.schwab.com/public/schwab/investing/accounts_products/accounts/open_an_account.html

I did USAA and Schwab without ever having to see anyone face to face. Both are top notch. Adding my wife to USAA was a cluster. Uploading the proper documents and having them look at them and approve took a while. Granted this was at the beginning of the Covid debacle. I'm sure they were swamped.

[seekingthetruth 1,246]

8 hours ago, flicks1998 said:

Maybe try Charles Schwab.

 

6 hours ago, boris64 said:

I did USAA and Schwab without ever having to see anyone face to face. Both are top notch. Adding my wife to USAA was a cluster. Uploading the proper documents and having them look at them and approve took a while. Granted this was at the beginning of the Covid debacle. I'm sure they were swamped.

Thanks to both of you!  I think you triggered a memory that might help us.

 

Actually I have looked at both of these before.  USAA has a great reputation but unfortunately you have to have a military link to join, and I have none, nor do my wife and kids.  Schwab's main U.S. company denied me an account in 2013 when I told them I was living in the Philippines.  That was before I knew about the issues some brokerages and banks have with citizens living overseas.  I could probably open an account with them now, using my Travelling Mailbox address, but I don't think I could for my wife and kids.

 

The memory you triggered was that I was looking into Schwab International for myself last year, because they do not have the residence restrictions.  The downside is you are not allowed to buy most U.S. mutual funds.  You can buy individual stocks and most other fund type of products, but U.S. mutual funds have some kind foreign ownership laws that forbid even someone with a foreign address from owning them.  The upside is that they do have normal checking and remote account opening.  This might work for my kids and wife.  My kids have SSN but my wife only has an ITIN.

 

A few years ago, I was able to open accounts at US State Department FCU, but I had to join an affiliated expat organization to do so, and that had a fee or $60 or $90; can't remember.  They cater to people living overseas but I don't think that would work well for my wife and kids.  The reason I joined them was because I thought I might refinance my rental house with them, but that did not work out.  I still have the accounts open with minimum balance.

 

Background story, when I moved to the Philippines in 2012, I changed my address with Fidelity to my Philippines address.  Like I said, I didn't know at the time about the issues with that.  In early 2013, I got a letter from Fidelity telling my that all my trading accounts would be frozen due to the foreign address.  That is when I inquired with Schwab.  Eventually I called Fidelity and found out from the friendly agent that if I just changed my address to any U.S. address, no worries.  So I used my sister's address in California.  Then California robots would come after me for state taxes every year, so I finally bought the Travelling Mailbox in Florida and changed everything to that address.

[flicks1998 1,044]

6 hours ago, seekingthetruth said:

 

Thanks to both of you!  I think you triggered a memory that might help us.

 

Actually I have looked at both of these before.  USAA has a great reputation but unfortunately you have to have a military link to join, and I have none, nor do my wife and kids.  Schwab's main U.S. company denied me an account in 2013 when I told them I was living in the Philippines.  That was before I knew about the issues some brokerages and banks have with citizens living overseas.  I could probably open an account with them now, using my Travelling Mailbox address, but I don't think I could for my wife and kids.

 

The memory you triggered was that I was looking into Schwab International for myself last year, because they do not have the residence restrictions.  The downside is you are not allowed to buy most U.S. mutual funds.  You can buy individual stocks and most other fund type of products, but U.S. mutual funds have some kind foreign ownership laws that forbid even someone with a foreign address from owning them.  The upside is that they do have normal checking and remote account opening.  This might work for my kids and wife.  My kids have SSN but my wife only has an ITIN.

 

A few years ago, I was able to open accounts at US State Department FCU, but I had to join an affiliated expat organization to do so, and that had a fee or $60 or $90; can't remember.  They cater to people living overseas but I don't think that would work well for my wife and kids.  The reason I joined them was because I thought I might refinance my rental house with them, but that did not work out.  I still have the accounts open with minimum balance.

 

Background story, when I moved to the Philippines in 2012, I changed my address with Fidelity to my Philippines address.  Like I said, I didn't know at the time about the issues with that.  In early 2013, I got a letter from Fidelity telling my that all my trading accounts would be frozen due to the foreign address.  That is when I inquired with Schwab.  Eventually I called Fidelity and found out from the friendly agent that if I just changed my address to any U.S. address, no worries.  So I used my sister's address in California.  Then California robots would come after me for state taxes every year, so I finally bought the Travelling Mailbox in Florida and changed everything to that address.

Before this year I was living in the Philippines for the last 10’years and out of the US for the last 24 years. I have always used my sisters address for US mailing mainly for the IRS etc. When I moved back to the US in January this year I opened the Schwab account. It took them a week or so as it was hard to find me in the “system”.  I had no credit report as everything had dropped off and no US bank account but I didn’t have my brokerage account and my retirement accounts using my sisters address. 
 

Call Schwab and see what they will say. Since your kids are Us citizens maybe something can be opened through them. Schwab checking account is 100% internet based. When I deposit checks the app lets me take a photo of the check and it’s deposited. There is no physical bank. They gave me a debit card and I can use that at most ATMs and they refund the fees at the end of the month back to my account.  
 

You should always try to maintain a US address while abroad. Most of the people I know have done Texas or Florida mainly because no state income taxes if ever that came into play and I believe Texas was easy to get a drivers license as well.  

[seekingthetruth 1,246]

I have been getting some feedback from other expats here in the Philippines that HSBC might be a good option.  The U.S. arm does cater to foreign clients.  They have a new offering, HSBC Global, where the same account is good in 14 countries, but they don't include the Philippines yet.

 

Any HSBC experiences?

[Carpe Vinum 2,327]

12 hours ago, seekingthetruth said:

I have been getting some feedback from other expats here in the Philippines that HSBC might be a good option.  The U.S. arm does cater to foreign clients.  They have a new offering, HSBC Global, where the same account is good in 14 countries, but they don't include the Philippines yet.

 

Any HSBC experiences?

I saw your post on that board) HSBC does look like a good choice...

Edited December 7, 2020 by boris64

[flicks1998 1,044]

22 hours ago, seekingthetruth said:

I have been getting some feedback from other expats here in the Philippines that HSBC might be a good option.  The U.S. arm does cater to foreign clients.  They have a new offering, HSBC Global, where the same account is good in 14 countries, but they don't include the Philippines yet.

 

Any HSBC experiences?

My Mandatory Provident Fund (retirement account due to working in Hong Kong) is administered by HSBC. I have found them to be good anywhere but the US. One reason is there is just not many locations in the US and they made me drive to the “nearest” branch to sign some documents which was almost a 5 hour drive one way as that was the closest branch. If you have an HSBC branch close to you then they can be great. They gave me some sales literature when I was at the branch on opening a US account and I turned it down as I found them too restrictive. 
 

however they may be beneficial to what you need so I would look at them as an option as your options may be limited. 

[seekingthetruth 1,246]

3 hours ago, flicks1998 said:

My Mandatory Provident Fund (retirement account due to working in Hong Kong) is administered by HSBC. I have found them to be good anywhere but the US. One reason is there is just not many locations in the US and they made me drive to the “nearest” branch to sign some documents which was almost a 5 hour drive one way as that was the closest branch. If you have an HSBC branch close to you then they can be great. They gave me some sales literature when I was at the branch on opening a US account and I turned it down as I found them too restrictive. 
 

however they may be beneficial to what you need so I would look at them as an option as your options may be limited. 

Yes, lack of branches is an issue here in the Philippines too.  We are headed for San Antonio, Texas, and it appears they have 2 branches, but none near where I plan to live.  I avoid going to the bank physically anyway.  This would be for my kids anyway.  I will continue to use Chase Bank for my bills, etc.