Joint account

[0NI 114]

17 hours ago, seekingthetruth said:

Interesting.  Do you have an ITIN or you just had the IDs?

The remote option is what I am interested in too.

 

Has anyone had any luck opening a joint account where the the U.S. citizen's spouse has an ITIN?  Especially, remotely?

 

I also need to open accounts for my USC kids, remotely, if possible.

I only had my IDs with me. The lady said to just update my account when I get my SSN.

 

***edited I last visited my Fiancee (USC) in the States, December 2019.

 

 

Edited January 19, 2021 by 0NI

[Martin_J 0]

On 1/13/2021 at 7:49 PM, Jordan & Jenet said:

Personally I just setup a new checking account at the same bank my primary checking/savings is at and sent the debit card to my Fiance, then gave her the pin so that she can use the account to withdrawal cash at the ATM no questions asked.

 

Works well and I just setup an automatic transfer from my primary checking to the second account the 1st of every month.

Jordan

Were you able to put her name on that card? I sent one to my fiance but she can never use at stores because it only has my name on it. The ATM fees pile up otherwise 

[Jordan & Jenet 48]

11 minutes ago, Martin_J said:

Were you able to put her name on that card? I sent one to my fiance but she can never use at stores because it only has my name on it. The ATM fees pile up otherwise 

No, I was not able to. She only uses that one for with drawling cash usually 10k each time as the fee is the same 250peso. What I did for a credit card is added her as an employee(just me and her) to my Capital one spark business card. That way she gets her own card and the business card has zero international fees.

Jordan

[flicks1998 1,044]

4 hours ago, Martin_J said:

Were you able to put her name on that card? I sent one to my fiance but she can never use at stores because it only has my name on it. The ATM fees pile up otherwise 

Why don’t you open a Schwab account?  The atm fees are all reimbursed. I had 4 atm withdrawals last month at 250p a piece and on December 31st all those fees were put back in my account. Same this month, 4 withdrawals so far and will be reimbursed on January 31st. 

[Adventine 3,213]

Updating with my progress so far in the wonderful world of US banking:

 

1. US credit card as authorized user - OK 

2. PayPal PH and USD accounts - OK

3. US brick and mortar bank account in my own name - I'll see about opening one with BoA on my next visit 

4. Transferwise MAY soon expand its multi-currency debit card accounts to include the Philippines. I'll be looking into this soon. 

 

From the official press release:

 

"a new global agreement between Visa and TransferWise that will enable the expansion of TransferWise’s multi-currency debit cards in Asia Pacific, Europe, Latin America and the Caribbean, the Middle East, U.K. and U.S."

 

Source:

 

https://www.businesswire.com/news/home/20210126006164/en/TransferWise-and-Visa-Announce-Global-Partnership-Following-Successful-Collaboration-on-Cloud-Technology

[Adventine 3,213]

Also adding @kenshin02 's experience as it may help others in this thread. His wife is currently in the US on a tourist visa. While they didn't manage to open a joint account, he was able to add her to his existing bank account as "ITF / In Trust For".

 

 

[Martin_J 0]

On 1/21/2021 at 3:28 PM, flicks1998 said:

Why don’t you open a Schwab account?  The atm fees are all reimbursed. I had 4 atm withdrawals last month at 250p a piece and on December 31st all those fees were put back in my account. Same this month, 4 withdrawals so far and will be reimbursed on January 31st. 

I will definitely look into that one. Thanks 

 

[Carpe Vinum 2,330]

13 hours ago, Martin_J said:

I will definitely look into that one. Thanks 

 

 

On 1/21/2021 at 3:28 PM, flicks1998 said:

Why don’t you open a Schwab account?  The atm fees are all reimbursed. I had 4 atm withdrawals last month at 250p a piece and on December 31st all those fees were put back in my account. Same this month, 4 withdrawals so far and will be reimbursed on January 31st. 

I can also recommend Schwab. They have great customer service and are used to dealing with expats and members that travel abroad extensively. The ATM fee rebate is a great added bonus.

Edited March 25, 2021 by boris64

[seekingthetruth 1,248]

12 hours ago, boris64 said:

 

I can also recommend Schwab. They have great customer service and are used to dealing with expats and members that travel abroad extensively. The ATM fee rebate is a great added bonus.

Are you talking about Schwab International or regular Schwab US domestic?

[Carpe Vinum 2,330]

7 hours ago, seekingthetruth said:

Are you talking about Schwab International or regular Schwab US domestic?

Regular Schwab. I have spent months out of the country at a time and not had issues. I have always had a US address and probably always will even if I choose to live overseas more than half time. I have heard of some people having issues opening a regular Schwab account without a permanent US address. Then again this also applies to most if not all US banks. I don't have personal experience with Schwab international. It does look interesting though. https://international.schwab.com/expatriate-essentials

[Talako 790]

One difference between a regular and an international account is that in an international account you cannot purchase US based mutual funds and certain CDs (I can't remember the specific CD investment).  I believe you can keep the mutual funds you transfer into the account, but you can't add to them.  In the big picture this is not a huge problem, as you can substitute ETFs for your requirements.

 

Secondly, there is an issue with your estate.  When you die, your estate is governed by the state where you lived.  With this account, there is an issue since you're are basically stateless.  This is something that should be researched or asked of a Schwab rep.

 

I myself would only use a Schwab One International account if I was leaving for good and didn't have a US based address that could be used. It is still good, but its has restrictions that may or may not be important to you and your situation.

 

You can go to https://www.bogleheads.org/forum/index.php and search there.  Somebody has done a comparison.  I'm too lazy to research.

[seekingthetruth 1,248]

15 minutes ago, Talako said:

One difference between a regular and an international account is that in an international account you cannot purchase US based mutual funds and certain CDs (I can't remember the specific CD investment).  I believe you can keep the mutual funds you transfer into the account, but you can't add to them.  In the big picture this is not a huge problem, as you can substitute ETFs for your requirements.

 

Secondly, there is an issue with your estate.  When you die, your estate is governed by the state where you lived.  With this account, there is an issue since you're are basically stateless.  This is something that should be researched or asked of a Schwab rep.

 

I myself would only use a Schwab One International account if I was leaving for good and didn't have a US based address that could be used. It is still good, but its has restrictions that may or may not be important to you and your situation.

 

You can go to https://www.bogleheads.org/forum/index.php and search there.  Somebody has done a comparison.  I'm too lazy to research.

I have posted before on this topic and since then my banking needs keep changing!  It gets tricky!

--  We are moving to the U.S. in 2022

--  My kids get SS deposited to BPI in the Philippine with my wife as custodian.  Need to change that to a U.S. bank.

--  SS US helpdesk says new US bank has to have my wife's name too, or we change the custodian to me.  Sent e-mail to Manila embassy SS about that angle.

-- Looking at opening US accounts in my wife's name, or joint account, before we move.  Difficult to do remotely at many banks but Schwab domestic might allow it if I use my U.S. Travelling Mailbox mailing address.  My with has ITIN and it appears they allow that. 

--  To get my wife added to my Travelling Mailbox, we have to get USPS form 1583 notarized.

 

Fun stuff!

 

[Talako 790]

On 3/26/2021 at 11:34 AM, seekingthetruth said:

I have posted before on this topic and since then my banking needs keep changing!  It gets tricky!

--  We are moving to the U.S. in 2022

--  My kids get SS deposited to BPI in the Philippine with my wife as custodian.  Need to change that to a U.S. bank.

--  SS US helpdesk says new US bank has to have my wife's name too, or we change the custodian to me.  Sent e-mail to Manila embassy SS about that angle.

-- Looking at opening US accounts in my wife's name, or joint account, before we move.  Difficult to do remotely at many banks but Schwab domestic might allow it if I use my U.S. Travelling Mailbox mailing address.  My with has ITIN and it appears they allow that. 

--  To get my wife added to my Travelling Mailbox, we have to get USPS form 1583 notarized.

 

Fun stuff!

 

Usually the situation is the other way around with an expat setting up banking overseas.  I got nothing for how to solve adding a nonresident foreign national to US bank account from overseas.

 

Good Luck

[Skyman 327]

On 1/14/2021 at 5:30 AM, John & Rose said:

We tried to do this.  I was not allowed to be on the account there.  We went to BPI and BDO together and they said that my wife can open an account but my name could not be on it.  We opened her account and she is here but keeps it.  We add money to it through Remitly for no cost if we have a couple days before it needs to be there.  Now when we or her kids visit they have access to the money and account.  It has worked great for the 2 years we've been doing it.  We have a home there and have internet and video keeping an eye on things so we have a few bills that get paid through that account.  Here we have a few joint accounts but there, unless you are a Philippine citizen BPI and BDO said no go.  It may be different for other banks.

 

Probably you were there as a tourist so no, they won't let you have an account.  I have accounts in Metrobank and BPI (USD and PHP) in my name only.  I hate Metrobank but have the account to transfer pay to my employee and it's the most convenient to him.  BPI is about as close to a western bank as you'll find in the RP and reasonably easy to work with online.

 

As for joint accounts, I have tried to get my wife on some of my US accounts but without a SSAN the best I have managed is to get her a couple of my credit cards.  My AMEX and Capitol One cards.  Both are ok for the Philippines as no foreign transaction fees.

 

On 1/13/2021 at 7:01 PM, Allovertheworld said:

As a Consumer I don't like Credit Cards

 

As a business owners I hate Credit Card, They are like a organized crime and should be outlawed

As a consumer, I love credit cards.  But I can certainly understand there are many that shouldn't have them and have no concept of what they're doing.  I use them for what I need and think very hard before using them for what I want.  If you see a credit card as a bottomless pit of money then you'll find yourself in a bottomless pit of debt.  I pay my bill each month and this allows me to go months without hitting an ATM.  I seldom carry more than $100.  Even in the RP I keep less than p5K unless I have expected expenditures I can't use a card to pay.  My credit score is high enough that I get offered cards with 0% interest for 18-24 months which I happily except and max out using the money to invest or whatever.  Pay the minimum until the end of the free term and then payoff and have money left over.  

 

I'm not a business owner but a friend of mine is and he uses his business card for everything the business needs.  When his family travels, they fly 1st class on the miles.  I can understand why a business wouldn't like them but the fees are for the convenience to your customers, many of which won't go to a place that won't take cards.

[Talako 790]

6 hours ago, Skyman said:

Probably you were there as a tourist so no, they won't let you have an account.  I have accounts in Metrobank and BPI (USD and PHP) in my name only.  I hate Metrobank but have the account to transfer pay to my employee and it's the most convenient to him.  BPI is about as close to a western bank as you'll find in the RP and reasonably easy to work with online.

 

As for joint accounts, I have tried to get my wife on some of my US accounts but without a SSAN the best I have managed is to get her a couple of my credit cards.  My AMEX and Capitol One cards.  Both are ok for the Philippines as no foreign transaction fees.

 

As a consumer, I love credit cards.  But I can certainly understand there are many that shouldn't have them and have no concept of what they're doing.  I use them for what I need and think very hard before using them for what I want.  If you see a credit card as a bottomless pit of money then you'll find yourself in a bottomless pit of debt.  I pay my bill each month and this allows me to go months without hitting an ATM.  I seldom carry more than $100.  Even in the RP I keep less than p5K unless I have expected expenditures I can't use a card to pay.  My credit score is high enough that I get offered cards with 0% interest for 18-24 months which I happily except and max out using the money to invest or whatever.  Pay the minimum until the end of the free term and then payoff and have money left over.  

 

I'm not a business owner but a friend of mine is and he uses his business card for everything the business needs.  When his family travels, they fly 1st class on the miles.  I can understand why a business wouldn't like them but the fees are for the convenience to your customers, many of which won't go to a place that won't take cards.

I try not to use credit cards in the Philippines, as they always seem to want to add a 3% surcharge to cover the fee. I'm not willing to pay for the convenience.