Using ALLIANT Credit Union to bank from Argentina

[Caribbean Cool]

Does CapitalOne know that you permanently reside abroad? Do you have your foreign address on your bank statements, etc.?

Never

 

[lunar]

Never

I do not follow your logic, then. If you want to demonstrate that one thing is superior to another, why do you keep mentioning things that are the same?

 

[carride]

Short summary: Some financial advisor is spreading FUD while promoting his services.

Right. That advisor stating mutual funds typically have a US residency mandate. I wonder how true, so someday I will read through the fine print of any owned funds. Still I will continue with my banking addressed in the USA to avoid complications.

“Mutual fund distribution agreements typically mandate that mutual fund owners reside domestically in the U.S. for two main reasons:”

 

[earlyretirement]

Actually, my comments are not to disparage Schwab. The thing is that Schwab gets all the publicity and Capitalone gets none and remains in the background to most expats. My opinion applies to those with simple banking needs....not to those who have assets that are at the next level. I cannot testify to the present situation but sometime back if Schwab got a hint that you were living outside the U.S. they would shut the door. Again, sometime back, for Schwab you had to fill out a brokerage application just to have a simple debit card....not a great idea.

Thank you for this constructive and helpful post. Sometimes in your posts I can't tell if you're just goofing off. Some of your posts are helpful. I get a better mindset of your situation. It seems like for some reason you are bitter at Schwab for something that happened during your professional working career while you were VP. In analyzing the data (which is what I do for a living) that's what seems like is happening. You have some beef or grudge against Schwab.

When you're not goofing off or posting one liners, I do believe you were a VP at one time of a financial institution. I just wish you'd post more detailed and informative posts because I'm sure you could share some great knowledge and information about your experiences. THIS is what these boards were made for.

I'm not sure if you have to fill out a brokerage application. I have hundreds of clients and many of them are ex-pats. I've recommended the Schwab account that I posted about and all are happy and none got shut down. They just use a USA address as their mailing address so I'm not sure Schwab even knows they live abroad part of the year. (You'd think they knew from all the ATM reimbursements. LOL). I had one month last summer when I was traveling through Asia where I think I had almost $900 in ATM fee reimbursements from Schwab. I was in Seoul, Vietnam, Singapore, Thailand, Cambodia and they reimbursed them all with no questions asked. That's service!

Wow...you own more houses than Warren Buffett. And so many bank accounts! Listening to you...does Elton Musk call you often? Please don't tell us he doesn't call you......

I wish! I like real estate. I've found from an early age it's the path to financial freedom. I like cash flow each month and real estate is a great way to do that and if you're buying in great locations, over the long-haul it will always go up. Sure, some dips but over long haul you will get rich with real estate. That's all that has happened to me over the past 3 decades. I'm not special or unique. I've helped lots of my clients get rich following the same formula. Doesn't matter which country. We follow the same formula time in and time out.

Bank accounts is because of FDIC limits. It used to only be $100,000 per bank. So Imagine back in the day if you had $1M you had to spread it around to 10 different banks in the USA. Now it's easier with the $250,000 and now I'm married so I can list my wife and kids as well. But typically I don't like to keep all my money in the USA. That's not safe or practical. Also, each time I buy a property in a foreign country, I try to get permanent residency and then open up a bank there too. As far as Switzerland and Germany, those are just safe places to store money.

I'm far from Warren Buffett but I sure work hard each day to get closer and closer to him. A guy can dream!

Like I said, at my peak I owned 15 apartments in Buenos Aires. But remember many of these apartments I bought when they were in "pozo" and a hole in the ground. I made a small deposit and equal payments for 3 years. Some I bought for $47,000 and then rented them out making $150 US per night for many years. When I sold the apartments many years later I sold them as a "business" as they were generating so much positive cash flow. Imagine an apartment you paid $47,000 and $25,000 to furnish and was spinning off almost $30,000 in cash per year. That's the scenario I was under. I owned the company so I paid $0 management fees. I already was paying employees so those costs were sunk already.

I sold most of those small studio apartments at the peak of the market for almost $200,000 US @. I'm not posting to brag. I'm just saying that money is to be made in Buenos Aires real estate market if you're buying and selling at the right time. Please do NOT take this post or others as bragging as that is NOT my intent. My only intent is for educational purposes and I'm giving examples of how money can be made in places like Buenos Aires.

I've found in times of turmoil that's the best time to make money. I did the same thing in the USA in 2010/2011. I moved back to the USA and just started buying up properties there. They have tripled and now almost ready to come back to Buenos Aires to rinse and repeat....

 

[Caribbean Cool]

Thank you for this constructive and helpful post. Sometimes in your posts I can't tell if you're just goofing off. Some of your posts are helpful. I get a better mindset of your situation. It seems like for some reason you are bitter at Schwab for something that happened during your professional working career while you were VP. In analyzing the data (which is what I do for a living) that's what seems like is happening. You have some beef or grudge against Schwab.

When you're not goofing off or posting one liners, I do believe you were a VP at one time of a financial institution. I just wish you'd post more detailed and informative posts because I'm sure you could share some great knowledge and information about your experiences. THIS is what these boards were made for.

I'm not sure if you have to fill out a brokerage application. I have hundreds of clients and many of them are ex-pats. I've recommended the Schwab account that I posted about and all are happy and none got shut down. They just use a USA address as their mailing address so I'm not sure Schwab even knows they live abroad part of the year. (You'd think they knew from all the ATM reimbursements. LOL). I had one month last summer when I was traveling through Asia where I think I had almost $900 in ATM fee reimbursements from Schwab. I was in Seoul, Vietnam, Singapore, Thailand, Cambodia and they reimbursed them all with no questions asked. That's service!


I wish! I like real estate. I've found from an early age it's the path to financial freedom. I like cash flow each month and real estate is a great way to do that and if you're buying in great locations, over the long-haul it will always go up. Sure, some dips but over long haul you will get rich with real estate. That's all that has happened to me over the past 3 decades. I'm not special or unique. I've helped lots of my clients get rich following the same formula. Doesn't matter which country. We follow the same formula time in and time out.

Bank accounts is because of FDIC limits. It used to only be $100,000 per bank. So Imagine back in the day if you had $1M you had to spread it around to 10 different banks in the USA. Now it's easier with the $250,000 and now I'm married so I can list my wife and kids as well. But typically I don't like to keep all my money in the USA. That's not safe or practical. Also, each time I buy a property in a foreign country, I try to get permanent residency and then open up a bank there too. As far as Switzerland and Germany, those are just safe places to store money.

I'm far from Warren Buffett but I sure work hard each day to get closer and closer to him. A guy can dream!

Like I said, at my peak I owned 15 apartments in Buenos Aires. But remember many of these apartments I bought when they were in "pozo" and a hole in the ground. I made a small deposit and equal payments for 3 years. Some I bought for $47,000 and then rented them out making $150 US per night for many years. When I sold the apartments many years later I sold them as a "business" as they were generating so much positive cash flow. Imagine an apartment you paid $47,000 and $25,000 to furnish and was spinning off almost $30,000 in cash per year. That's the scenario I was under. I owned the company so I paid $0 management fees. I already was paying employees so those costs were sunk already.

I sold most of those small studio apartments at the peak of the market for almost $200,000 US @. I'm not posting to brag. I'm just saying that money is to be made in Buenos Aires real estate market if you're buying and selling at the right time. Please do NOT take this post or others as bragging as that is NOT my intent. My only intent is for educational purposes and I'm giving examples of how money can be made in places like Buenos Aires.

I've found in times of turmoil that's the best time to make money. I did the same thing in the USA in 2010/2011. I moved back to the USA and just started buying up properties there. They have tripled and now almost ready to come back to Buenos Aires to rinse and repeat....

I sold most of those small studio apartments at the peak of the market for almost $200,000 US @. I'm not posting to brag.......... Christ, Moses, Mohammad and.....you! And this will end my comments on the subject of good banking alternatives for expats....even for us poor ones.

 

[earlyretirement]

I sold most of those small studio apartments at the peak of the market for almost $200,000 US @. I'm not posting to brag.......... Christ, Moses, Mohammad and.....you! And this will end my comments on the subject of good banking alternatives for expats....even for us poor ones.

Ha, ha. I'm starting to like you a lot CC. See now I think we could actually become friends.

 

[Caribbean Cool]

Ha, ha. I'm starting to like you a lot CC. See now I think we could actually become friends.

me too.....we can pontificate together

 

[earlyretirement]

me too.....we can pontificate together

New time I'm in town lunch/dinner is on me. Pick whatever place you want to eat. Don Julio's is great. We break bread and talk about your VP days. I'm sure you have a lot of war stories!

I promise you I'm one of the good guys. I'm always trying to help people. That's all I'm doing posting. I've been doing it for the past 13+ years on this board and over 20+ years on other boards.