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Another reason not to tell your US bank you live in Mexico

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Another reason not to tell your US bank you live in Mexico Empty Another reason not to tell your US bank you live in Mexico

Post by Gamina on Wed Oct 14, 2015 11:06 am

Article that explains why many banks and brokerages no longer want to do business with expats. Another reason to keep a US address and phone number. If you plan to move to Mexico, pay attention.


http://thunfinancial.com/us-brokerage-accounts-american-expats-closed-2015/
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Post by gringal on Wed Oct 14, 2015 4:08 pm

Gamina wrote:Article that explains why many banks and brokerages no longer want to do business with expats.  Another reason to keep a US address and phone number.  If you plan to move to Mexico, pay attention.


http://thunfinancial.com/us-brokerage-accounts-american-expats-closed-2015/

Thanks for the link.  I note that the issuing entity is a financial advisory group which would benefit from expats dealing with them, but ni modo.  We have already experienced being dumped by our U.S. Bank, Banamex USA, as have many others.

Now, for the catch: "Another reason to keep a US address and phone number.  If you plan to move to Mexico, pay attention" Doesn't work for everyone.

To "keep" a U.S. address implies that (a)you still own property there or (b) that you can reliably use someone else's address and you won't get caught in the lie.  If neither (a) or (b) is available, you must hope for the best, stuff your money in the mattress or use Mexican financial institutions.   So far, our particular U.S. investment house hasn't joined the fleeing hordes, so we keep our major funds there in addition to using Mexican banks.  This may change, of course.

I have the slightly paranoid suspicion that the U.S. is seeing an exodus of foreigners hoping for a better life on their measly pensions and is trying to make it scary and impractical for them to move elsewhere and take their spending money with them.  Losing those precious "consumers" (which is all we are to corporate American) must make at least a ding in the bottom line.  And now, here comes the boomers.

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Post by Flamingo on Wed Oct 14, 2015 4:31 pm

W use our Sol y Luna Laredo address for our brokerage house. No problems. We use USAA for our banking and since they cater to military, no problems.
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Post by jrm30655 on Wed Oct 14, 2015 5:09 pm

I use Sol y Luna for a Laredo address and have a Vonage phone with a US phone number. You can get a US number with Majic Jack etc relatively inexpensively.

As far as any of my banks or the US knows, I live in a PO Box in Laredo (small place, pull out bed, shower in the corner). That is my story and I'm sticking to it.

I had to renew my passport a year or so ago and used the Laredo address. They wanted to know where I was living in MX and I told them I was just house sitting and had no permanent address and they took that.

I don't have abank account here and don't want one. Have a couple bank accounts with large daily limits and it has worked OK for the past 8 years.

If the US thinks you are living out of the US, they either think you are crazy, a fugitive, drug dealer or hiding income.

I file taxes every year using the Laredo address and have checks deposited to US banks. Never had any problems at all.

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Post by gringal on Wed Oct 14, 2015 5:14 pm

I was using the Laredo P. O.Box address until the Bank caught on and that was it:  over.  
Good luck to all of you trying to be a "virtual" resident of the U.S.  It works until it doesn't.

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Post by viajero on Wed Oct 14, 2015 5:36 pm

BoA and Chase both have sent correspondence and replacement debit cards to my Mexican address.
What's hard,maybe impossible, is trying to open a new account with a Mexican address.

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Post by Gamina on Wed Oct 14, 2015 6:06 pm

gringal wrote:
Gamina wrote:Article that explains why many banks and brokerages no longer want to do business with expats.  Another reason to keep a US address and phone number.  If you plan to move to Mexico, pay attention.


http://thunfinancial.com/us-brokerage-accounts-american-expats-closed-2015/

Thanks for the link.  I note that the issuing entity is a financial advisory group which would benefit from expats dealing with them, but ni modo.  We have already experienced being dumped by our U.S. Bank, Banamex USA, as have many others.

Now, for the catch: "Another reason to keep a US address and phone number.  If you plan to move to Mexico, pay attention" Doesn't work for everyone.

To "keep" a U.S. address implies that (a)you still own property there or (b) that you can reliably use someone else's address and you won't get caught in the lie.  If neither (a) or (b) is available, you must hope for the best, stuff your money in the mattress or use Mexican financial institutions.   So far, our particular U.S. investment house hasn't joined the fleeing hordes, so we keep our major funds there in addition to using Mexican banks.  This may change, of course..

The other option is neither A nor B. There is a difference between a street/residential address and a mailing address. You are not lying if you give the bank your mailing address. Sorry if I implied that I thought it was OK.
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Post by gringal on Wed Oct 14, 2015 6:35 pm

"Mailing address" as a P. O.Box doesn't work for most banks.
Most banks insist on a residential address now.

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Post by Gamina on Wed Oct 14, 2015 10:10 pm

The addresses used in Laredo are not PO Boxes.
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Post by Zedinmexico on Thu Oct 15, 2015 7:41 am

In US they are called mail centers and governments and many institutions won't accept them for a valid address but many will.  So instead of forwarding the mail like the Laredo addresses most of these just hold the mail for folks who don't want mail delivered to home address or travel. Some companies offer real addresses and forwarding services for full time RV folks.  This might be a good solution for some of you without relatives.  Also be careful the address you pick for example don't use California as they  send out back dated tax bills!
I would not suggest Oregon either.  Pick a state with no income tax if you can to avoid having to fill out state income tax forms even if you don't pay its a pain in the butt. 

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Post by slainte39 on Thu Oct 15, 2015 8:12 pm

Gamina wrote:The addresses used in Laredo are not PO Boxes.

Mostly, you are correct.
For instance, the Ishop address in Laredo is a residential style house in a residential neighborhood. No signs advertising a commercial business, and there are no "boxes" there, and none until the mail reaches it's final destination in Mexico, just an identifying code number.
US Social Security seems to be OK with this as I have not heard of anyone using that particular address being summoned to present themselves physically or by any other means to verify substantiation of existence.
I know many people that use the addresses of children, siblings, or other relatives and friends in the US,  where they might spend part time and also receive mail, as a US address for banking without swearing on a Holy Bible that they live there full time and might be sent to prison for perjury.
I think most people snagged in the "living out of the country" net is due to their online banking activity with a computer with a foreign IP identification, the constant use of foreign ATM's, or cashing and/or depositing checks/wire transfers in foreign banks.

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Post by jrm30655 on Thu Oct 15, 2015 9:42 pm

viajero wrote:BoA and Chase both have sent correspondence and replacement debit cards to my Mexican address.
What's hard,maybe impossible, is trying to open a new account with a Mexican address.

You might try ALLY bank. I opened one using a Vonage phone bill as a proof of residence. It was an e-mail bill but has my Laredo forwarding address on it. Don't tell them you are in MX. Give them a US address

If you go on Google and search "mail forwarding: there are tons of services available. Many will scan the mail and you can pick it up from anywhere in the world.

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Post by gringal on Thu Oct 15, 2015 9:46 pm

Gamina wrote:The addresses used in Laredo are not PO Boxes.

No, they are not associated with the U.S. Postal service.  I admit to using the term very loosely.  They are not homes or apartments either,  and as far as I know, nobody lives in those addresses. What they are is just another "workaround" for those who don't want it known that they live in Mexico.
lol!

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Post by slainte39 on Fri Oct 16, 2015 1:54 am

gringal wrote:
Gamina wrote:The addresses used in Laredo are not PO Boxes.

No, they are not associated with the U.S. Postal service.  I admit to using the term very loosely.  They are not homes or apartments either,  and as far as I know, nobody lives in those addresses.  What they are is just another "workaround" for those who don't want it known that they live in Mexico.
lol!

Don't say nobody.
At the Ishop location/address in Laredo, the manager lives at the address.
So now you know.

"just another workaround" or maybe a practical solution to a problem.

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Post by gringal on Fri Oct 16, 2015 10:00 am

slainte39 wrote:
gringal wrote:
Gamina wrote:The addresses used in Laredo are not PO Boxes.

No, they are not associated with the U.S. Postal service.  I admit to using the term very loosely.  They are not homes or apartments either,  and as far as I know, nobody lives in those addresses.  What they are is just another "workaround" for those who don't want it known that they live in Mexico.
lol!

Don't say nobody.
At the Ishop location/address in Laredo, the manager lives at the address.
So now you know.

"just another workaround" or maybe a practical solution to a problem.

Well, there ya go. They are summerhouses with a live-in manager! The latest "trend" is toward "tiny houses" anyway. Rolling Eyes

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Post by Lady Otter Latté on Fri Oct 16, 2015 10:46 am

Timeshares?
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Post by slainte39 on Fri Oct 16, 2015 11:35 am

The US Postal Service doesn't care how many people use the same address or whether they sleep and eat there, they just deliver the mail to that address.  It is then taken across the border to Aduana for inspection, and then shipped to Guad., where it is sorted for whichever office will handle the final distribution.
Pretty simple, and not a UPS warehouse type operation.

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