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Thread: US citizens living abroad /expats

  1. #1
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    US citizens living abroad /expats

    If you trust the government you obviously failed history class. " George Carlin"

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    one thing though i would like to know. if you have to pay taxes, will that also ( in the end) include pension fund, unemployment fund, accident and hospitalisation? or does one have all this -benefits - only when WORKING IN THE USA?
    There is no greater treasure then pleasure....

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    Unless it goes bust, yes it does include Social Security (pension) (but paying it out to an international location has a ton of restrictions). Unemployment, accident, medical? Nope, that's not even covered (unemployment somewhat is) for resident citizens!
    "What we need, as the ancients understood, is not a politician who is a business man, but a king who is a philosopher." -- G.K. Chesterton

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    Quote Originally Posted by Bogatyr View Post
    Unless it goes bust, yes it does include Social Security (pension) (but paying it out to an international location has a ton of restrictions). Unemployment, accident, medical? Nope, that's not even covered (unemployment somewhat is) for resident citizens!
    What kind of restrictions?

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    Quote Originally Posted by Freud View Post
    What kind of restrictions?
    Just on the surface, the mechanics would seem iffy. Most USA retirees or other beneficiaries have direct deposit for their monthly Social Security (deposits) rather than receive a check in the postal mail. The banks (in the West and Russia) all have a SWIFT code so they can talk to each other and to financial institutions and to you and me. To change the bank your Direct Deposit goes to, all you have to do is go ot the SS website, and change the SWIFT Code (the Bank number) and your bank account number.

    The West has been threatening to kick Russia out of the SWIFT system, while Russia and others have been threatening to start their own system.

    But the banks probably would not allow that. In a contest of wills between Biden and Big Banks, the Banksters win.

    But who knows what is coming down the pike. China is going cashless, India soon to follow. Russia is now snooping into your bank accounts, from what I hear, posted here on the forum. And the US is keeping a close eye on your bank accounts, too.
    "Defund the Social Sciences." - Fantastika, 2020

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    Quote Originally Posted by Freud View Post
    What kind of restrictions?
    SSA will not direct deposit to a foreign bank. They started sending me checks, which I could do nothing with in Russia. Figured out I could get direct deposit to my U.S. brokerage account, and transfer money here from that.
    If you're going to be dumb, you better be tough...

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    Quote Originally Posted by bydand View Post
    SSA will not direct deposit to a foreign bank. They started sending me checks, which I could do nothing with in Russia. Figured out I could get direct deposit to my U.S. brokerage account, and transfer money here from that.
    Good workaround. The reason for this is SSA wants to keep their hands clean of any involvement with foreign banks? Such and such foreign bank could be corrupt, and with any missing funds, there is no legal recourse for SSA or recipient to recover?

    I have money from my Ebay sales deposited to virtual bank, Capital One, then I transfer them to my local bank. Probably could do the same with SS funds. After they are in Cap One bank, I could transfer them (I think I can) to any bank with a Swift Code routing number.
    "Defund the Social Sciences." - Fantastika, 2020

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    Others I know in Russia receive SS payments to a US bank, then transfer the funds to Russia (or use them directly via debit/credit cards).

    Can one set up a Capital One virtual bank account remotely (online)? Does SS deposit directly to investment accounts, like Vanguard?

    There are other services, like Wise (formerly Transferwise), which, for a fee, will transfer from a US bank to accounts abroad (works with Russia/Sberbank). Some US major banks will not now perform wire transfers to Russia (last time I checked with mine). Their rates are reasonable, much better than PayPal or Western Union.
    "What we need, as the ancients understood, is not a politician who is a business man, but a king who is a philosopher." -- G.K. Chesterton

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  12. #9
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    Quote Originally Posted by Bogatyr View Post
    Others I know in Russia receive SS payments to a US bank, then transfer the funds to Russia (or use them directly via debit/credit cards).
    I thought of that, too, but what to do when the Debit Card expires?

    Can one set up a Capital One virtual bank account remotely (online)?
    That's the ONLY way to set it up.

    Does SS deposit directly to investment accounts, like Vanguard?
    Just guessing, but I suppose so, as long as Vanguard has a SWIFT Code Routing Number. And a quick online search yields a да.

    There are other services, like Wise (formerly Transferwise), which, for a fee, will transfer from a US bank to accounts abroad (works with Russia/Sberbank). Some US major banks will not now perform wire transfers to Russia (last time I checked with mine). Their rates are reasonable, much better than PayPal or Western Union.
    I send money periodically to my old employee, who now lives out in the boondocks, about 100 Klicks miles from the nearest city, to her Paypal account. From there, she transfers the нал to her bank or card account, somehow, (I don't understand her idiomatic and slangy Russian ). I don't mind paying fee to Paypal, they are reliable and I trust them. It took a while to set up her Russian Paypal account, we're talking 3-4 days or so.
    "Defund the Social Sciences." - Fantastika, 2020

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    Quote Originally Posted by Bogatyr View Post
    Does SS deposit directly to investment accounts, like Vanguard?
    They do to my Fidelity brokerage (not IRA) account. Ask your broker.
    PayPal is worse and worse in RF.
    If you're going to be dumb, you better be tough...

  14. #11
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    Quote Originally Posted by bydand View Post
    They do to my Fidelity brokerage (not IRA) account. Ask your broker.
    PayPal is worse and worse in RF.
    Why the bad rep for Paypal in Russia?
    "Defund the Social Sciences." - Fantastika, 2020

  15. #12
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    Quote Originally Posted by TheInterocitor View Post
    Why the bad rep for Paypal in Russia?
    Not just Russia; bad customer service.
    If you're going to be dumb, you better be tough...

  16. #13
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    Yeah, I wouldn't really trust PayPal for large amounts of money. It sounds like the only transfer method not dependent on SWIFT is buying things directly with credit or debit cards.

    What about using cryptocurrency for transfers? I'm guessing it would be hard to cash out like $5000 worth of bitcoin in Russia (in rubles, of course), eh? I read about the SberCoin they are working on but I wonder if it will be possible to buy it outside of Russia?

  17. #14
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    I get great customer service with Paypal. I can call them , and within 2 minutes, be talking to a real person. I have 4 accounts with Paypal. for different Ebay, Etsy and Amazon selling accounts. Never had a problem that I couldn't get an answer to quickly, with grace and all questions answered. Although the most I have ever transferred is less than $10,000, which took a couple of days.

    Paypal is unlike many other financial institution, where they avoid talking to customers. You encounter a phone tree which is more like a briar patch. And they use time-wasting bots, or never answer your questions or fix problems.

    Instead of "The Customer is King" like I treat my customers, they consider you to be a nuisance or a suspicious character.
    "Defund the Social Sciences." - Fantastika, 2020

  18. #15
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    Quote Originally Posted by TheInterocitor View Post
    I get great customer service with Paypal. I can call them , and within 2 minutes, be talking to a real person. I have 4 accounts with Paypal. for different Ebay, Etsy and Amazon selling accounts. Never had a problem that I couldn't get an answer to quickly, with grace and all questions answered. Although the most I have ever transferred is less than $10,000, which took a couple of days.

    Paypal is unlike many other financial institution, where they avoid talking to customers. You encounter a phone tree which is more like a briar patch. And they use time-wasting bots, or never answer your questions or fix problems.

    Instead of "The Customer is King" like I treat my customers, they consider you to be a nuisance or a suspicious character.

    I've used PayPal mostly for ebay purchases and haven't had any problems with them. I'm just leery of using them for anything important because I don't think they are held to the same strict guidelines as banks. I have read some horror stories of other people's problems but it's been a while and I forget the details. Basically, though, they can make arbitrary decisions and you don't have the same recourse you would with a regular financial institution.

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