Getting paid when retired overseas (broker, banks, transfer, living)

[wadeevit]

Hey everyone,


Would like to hear everyone's experience , good and bad!, with getting direct deposit overseas. I have heard some places you have to go to the Embassy? Any issues with delays getting access to money in foreign banks and what about exchange rates?


Thanks!

[oldsoldier1976]

I have heard you want to keep it deposited in say a brokerage account and transfer it out to your foreign bank in whatever increment you need for say 2 or 3 months. What foreign location are you considering. That would also have a lot to do with your decision.

[wadeevit]

Have a few locations in mind, makes sense that the location determines a lot. So I can just have it direct deposited into my foreign bank account? Will I pay fees? Exchange rate fees? I heard some people have to pick up their money at the embassy?

[oldsoldier1976]

Originally Posted by wadeevit

Have a few locations in mind, makes sense that the location determines a lot. So I can just have it direct deposited into my foreign bank account? Will I pay fees? Exchange rate fees? I heard some people have to pick up their money at the embassy?

Direct deposit into a foreign bank - yes but every so often I think 2 years for SS you need to reply by mail that you are alive. I do not know if you will pay a fee. There will almost always be an exchange conversion but no fee should be applied but again depends on the bank. Let's hope you don't have to go to the embassy every month like clockwork. Patterns of living overseas can be deadly.