Info on moving to Asia (cost, country, place, people)
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I am wondering what it takes and to prepare if I'd like to move to Asia after my retirement (maybe 6 years away)? Can I keep my bank in US while spending money there, etc. Is there a site with info on that?
I am wondering what it takes and to prepare if I'd like to move to Asia after my retirement (maybe 6 years away)? Can I keep my bank in US while spending money there, etc. Is there a site with info on that?
Asia is a large place. Where, specifically, were you thinking of moving?
As to whether you could keep your US bank, I suspect that would be a question for them-- are you allowed to have an account if you do not live in the U.S., if you give up your U.S. citizenship (if that is the plan), etc.
This is only one of many expat forums. You can search by country. I am returning to the Philippines a soon as they open which I am guessing will be about the same time as the travel industry develops a "proof of vaccine passport".
In Cebu, I used a cash machine at HSBC. I could draw up to $800.00 us dollars per day. About 40,000 php. Much more than I needed since my hotels and resorts I stayed at accepted my visa credit card. The malls also accepted my visa. The cash would last a long time as we mostly used it for small purchases, food, cab, ferry, bus fair etc.
I have auto deposit to my credit union and they auto pay my visa account each month. So I could live there a long time without needing a local bank account. There are multiple services which you can use to send yourself or your foreign bank account money. Check with you own bank as to which ones they typically use.
I am not moving permanently. Just back and forth. I will need to return home on occasion for whatever reasons. I will still pay US taxes on my pension and social security. I will also sign up for Medicare and buy a medicare supplement plan as in case of a severe issue, I may return home. Plus there is a penalty for missing the signup periods. Healthcare in the Philippines is inexpensive.! Dental is cheap also. My girlfriends 2 crowns cost 100 each.
I can't think of any reason you wouldn't be able to keep a US bank but I don't know; I guess that would definitely be a question for your bank. I know that any time I am going to be outside the country, especially for long amounts of time, I'll call my bank and let them know so that the fraud detection department doesn't get suspicious of the overseas activity and close the card. When I was stationed in Korea a little over a decade ago I saw tons of people arrive in-country, use their debit cards a few places, and then suddenly find themselves unable to use their card after their bank canceled it and mailed a new one.
I am wondering what it takes and to prepare if I'd like to move to Asia after my retirement (maybe 6 years away)? Can I keep my bank in US while spending money there, etc. Is there a site with info on that?
Thanks,
Absolutely. You can keep it here and the banks and sam loves it. Unless you notify them that you have moved or change your adreess it is allowed.
I think citibank has a dual operated accoutbs where you can keep money in usa and draw in local curency .
Of course many nations ease the way for permanent residence if you keep a large deposit in a local bank. I have no ideal what the current fee structure is when drawing money internationally now
I can't think of any reason you wouldn't be able to keep a US bank but I don't know; I guess that would definitely be a question for your bank. I know that any time I am going to be outside the country, especially for long amounts of time, I'll call my bank and let them know so that the fraud detection department doesn't get suspicious of the overseas activity and close the card. When I was stationed in Korea a little over a decade ago I saw tons of people arrive in-country, use their debit cards a few places, and then suddenly find themselves unable to use their card after their bank canceled it and mailed a new one.
Very important point. I did notify my bank before I left the country.
A lot of this info is easily found with a simple online search. If one is truly serious about retiring overseas, they need to start doing the research in earnest particularly if planned retirement is only five to six years away.
I hope to retire soon and already doing research pretty much everyday in the country of my choice. Immigration options, medical insurance, apartments/condos in area I want to live, price of utilities, price of food, backup options, the list is endless.
I am wondering what it takes and to prepare if I'd like to move to Asia after my retirement (maybe 6 years away)? Can I keep my bank in US while spending money there, etc. Is there a site with info on that?
Thanks,
Basic things that it takes:
Travel over to Asia several times in the next 6 years. Try to do at least one of those as an extended visit so you can somewhat feel what it's like to live there and not entirely just as a visitor. If you can it would be wise to be able to spend time in at least a handful of potential retirement destinations (several cities and at least a couple different countries)
Assuming you don't have unlimited time to travel, do lots of research beforehand to narrow down your options. Philippines, Thailand and Malaysia are the popular retirement destinations with reasonable visa options for you to relocate longterm. Note all those visa programs are in flux at the moment due to restructuring from the pandemic, so we'll have to see how exactly they change when they return. But I am fairly certain all three countries will continue to offer some sort of retirement visa, just the restrictions and qualifications may change a bit. Of course there are many other countries you can consider, but those are the ones that are popular due to climate, cost and the aforementioned visa programs.
Details about banking and so on are pretty unimportant in the grand scheme of your decision. You'll be able to work those out afterward and no matter where you end up deciding on. So pick the place first.
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