For the residents and visitors of Boquete Panama
Not that I have been able to find.
HSBC in the US claimed to have that ability but even before HSBC Panama' was acquired, they were really separate entities. If any one can identify a bank with this ability I would love to know which one it is.
I set up direct deposit with Global Bank into my savings account there. Talk to Carmen Dejud at the bank or e-mail your question to: email@example.com.
HSBC. I do electronic tansfers (using the Internet) between my old branch in California and the one here in Boquete.
Could you email me the details. I have set up bank to bank between HSBC US and accounts at Wells Fargo and JP Morgan within the US. My HSBC branch here in Northern Virginia insists that the only way to move money to my HSBC Panama accounts is using a wire transfer. Of course, that generates a nice fee for them.
I am getting ready to move to Panama in August or September and this is a question I have also been researching. The only solution I have at this time is to use my brokerage account (happens to be Schwab) with a bank account attached. I can deposit my social security and state retrirement checks directly into their checking account and then draw on it in Panama through either a VISA debit card (no fee), write a check (probably most useful for U.S. expenses), or transfer money to a local bank from the Schwab account as needed. There are no ATM fees or foreign exchange fees with this service. If anyone has a different solution, I would also like to know about it. Thank you, all.
Does Schwab know that you are going to be residing outside the US? The reason I ask this is because this same topic came up a while ago (here on Ning) and somebody said that Schwab would not permit this to happen. I would also like to use linked accounts at Schwab but haven't been to talk to my broker about this yet - just curious if you've gotten the green light. You can use the search function on this site to find the previous thread I mentioned.
Good luck with your move!
Thanks for the reply. Yes, I did tell my Schwab contact about my residency plans. The only problem they foresaw was maintianing a U.S. mailing address, but I am not sure if that has more to do with the IRS or with Schwab. For their global account, they specify that the holder must be a "U.S. citizen/U.S. resident". I'm not sure if that means both or either. If either, then I'm good on the global account as well. I am still seeking claification, but my impression is that the direct deposit and access will work, even in countries that do not have U.S. dollar equivalency. If anyone knows differently, I welcome their comments.
As for the move, I will be asking additional questions as the summer approaches. I have the Boquete guide and have been monitoring the Forum, but things change rapidly. We are planning on renting in or near the Boquete area, so I should be lifting a cold one with some of you soon.
Fidelity has a money market account that does the same thing and love it!
We just opened an account at Global Bank this AM with Carmen. She asked if we would like our SS checks automatically deposited there. We were not interested by it must be possible since she asked.
Yes JC is right on this one, and this is the cheapest way as most money transfers are spendy
I have my IRA administrator wire funds quarterly to my bank account here to save on wire fees, but you seem to have an interesting tactic I'm going to explore further, thanks.