how you receive your retirement funds to a country abroad?

Hello everybody, my name is Ramiro Pizano. I am an american citizen retiring soon, my retirement comes to a bank in the USA. Can anyone tell me how they receive their retirement funds to a country abroad? besides using Money gram, western union and other agencies that charge to much, and sending it to yourself via internet has many problems, as I have found out from past experiences while staying in Mexico.
Thanks

Hi, Ramiro,

Congratulations on your upcoming retirement!

The best and most economical way to transfer funds to yourself depends on the banking laws and currency regulations of the country where you plan to live.  Check the Expat.com forum for that country,  and you should find some specific, reliable guidance.

You're right about Western Union:  there are much more convenient ways.  In many countries, you can use your US debit card at ATMs for low value currency needs - this has destroyed the old market for travelers' cheques.  As a permanent resident,  though, you'll probably want a local bank account.

In most cases, the Social Security Administration will deposit your monthly benefit directly to your foreign account if you want.   Be aware, though, that many countries will only allow bank accounts in local currency.   If you want to keep some of your funds in dollars,  it will probably make sense to keep a US account for all your receipts, and to transfer enough to cover your local expenses to your local account regularly.

Hi Romiro,

Welcome to Expat.com!

As mentioned in your profile, you would like to live in Peru. So i moved your post on the Peru forum.

I hope members will share their experience with you on this topic.

Good luck,
Christine

Hello. I have a girlfriend in Peru and I know from her that she has a US dollar bank account in Peru. She uses Interbank. I have not yet tried to set one up for myself because I'm still in the USA, but I'd assume that as an expat in Peru, you could also have a similar account. I hope this helps you. M

Wire transfer to your bank in country you retired to.

My social security is transferred to my Bank of America Account.   I withdraw my social security funds from my Bank of America account using an ATM of Scotiabank.   I also have an account with Scotiabank here in Peru.   Since Scotiabank and Bank of America are corresponding banks there is no ATM fee.

I live in Tarapoto, Perú. I too have B of A in the US and a Scotiabank account here in dollars. Yes, they are affiliated, but I can only withdraw $160 at a time using my B of A debit card at a Scotiabank ATM. Downtown Tarapoto.
My workaround is using Schwab. It’s a brokerage account, yes, but with a checking account. With a Schwab debit card I can use any Globalnet ATM and take out $200 at a time, up to $1000 a day. So I literally take out as much as I need, one transaction after another. The $6 fee for each transaction is reimbursed automatically at the end of the month.
I also have an account at BCP in local currency for paying utilities and shopping. After using an ATM and getting dollars, I’ll deposit some into Scotiabank and exchange some into soles and deposit into BCP.
I’m applying for SS in the spring and i think it’ll either be Schwab or Scotiabank where I finally decide. Still mulling it over. There’s no perfect choice, especially out here in “provincias.”
If you’re in Lima, this answer would be different.
Here in Tarapoto Globalnet is everywhere but there’s only ONE Scotiabank ATM, downtown at the bank itself.

abthree wrote:

In most cases, the Social Security Administration will deposit your monthly benefit directly to your foreign account if you want.

To find out which banks in Peru will accommodate the start of such SSA direct deposits, contact your country's embassy in Lima.  The embassy may have paperwork for you to fill out to initiate direct deposits.

cccmedia

If you plan to stay long term i always would go for a local Bank Account!

Beware of TAX and IRS filing requirements for any foreign bank account.

https://www.irs.gov/businesses/small-bu … ounts-fbar

Who Must File
A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:

1. a financial interest in or signature or other authority over at least one financial account located outside the United States if
2. the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

Generally, an account at a financial institution located outside the United States is a foreign financial account. Whether the account produced taxable income has no effect on whether the account is a “foreign financial account” for FBAR purposes.

Try Transferwise been using it for years and its not expensive.

https://transferwise.com/

If you send 1000 USD today to Perú via Transferwise, according to their website, the total fees will be 26.29 USD. 

Transferwise will then convert 973.71 USD into Soles, at a rate of  3.6485 PEN = 1 USD, and the recipient will get 3552.58 PEN total.

You can see some cost comparisons of money services to send USD to Perú, converted to Soles, here:

https://www.monito.com/send-money/unite … ru/usd/pen

OsageArcher wrote:

If you send 1000 USD today to Perú via Transferwise, according to their website, the total fees will be 26.29 USD. 

Transferwise will then convert 973.71 USD into Soles, at a rate of  3.6485 PEN = 1 USD, and the recipient will get 3552.58 PEN total.

You can see some comparisons of money services to send USD to Perú, converted to Soles, here:

https://www.monito.com/send-money/unite … ru/usd/pen

OMG, xoom is half that cost. Why not use that instead?

Fee    12.99 USD
Total you pay    1,012.99 USD

Also, it may not be worth it to have it converted and sent as soles, but that will depend on to whom you are sending the money.

MikeKulhanek wrote:

https://www.monito.com/send-money/united-states/peru/usd/pen

OMG, xoom is half that cost. Why not use that instead?

Fee    12.99 USD
Total you pay    1,012.99 USD

Also, it may not be worth it to have it converted and sent as soles, but that will depend on to whom you are sending the money.

According to the link I posted which compares several money services, sending 1000 USD via Xoom will net you only 3408 PEN at the other end.  That's less than with Transferwise, but Transferwise is less than some other services.

However the Xoom website here:

https://www.xoom.com/peru/send-money

...shows that with a credit or debit card, you will pay 21.99 USD to send 1000 USD to Perú, and the recipient will get 3425.1 PEN.  But if you pay via PayPal or a bank account the fee is only 4.99 USD.

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