Number of FDIC-insured banks in the US in 2024: 4500
Number of federally-insured credit unions in the US in 2024: 4600
https://www.us.hsbc.com/
The Hongkong and Shanghai Banking Corporation (HSBC) is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint.
3 checking accounts
Investor Checking account, must be linked to a Schwab One Brokerage account:
The “One” brand is used inconsistently. Invented 20 years ago, it may have originally meant one statement for all accounts. No one on Reddit knows what it means now.
Note: Schwab acquired TD Ameritrade in 2020, complete in May 2024.
from Morgan Stanley Private Bank
No minimum deposit
No fees.
ATM refunds nationwide
No transaction fee for online wire transfer.
Examples:
Started as TransferWise by two guys from Estonia.
In 2021 they changed the name to Wise.
“An account & routing number to receive an occasional transfer”.
Debit card
multi-currency accounts
Wise offers three products:
Wise Account is the interesting one.
A customer may open an account to hold money while sending, receiving, and spending. Customers may:
Wise Account is not a bank.
They rely on partnerships with banks.
As of 2023, Wise partners with BlackRock for its interest bearing accounts.
Transfer money into your Wise account via:
Example
per James Baker, CPA, youtube.com/James Baker & Associates
though he works with entrepreneurs, not retirees
Examples
But, what bank account is NOT online?
These banks are NOT global. They require a US address.
https://www.usdirectexpress.com/index.html
Sort of like a US bank, but only access is via debit card.
I think it requires a US address
The foreign exchange rate is a function of the network (Visa or Mastercard), not the bank.
The Chase Sapphire “unpreferred” version is no longer available to new applicants.
Previously Citi Premiere, the “Strata” was added in mid 2024.
[Editor: this info does not belong on this page. This page is about American banking. This section is about foreign bank holdings.]
Two different requirements for taxpayers to report foreign holdings.
Note. The Thai retirement visa requires 25,000 in a Thai bank.
If an expat living in Thailand keeps between $25K and 200K in Thai banks, he must file an FBAR but not IRS 8938 (FATCA).
https://www.irs.gov/businesses/corporations/summary-of-fatca-reporting-for-us-taxpayers
You must file a Form 8938 if:
The rules are different for taxpayers living in the US and for non-citizens.
https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements
Both reports are due on April 15.
FBAR Form 114 is filed online thru FinCEN, even if you don’t have to file a tax return.
IRS Form 8938 is filed along with tax return.
Thresholds: FBAR $10K, FATCA 200K.
FATCA and BSA both put requirements on financial institutions to investigate and report customers who have foreign holdings.
This has made US brokerage companies jumpy about customers with foreign holdings.
See more about this in the document titled Investing:
https://docs.google.com/document/d/1NAmA9vb0P-JlxdZhW3F2KAVQieHilOmaeQ_6UMf0cSw/edit?tab=t.0
Summary
National ACH association (NACHA)
“National” means USA only, though each country has an equivalent institution.
Also known as
These types of payments move on the ACH Network – a payment system that reaches all U.S. bank and credit union accounts.
ACH payments can be processed
Same Day ACH went live in 2016.
A $1 million per payment limit.
The ACH Network
At Chase Bank, and at CalCoast, the customer first creates an “external account”, which is presumed to be an account at another bank, owned by that same customer. The bank makes two deposits, each under one dollar, and the customer can prove that he has access to the external account by calling out the values of the two micro deposits. After this he can make ACH payments to that account.
Can he also make withdrawals from that account? YES. Unless one of the two banks has some restrictions in place. Therefore, ACH is suitable only for use among one’s own personal accounts.
Sent electronically across a network of banks or transfer agencies around the world.
Paid for at the sending bank.
Sender must provide:
International wire payments are monitored by the Office of Foreign Assets Control, part of the Treasury Dept.
Domestic wires take up to 3 days.
International wires take up to 5 days. It takes longer because it has to clear the USA ACH and the equivalent in the receiving country. Delays of up to 3 weeks are not unheard of.
A non-bank money transfer made through a private network. Faster.
International.
How does it differ from a P2P App?
A Thailand account is not available to a non-Thai citizen.
A USA account will not take a credit card with a foreign billing address.
my paypal account was created with nationality USA and it does not take credit cards with a thai address
to use paypal with a thai bank, I would have to create a new account with nationality Thailand, and be authorized with a Thai National ID, available only to Thai citizens.
faxzero.com only takes paypal
Person to Person Payment Apps:
Plaid connects software to banking systems.
Powered by plaid:
Plaid actually expects you to sign-in to your bank system by entering your bank username and password into the Plaid portal.
This 2022 article describes a class-action lawsuit where Plaid collected excessive financial data from customers.
https://www.theverge.com/2022/1/23/22898009/plaid-financial-venmo-acorns-robinhood-class-action-lawsuit
Example. Glenn Reeves asks for money for his 1040 excel spreadsheet, via 4 P2P systems.
PayPal
https://paypal.me/incometaxspreadsheet
(Send to: IncomeTaxSpreadsheet@gmail.com )
Zelle (App)
https://www.zellepay.com/
(Send to: IncomeTaxSpreadsheet@gmail.com )
Google Pay
https://pay.google.com/payments/
(Send to: IncomeTaxSpreadsheet@gmail.com )
in the use Google Pay has been folded into Google Wallet
Google Wallet includes non-financial features, like storing boarding passes, event tickets, ids
But P2P not available in the US.
Venmo
https://www.venmo.com
(Send to: @Glenn-Reeves-2 )
Credit Unions can offer services similar to banks, including checking, savings, debit card, credit card, and various credit and loan products.
Those who have accounts in the credit union are its members and owners. They elect their board of directors in a one-person-one-vote system, regardless of the amount they have invested.
Federally chartered credit unions in the US are regulated and supervised by the National Credit Union Administration, an independent federal agency.