{"id":3909,"date":"2023-11-26T16:15:00","date_gmt":"2023-11-26T21:15:00","guid":{"rendered":"https:\/\/startabroad.com\/?p=3909"},"modified":"2026-05-14T11:55:31","modified_gmt":"2026-05-14T15:55:31","slug":"how-to-transfer-money-abroad-according-to-a-long-term-american-expat","status":"publish","type":"post","link":"https:\/\/startabroad.com\/es\/how-to-transfer-money-abroad-according-to-a-long-term-american-expat\/","title":{"rendered":"How to Transfer Money Abroad, According to a Long-term American Expat"},"content":{"rendered":"
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Note: This blog is our personal view on the best service providers for expats. We make no money on referring customers to these services.<\/em><\/p>

I\u2019ve lived outside of the U.S. as an American expat for nine years now, but I have never opened a foreign bank account. As you might imagine, that means I have to figure out how to transfer money from the U.S. to myself and to plenty of other people (landlords, employees, people selling me cars) a LOT.<\/p>

All these transfers can rack up huge fees unless you have a plan. Here\u2019s what I\u2019ve learned over the past nine years abroad in how to make transfers (relatively) headache-free and affordable.<\/p>

#1. Why not just open a foreign bank account? Wouldn\u2019t that be easier?<\/h3>

Actually, it\u2019s often more complicated.<\/p>

Sometimes you have to open a foreign bank account \u2013 if, for example, you are employed by a company in your new country that will only pay your salary to a local account. Or maybe it\u2019s a condition of your residency status. But if you don\u2019t need to open that account, I wouldn\u2019t.<\/p>

Why?<\/b><\/p>

The hassle \u2013 You need to be aware of FBAR<\/a> and FATCA<\/a>. These are two separate filings that you must make to the U.S. government if you have foreign accounts or assets worth more than $10,000 (FBAR) or $200,000+ (FATCA). Note: amounts vary depending on your residency and tax filing status. Non-compliance fees are steep, and FATCA filings can be quite complex.<\/p>

The security \u2013 Personally, I like the feeling of security and safety of banking in the United States. I like holding my money mostly in dollars and I like FDIC insurance.<\/p>

So let\u2019s say you\u2019ve decided you\u2019re not going to put all your money into a foreign account. How do you get your money in the U.S. to another country?<\/p>

#2. How I get money day-to-day while abroad<\/h3>

For day-to-day expenses, you really just need two things:<\/p>

  1. A debit card with no international ATM fees<\/li>
  2. A credit card with no foreign transaction fees<\/li><\/ol>

    There are tons of resources out there on the best credit cards for frequent travelers and expats (for example, here<\/a>).<\/p>

    In terms of debit cards and checking accounts, I\u2019d recommend two companies in particular. I currently use Fidelity and I plan to switch over to Charles Schwab as soon as I have utility bills proving my new residence in Costa Rica.<\/p>