Ulysses wrote:
Google Fi will shut you down if you use it exclusively outside of the United States. There are plenty of youtube videos posted of expats who got shutdown by Fi.
However, Google Fi is great if you live in the United States, and frequently or occasionally travel outside of the United States. It works seamlessly for 3/4G data, calls and receiving texts.
After living abroad for many years I had to dump my accounts at US Bank. The text message verification is just too big of a problem.
However, I was able to keep my credit cards at US Bank. Apparently if you close the deposit accounts (checking and savings) but keep the credit card, then the text message verification requirement goes away.
The bottom line however is that you need to ditch the banking deposit accounts. Keep your money in a brokerage account, ideally Charles Schwab.
Keep in mind that Schwab doesn't have to support the low value, typically elderly and confused customers that need a bank branch for personal assistance. They only have offices in big cities and mostly for financially literate customers.
Also brokerage accounts aren't regulated like bank deposit accounts. It's very easy and cheap to send an international wire transfer from your brokerage account. Unlike a bank, the brokerage isn't required to replace the funds when a senile customer wires money to the prince of Nigeria or the scam lottery.
With Schwab there is no text verification for established accounts. Instead there is verification in the phone apps for online transactions.
Anyone can setup a free account with Schwab. There are no filters, except they expect their marketing and lack of a storefront will keep the rabble away from them.
You may get some requirements for a text verification, especially with your first outgoing wire transaction. But after that NEVER change your address or phone number. It's worked great for me, over 10 years now.
Hola Ulysses,
Thanks a bunch for the detailed info.
Yes, the text message verification is becoming a major issue even for the simplistic of things. As an example, if I log onto an existing account from a different device (iPad, as an example) then I need to do a text message verification the first time. I understand the reasons but I don’t understand why they won’t accept an international mobile phone number for the text verification. People are living all over the world these days but I still need a USA mobile phone number for the verifications - total BS, IMHO !
You mentioned that you received text messages on Google Fi when traveling international - did you receive text message verifications on your Google Fi phone?
I actually have had a Schwab account for several years and like you I have found it very user friendly. Wire transfers are cheap ($15, I think) and it is complete (money received) the same day as long as I do the transfer in the morning. All done online line and in a very few minutes. My only concern is that all my transactions are foreign (ATMs and bank transfers to CR bank) and I have heard that may become a flag to them that I am not living in the USA. Fingers crossed !
I seldom use ATMs here in CR but when I do I use Schwab because, as you know, they reimburse the ATM fees at the end of the month. By the way, I just noticed this week that the local CR Scotia just went to $5 (up from $3) for ATM transactions. Again that is not a major issue since Schwab reimburses the fee.
On the positive side, all these issues are small bumps in the road and I accept them to live here in CR - I’d rather be here than anywhere on earth!
Pura vida and thanks again!
Woozo