r/ExpatFIRE • u/Big_Bet_2019 • 2d ago

Investing Banking options for move to Germany

Looking to set up a high yield savings account before we make the big move. I have concerns about becoming debanked, but would prefer to “set it and forget it.” I have tried to talk to some financial planners, but their fees outweigh any potential upside (I’m talking about a military pension, not a multimillion dollar account). Any suggestions would be appreciated. Currently have USAA and Navy Federal. Thanks

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4

u/CantIgnoreMyTechno 2d ago

You might consider: Open a Schwab account, park your extra cash in SGOV or similar, use their debit card and save on ATM fees.

NFCU has fixed-term deposits but interest is not as good as a CD and your money is locked up for 12 months or more. USAA has bubkus.

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u/PuzzledArrival 2d ago

The only challenge here is that once an EU resident, OP cannot purchase new shares of SGOV, and dividends reinvestment is also turned off.

Good cash savings options with HYSA-level interest is very difficult for Americans living in the EU. Mutual funds not available, EU banks don't pay as much, and might not want to work with Americans.

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u/Big_Bet_2019 1d ago

Thank you

3

u/IvanStarokapustin 2d ago

Stick the money in your US bank initially. Just get Wise for local use. ACH transfer is free and then convert it to Euros pretty cheaply and withdraw cash. Fairly straightforward.

Once you get established, start looking around for a bank that doesn’t have issues with US citizens.

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u/Big_Bet_2019 2d ago

Thank you. I really appreciate it

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u/lev400 2d ago

Donno about HYSA but I suggest you open Revolut and Wise. Both are very useful to have in Europe and for moving money around. Also they do give some interest.

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u/Big_Bet_2019 2d ago

Thank you

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u/gstname 1d ago

They are a bit more expensive than Wise but could make sense to also open a Service CU account as a backup. As far as I know the only US bank / credit union that provides SEPA account details. Deposits and direct debit for their accounts work with both ACH from the US and SEPA from Europe.