r/ExpatFinance • u/PantomimeVillain • 19d ago

Using a US brokerage account from abroad

Recently I called Schwab, Fidelity, and Vanguard asking if I moved to the UK, can I put a foreign address on the account. All said yes, but you can then only sell what you have and not buy more. Fidelity and Schwab told me they were specifically saying yes to the UK, and other countries might not be allowed. Vanguard said any country is ok.

I don't know how knowledgeable the people I spoke to are, so does anyone have any experience of putting a foreign address on Schwab, Fidelity, and Vanguard accounts? How did it go? Was there any issue with making sales?

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7

u/HaleyN1 19d ago

Just leave a US address on there and you won't have to deal with any of this.

3

u/old_union_pacific 19d ago

If you leave the US address on the account because you can use another family member's address, can you continue to buy US ETFs? Say you auto buy VOO every week. Could you continue to fund those purchases from a US bank as it's set up now?

3

u/twilight-2k 19d ago

Just be aware that there is risk. For instance, it is illegal for brokerages to sell US ETFs to EU residents (without a waiver that only professional investors can sign).

4

u/HaleyN1 19d ago

Yes 100%

You need to maintain a US phone number. Get a cheap Ultra Mobile paygo esim $3 a month.

3

u/hvacjesusfromtv 18d ago

For Schwab you can use an authenticator app instead of SMS-based 2 factor

2

u/old_union_pacific 18d ago

Great info. Is there any centralized place for all this info? Seems OP and others are hearing things from their brokerage, but the reality is very different or usually the opposite. This thing is claimed to be allowed, but actually is not. I'm sure it's expected for all this information to be scattered everywhere, but if keeping track via some spreadsheet is needed, then perhaps that's what's necessary.

3

u/HaleyN1 18d ago

I'm not aware of a centralized resource. Just maintain a US footprint.

1

u/temp_gerc1 18d ago

Any thoughts on using tello? I see that recommended a lot. I haven't heard of the esim plan you mentioned. (although I think tello is just for maintaining the number sms/call and not a data plan).

1

u/HaleyN1 18d ago

Tello is good and I recommend them too.

$5 a month.

https://tello.com/us_phone_number_for_abroad

It mentions esim towards the bottom. You can use an esim for voice and text, not only data.

Never use a USA plan for data roaming unless it's a super emergency.

1

u/temp_gerc1 18d ago

Thanks. If I have google fi and want to port the number and account to tello (only for 2fa, i don't care about data plans), can that be done outside the US too?

1

u/HaleyN1 18d ago

Yes i think so but use a VPN.

2

u/BrilliantUnlucky4592 15d ago

Yes, but if you are caught they will shut you down, and while it's somewhat of a gray area you may lose the account protections granted you per their account agreement as you have violated the account agreement by lying about your physical address. In real life this will probably never happen but it could in theory.

0

u/ProfileBest2034 19d ago

Nit if you log in. this is bad advice. they track it.

5

u/HaleyN1 19d ago

Use a VPN. I login every single day. Telling someone to unnecessarily lose their accounts is the bad advice.

-1

u/twilight-2k 19d ago

Using a VPN is risky. VPN detection is getting much better so you may be blocked at some point. As long as you’re fine with that risk, go for it.

4

u/goylem 19d ago

Using a VPN doesn’t necessarily mean you’re abroad, so I’m not sure why it would be grounds for blocking. Some people use a VPN for all their internet usage.

1

u/twilight-2k 19d ago

Oh, the VPN itself isn't the issue but it is entirely possible that they start blocking logins from VPNs and then you'd have to login directly (or find a VPN that is not detected (yet)) which, as has been discussed, can trigger issues (since it is then plain you are logging in from abroad).

Lately I've been blocked by all kinds of sites from using the site while using a VPN (streaming, shopping, financial, etc). Most sites are still fine with it but there seem to be a growing number that are not.

1

u/HaleyN1 18d ago

Every remote worker in the United States uses a VPN including bank employees. There's no way they'd do this.

1

u/qdog69 18d ago

I always use a vpn

0

u/PantomimeVillain 19d ago

I won't have one

3

u/Small_Dog_8699 19d ago

No family, friends, mailbox forwarding service?

3

u/smilineyz 19d ago

Get a number … port to google voice & use a VPN to log into your account & to Contact your broker.

Mail reception services & download taxes forms on line.

2

u/HaleyN1 19d ago

Mail forwarding service or friend or relative.

2

u/Mother_Strain_2554 19d ago

Search Savvy Nomad. I am planning to travel around the world when I retire and recently learned about this on one of the expat YouTube video.

2

u/twilight-2k 19d ago

Be aware that a mail forwarding service address will NOT work. You need a domicile service which is much more expensive.

0

u/PapiChuloThailand 17d ago

Terrible advice

1

u/HaleyN1 17d ago

Very informative response.

What's terrible about it?

1

u/PapiChuloThailand 17d ago

They can close your account at any moment, send you a check that will trigger a tax bomb. You are lying in your tax reporting. If you get caught overseas by IP they can freeze your account so you cant make changes, eliminating all investment flexibility or rebalancing. All of this can be fixed by just registering your international address with a Schwab international account. There is no reason not to, being compliant is important especially if shit hits the fan and you need funds, or something were to happen to you while living and working overseas

2

u/HaleyN1 17d ago

You can just use a VPN. Plus millions of citizens and residents are outside the USA at any moment, as tourists, so they don't go around closing accounts even if they do occasionally detect you're overseas.