How To Access Social Security Payments Living Overseas

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“Kathleen, my wife and I are both retired and have Social Security retirement totaling US$2,450 per month. Would it be better to have the direct deposit changed to the country that we are relocating to or leave it where it is and do wire transfers every month?”

–John W., United States

The easiest and most efficient strategy would be to open a local bank account wherever you decide to retire and have your monthly Social Security payment direct deposited into that account.

You could, though, if you didn’t want or weren’t able to open a new local account, continue to have your Social Security amount deposited into your account where you’re living now. However, you wouldn’t want to wire money from that account to yourself in your new country of residence. Wiring money is costly. The best way to access cash anywhere in the world is through ATM withdrawals. These can be free, depending on the bank.

Continue Reading: Timing Foreign Property Investments Based On Currency Exchange Rates

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Live And Invest Overseas

Live and Invest Overseas is the world's savviest source for top opportunities to live better, retire in style, invest for profit, do business, and own real estate overseas. Established in 2008, the Live and Invest Overseas' editors and correspondents have more experience researching and reporting on top opportunities for living well, investing for profit, doing business, and owning real estate around the world than anyone else you'll find.