“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.
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