SDFCU, ACA Provide Access to US Banking
For many Americans living abroad it has been an almost insurmountable problem to open and maintain a US bank account without a US residence or mailing address. Not having a US bank account can cause innumerable problems, such as how to make a large tax payment to the IRS. Many foreign banks in Switzerland will no longer issue a cashier’s check, resulting in many US citizens without a viable payment alternative for their US tax liabilities. Other US banking services such as credit cards, IRA accounts and some financial planning and investment alternatives, have also been unavailable to these citizens.
On March 1, 2016, American Citizens Abroad (ACA) announced a solution to this problem. In conjunction with the State Department Federal Credit Union (SDFCU), members who live overseas can open an account without a US address. Americans working at more than 270 embassies and consulates around the world hold this type of account.
The ACA is offering a free webinar tomorrow, October 21st, at 17.00 CET (Switzerland) that will explore the background and benefits of the SDFCU Account. More information on the webinar and registration can be found here.
Contact us if you have any US tax queries.