Expat Advice: Financial Issues in Denver, Colorado

What is the name of the city or town that you are reporting on?

Denver

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

William Russell
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William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.

William Russell

William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.
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What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

Keep open your bank account at home, at least temporarily.

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

I can earn more money in a cash deposit, or playing exchange rates by moving money between my bank accounts in different countries (Australia and USA), than I could on the NYSE or Nasdaq!

Getting a mortgage is challenging, because I started off in the USA with zero credit history, even though my credit history in Australia is excellent.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

A great credit history in one country does not transfer to another country. I paid off my house in Australia in under 7 years, but started at ground-zero when I arrived in the USA (i.e. I couldn't get a credit card, while a colleague with a recently discharged bankruptcy got several offers every week). Manage your credit history well. In other words, be careful not to do anything to damage it. And even if you don't need credit for small/medium purchases, use your credit card regularly (and pay it off!) to establish a good credit history for when you really do need credit, such as for a car or mortgage.

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

Use an expat-oriented tax firm, but even with their advice I end up paying tax twice on income earned overseas. They didn't seem to know specifics about Australia taxation and the Australia-USA taxation agreement.

What advice could you offer others about doing your taxes as an expat?

Keep thorough records, don't wait till the last moment - it's much harder locating records from the other side of the world.

Accept that sometimes paying tax twice is much easier than trying to justify otherwise valid deductions to the IRS. At least, that's what my accountant told me...