Social Security and Retirement in Ukraine

[AkMike]

This is a FYI for ones that are thinking of retirement in Ukraine. The old system was to come to the Embassy and pick up your check monthly or have it courier delivered to you.
 Another option is to have an open US account and use a debit from that one. This one needs a trip back to the US to pick up the fresh debit cards every couple of years.

As of right now, Americans are no longer able to take their Social Security checks from the Embassy, deposit them in a Ukrainian Bank and wait 4 weeks to get their US$ cash. That program is now officially DEAD. As in DEAD as of this week dead.

So...if you DO not have a USA account and were receiving your check and going through the above route the NEW procedure IS:

Set up a direct deposit account with MC-Debit Card from USDirect at

www.usdirectexpress.com

it is an easy procedure but you will have to actually call them at 1-800-333-1795 and set up via phone. Process takes 10 minutes, your new debit card will be delivered in a few weeks and off you go.  A friend of mine was the first one to set this up.

BUT there are a few things you NEED to know!

The address to send the Debit Card is:

Department of State Con. Svc. American Citizen Services,
5850 Kyiv Place
Washington DC 20521
 ---- this is the direct address to the Diplomatic pouch that goes to Kyiv Embassy for you to pick up your new debit card. Give them THIS Address!!! No matter what your address is on your check.

The start-up process takes a month or two and you will still be receiving your paper check at the Embassy....so......you gotta figure out on your own HOW to cash these paper checks until the electronic system kicks in. I figured mine out and it must be so on an individual basis....sorry, I know that part sucks.

Once up and running your check will be deposited on the first of the month and funds available on your MasterCard Debit Card (Good in Ukraine) immediately. You can only withdraw in UAH NOT $. I repeat not $. A service charge of $4 per transaction will be applied so really, just extract large chunks of UAH and be happy.

Your Ukrainian Cell phone number has too many numbers in it and it confuses the USDirect system, they will put a 999-9999 number in, just give them an e-mail address incase they need to contact you.

Until Ukraine gets a few laws passed there will be NO Direct Deposit into Ukrainian banks from the US Government. This new system with the Debit card is gonna be all we get for some time to come.

[ML]

Thanks Mike for the very useful info.

I will have to think about it and ask questions later.

Anyway, as of now I have no plans to live in Ukraine permanently in future . . . but still good to know.

[Maxx2]

Thanks Mike. I have been living in the Republic of Georgia the past 5 months. What I do is have my SS deposited into a bank in Minnesota from where I came from. Before I left I had the bank enter into their computer that I will be living abroad and until I give them notice it will be in the Republic of Georgia. Then I established a security password that I can give them over the phone if need be.


The second thing I did was establish a Charles Schwab bank account. The reasons are they reimburse all ATM fees, there is no minimum and they do not charge an account fee.


[quote

]About the AccountWhat's the catch?There are no catches.[size=0.833em]1[/size]  The Schwab Bank High Yield Investor Checking Account® is a variable rate checking account and its rate will fluctuate with market conditions.  With this account you get:No minimum balance requirements [/q]

• No monthly service charges

• No ATM fees[size=0.833em]2[/size]

• Free standard checks and a Visa® Platinum debit card once the account has been funded.

• Free online bill pay on Schwab.com and Schwab Mobile

• Competitive interest rate

• FDIC Insurance up to $250,000

• Are there any account services fees for my High Yield Investor Checking or my linked Schwab One[size=0.833em]®[/size] brokerage account?No, there are no monthly or low balance fees for either account when you open a High Yield Investor Checking account linked to a Schwab One brokerage account.Are there minimum balance requirements?No, there are no monthly or low balance fees for either account when you open a High Yield Investor Checking account linked to a Schwab One brokerage account.Is this a fixed interest rate on the High Yield Investor Checking account or will it change?Schwab Bank High Yield Investor Checking is a variable rate checking account so the rate will fluctuate with market conditions. This does not change the superior value that this account offers relative to other checking accounts in the market.Is the money in my High Yield Investor Checking account FDIC-insured?Yes, the funds in your High Yield Investor Checking account are insured, in aggregate, up to $250,000 based on account ownership type, by the Federal Deposit Insurance Corporation (FDIC).Do I need to open a Schwab One brokerage account with my Schwab Bank High Yield Investor Checking account?Yes. The Schwab Bank High Yield Investor Checking account is only available when linked to a Schwab One brokerage account. The two accounts may be opened at the same time. The two accounts will be linked, so you can easily transfer funds between them to meet both your investing and checking needs. While you're under no obligation to use the Schwab One brokerage account, you may find it very convenient. And, you can enjoy the benefits of investing with Schwab brokerage at no additional cost.
  Charles Schwab Bank
  1. Schwab Bank High Yield Investor Checking accounts are available only as linked accounts with Schwab One® brokerage accounts. The Schwab One brokerage account has no minimum balance requirements, and there is no requirement to fund this account, when it is opened with a linked High Yield Checking account.2. Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa® Platinum Debit Card (also referred to as a "Check Card" or "Visa Check Card") wherever it is accepted. ATM fee rebates do not apply to any fees other than fees assessed for using an ATM to withdraw cash from your Schwab Bank account. Schwab Bank makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from Visa and ATM operators. In the event that you have not received a rebate for a fee that you believe is eligible, please call a Schwab Bank Customer Service Representative for assistance at 888-403-9000. Schwab Bank reserves the right to modify or discontinue the ATM fee rebate at any time.3. The rebate will appear as a lump-sum credit on the same checking account periodic statement that includes ATM fees incurred for that particular account statement cycle.
  
  Funds deposited at Charles Schwab Bank are insured, in aggregate, up to $250,000 based on account ownership type, by the Federal Deposit Insurance Corporation (FDIC). Schwab Mobile Deposit service is subject to certain eligibility requirements, and enrollment is not guaranteed. Standard hold policies apply. Requires a wireless signal or Wi-Fi connection.

• [/l]
  http://www.schwab.com/public/schwab/banking_lending/checking_account/checking_account_faqs
  
  
  

When my SS deposit comes in I transfer what I want into my CS account and use that card. I keep this card in my wallet along with my US Passport ID card. Back in the apartment I keep my Minnesota bank card in my regular passport in a safe place. CS is open 24 hours a day 365 days of the year. There is always someone online to help and they to are informed where I am living. I've had no problems to speak of. MY SS check comes in on the 4th Wednesday of the month. Every 4th Wednesday at 3:00 PM I transfer online over what I want from my Minnesota bank to my Charles Schwab account. It takes 4 business days to access the funds. On my online account it says, "pending" the amount I transferred over. So this month for example Wednesday is the 4th so 21 days later on the 25th I can transfer the funds. I will have access to them at 6 AM six days later on the 31st.

[AkMike]

Maxx, does this Schwab account get sent to you in dollars or lari? Don't you need separate accounts for each type of cash like Ukraine?

[Maxx2]

In Georgia I get to choose at the ATMs whether I want to get paid in USD or Lari. I usually choose Lari except when I pay my rent. My landlady wants to get paid in USD ($350). The usual amount I take out at a time for personal needs and monthly costs is 500 Lari  (was about 208 now about $227). This shows up on my C.S. internet account as dollars.


The $200+ below except for the $1600 deposit, is 500 Lari withdrawals

01/19/2016 as of 01/15/2016 Bank Interest BANK INT $0.01

01/13/2016 Bank Transfer OVERDRAFT TO INVESTOR CH... -$208.33

01/06/2016 Bank Transfer OVERDRAFT TO INVESTOR CH... -$208.33

12/30/2015 Bank Transfer OVERDRAFT TO INVESTOR CH... -$210.08

12/24/2015 MoneyLink Transfer XXXXX BANK. $1,600.00

[Maxx2]

Maxx, does this Schwab account get sent to you in dollars or lari? Don't you need separate accounts for each type of cash like Ukraine?

I may be misunderstanding the question. Schwab automatically makes the conversion from Lari or grivna etc into USD. If a Georgian bank injects a fee to use their ATM Schwab reimburses that fee to me and any other costs of services any bank imposes including money transfers between banks. http://www.nomadicmatt.com/travel-blogs/avoid-paying-bank-fees-traveling/
  http://medium.com/nomad-gate/the-world-s-best-bank-accounts-for-international-travelers-and-nomads-3257e6839cff#.3shwi0en5

Secondly, if you are a US resident, the best bank to use is Charles Schwab. Why? Charles Schwab has no fees and reimburses all your ATM fees at the end of each month. You will need to open a high-yield checking account in order to qualify, but there is no minimum deposit required and no monthly service fee. Their ATM card can be used in any bank machine around the world, and you’ll never pay a fee. This is my primary bank card. Since getting it, I’ve avoided all ATM fees. It’s saved me hundreds per year.