Can Social Security direct deposit payments go to foreign bank accounts?

SSA does NOT allow direct deposit to foreign banks in most countries. Portugal is not one of the countries with direct deposit agreements. You have basically two options: keep your US bank account and withdraw money abroad (watch for fees), or use the Direct Express debit card program. I've been living in Spain part-time for 5 years and maintain my US account - it's much simpler.

my sister lives in mexico 6 months a year and she just keeps her US bank open. i think thats what most people do

There's actually a list of countries where SSA can send direct deposits. It's called the International Direct Deposit (IDD) program. But Portugal isn't on it yet. Here's the current list: Canada, Germany, Australia, UK, Ireland, Panama, Costa Rica and a few others. The only EU countries are Germany, Ireland and UK (though UK isn't EU anymore). You can see the full list on SSA.gov under "International Direct Deposit Countries." Most expats maintain a US bank account and then either transfer money periodically or use ATMs. Just be aware that you need to report to SSA that you're outside the US for more than 30 days - it's required even though it doesn't affect your retirement benefits.

I've been living in France for 3 years now and I just kept my American bank account. It's annoying but simplest. BUT BE CAREFUL about your Medicare!!! If you're outside the US for too long and have Medicare, you're still paying for it but CAN'T USE IT outside the US. Some people suspend their Medicare while living abroad to save money, but then you pay penalties when you restart it unless you have other valid coverage.

When I tried calling SSA about moving to Philippines (where my wife is from), I got disconnected 4 TIMES!!!! So frustrating!! 😡

CAREFUL ABOUT TAXES TOO! Just because you're living overseas doesn't mean you escape US taxes. I learned this the hard way. You still have to file US taxes as a citizen PLUS you might have to pay Portuguese taxes too depending on how long you stay there. There are tax treaties but it gets complicated fast.

My uncle moved to Costa Rica and he has his SS check sent to his US bank and then he just transfers money when he needs it. He says the fees aren't too bad with certain banks.

i heard somwhere that some countries don't let americans get SS benefits? is that true?

One thing nobody mentioned - if you're keeping your US bank, make sure it's one that doesn't require a US mailing address or regular US presence. Some banks have closed accounts when they discover customers live overseas permanently. Chase is usually OK with part-time overseas living, but for full-time expats, banks like Schwab, Capital One, and some credit unions are better options.

I've been researching this exact situation for my own retirement plans! One thing I'd add is that you should also check with your Portuguese bank about their policies for receiving regular international transfers. Some European banks have specific requirements or fees for recurring transfers from US accounts. Also, consider setting up a Wise (formerly TransferWise) account - many expats use it for better exchange rates when moving money between countries. The fees are usually much lower than traditional bank wire transfers, and you can set up automatic transfers from your US account. Just make sure to keep detailed records of all international transfers for tax purposes!

I've been using Wise for about 2 years now for transferring money to my daughter who lives in Germany. The transfer limits depend on your verification level - I think it's around $1 million per transfer for fully verified accounts, but the daily/monthly limits vary by country. For tax records, you mainly need to keep documentation of transfers over $10,000 for FBAR reporting if your foreign accounts exceed $10,000 total. But honestly, I'd recommend talking to a tax professional who specializes in expat situations because the rules can get complex quickly. Portugal has been getting more popular with American retirees lately - there are some Facebook groups specifically for US expats in Portugal that might have more detailed experiences with banking there!

I went through this exact process when I moved to Italy last year! Portugal unfortunately isn't on the SSA direct deposit list (as others mentioned), but I found a workaround that's been working well. I kept my US account with Bank of America and set up their global transfer service to automatically move money to my Italian account monthly. The fees are reasonable - about $15 per transfer plus decent exchange rates. One tip nobody mentioned: before you leave, make sure to set up online access to EVERYTHING while you're still in the US. Some banks get weird about verifying your identity for new online services when you're overseas, even if you've been a customer for years. Also, consider getting a Google Voice number to keep a US phone number for banking 2-factor authentication - many banks won't send codes to foreign numbers. The 30-day reporting requirement Dmitry mentioned is real, but it's pretty simple - just call or go online and update your address/travel info. They mainly want to know so they can mail important notices to the right place. Good luck with your Portugal adventure!

I've been living in Portugal for the past 3 years and can share some practical insights! As others confirmed, Portugal isn't on the IDD list, so you'll definitely need to keep your US bank account. I use a combination of strategies: I keep my Chase account for the SS deposits, then use Revolut (similar to Wise) for transfers to my Portuguese account at Millennium BCP. One thing specific to Portugal - most Portuguese banks are very welcoming to American retirees and have English-speaking staff, especially in areas like the Algarve and around Lisbon where there are lots of expats. Millennium BCP, CGD, and Santander all have experience with American customers. They don't bat an eye at regular transfers from US accounts. Also, Portugal has the D7 visa program specifically designed for retirees with passive income like Social Security - it makes the banking setup much smoother once you have residency. The tax situation is actually quite favorable too under the NHR (Non-Habitual Resident) program, though that's changing in 2024. Feel free to reach out if you have specific questions about Portuguese banks or the visa process! The expat community here is very helpful.

I've been dealing with a similar situation for my retirement planning! One additional resource that might help is the Federal Benefits Unit (FBU) at the US Embassy in Lisbon - they specifically handle Social Security issues for Americans living in Portugal. They can sometimes provide clearer guidance than the main SSA phone line, and you won't have to deal with those terrible hold times. You can find their contact info on the embassy website. Also, regarding the banking fees others mentioned - if you do go the US bank + ATM route, look into getting a Schwab checking account before you move. They reimburse ALL ATM fees worldwide and don't charge foreign transaction fees. I switched to them specifically for international travel and it's been a game-changer. Just make sure to apply while you still have a US address since they can be picky about new accounts for overseas residents. One last tip: consider getting a Portuguese tax ID number (NIF) as soon as possible when you arrive, even before opening a bank account. You'll need it for almost everything financial in Portugal, and it can take a while to get if you wait until you need it urgently.

I've been researching this exact situation since I'm considering a similar move to Portugal in the next few years! From everything I've read here and other sources, it really seems like the consensus is: keep your US bank account for the SS deposits and use a reliable transfer service like Wise or Revolut to move money to Portugal as needed. One thing I wanted to add that might be helpful - I've been told by friends who are already expats that it's worth setting up relationships with 2-3 different transfer services before you move, just in case one has technical issues or changes their fee structure. Having backup options gives you flexibility. Also, has anyone here dealt with Portuguese healthcare as an American retiree? I know it's off-topic from the banking question, but since we're talking about the practicalities of living there part-time, I'm curious about how that works alongside Medicare (which as Ava mentioned, doesn't work outside the US). Thanks to everyone who's shared their real experiences - this thread has been incredibly valuable for planning!