Will be moving overseas for a year, should I close my US checking account?

Question

I will be moving overseas for about a year, possibly longer, and I was wondering if it's okay for me to keep my checking account open? I figure I can use it to pay my credit card bills while out of the country? Has anyone ever moved overseas for a few years but still kept their home country checking accounts open?

Answer 1

I haven't moved overseas,  but I switched my banks and I kept my other checking account open to pay my credit card with that bank. If I were you, I'd keep the account open and if you decide to stay longer than a year then cancel it. Hope that helped a little.

Answer 2

There is no reason for you to close it.  You plan to return after all. I have been living overseas for close to two years and it's very useful to have an account back home. It can be used to pay bills as well as move money.

Just make sure your account is not going to have any sort of maintenance fee.  You will have need of it, but you probably won't be using it a lot, so make sure the bank you are with is not going to charge you extra fees.

Answer 3

My advice for you is to open a savings or CD account and transfer your money into those accounts.

In that way even if its dormant you will still be earning money from interest rates.

PS: make sure you only deposit amount up to $100,000. If you have more money, spread them out in different banks in $100,000 amounts.

Answer 4

common sense says keep it open. you may need it for something you never thought about!