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offshoreforever

New member
Hello.

I would like to know if anyone in this forum had the experience of having used a bank in the United States specially designed for foreigners, called "Sable".

Website: Sable Card.

It looks interesting, but I don't know of anyone who has used this bench. I have no references. And in the Play Store I see very few reviews.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Cant see how useful this would be if your not living in US. Also its not a real bank it seems.

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Sable Money Inc.

*Banking services provided by Coastal Community Bank, Member FDIC, pursuant to license by Mastercard International Inc.

Sable account is FDIC-insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC.


----

You need to have a Residential US Address to open an account. This is a regulatory requirement. We will automatically ship your card to the address you provided.

If you are not a US citizen, we will ask for a second document. This will be the US visa attached to your passport If you don't have a US Visa, that is probably because you entered the US with a visa waiver (e.g. a TN Visa or an ESTA). In this case, select the I-94 option and we will verify your visa waiver electronically.


--- end quote
 

Sols

Staff member
Mentor Group Gold
Might be a decent option if you actually live in the US. Although opening a credit card with any of the major banks in the US, even as a freshly arrived foreigner, is not a problem if you can just show a credit card with decent limit from back home.
 

offshoreforever

New member
Cant see how useful this would be if your not living in US. Also its not a real bank it seems.

-------

Sable Money Inc.

*Banking services provided by Coastal Community Bank, Member FDIC, pursuant to license by Mastercard International Inc.

Sable account is FDIC-insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC.


----

You need to have a Residential US Address to open an account. This is a regulatory requirement. We will automatically ship your card to the address you provided.

If you are not a US citizen, we will ask for a second document. This will be the US visa attached to your passport If you don't have a US Visa, that is probably because you entered the US with a visa waiver (e.g. a TN Visa or an ESTA). In this case, select the I-94 option and we will verify your visa waiver electronically.


--- end quote
For all of us who live in Latin America, believe me that a bank account in the United States is a very desirable thing.

I understand that it is a digital bank, in the style of N26.
 

offshoreforever

New member
Might be a decent option if you actually live in the US. Although opening a credit card with any of the major banks in the US, even as a freshly arrived foreigner, is not a problem if you can just show a credit card with decent limit from back home.
The thing is, I am looking for a bank that is friendly to non-residents. I understand that the largest banks in that country (Wells Fargo, Bank of America, etc.) accept foreigners, but I read about some problems when those foreigners return to their country of origin. For example: for certain operations they may ask you for an SSN or a US phone number. I know that with Sable that would be very difficult to happen, because it is specially made for foreigners.
 

Sols

Staff member
Mentor Group Gold
But Sable specifically asks for a US visa to open your account. Do you have that?
 

Golden Fleece

Active Member
The thing is, I am looking for a bank that is friendly to non-residents. I understand that the largest banks in that country (Wells Fargo, Bank of America, etc.) accept foreigners, but I read about some problems when those foreigners return to their country of origin.
If a foreigner returns to their country of origin, of course the bank will cancel the credit card. Look at it from the bank's perspective. If a non-resident foreigner fails to pay the balance on a credit card, how can the bank possibly collect what is owed if the account holder does not live in the U.S.? Why take that risk?

Even American citizens can have problems if a bank discovers that they moved offshore (which is why it is a good idea to change your address to a mail forwarding company before moving overseas and not to a foreign address).
 

Milky Moon

Offshore Research & Development.
Entrepreneur
If a foreigner returns to their country of origin, of course the bank will cancel the credit card. Look at it from the bank's perspective. If a non-resident foreigner fails to pay the balance on a credit card, how can the bank possibly collect what is owed if the account holder does not live in the U.S.? Why take that risk?

Even American citizens can have problems if a bank discovers that they moved offshore (which is why it is a good idea to change your address to a mail forwarding company before moving overseas and not to a foreign address).

This is nonsense.

I have a US WellsFargo cc with an EU phonenumber (so for some things you have -call- them as they have to manually insert you EU phonenumber. Same with TD Bank, they also ship your cc to the EU.
 

Golden Fleece

Active Member
This is nonsense.

I have a US WellsFargo cc with an EU phonenumber (so for some things you have -call- them as they have to manually insert you EU phonenumber. Same with TD Bank, they also ship your cc to the EU.
Your logic is ridiculous. Just because it has not happened to you -- yet -- does not make it nonsense. Many expat forums have entire threads devoted to this problem. Just one example, titled "US Bank Account Freeze":
Six years ago, Fidelity Investments was going to shut me down when I listed my address as the Philippines. I didn't know about all of this at that time. I changed my address with them to my sister's California address and they said fine.
I have run into issues with Wells Fargo - they locked down my ATM card on multiple occasions, but I solved it by filing a multiple month "travel plan" now, every year, haha. You also have to be careful with brokerage firms like Vanguard. If they find out you're living overseas they will cut you off from making transactions.
 

Milky Moon

Offshore Research & Development.
Entrepreneur
Received my new WF card 3 weeks ago. So I must be very unique. Simple facts need no logic.
 

Golden Fleece

Active Member
Received my new WF card 3 weeks ago. So I must be very unique. Simple facts need no logic.
You place a loaded gun to your head and pull the trigger but nothing happens, perhaps because of a one-in-a-million misfire, and you then tell everyone that it is safe to do so -- based on your own singular experience.

That is the logic that you used here. You based your claim on anecdotal evidence. An anecdotal fallacy is a logical fallacy based on a factual claim that relies only on personal observation that is collected in a casual or non-systematic manner.

As I stated previously, many expat forums have entire threads devoted to this exact problem. It is always best to use a U.S. address and telephone number for U.S. bank accounts, credit cards, and brokerage accounts.

During the next financial crisis, when banks need to purge their high risk exposure, accounts with foreign addresses are likely the first to go (because it is almost impossible to collect a debt from someone living in another country). So, why take the risk of using a foreign address or telephone number?
 

Admin

Forum Moderator
Staff member
But Sable specifically asks for a US visa to open your account. Do you have that?
If that is the case it may be the reason for why OP disappeared again :D

Wonder how many US based EMI's there are beside Mercury and which may accept Latin American's.
 

guilleiguaran

Mentor Group Gold
I'm a Sable user, after one year of using it their app still offering a poor UI/UX and their support team is mediocre. The reason I still use it is just to keep an iCloud account associated with an AppleID created in the US and because they don't charge any account fee.

If you're planning to use Sable try to don't do many transactions out of the country or they'll cancel your account due to excessive foreign fees (they waive those fees but Master card still charging them for those), I knew someone that got their account canceled due to this.

In the past I was a user of Citibank and TD Bank, both banks were excellent but you're required to have a minimum amount of money on the accounts to get fees waived (for my Citi account was $1,000, for TD Bank was $2,500)
 

offshoreforever

New member
I'm a Sable user, after one year of using it their app still offering a poor UI/UX and their support team is mediocre. The reason I still use it is just to keep an iCloud account associated with an AppleID created in the US and because they don't charge any account fee.

If you're planning to use Sable try to don't do many transactions out of the country or they'll cancel your account due to excessive foreign fees (they waive those fees but Master card still charging them for those), I knew someone that got their account canceled due to this.

In the past I was a user of Citibank and TD Bank, both banks were excellent but you're required to have a minimum amount of money on the accounts to get fees waived (for my Citi account was $1,000, for TD Bank was $2,500)
Thank you for tell me your experience.

Now I want to ask you the following question, regarding making transactions outside the country: how would this be? I mean, you do a lot of SWIFT transfers and they can cancel your account? Because I would think of using it as a checking account, more than anything. To receive payments from US (and non-US) customers who are banked in the US.

So far, I have been dealing with Wise (ex-TransferWise). But I do not want to put all my trust in this entity, because I know that they are known for freezing and deleting accounts, in the style of similar entities such as Revolut, N26, Monese, etc. So I would like a real bank to be able to charge for my work and once then leave it there as savings, or spend it.

I only have interest in the United States to vacation, not to live there. If you know a better bank that suits my situation, welcome. I find Sable attractive due to its zero commission policy.
 

offshoreforever

New member
You place a loaded gun to your head and pull the trigger but nothing happens, perhaps because of a one-in-a-million misfire, and you then tell everyone that it is safe to do so -- based on your own singular experience.

That is the logic that you used here. You based your claim on anecdotal evidence. An anecdotal fallacy is a logical fallacy based on a factual claim that relies only on personal observation that is collected in a casual or non-systematic manner.

As I stated previously, many expat forums have entire threads devoted to this exact problem. It is always best to use a U.S. address and telephone number for U.S. bank accounts, credit cards, and brokerage accounts.

During the next financial crisis, when banks need to purge their high risk exposure, accounts with foreign addresses are likely the first to go (because it is almost impossible to collect a debt from someone living in another country). So, why take the risk of using a foreign address or telephone number?
It is good to know this in advance. So I can already know that maintaining an account there, whatever the bank, it is always better to keep a phone number and a United States address.

The address could be a post office, couldn't it? Or depending on the country where you live, there would be no problem in leaving your real address of residence?
 

guilleiguaran

Mentor Group Gold
Thank you for tell me your experience.

Now I want to ask you the following question, regarding making transactions outside the country: how would this be? I mean, you do a lot of SWIFT transfers and they can cancel your account? Because I would think of using it as a checking account, more than anything. To receive payments from US (and non-US) customers who are banked in the US.

So far, I have been dealing with Wise (ex-TransferWise). But I do not want to put all my trust in this entity, because I know that they are known for freezing and deleting accounts, in the style of similar entities such as Revolut, N26, Monese, etc. So I would like a real bank to be able to charge for my work and once then leave it there as savings, or spend it.

I only have interest in the United States to vacation, not to live there. If you know a better bank that suits my situation, welcome. I find Sable attractive due to its zero commission policy.

Sorry, my previous message was unclear, when I mentioned "out-of-country transactions" I was referring to ATM withdrawals and payments with the debit card outside of the USA during a prolonged period of time.

Your usage case seems to be fine for using Sable and I guess using the account to send money of the account to your home country occasionally (e.g monthly or bi-monthly) shouldn't raise any alarms on the Sable side neither.

I used Citibank and TD Bank for the purposes you described when living in LATAM and I didn't have any issue other than being asked to leave some money parked in the accounts to avoid paying the fees.
 

offshoreforever

New member
Sorry, my previous message was unclear, when I mentioned "out-of-country transactions" I was referring to ATM withdrawals and payments with the debit card outside of the USA during a prolonged period of time.

Your usage case seems to be fine for using Sable and I guess using the account to send money of the account to your home country occasionally (e.g monthly or bi-monthly) shouldn't raise any alarms on the Sable side neither.

I used Citibank and TD Bank for the purposes you described when living in LATAM and I didn't have any issue other than being asked to leave some money parked in the accounts to avoid paying the fees.
Now I understand better what you meant.

Sure, I don't want to know anything about living in that country. I'm not interested. But if it is nice to vacation occasionally, and logically it is practical to collect a salary in dollars.

Anyway, just in case, I will keep at least one phone number there. So as not to have problems... And if it is necessary, I will leave an address there. The ideal is to always have the address of your country, but when you cannot, you have to look for alternatives.

Thank you!
 
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