Day 22 Assignment

Today, you have a few assignments…

First, sign up for online banking with your current bank if you don’t already have it. Keep in mind all the various services and agendas I’ve detailed for you here. Best case, you want to bank with an institution that provides for everything on the list.

To recap, here’s the checklist you’re working from:

• Online account access so that you can check account balances anytime from anywhere…
• The ability to move money from one account to another, again, electronically. In the banking industry, this is referred to as an ACH. That stands for Automatic Clearing House. It’s an internal bank transfer that isn’t a wire transfer and can only be accomplished to and from banks within the same ACH system. A three-day ACH is the cheapest transfer option. A one-day ACH allows you to move money as quickly as via a wire transfer, but it’s cheaper than sending a wire…
• The ability to send a wire transfer without appearing at any bank branch (that is, via phone or fax instructions)…
• Online bill-paying capability—that is, the ability to either pay the bill electronically through a bank transfer or to write and issue checks electronically…

Second, find a second bank that also offers the online services we’ve referenced for you here. Plan to open a second account with that institution… so that you end up with debit and credit cards from two financial institutions.

Also today: Go online to review the fee structure for overseas transactions using your current and planned ATM card(s).

Third, review your current investment accounts to identify what options they allow for online access and control and for making fund transfers both domestically and internationally.

In addition, you should begin thinking through how you’d like to organize any investment accounts you have as well as any you might open. Would you like to locate all of them offshore… or would you like to keep some asset accounts “back home”?

If you want to move some or all of your investment asset accounts offshore, take the time now to do a little research into the three banks that we suggest above to determine which (if any) might fit your needs.

Finally, review your current credit card accounts. Do you have more than one? Do you have a Visa and a MasterCard? Can you access all your credit card accounts online?

In addition, we recommend you take the time to set up a PayPal account. There’s no charge. PayPal won’t issue you a debit card immediately; you won’t be eligible for one until you’ve had an account for six months. Open one today and start your clock.

Your Move-to-Europe Coaches,

Kathleen Peddicord and Lief Simon