As traditional banks increasingly spurn their US clients who live overseas, international credit unions may be a viable option for the banking and investment needs of Americans living in Spain.
Accessing US financial services while living abroad is important for US citizens for several reasons – not least of which is the need to pay taxes.
Beyond practicalities, it can also be financially advantageous to maintain US accounts for investments, credit cards and loans.
Fintech companies like Wise and Revolut, which allow you to hold currency in USD and have US routing and bank account numbers, are good enough for basic transactions. But if you’re looking for more advanced services, you’ll need a traditional financial institution.
Access to international banking giants and brokerages is extremely limited – and dwindling. FATCA (Foreign Account Tax Compliance Act) guidelines already make US clients a thorn in the side of overseas institutions, and with recent changes to EU law, many banks are seeing servicing Americans abroad as simply not worth the cost of business.
That leaves many Americans abroad scrambling to keep their US-based accounts – despite the significant hassle of maintaining a US bank account while living in Spain. Most require a US postal address and US phone number, so you have to rely on the goodwill of a family member or friend to let you use theirs.
There is another option: credit unions specifically designed for global citizens or willing to work with US citizens living overseas.
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Credit unions – not-for-profit cooperatives – are a common, affordable alternative to traditional banks. Several have been created over the past decades to support Americans stationed overseas for the military, or diplomatic employees.
Many of these credit unions have expanded their eligibility to offer accounts to almost anyone, making them a viable option for US citizens who’ve decided to settle in Spain.
State Department Credit Union
You might have heard of the State Department Credit Union (SDFCU), which is a credit union originally created for employees and contractors of the Department of State and their relatives – though is now open to a much larger group mostly for Americans living abroad. (And despite the name, it is independent from the State Department.)
Nearly anyone can become eligable for credit union membership by joining one of SDFCU’s partner organisations. The most common is the American Consumer Council, which you can join through the credit union’s application process. There’s a $15 membership fee for the ACC.
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They mention that they send online banking verification codes through WhatsApp, circumventing the prevalent issue of not having a US phone number.
In addition to essential banking services, SDFCU has several accounts that allow you to earn interest on your money.
For example, if you have more than $2,000 in your checking account, you earn a dividend of 0.75 percent and that amount increases with your balance.
The credit union also offers investment accounts and IRAs. You can open a share certificate with a 4 percent APY or a money market at 1.21 percent.
Service Credit Union
Created in 1957 at an air force base in New Hampshire, today Service Credit Union has about 50 locations across New England and more than a dozen at US military bases in Germany.
Though targeting military personnel, Department of Defense employees and their relatives, Service Credit Union is available to anyone – including members of the American Consumer Council (and they say you can join the ACC for free using the promo code ‘Service’).
You can also set up trusts through Service or use them for your business banking.
Service has compiled all its rates for accounts and loans here.
With some accounts, if you keep at least $1,500 in your checking account, you earn 0.15 percent APY. This account has a monthly maintenance fee of $10 unless your balance is at or above $1,500.
Service has a high-yield savings account option that lets you earn 5 percent APY on the first $500 and 0.25 percent APY on any amount exceeding that.
Their share certificate rates are 4 percent and money market accounts earn 0.55 percent up to $25,000, and increase with the balance.
Alliant Federal Credit Union
Alliant Federal – originally United Airlines Employees’ Credit Union – was founded in 1935 by United staff in Chicago. The credit union is fully digital and is open for anyone to join.
They offer all the usual banking services – checking, savings and credit cards – as well as trusts and IRAs.
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There are two types of checking account: one which offers 0.25 percent APY and another that allows you to earn up to 2 percent APY by increasing your deposits and balance. Both require a monthly direct deposit in order to earn interest.
Savings accounts earn interest from the first $100 at 3.01 percent, which increases to 3.35 percent on balances exceeding $100,000.
Alliant has share certificates that pay out between 3.10 and 4.15 percent APY.
United Nations Federal Credit Union
Founded in 1947 and headquartered in New York, the United Nations Federal Credit Union is restricted in its membership to focus on UN staff and contractors, though it does partner with a broad range of international agencies. They have three European branches in Geneva, Vienna and Rome, but not in Spain.
Something unique about the UNFCU is they allow you to finance homes purchased outside the US, and without collateral. Though these loans are relatively short term (maximum 15 years), and rates are high compared to the US (starting at 9.75 percent APR).
Otherwise they have the typical range of accounts and credit cards.
They offer 1.35 percent APY on savings accounts holding at least $200,000, with amounts lower than $25,000 earning 0.5–0.6 percent.
Checking accounts also earn 1.75 percent APY if you meet qualifications, including monthly electronic deposits.
Share certificates range from 2.15 to 3.35 percent APY.
Navy Federal Credit Union
Navy Federal says it’s the largest credit union in the world, with millions of members. Based out of Virginia, its been around since the 1930s and currently has more than 350 branches in the US and at or near military bases worldwide.
Navy Federal Credit Union has one branch in Spain located at the US Naval Station in Rota (Cádiz).
The credit union accepts members who are employed by the US Department of Defense or are active or retired military, or family members.
Navy Federal’s savings accounts and IRAs both earn an interest rate of 0.25 percent, and share certificate rates range from 1.25 to 3.45 percent.
Their dividend-paying checking account earns 0.35 percent APY on $1,500 to $10,000, 0.40 percent between $10,000 and $25,000, and 0.45 percent on balances at or above $25,000.
The credit union also offers many services for business banking.