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Five Financial Products And Services That Are Necessary For The Dividend Expat

September 25, 2017 by Jason Fieber 27 Comments

As I recently wrote about, the Internet is such an amazing invention. And it allows one to live a life that’s almost completely digital and borderless.

Upon my relocation to Chiang Mai, Thailand later this week, my life will actually still look a lot like it does here in the US.

I’ll still be spending a lot of my time reading, writing, and managing investments. I’ll be waking up with no alarm clock. I’ll be at the gym six days a week. I’ll be exploring my beautiful surroundings. So on and so forth.

Life won’t be terribly different. But it’ll be a lot cheaper. And I believe it’ll offer more opportunities for serendipity.

As great as that is, however, I need to make sure that my online access is secure and looks the same as it does in the States. I need to make sure my mail is handled. I need to make sure my money can be managed while I’m abroad. I need to make sure I can access local currency and pay for things without foreign transaction fees and other forms of friction costs.

It’s these small details that need to be taken care of before you move abroad. That’s because one replicating one’s domestic life to a certain degree is necessary for long-term viability as a dividend expat, especially in terms of being able to go about completing everyday financial tasks.

As such, I’m going to reveal five financial tools that I’ll personally be using to take care of a lot of the minutiae that’s involved when relocating abroad and becoming a dividend expat.

Money Management

Money management should be the same abroad as it is in the States; however, it’s perhaps even more important that one is on top of their dividend income, daily spending, etc. That’s because one lacks the safety net that’s almost omnipresent in America.

Personal Capital is an excellent money management tool that works no matter where you are in the world. It culls all of your financial information/accounts and pulls it together into fantastic visuals and tools that give you a great heads-up view on what’s going on with your money. It’s a high-level view of your total financial picture. And it’s totally free. You really can’t go wrong.

And for straight-up budgeting, it’s hard to do better than Mint. While one has to manually input cash transactions, Mint is a resource I’ve been using for years now to manage my budgets and know, down to the penny, exactly what I’m earning and spending. And I’ll obviously continue to use it for as long as I’m abroad. It works the same no matter where you are in the world, although one will just have to make sure they’re doing the currency conversions themselves when inputting cash transactions.

VPN

A VPN is a virtual private network. It allows you to browse as if you’re actually physically present in another country. This is a product that’s absolutely vital if you’re going to be abroad, as you want to make sure your browsing is not only safe and secure, but you also want to access sites as they’re supposed to look in your native language.

There is also access to be concerned about, as censorship is unfortunately somewhat common in other countries. And some music/movie streaming services might not work the same (or at all) abroad. In addition, some financial services may restrict you if you access your accounts from a foreign IP address.

So you need to browse as if you’re still domestic.

I’ve been using TunnelBear for years now. Not necessarily because I’ve had to worry about language/access, but because I regularly access sensitive data (like my investment accounts) from non-secure locations (like local coffee shops). In fact, I’m at a coffee shop right now, writing this article. And I’m using TunnelBear. While unlikely, it’s possible that someone could hack my information when I’m accessing public Wi-Fi.

I used TunnelBear when I first visited Thailand 18 months ago. It worked flawlessly. Highly recommended – even if you’re not planning to move abroad. If you are moving abroad, though, this is absolutely necessary.

Mail

Unless you have someone handling your mail when you’re abroad, you need a digital mail service.

I personally use Traveling Mailbox.

It’s just an awesome service.

You get a physical US mailing address, which is often necessary for credit cards, a brokerage account, etc. It’s difficult, or impossible, to conduct your US-based life from abroad if you don’t have an address in the States.

When you receive mail, Traveling Mailbox uploads it for you, digitally, into a secure website that you can access. You then manage your mail. Traveling Mailbox will scan your mail for you, upon which time you can save it permanently and then have it shredded. Or they can forward it to you, wherever in the world you may be.

Of course, I selected a Florida address, which is where I’ve resided since late 2009. Not having to worry about state income tax (or mail, for that matter) while I’m abroad sounds mighty nice to me.

Credit Card

If you’re going to buy things abroad via a credit card, it’s imperative that you select one that has no foreign transaction fees. This is fairly obvious.

But if you can land a credit card that has no annual fee, even better. And one that also has a nice cash-back program is fantastic. A sign-up bonus, too? Now we’re really talking.

There are a number of credit cards out there that can accomplish all of the above. I’ll personally be using the Capital One Quicksilver card, but it’s far from the only one that can/will work.

This card is great, though. No foreign transaction fees. No annual fee. Free credit monitoring. And 1.5% cash-back rewards on every purchase. That means when I’m buying things in Thailand, I’m benefiting from not only the much lower cost structure, but I’m also getting 1.5% cash-back on top of that.

It’s also prudent to have at least one backup card (which would always be kept separate). I recently signed up for the TD Cash card (for my backup), as it works very similarly to the Quicksilver card. The cash-back scheme isn’t quite as appealing, relegating the card to backup status. There’s a $200 sign-up bonus right now, though, so I decided to take advantage of that before I leave.

Debit Card

While having the credit card figured out is important, it’s perhaps even more important to figure out the ATM/debit card. That’s because you’ll need to be able to access local currency regularly, especially considering that a lot of vendors overseas aren’t yet accepting credit cards.

Just like with the credit card, you’re going to want to limit your friction costs with a debit card. ATM withdrawal fees that are charged when you withdraw money abroad can add up in a hurry.

The best debit card for this, in my view, is the Charles Schwab Bank debit card that comes with the Schwab Bank High Yield Investor Checking Account.

I already discussed why I transferred most of my assets to Schwab, but the Investor Checking Account I have attached to my brokerage account is perfect for becoming a dividend expat, as the debit card I received with my account has unlimited refunds for ATM fees worldwide. Since these fees can be somewhat significant, especially if you’re withdrawing money frequently, this further saves one money and headaches.

While this deal from Schwab could change/expire at any given time (just like the free brokerage account trades noted in the linked article above), it’s a very appealing offer that wasn’t at all lost on me when I signed up. My switch to Schwab saved me brokerage fees and foreign ATM withdrawal fees. That’s a big score.

Conclusion

Becoming a dividend expat can offer significant quantitative cost advantages via geographical arbitrage, as well as wonderful improvements in one’s social and love life.

However, one needs to make sure they handle the small details that allow them to manage their money, go online with no issues, collect and view mail, and pay for local transactions with minimal or no friction costs.

These are some of the best products and services I know of. And if you’re ever considering becoming a digital expat, they’re practically necessary. Even if you’re not interested in living abroad, though, quite a few of them are extremely helpful. The money management tools, in particular, are invaluable (and free!) for anyone aiming to achieve financial independence, regardless of whether or not you ever plan to relocate abroad.

Are you planning on becoming a dividend expat, or are you already one? Do you use any of these products and services? Find them useful?

Thanks for reading.

Image courtesy of: Sira Anamwong at FreeDigitalPhotos.net.

Special note: Some of these links are affiliate links. I’m only recommending what I’ve personally benefited from, and I only recommend what I think others can benefit from. Using these links will cost you nothing extra, but I may be compensated if you sign up for products/services.

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Filed Under: Dividend Expat

About Jason Fieber

Jason Fieber became financially free at 33 years old by using dividend growth investing to his advantage. Jason has authored two best-selling books: The Dividend Mantra Way and 5 Steps To Retire In 5 Years (also available in paperback).

 

Jason recommends Personal Capital for portfolio management, Mint for budgeting, Schwab for the brokerage account, and Morningstar, Daily Trade Alert, and Motley Fool for stock ideas. This blog is hosted by Bluehost. If you'd like to start your own blog, Jason offers free coaching when you use our Bluehost affiliate link.

 

Jason's writing and/or story has been featured across international media like USA Today, Business Insider, and CNBC.

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Reader Interactions

Comments

  1. shaymychael says

    September 25, 2017 at 10:57 am

    Best of luck Jason!

    What will you do about health insurance?

    Reply
    • Jason Fieber says

      September 25, 2017 at 11:06 am

      shaymychael,

      Health insurance isn’t necessary when the cost structure is so much more appealing. I’ve averaged ~0 health issues per year over the last, say, 15 years. I’d rather collect my own premium, not pay on claims, and build out my own float. I prefer to avoid insurance and/or self-insure whenever possible. Insurance companies are, after all, in business to make a profit.

      That said, I’m in extremely good shape and quite young. I can also afford the risk. If you’re doing something like this in poorer health, or at a much later stage in life, or with less financial resources, you may want to consider your options. Also, this isn’t readily possible/advisable in the US.

      Cheers!

      Reply
      • shaymychael says

        September 25, 2017 at 12:51 pm

        Thanks for the reply! Cheer and best of luck in your next journey.

        Reply
  2. Brent says

    September 25, 2017 at 12:42 pm

    Hey Jason,

    Just want to say that I’m so excited for your coming posts about Thailand. My wife and I are closing on $15,000/yr in dividend income and, while I don’t think we’d be comfortable retiring overseas in Asia (we have a child), it’s certainly an appealing fantasy. Please blog as much as you can about the experience, even mundane day-to-day stuff. I’ll be reading all of it!

    Thanks!

    Reply
    • Jason Fieber says

      September 25, 2017 at 12:44 pm

      Brent,

      Really hope you enjoy that upcoming new content. I also plan to share pictures and quick updates via social media, so make sure to follow at Twitter and/or Facebook. The first thing I plan to share is pictures or video of the apartment. You guys can vicariously live through me. 🙂

      Congrats on coming up on $15k/year. That’s fantastic. Keep it up!

      Best wishes.

      Reply
  3. John says

    September 25, 2017 at 2:24 pm

    Hi Jason,
    Best of wishes with your relocation! I see your current dividend income is up to an awesome $11.5k/year.
    What amount of your dividends are you currently able to reinvest (if any) on average?

    Thanks!

    Reply
    • Jason Fieber says

      September 25, 2017 at 3:52 pm

      John,

      My passive income exceeds my expenses, but the gap between the two will likely be greater in Thailand. Or at least I don’t have to be so watchful/strict about my lifestyle. I’ll have a lot more flexibility.

      As for reinvestment/buying more stock, I can/do still invest. I earn significantly more in active (writing) income than passive income. It’s just that investing isn’t the big priority for me as it once was. I’m no longer broke and working a job I hate. So I divert income/resources toward areas like philanthropy, as I’ve discussed quite a bit. I’d like to still grow the snowball and passive income in order to provide more wiggle room, but the dividend growth organically does that for me. As such, I can be somewhat casual with my investing. It’s a great balance. I really enjoy it.

      Hope that helps!

      Best regards.

      Reply
  4. FiscalVoyage says

    September 25, 2017 at 5:31 pm

    Great services. I use a few of them. I am liking that TunnelBear. Thanks for the heads up.

    I too plan to be a dividend expat. I want to live in different countries for a year or two then move to the next one.

    Have a safe trip and I can wait to read your posts.

    Reply
    • Jason Fieber says

      September 25, 2017 at 5:50 pm

      FV,

      Definitely give TunnelBear a whirl. I’ve been using it for years with great success. I couldn’t imagine pulling up sensitive data in a coffee shop or public space without it.

      Best of luck with the plans. That’s exciting. I think the US has a lot to like. Don’t get me wrong. But the more I started to look at other opportunities, the less appealing staying in the States became.

      Cheers!

      Reply
  5. Jakob Palmvist says

    September 25, 2017 at 6:59 pm

    Great post! Clear that you are taking many of the most important things in to account (which many seem to miss). But based on your history I am not surpriced and the nice thing with dividens (as you write) is that its enough when you “feel” free to stop worry and actually do what you really want. At that point, the dividends won´t be crucial any more as you will have time to do other things you enjoy and for sure some of them will make you money:)

    We just moved to Nicaragua (maybe an alternative for you, else I would be curious to hear why Thailand?) for 6m with the contemplation of making a decision of a permanent stay or not….:)

    Guess one good things (amongst others) are of course that the expat community is much larger in Thailand than here (one of the things we miss currently is more likeminded people to spend time with).

    Best Regards,

    Jakob

    Reply
    • Jason Fieber says

      September 25, 2017 at 7:15 pm

      Jakob,

      Absolutely. Money is just a means to an end, not the end in and of itself. If all you do is think about money, that’s not a very nice life to live. All I ever wanted was freedom to live life on my terms. I now have that. Any more money would be more or less irrelevant. I’m looking forward to not being so strict with the lifestyle, but I’m largely living the life I’d want to live regardless of wealth. That’s what it’s all about. 🙂

      As for Thailand, I guess you’d have to explore/research it yourself to know what I’m talking about. Chiang Mai specifically has this huge community of young people building online businesses and doing some really dynamic things. And they’re living lifestyles that are pretty much the opposite of the average American. I find that exciting. There’s just this “vibe” there. Central America in general lacks that. You might find some retirees that became expats, but that’s not my scene. Moreover, Central America in general is really dangerous and not all that cheap. And the infrastructure in many places is lacking, comparatively. Thailand offers a higher quality of life at a lower cost of living, in my view. It’s more for less. Can’t go wrong. Plus, I like the food there better. Central America does not interest me at all, and I say that after spending a great deal of time researching many areas throughout the region (and visiting there a few times). I strongly doubt I’d ever consider living there. But if you guys like it, more power to you!

      Thanks for dropping by!

      Best regards.

      Reply
  6. Adam and Jane says

    September 26, 2017 at 10:11 am

    Hi Jason,

    Been following you since the Dividend Mantra days. I missed reading your stock buy updates as you got closer to FI but you made it! Good luck with the relocation! Thanks for sharing this post to deal with money, mail, internet, etc while you are overseas. We want to live remotely and take world cruises for 1-3 months. These tips will be useful when I retire in 2 years.

    If you had double the amt of passive income then would you still go overseas?

    Adam

    Reply
    • Jason Fieber says

      September 26, 2017 at 10:22 am

      Adam,

      Thanks so much!

      Glad these ideas helped. I think most of these products/services are extremely useful even if one doesn’t live abroad. The only service I wouldn’t use if I were staying is the virtual mailbox. Otherwise, they’re all great.

      I’d still go overseas if my passive income were double. Much of the reasoning doesn’t have anything to do with passive income. I covered a couple of my reasons for going here:

      https://www.mrfreeat33.com/two-big-reasons-behind-my-decision-to-move-overseas-and-become-a-dividend-expat/

      Thanks for dropping by!

      Cheers.

      Reply
  7. Michael says

    September 26, 2017 at 11:45 am

    Good Day Jason
    I like the info in the article above that you have provide. I will have to look into the tunnelbear. I just did a quick check and it looks like something that my have a benefit for me. I am using personal capital because of a article you wrote a while back and its been great thanks for the heads up on that one. I will look into the others and see if maybe they would be beneficial to me and my wife. I feel that I might be able to use them when we are traveling or just around town. Like you said the internet when you use a laptop or smart phone really can make like so much easier. I did have a question will you still be writing for the daily trade alert ? I hope you will, I have enjoyed those write up on stocks. I am waiting about what new articles we all can read about in your new adventures in Thailand. I hope you have a safe trip and awesome time in Thailand.
    Cheer Michael

    Reply
    • Jason Fieber says

      September 26, 2017 at 12:05 pm

      Michael,

      Happy to share these products and services, especially seeing as I’ve personally used them and find value in them. They’re necessary if you’re going to live abroad, but almost all of them (except perhaps the mail service) are very helpful even if you don’t have any designs on becoming a dividend expat. I’ve been using TunnelBear for years. I absolutely would not load up sensitive information using public Wi-Fi, but to each their own on that.

      I don’t plan on making any changes to my writing schedule. I actually don’t plan to make many changes to my life at all. As I noted in the article, my life in Thailand is going to look a lot like it does in the States. I still plan to do the articles and videos for DTA, as they’re just a lot of fun for me. I love writing, and living abroad won’t change that. If anything, I’ll be even more motivated to share new ideas. 🙂

      Thanks for the support!

      Best wishes.

      Reply
  8. atm says

    September 26, 2017 at 12:15 pm

    Hi Jason,
    Excellent article, Please continue posting as this will be an eye opening experience for readers.
    Regarding suggestions for tools needed for Dividend Expat [Not Financial Products but are essentials for relocating] I do suggest to have Dual Sim Mobile Phone It will allow you to keep your local phone number, and have a local SIM for Data and local calls. also it is necessary to avoid the high roaming costs.

    Good Luck on your new expats life.

    Reply
    • Jason Fieber says

      September 26, 2017 at 12:19 pm

      atm,

      Thanks. Glad you enjoyed it!

      Yeah, I’m super excited to experience this new lifestyle. And I’m perhaps even more excited to share all of this with you readers. It’s a lifestyle that many people are interested in, but very few can actually take advantage of. So it’ll be fun to explore some new concepts.

      As for the mobile phone, that’s really not necessary at all. You can find super cheap prepaid SIM cards over there that make that unnecessary. And postpaid options also exist, of course. I suppose if you’re not actually becoming a dividend expat (i.e., you’re just visiting for a month), it would be important/helpful to retain your US number. But if you plan on living abroad, I have no idea why you’d want to retain a US number. It would do nothing for you abroad.

      Hope you enjoy the upcoming content!

      Best regards.

      Reply
      • Steven says

        September 27, 2017 at 8:58 pm

        Google Voice is a great option you could use to keep an American phone number, and it wouldn’t cost you a penny. Then, once you’re over in Thailand, you can use it to call all of your friends and family over wifi, and they can call you. All for free.

        Reply
        • Jason Fieber says

          September 27, 2017 at 9:07 pm

          Steven,

          Staying in touch with people in the States is super easy. There are a variety of free apps that allow for that over wifi or a local network. That’s how I called and texted everyone last time I was over in Thailand. You then just need a SIM card for local data. Very simple. Very cheap. And keeping a US number isn’t necessary. The only reason I’d want to keep a US number is if I were returning somewhat quickly.

          Cheers!

          Reply
  9. Chris says

    September 26, 2017 at 2:47 pm

    Hi Jason, Been a big fan for years. Any plans to start investing directly in the Thai (or other stock markets) while you’re abroad? Even if not, I’d be curious to know how the person on the street thinks about the stock market there.

    Reply
    • Jason Fieber says

      September 26, 2017 at 2:59 pm

      Chris,

      I won’t be following Thai stocks or their stock market at all. The US is still, in my view, the best market in the world. I’ve not lost my enthusiasm or optimism for US-based high-quality businesses that pay and grow dividends. Living somewhere else doesn’t change that dynamic. Moving to, say, Sudan doesn’t mean you should start investing in businesses there. Besides, many US-based companies are doing business in Thailand anyway, so I already have some exposure to the market I’ll be living in. I have some foreign holdings, but only in businesses that are headquartered in countries that operate a lot like the US. We’re mostly talking Canada and the UK. China could be interesting down the road, but it’s just not there yet for me.

      To each their own, though. If someone wants to buy Thai stocks, more power to them. But that’s not for me in the slightest.

      Cheers!

      Reply
  10. Royce says

    October 12, 2017 at 2:54 am

    Great article. I am starting on my own dividend journey, although I am not as far along as you! I do have a question, and your mention of VPNs for security brought this to the front of my mind, how do you keep records of the stocks that you own? I know the brokerage keeps their own records, but if the brokerage was hacked, and data stolen, or destroyed, how would one prove they own the stocks they own? This scenario has bugged me lately, and I figured the guy to ask would be the one with a whole lot of dividend stocks in a brokerage!

    Reply
    • Jason Fieber says

      October 12, 2017 at 3:43 am

      Royce,

      That’s an easy one. You simply download and save your brokerage statements. 🙂

      Cheers!

      Reply
      • Royce says

        October 12, 2017 at 1:07 pm

        Ha! That is easy, guess we still need a paper trail. Thanks! I have become quite convinced dividend producing investments are the way to go for passive income, I just want to make sure all my investments are always gonna be mine!

        Reply
        • Jason Fieber says

          October 12, 2017 at 1:41 pm

          Royce,

          It would definitely be prudent to always have records of everything you own. I don’t print any of it out, though. Simply save it to drive and back it up digitally. Literally takes about 30 seconds per month. 🙂

          Cheers!

          Reply
  11. millionaireimmigrant says

    January 22, 2018 at 8:24 pm

    This is a great information. Although I do not need some of these yet, it is good to know what I will most likely need in the future after my retirement. Having owned quicksilver for a number of years, I had know idea about its benefits.

    Have fun in Thailand and keep writing.

    Reply
    • Jason Fieber says

      January 23, 2018 at 2:29 am

      millionaireimmigrant,

      Yeah, it’s a great credit card. Use it as frequently as possible over here. 🙂

      Cheers!

      Reply

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