Banking and Social Security When You Move Overseas

“It’s easy to get your Social Security benefits abroad if you wish,” says IL Mexico Editor Glynna Prentice. “Arguably the easiest way to get them abroad is by electronic transfer to your local foreign bank account in the foreign country. However, “not all foreign banks will accept direct deposits of U.S. Social Security checks, so if you want your Social Security delivered to a local bank, make sure to choose one that does,” says Dan Prescher.

Infographic—Your Social Security Payments Overseas

According to the latest figures from the U.S. Social Security Administration, U.S. retirees overseas received more than $3 billion in social security payments in 2013. That number shows an increase of $160 million since 2012—and has nearly doubled since 2013. In total, 373,224 U.S. retirees received their social security payments as residents of a foreign country in 2013. Europe is home to the most U.S. retirees drawing their social security payments abroad (154,238), followed by Canada and Mexico (95,767), and Asia (70,586).