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Author Topic: Financial Advice while serving  (Read 2272 times)

Offline PCThumbs

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Financial Advice while serving
« on: April 20, 2014, 07:27:55 PM »
I've been looking into the option to sign up for the "Savings Bond deduction from your Readjustment Allowance". Is this advantageous?

And also, any good suggestions on what to do about my direct deposit? Anybody have any good advice or lessons-learned?

I'll be serving in Liberia this fall, if that helps.

Thank you!

Offline Jeff

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Re: Financial Advice while serving
« Reply #1 on: April 21, 2014, 07:25:49 AM »
While I have not done the Savings Bond option, the direct deposit is simply for your readjustment allowance and/or cash-in-lieu at the end of your service (for some countries, I have heard they only give a check for cash-in-lieu).

It is not for your living allowance.  Once you are in country, the PC will help you set up a local bank account and you will get your allowance directly deposited into that account.

For the forms in the New Volunteer Portal, you should put in whichever bank you use in the US.

EDIT: I should add, the bank should be one you can access while traveling/overseas, as you may need to access the readjustment allowance while on a CoS trip (assuming you take one).
Jeff
RPCV - Ghana, 03-05
PCV - Macedonia, 15-17

Offline PCThumbs

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Re: Financial Advice while serving
« Reply #2 on: April 21, 2014, 07:24:16 PM »
Ah, I see. Thanks!

You wouldn't happen to have a suggestion for a good bank I could use while overseas?

I'll also make another post with this question.

Offline Naledi

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Re: Financial Advice while serving
« Reply #3 on: April 23, 2014, 12:09:38 PM »
Jeff summed it up well as far as getting  a local bank account for all in country living allowances.

I personally also have a credit card I am able to use internationally. I alerted them I would be in PC and using it in Africa. My mother pays my credit card bill monthly at home using my home bank account. I made her my power of attorney so she has access to these things. Her name is also on my checking account for access. I have used it for travel out of country where I didn't have enough of my allowance saved up.