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US Bank Account
How to do it...no residence
JudgeJeffries




msg:628406
 7:49 pm on Dec 28, 2004 (gmt 0)

I'm resident in UK and I want to open, and pay money, earned via the internet, in the USA, into a US bank account. The US banks I have contacted have refused unless I can prove I'm a US resident and have a permanent US residential address. Is this the norm and if it is how can I get round it legally?

 

benevolent001




msg:628407
 7:51 pm on Dec 28, 2004 (gmt 0)

after new laws.....outsiders have to visit usa and give the purpose of account opening

where is ur money btw?and why u dont directly transfer 2 ur account...locally?

JudgeJeffries




msg:628408
 7:58 pm on Dec 28, 2004 (gmt 0)

My accountant tells me there's perfectly lawful tax advantages by not bringing it into UK. Something to do with the location of the website host determining the taxation juridiction. Dont pretend to understand a word of it.

benevolent001




msg:628409
 8:08 pm on Dec 28, 2004 (gmt 0)

just google offshore banking

datamaster




msg:628410
 10:54 pm on Dec 28, 2004 (gmt 0)

Hi,

You may find what you're looking for at Valis International. They've assisted both me and my cousin with successful setting up of US bank accounts primarily for affiliate income. Pretty straight forward although their due dilligence means faxing valid ID, utility bill, bank reference, signature card etc.. Following the US Patriotic Act (after 9/11) it seems not many alternatives are left for personal accounts.... Anyways, we're very happy with their service and the bank they're working with provide free debit card, decent (not great) online banking, OK terms and fees and of course it's FDIC insured.

Happy holidays and good luck!

datamaster

(also my affiliate ID with valissavings if you feel up to using it ;-)

[edited by: lorax at 4:20 pm (utc) on Dec. 29, 2004]
[edit reason] delinked [/edit]

Corey Bryant




msg:628411
 11:25 pm on Dec 28, 2004 (gmt 0)

We have had a lot of merchants sign up thru Valis. They seem to be about the onluy one that is still capable of supporting overseas merchants.

-Corey

jbinbpt




msg:628412
 11:32 pm on Dec 28, 2004 (gmt 0)

What about citibank UK. I was researching my US company accepting payments in Europe. I imagine it works both ways.

[edited by: lorax at 4:17 pm (utc) on Dec. 29, 2004]
[edit reason] delinked [/edit]

Philip_M




msg:628413
 7:29 pm on Dec 29, 2004 (gmt 0)

"My accountant tells me there's perfectly lawful tax advantages by not bringing it into UK. Something to do with the location of the website host determining the taxation juridiction. Dont pretend to understand a word of it."

Remember it is you that will have to go to prison when the VAT and IR people find out, and not your accountant. If you are a UK resident you are liable to tax on your income worldwide and regardless of whether you remit it to the UK. Simple as that. And you must register for UK VAT if you are running your business (over 50K turnover) from the UK, regardless of where your internet host is located.

conor




msg:628414
 8:15 pm on Dec 29, 2004 (gmt 0)

Try Griffon Bank

madhuranga




msg:628415
 7:01 am on Jan 6, 2005 (gmt 0)

Griffon Bank does not appear to be a US bank. Can anyone verify whether PayPal would accept this as a "US bank"?

topr8




msg:628416
 8:24 am on Jan 6, 2005 (gmt 0)

>>My accountant tells me there's perfectly lawful tax advantages by not bringing it into UK

but you might be liable for us tax instead! not as high as uk but all the same.

madhuranga




msg:628417
 1:37 pm on Jan 6, 2005 (gmt 0)

Has anyone whos is not a US resident here actually managed to open an account in a US bank successfully?

moneymancn




msg:628418
 3:29 pm on Jan 6, 2005 (gmt 0)

Yes.
MM

Xtrawise




msg:628419
 9:41 pm on Jan 6, 2005 (gmt 0)

Which bank did you use MM?

Tax is only due if/when you bring the funds back into the UK - the Inland Revenue are allegedly provided with all transaction details for offshore debit/credit cards used in the UK, but personally I doubt that they have the staff, systems or organisational capability to police this.

moneymancn




msg:628420
 11:32 pm on Jan 6, 2005 (gmt 0)

Fleet now BOA
MM

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