US Bank Account

How to do it...no residence

[JudgeJeffries]

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]

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]

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]

just google offshore banking

[datamaster]

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]

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]

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]

"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]

Try Griffon Bank

[madhuranga]

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

[topr8]

>>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]

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

[moneymancn]

Yes.
MM

[Xtrawise]

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]

Fleet now BOA
MM