Forum Moderators: martinibuster
I thought I would clear some confusion about this and get some information directly from one of our account representatives so this morning, I walked to the “private banking” floor and talked to one of the “relationship managers”. He told me that in order to open an account for a foreign national in our bank, he will need at a minimum:
-The passport.
-Two reference letters from banking institutions from the country of origin.
Checks could be sent to the person in the account c/o {in care of} the Banking institution so that they could be deposited into the account.
The same thing could be said about opening a corporate account. The difference is that the letters of reference should be in the name of the company, and you should bring the {articles of incorporation, organization documents & bylaws of the company. "pretty much what is standard on your country"}.
I confirmed the documentation needed with a friend at another bank, so I am 95% that you can open it with the passport and the two reference letters in most banks.
My recommendation if you are going to do this: Do not open it at a small bank or a very big bank. Look for one between a billion and ten billion in assets. Preferably one that does some international business so that they are used to wires and dealing with foreigners.
Hope this helps.
P.S: I am not trolling for business or anything... This is not my area of work, just trying to be helpful.
check it out here:
[wellsfargo.com...]
I am not endorsing Citibank....it just struck me as I was admiring my last Google check.
You do need to provide fair amount of documentation (not more than what LoanUniverse) has mentioned.
I filled the aplication online for an international Account at Wellfargo but I have to send them back the papers from my bank so I don't have the account yet.
It asks for an SSN... How did you do then?
It asks for an SSN... How did you do then?
Exactly! My experience has been that they always ask for a Social Security Number. In fact in many banks your account number is the same as your SSN (Please correct me if I'm wrong). They don't accept UK National Insurance numbers etc. It's got to be all numeric and the exact length of the US SSN. Also, I can confirm that they don't accept temporary SSNs (the kind you get while the US government is processing your paperwork prior to issuing an SSN).
But, it is still not guaranteed. I supose it depends on your country of origin and the reference letters.
I'm currently wonderign if I can somehow "co-bank" with a close friend in the states. I.e. they open te account and I become a signatory. They deposit my cehcks, but I can use online banking to SWIFT the money into my own local accounts.
Has anybody investigated this?
SN
It asks for an SSN... How did you do then?
I requested and obtained the SSN for banking purposes many years ago when I was in the Us
It asks for an SSN... How did you do then?
I requested and obtained the SSN for banking purposes many years ago when I was in the Us
Ah, but the opening the account is not the solution for everyone. Not all of us will go the US just to ask for a SSN.
Back to square one I'd say.
I requested and obtained the SSN for banking purposes many years ago when I was in the Us
They stopped issuing the banking (non-employment) SSN's around 1997. The replacement for non-US residents is an "ITIN" (international taxpayer identification number), that works like an SSN when opening an account.
But really there's no need to bother with the US and all their excessive paperwork if you want a US$ account. There are plenty of other countries.
For somebody in Europe I'd recommend a US$ account in your home country (many banks will do US$ accounts if asked), or failing that one of the British offshore islands, such as the Isle of Man (my choice), Jersey, Guernsey, plus Gibraltar (or also Andorra if you prefer Catalan/Spanish/French language).
Most of the banks have upped their minimum opening deposit requirements, but $2000 is still enough in some banks (in any currency), for others it's more like $5000. Accounts can be opened by mail. If you're dealing with less than that it's certainly not worth doing a trip to the US to open an acoount...
Since the "Patriot" Act it's become hard/impossible to get a US$ checkbook on an offshore non-US bank account, but money can be transferred elsewhere by wire, or simply moved to an account in Euros or Sterling. Some banks also do US$ debit cards that work anywhere.
Obviously you wouldn't bank offshore for secrecy (information is exchanged between most countries nowadays, so declare everything) but rather for the service, i.e. the fact they are used to dealing with multiple countries and remote customers. Most of the accounts have minimal if any account maintenance charges and pay a little bit of interest.
Banks at home slow in crediting your account?
The first AdSense cheque I deposited, I did at my UK HSBC account for 'collection'. I paid my £14 fee and it took 6 weeks to clear. Had to find a better solution.
I looked at the HSBC's US dollar accounts, but found no immediate advantage over a standard current account. The cheques took just as long to clear and I still had the fees.
They suggested that as I had cleared one OK already they would 'negotiate' my next cheque. Same fee, but the money went into my account immediately. All I had to do was sign a waiver to the effect that if the cheque bounced then I would be liable for the entire amount and all charges incurred.
I have faith enough that cheques from Google will not bounce so this seems like the perfect solution for me.
You could be waiting a long time for a better exchange rate. :)
Noiw I just go to my local financial services bureau, who cash it instantly for around 2-3%.
SN
I asked the bank several weeks ago how long it would take to clear and was told around six weeks.
When I went to cash it in I was told one week.
When I checked my balance 24 hours later the money was already there :)
Yet a bank transfer from Barclays to Lloyds, 20 meters away, takes 5 days :(
total cost to cash my cheque is 35 cents...
Well for us in the US, is even better. No currency conversion and no cash/deposit charge. :)
Edit: I forgot to mention not even a hold for some of us :)
Dave.
The first can take 3-6 weeks, the second is 'a few days'
I changed my bank account from RBS to LLoyds solely because LLoyds said that after the first cheque, they would clear by 'negotiation'.
Last cheque was in my account within 4 days.
I have an USD account with Postfinance in Switzerland, no fees, no account minumum. They charge USD 4 per check and I get immediate credit once they receive the checks.
I'd like to open a US bank account (I've looked at Chase), but there are some burocracy to clear first. The swiss account was easy to set up.
UK banks can clear the cheque by 'collection' or 'negotiation'.
The first can take 3-6 weeks, the second is 'a few days'
On average Barclays have the funds in my account (for negotiated cheques) in 2 days. The charge of £9 is per transaction, not per cheque - the regular form allows for 3 cheques.
thanks a lot!
I get the checks and send them to Switzerland.
I wire the money to Sweden(free), the account has internet banking.
