Us Bank Account For Non-us Citizen

[JSixpack]

2) Have a picture ID (normally they would want a current driver license)

I don't see how you can open the account without showing up at the bank....

Unless you have given the "power of attorney" to your attorney (in case of business account).....

But for the indidual - you must show up in person!

<{POST_SNAPBACK}>

Right. And the driver's license (USA driver's license or official state ID) really means defacto state residence. The banks don't normally accept a passport, even the online ones.

[highonthai]

Have many Japanese friends that opened bank acconts here in the states with the Idividual Tax Id Number (ITIN). As a matter of fact my wife (Thai) did it before she had a green card. Its no big deal...

Edited December 21, 2005 by highonthai

[Butterfly]

Even is a foreigner can get a EIN, which I'm not 100% sure about, the standard procedure is that you show up in person. We're talking about opening an accoutn sight unseen. From the site of this guy in Malaysia, he doesn't seem to be talking about EIN and he did it all without going to the US...

<{POST_SNAPBACK}>

The more I look at this, the more I think it may be ETrade Bank. From what I've seen on application forms, brokerages seem to be more willing to open accounts without tax id numbers. ETrade Bank is a subsidiary of ETrade Financial which is mainly an online brokerage.

<{POST_SNAPBACK}>

Etrade bank requires another set of paperwork. I have an etrade account and when I asked to open the Etrade Bank, they asked me all kind of crazy papers with the usual Social Security number crap and valid driver license. Actually I do have a social security number but they want residents only, no passport, only state driver license. The message is clear. They don't want you. At least it was true a few months ago. But who knows, they might change the rules again. What a total mess. It servers no purpose. Terrorists will use cash instead of ATM cards. This kind of nuclear option is what drive business down. Silly regulations who put everyone in the same can.

[Butterfly]

Have many Japanese friends that opened bank acconts here in the states with the Idividual Tax Id Number (ITIN). As a matter of fact my wife (Thai) did it before she had a green card. Its no big deal...

<{POST_SNAPBACK}>

There were probably opened before all those stupid new regulations from the US treasury.

an ITIN is not the issue here. It's the fact that banks will not accept non-resident. They might make exceptions for US nationals, but not foreigner nationals.

Could explain why the US dollar went down so much. Everyone had to leave their US dollar accounts and that usually means selling dollars into another currency

[Butterfly]

as explained here : https://bank.etrade.com/ola/index.cfm

To apply online, you must be a U.S. resident with a valid U.S. address and Social Security number.

All other applicants should call 1-800-ETRADE-1 (1-800-387-2331).

Then you call to find out they will not do it and ask all kind of stupid questions

[BKK90210]

Just remember this guys...

Brokerage firm/house: such as Etrade, fidelity, Schwarb etc.

Commertial bank: such as Citibank, GE capital, ect....

Saving and loan banks: such as Bank of America, Well Fargo, most saving banks in the country

Etrade bank is not a bank...It has a banking division under the Brokerage firm

The saving and loan banks

They have to follow a strict guidelines by the goverment and have to buy their liability insurance from the government. Therefore they must need to have more evidences from the customers to set up the account, in order to operate under saving and loan. The protection limit for your money in this type of bank is generally less than the commercial bank and brokerage firm. The good thing is that if something happens to the bank, most likely the goverment will step-in and help bailing out.

The commercial bank

They have higher limit protection per account than the saving and loan...because while they will be involved in more risks in lendings than saving and loan banks, in return they will give you higher returns on your saving. Operate at more risks means more money spending on the 3rd party insurance company. In case when in trouble, least likely the government will help bailing out...may be some/little help. These bank will likely have less requirements to set up than the regular saving and loan banks.

The Brokerage firms .....the least requirement for paper works to set up an account

This is not a real bank. They're an investment firm. They bought all of their liability insurance exclusively from the 3rd party company. Most of your money will be more at risk than commercial banks...but less paper works to set up an account. All of your unused cash in there will be invested in some type of mutual fund.....most of them in the cash reserve mutual fund operating by the fund manager. This fund manager will try to keep your 1 dollar stays at 1 dollar daily. The benefit is you have more options in moving your money around to maximize the returns on your unused cash.

So in conclusion, Etrade bank is not a real bank...It has a banking division under the Brokerage firm!...more risks for your money!

Edited December 21, 2005 by BKK90210

[Carmine6]

Even is a foreigner can get a EIN, which I'm not 100% sure about, the standard procedure is that you show up in person. We're talking about opening an accoutn sight unseen. From the site of this guy in Malaysia, he doesn't seem to be talking about EIN and he did it all without going to the US...

<{POST_SNAPBACK}>

The more I look at this, the more I think it may be ETrade Bank. From what I've seen on application forms, brokerages seem to be more willing to open accounts without tax id numbers. ETrade Bank is a subsidiary of ETrade Financial which is mainly an online brokerage.

<{POST_SNAPBACK}>

Etrade bank requires another set of paperwork. I have an etrade account and when I asked to open the Etrade Bank, they asked me all kind of crazy papers with the usual Social Security number crap and valid driver license. Actually I do have a social security number but they want residents only, no passport, only state driver license. The message is clear. They don't want you. At least it was true a few months ago. But who knows, they might change the rules again. What a total mess. It servers no purpose. Terrorists will use cash instead of ATM cards. This kind of nuclear option is what drive business down. Silly regulations who put everyone in the same can.

<{POST_SNAPBACK}>

Since you have an Etrade account, is that an Etrade check that the guy has at the top of his website? My account was a brokerage account, but from what I remember, that's what my checks looked like.

I called them and the person was not at all familiar with this, but after being on hold, he ended up saying you had to have a US address and US SS Number or tax id. The funny thing is, he initially asked which country as he went down his screen, then said it had to be a paper application, which was available on the website, so I think there may have been this capability before. If it is an Etrade check, then it'll confirm that people would be wasting their money with this guy.

Edited December 21, 2005 by Carmine6

[mbkudu]

After reading all this it makes me laugh thinking of all the posts on here of tourist visa holders in Thailand whining because they can't find a Thai bank to give them a savings account, when in fact it's one of the easiest and least stressful tasks to perform red tape-wise. I love Thailand.

[lopburi3]

After reading all this it makes me laugh thinking of all the posts on here of tourist visa holders in Thailand whining because they can't find a Thai bank to give them a savings account, when in fact it's one of the easiest and least stressful tasks to perform red tape-wise. I love Thailand.

<{POST_SNAPBACK}>

But the people who are whining are living in Thailand and having a problem - if you live in the US it is no problem opening a bank account regardless of your nationality.

What this thread is about are people trying to open a US account from overseas.

[mbkudu]

After reading all this it makes me laugh thinking of all the posts on here of tourist visa holders in Thailand whining because they can't find a Thai bank to give them a savings account, when in fact it's one of the easiest and least stressful tasks to perform red tape-wise. I love Thailand.

But the people who are whining are living in Thailand and having a problem - if you live in the US it is no problem opening a bank account regardless of your nationality.

What this thread is about are people trying to open a US account from overseas.

Fine, but the many tourist visa holders in Thailand who often live in Thailand for years on end have no tax payer status nor permanent residency status, yet they are able to get bank accounts. I understand what you are saying though; one still can't get a Thai bank account from outside Thailand. You have to physically walk into a bank.