Can My Thai Non-U.s. Resident Wife Open A U.s. Bank Account From Thailand?

[newbegin4]

I've seen conflicting opinions on foreign nationals opening U.S. bank accounts. We've read that it can't be done (unless she travels to the U.S. first to open the account in person) but then I've also heard that it is indeed possible to do.

Anybody had any experience with this?

Details:

Wife is Thai national.

U.S. immigration visa in progress and resettlement in the U.S. could be still be many months away.

Meanwhile, she'd like to convert Thai baht to U.S. Dollars now (to take advantage of favorable exchange rate).

She'd like to have her own U.S.-based bank account to keep the U.S. dollars.

Failing that, what are the other less favorable options?

1) Convert to U.S. dollars now and then physically carry them to the U.S. and then exchange?

2) Open a Thai bank U.S. dollar account then transfer later once she is in the U.S.? (we understand that there would be a huge loss doing it this way because the sending Thai bank would first convert the U.S. dollars back to Thai baht, send the Thai baht to the U.S. where the recipient U.S. bank would have to convert the baht once again to U.S. dollars - would appreciate knowing if this is true or not).

Thanks all!

Edited February 11, 2013 by newbegin4

[Nana Cowboy]

The only way to open a US bank account is with a social security number. if she has that she can open one online or in person.

personally I think it's a great idea to convert baht to USD right now with this exchange rate. I dont know how you can transfer dollars from here to a US bank account but surely someone will have that answer. transferring from the US bank to bangkok bank is super easy though thru the NY bangkok bank's routing number. good luck, only thing I can rec is for her to use your name to get a bank acct if she doesnt have an SS number

Edited February 11, 2013 by Nana Cowboy

[chris1dna]

If she has a green card she has a SSN already. First thing you get before even applying for green card after work permit. She should be able to open an account online.

Sent from my iPhone using ThaiVisa app

[USNret]

She can do it with an ITIN in lieu of SSN. You get an ITIN for non-immigrants for the purpose of filing joint tax returns. You can only apply for ITIN when you submit your joint return, so you're at the right time of year to do so. See the IRS website for instructions on how to request ITIN for non-immigrant spouse. You will have to mail in your returns (cannot file electronically) and mail them to a special address, not the normal IRS address. I went through this process several years ago.

[Gary A]

I use Citibank in the US. I'm certainly not in love with that bank and have been trying to find a better alternative. I am a retired US citizen with a Social Security number. The banks I have found that seem better than Citibank have refused to open an account for me because I am not a US resident. Based on that, I wouldn't think that a non-citizen non-resident could open an account. Citibank cancelled my Citibank credit card when I changed my address to Thailand. US banks just don't seem friendly to expat non-residents.

[Naam]

I use Citibank in the US. I'm certainly not in love with that bank and have been trying to find a better alternative. I am a retired US citizen with a Social Security number. The banks I have found that seem better than Citibank have refused to open an account for me because I am not a US resident. Based on that, I wouldn't think that a non-citizen non-resident could open an account. Citibank cancelled my Citibank credit card when I changed my address to Thailand. US banks just don't seem friendly to expat non-residents.

i left the U.S. in 2004, kept two accounts (one company and one private account) and use them without any problems. Bank is aware that i am living abroad.

[lopburi3]

I use Citibank in the US. I'm certainly not in love with that bank and have been trying to find a better alternative. I am a retired US citizen with a Social Security number. The banks I have found that seem better than Citibank have refused to open an account for me because I am not a US resident. Based on that, I wouldn't think that a non-citizen non-resident could open an account. Citibank cancelled my Citibank credit card when I changed my address to Thailand. US banks just don't seem friendly to expat non-residents.

You might consider USAA as I opened on-line using Bangkok address without issues and find there fees reasonable (debit card is 1% foreign and no ACH fees).

[davejones]

She can do it with an ITIN in lieu of SSN. You get an ITIN for non-immigrants for the purpose of filing joint tax returns. You can only apply for ITIN when you submit your joint return, so you're at the right time of year to do so. See the IRS website for instructions on how to request ITIN for non-immigrant spouse. You will have to mail in your returns (cannot file electronically) and mail them to a special address, not the normal IRS address. I went through this process several years ago.

It's not true that you can only apply for an ITIN when you submit a joint return.

You can also get an ITIN if you are single and need certain money paid to you without deducting withholding tax.

[Pib]

Going to need either a SSN or ITIN...here's some links talking about it. Link Link2 Link3

[newbegin4]

Ok, thanks everyone. We're going to drop the U.S. bank account idea, seems too much red tape and trouble for what its worth.

I'm going to start a new thread about other options. Specifically, we are thinking now about converting to U.S. dollars here (actually buying U.S. dollar Traveler's Checks) and then cashing them back in the States. I haven't even heard of anyone using these things in years. I'm wondering if there are any 'gotchas' going this route (i.e. legalities, expense, etc.)

Edited February 12, 2013 by newbegin4

[davejones]

Are you American? Do you have a US bank account? If so, transfer your wife's money to your US account, and then she can open one when she gets there.

[iluvbeaches]

Ok, thanks everyone. We're going to drop the U.S. bank account idea, seems too much red tape and trouble for what its worth.

I'm going to start a new thread about other options. Specifically, we are thinking now about converting to U.S. dollars here (actually buying U.S. dollar Traveler's Checks) and then cashing them back in the States. I haven't even heard of anyone using these things in years. I'm wondering if there are any 'gotchas' going this route (i.e. legalities, expense, etc.)

I'm a non American and I opened a bank account in a Bank of America office with a passport and a SSN. Online they require you to tick the box that you are an American.

[USNret]

we are thinking now about converting to U.S. dollars here (actually buying U.S. dollar Traveler's Checks) and then cashing them back in the States. I haven't even heard of anyone using these things in years. I'm wondering if there are any 'gotchas' going this route (i.e. legalities, expense, etc.)

I recently used travelers checks; bought in USA & used in Thailand. They cost a very reasonable 1%. What they didn't tell me is that I would be charged a fee for cashing them in later. I used 3 different banks in Thailand, and each charged what they called a Regulatory Fee which came to about 2%. Perhaps this is unique to Thailand and you might not be charged a fee when cashing in the U.S., I don't know. But for me, this came to 3% to use my own money which I consider excessive.

I like Dave's answer which is just do a bank transfer to your own account and your wife can pick up the money later. Seems like an easy & straightforward approach.