Setting Up A Us Bank Account

[Phil Conners]

Yesterday someone posted that he knew how to do this but today the post seems to have disappeared.

Maybe it was a scam, I don't know, but I did a quick google on the subject and there seem to be quite a few companies offering to setup US bank accounts for non-US residents.

Now the question is of course, are these real? Does anyone know? The fee are not high, some 50-100 bucks are asked - but why get scammed if someone already tried and will share their experience...

[Carmine6]

Yesterday someone posted that he knew how to do this but today the post seems to have disappeared.

Maybe it was a scam, I don't know, but I did a quick google on the subject and there seem to be quite a few companies offering to setup US bank accounts for non-US residents.

Now the question is of course, are these real? Does anyone know? The fee are not high, some 50-100 bucks are asked - but why get scammed if someone already tried and will share their experience...

Still there. It's the paypal thread.

There was also a thread 2-3 months ago on this, but was inconclusive I think. Lots of people said it was illlegal, but they were mistaking banking business practices for the law. I believe it's possible myself.

I actually called a bank back then that was possibly one that could do this. But it seemed like they used to do this, and had just changed the policy. The guy was reading down his info screen and first asked which country, and then said it couldn't be done online and had to be done by mail, and that the form was available online. Then he said hold on and came back and said it can only be done with a US address and tax id. So I asked if it was just Thailand, and he said it couldn't be done at all.

[donx]

All US banks require a tax id for an account to be opened. This tax id is normally the same as a social security number which every US citizen needs in order to be employed or obtain a passport. The banks require this so that they can report to the Internal Revenue Service (IRS) all profits made on the account so that taxes are paid on these gains. Therefore, unless you have a social security number, you won't be able to open a US bank account. Temporary and Permanent residents obtain tax ids so this allows them to obtain a US bank account while residing in the US.

[Carmine6]

All US banks require a tax id for an account to be opened. This tax id is normally the same as a social security number which every US citizen needs in order to be employed or obtain a passport. The banks require this so that they can report to the Internal Revenue Service (IRS) all profits made on the account so that taxes are paid on these gains. Therefore, unless you have a social security number, you won't be able to open a US bank account. Temporary and Permanent residents obtain tax ids so this allows them to obtain a US bank account while residing in the US.

While a tax id number is required in most situations, there are actually exemptions in the Treasury regulations, such as for Ambassadors, consulate employees, certain businesspeople, certain students, certain professors, etc. So theoretically this is possible.

How and whether it's actually being done I have no idea. But I get the feeling that these services are lying in some form. Either to the bank or to get a tax id number or both.

Here are additional things banks are required to do as a result of the Patriot Act. Not illegal to open an account for someone outside the US and without a tax id if the person qualifies, but hard to do some of these in that situation. So banks are just not doing it. But I wouldn't doubt someone has found a way around this.

( b ) Minimum requirements. The due diligence program required by paragraph (a) of this section shall be designed to ensure, at a minimum, that the financial institution takes reasonable steps to:

(1) Ascertain the identity of all nominal and beneficial owners of a private banking account;

(2) Ascertain whether any person identified under paragraph ( b )(1) of this section is a senior foreign political figure;

(3) Ascertain the source(s) of funds deposited into a private banking account and the purpose and expected use of the account; and

(4) Review the activity of the account to ensure that it is consistent with the information obtained about the client’s source of funds, and with the stated purpose and expected use of the account , as needed to guard against money laundering, and to report, in accordance with applicable law and regulation, any known or suspected money laundering or suspicious activity conducted to, from, or through a private banking account.

[thohts]

This is not only possible, but legal, too.

Did someone claim that you have to be a US citizen in order to have a tax ID? Did I read that wrong?

ANYONE with US-sourced income needs a US tax ID in order to file for taxes, regardless of where in the world they reside, or what country they're a citizen of.

One can get a an Individual Taxpayer Identification Number (ITIN) from the IRS at the following link.

As the US embassy in London says (here), "An ITIN is an Individual Taxpayer Identification Number assigned by the IRS to those individuals who need the number for United States Income Tax purposes but are NOT eligible to receive a U.S. Social Security Number (SSN)."

With this ITIN, you can open up a bank account at SOME banks. (Use the ITIN in place of your SSN#) With many/most banks, it is against their policy to open up accounts with just an ITIN. However, there are at least 2 online banks that will open it for you. Do your research.

The best thing to do, I think, is to first incorporate a business in the US, then set up a bank account in your business' name. This way is much easier.

Alternatively, open up an Etrade banking account.

[Carmine6]

This is not only possible, but legal, too.

Did someone claim that you have to be a US citizen in order to have a tax ID? Did I read that wrong?

ANYONE with US-sourced income needs a US tax ID in order to file for taxes, regardless of where in the world they reside, or what country they're a citizen of.

One can get a an Individual Taxpayer Identification Number (ITIN) from the IRS at the following link.

As the US embassy in London says (here), "An ITIN is an Individual Taxpayer Identification Number assigned by the IRS to those individuals who need the number for United States Income Tax purposes but are NOT eligible to receive a U.S. Social Security Number (SSN)."

With this ITIN, you can open up a bank account at SOME banks. (Use the ITIN in place of your SSN#) With many/most banks, it is against their policy to open up accounts with just an ITIN. However, there are at least 2 online banks that will open it for you. Do your research.

The best thing to do, I think, is to first incorporate a business in the US, then set up a bank account in your business' name. This way is much easier.

Alternatively, open up an Etrade banking account.

What are Etrade's requirements? They are the bank I called and got the convoluted response mentioned earlier where it seemed like they had just changed their policy. But this was for an account with an address in Thailand. I don't need one, it was just to know it could be done.

[donx]

I googled for "us bank account for nonresident" and found these two interesting links:

PtClub

and

E*Trade

[monochaser]

You need a social security number to open a US bank account. No social, no bank account, case closed. next case

[Heng]

USA! USA!

[BillyParadise]

You need a social security number to open a US bank account. No social, no bank account, case closed. next case

Case Not Closed!! You just have to open a brokerage account, with a chequing account attached to it. You have to send a copy (doesn't have to be notarized) of your passport and about 3-4 page application.

I recently found this file link posted on another site I visit: http://files.filefront.com/Bank+account+op...;/fileinfo.html

This is the entire contents of one of those "packages" from a "get a us checking account guaranteed!" rip-off sites.

I followed all the information in the kit, got a copy of my passport, and sent in in a week ago.

Just two days ago, I got this from E-Trade:

*************************************************************************
After you receive your User Name and Password in the mail, remember to check out the Online Welcome Kit at http://www.etrade.com/welcome
*************************************************************************

Dear Investor:

Congratulations! You've taken your first step toward meeting your investment goals by opening a brokerage account at E*TRADE Securities.

Soon, you'll be receiving a Welcome Kit from us in the mail, which contains important information about your account, including your User Name and Password. If you do not receive this kit within 10 business days, please e-mail our customer service department at [email protected]

Once you receive your User Name and Password you can log on to your account and access all the customer-only features on our Web site.

I'll post again in this thread when the package arrives.

BP

(anyone who finds this information useful can buy me a beer next time I'm in LOS)

[donx]

For those that follow the link provided by BillyParadise, what you end up downloading is a file called Bank_account_opening_kit.rar which requires an uncompression program. I found one called WinRAR that I installed in order to look at the contents of this compressed archive file.

I'm providing this information because I had never heard of a filetype extension of .rar before and so I assume many others probably haven't as well. As a US citizen, I have no use for this information so I won't comment on how useful it is.

[IndoRealty]

If you dont have social security number, you just apply for an ITIN, tax id from the IRS, you can use this tax ID in lieu of the social security number.

Some banks allow account opening from outside the US, many others dont.

If you have to open bank account in the US with the banks that do not allow overseas address then you need to borrow your friend/relative's address in the US and use it for sending the statement. Afterawhile you can change the statement to your Thai address.

No big deal with account opening in the US. I had opened more than 8 accounts from outside the US just in the last few months, chasing the highest interest rates. Some now are offering 5% APY with an FDIC back up (guaranteed by the US government) up to USD100K

[thohts]

You need a social security number to open a US bank account. No social, no bank account, case closed. next case

This is simply untrue.

Do you know how many non-citizens (without SSNs) in the US have bank accounts?

I know a couple of people who have set up US bank accounts without stepping foot in the US and without a SSN.

It's possible.

[raffe]

As a forreigner, living in the U.S, I can say that there are some banks who require S.S but most do not. All banks but one (Bank of America) have requested my passport so far when opening new accounts.

So don´t pay any extra charge for opening an account as a forreigner. I thing I paid about $20 including a debit card and checks (the checks were very sadly necessary for a checking account).

[Maestro]

Case Not Closed!! You just have to open a brokerage account, with a chequing account attached to it. You have to send a copy (doesn't have to be notarized) of your passport and about 3-4 page application.

I can confirm this. I have had accounts with check books with E*Trade and Datek (now called Ameritrade) for over 10 years and I have no address in the USA, no US tax ID number, no US social security number. Once a year, or perhaps less frequently, the banks send me a form to fill out and sign to confirm that I am not a US citizen and am not resident in the USA.

There are probably at least a dozen US online brokers to choose from.

Bilateral agreements between the USA and your country of residence may mean that a US government agency passes on information to a government agency in your country of residence regarding the annual amounts of interest and dividends credited to your US account.

---------------

Maestro

[IndoRealty]

Bilateral agreements between the USA and your country of residence may mean that a US government agency passes on information to a government agency in your country of residence regarding the annual amounts of interest and dividends credited to your US account.

---------------

Maestro

The US IRS will not send the information about foreigners to tax authorities of each respective foreigner around the world. If a tax authority from a foreign country formally asks for data on your income to the US IRS, then they may give information. Otherwise no. The question is how will your country tax authority have a knowledge of your putting money in the US. Unless you volunter such information, your country taxman is not going to get any information about this.

Edited March 20, 2006 by IndoRealty

[sting01]

For those that follow the link provided by BillyParadise, what you end up downloading is a file called Bank_account_opening_kit.rar which requires an uncompression program. I found one called WinRAR that I installed in order to look at the contents of this compressed archive file.

I'm providing this information because I had never heard of a filetype extension of .rar before and so I assume many others probably haven't as well. As a US citizen, I have no use for this information so I won't comment on how useful it is.

About Rar, it's also because you are US citizen you did not know about it, this compression prog exist since years, and widely used (not in USA because it's an Iraqui scientist who created it under Saddam rule ... weird but real lol).

[donx]

For those that follow the link provided by BillyParadise, what you end up downloading is a file called Bank_account_opening_kit.rar which requires an uncompression program. I found one called WinRAR that I installed in order to look at the contents of this compressed archive file.

I'm providing this information because I had never heard of a filetype extension of .rar before and so I assume many others probably haven't as well. As a US citizen, I have no use for this information so I won't comment on how useful it is.

About Rar, it's also because you are US citizen you did not know about it, this compression prog exist since years, and widely used (not in USA because it's an Iraqui scientist who created it under Saddam rule ... weird but real lol).

Thank you for explaining my unfamiliarity with this file format.

[texas]

If you dont have social security number, you just apply for an ITIN, tax id from the IRS, you can use this tax ID in lieu of the social security number.

Some banks allow account opening from outside the US, many others dont.

If you have to open bank account in the US with the banks that do not allow overseas address then you need to borrow your friend/relative's address in the US and use it for sending the statement. Afterawhile you can change the statement to your Thai address.

No big deal with account opening in the US. I had opened more than 8 accounts from outside the US just in the last few months, chasing the highest interest rates. Some now are offering 5% APY with an FDIC back up (guaranteed by the US government) up to USD100K

Hi,

Can you just PM me for the details of the 8 banks giving acounts for non residents in US?

Thank you.

[taxout]

Tax treaties do customarily provide for exchange of information between tax authorities.

See Article 28 of the US-Thailand Tax Treaty, for example.

But information isn't exchanged automatically: there has to be a request first.

http://www.irs.gov/pub/irs-trty/thailand.pdf

[texas]

This is not only possible, but legal, too.

Did someone claim that you have to be a US citizen in order to have a tax ID? Did I read that wrong?

ANYONE with US-sourced income needs a US tax ID in order to file for taxes, regardless of where in the world they reside, or what country they're a citizen of.

One can get a an Individual Taxpayer Identification Number (ITIN) from the IRS at the following link.

As the US embassy in London says (here), "An ITIN is an Individual Taxpayer Identification Number assigned by the IRS to those individuals who need the number for United States Income Tax purposes but are NOT eligible to receive a U.S. Social Security Number (SSN)."

With this ITIN, you can open up a bank account at SOME banks. (Use the ITIN in place of your SSN#) With many/most banks, it is against their policy to open up accounts with just an ITIN. However, there are at least 2 online banks that will open it for you. Do your research.

The best thing to do, I think, is to first incorporate a business in the US, then set up a bank account in your business' name. This way is much easier.

Alternatively, open up an Etrade banking account.

Please PM me about the 2 online banks you mentioned above in US. Thank you.