Jump to content

Quick navigation: Deposit accounts Credit cards Brokerages Other bonuses Referral exchange



Photo
- - - - -

How to setup a checkings account in USA


  • Please log in to reply
7 replies to this topic

#1 castortroy

castortroy

    New Member

  • Members
  • 3 posts

Posted 03 December 2004 - 05:41 PM

Hello all,

I have been looking for a Bank inthe USA that will set up an account for me in the United States even though I live in India. I am a regular user of eBay and Paypal and need a Bank Account on US Soil according to paypal if I want to withdraw my paypal funds. Is there anyone who could provide me with any info?

I did come across netspend.com website and they said I can use their card to withdraw paypal but they send their cards to US addresses.

What do I do? How do the others do it? Hardly does anyone use paypal in my country.

#2 castortroy

castortroy

    New Member

  • Members
  • 3 posts

Posted 07 December 2004 - 05:16 AM

Bump blink.gif

#3 markber

markber

    1 billion bucks

  • Admin
  • 15,030 posts

Posted 07 December 2004 - 07:04 AM

QUOTE(castortroy @ Dec 3 2004, 11:41 AM)
Hello all,

I have been looking for a Bank inthe USA that will set up an account for me in the United States even though I live in India. I am a regular user of eBay and Paypal and need a Bank Account on US Soil according to paypal if I want to withdraw my paypal funds. Is there anyone who could provide me with any info?

I did come across netspend.com website and they said I can use their card to withdraw paypal but they send their cards to US addresses.

What do I do? How do the others do it? Hardly does anyone use paypal in my country.
View Post



Castroy,

You are asking a difficult question. I have not seen reports about successful opening a US bank account by a US non-resident outside US (it does not mean that this is impossible). Most, if not all, US banks require social security number or tax identification number AND a US address. You can try to contact big international banks like Citibank and HSBC and ask if they can open a US account for you even though you do not have a US address. At least, their application process assumes that a customer may be a non-resident.

If they do not want to deal with you because you do not have a US address, you may consider one of many companies that offer mail forwarding from US to other countries. Here is an example.

You can find more info how to get a Tax Identification Number (TIN)here.


If you can not find a bank that will work with you, you may want to look at numerous incorporation companies that offer US incorporation to non-US companies. Often, they also offer help with opening a US account. You can see a list of such companies that do incorporation in Delaware here. Similar lists exist for all US states. It would be a good idea to check if an incorporation company has a good record in Better Business Bureau.

If you find a way to open a US account, please share with us your experience. It will be useful for many people in situations like yours.

Thanks,

Mark

#4 castortroy

castortroy

    New Member

  • Members
  • 3 posts

Posted 12 December 2004 - 12:33 PM

Thanks a lot for the information. Yes I will look into this and see what can be done to get myself an SSN Number and US Mailing address. Is that all that is required to set up the bank account? A personal visit to the bank is not required to set up the account? I have an account with Citibank in India from 7 years and will see if they can help me set up an account with one of their US Branches.

Do you think it is a long process to establish myself a Social Security Number? Will they also provide me with some sort of an ID card?

Anything else that I need before applying for the Bank Account?

Thanks!

#5 markber

markber

    1 billion bucks

  • Admin
  • 15,030 posts

Posted 13 December 2004 - 09:40 AM

QUOTE(castortroy @ Dec 12 2004, 06:33 AM)
Yes I will look into this and see what can be done to get myself an SSN Number and US Mailing address. Is that all that is required to set up the bank account?


Usually, banks also require a photo identification document (like U.S. driver license) and a phone number. While an US phone number is not too difficult to get (look for services like www.onebox.com or www.ureach.com), you can't get an U.S. driver license (or U.S. State ID) without being in U.S. (at least, I do not know how).

If memory serves me well, both Citibank and HSBC allow you to use your foreign international/travel passport instead of U.S. driver license.
QUOTE
A personal visit to the bank is not required to set up the account?


Not for HSBC, Citibank or internet and "internet-mostly" banks (see ibankdesign.com homepage for a list of such banks). A problem with U.S. internet banks is that they are small and do not have much experience of dealing with foreign customers. So they try to avoid them. You may have a better chance to open an account in a big US bank that conducts international operations (Citibank, HSBC, Chase, may be, Bank of America). From online banks, I would try to contact Everbank and USAA.

QUOTE
I have an account with Citibank in India from 7 years and will see if they can help me set up an account with one of their US Branches.


Please let us know if this helps. I think your account history with Indian Citibank could be helpful.

QUOTE
Do you think it is a long process to establish myself a Social Security Number?

You will have to apply for TIN, not SSN. SSNs are given to people who are allowed to work in US. Follow the IRS link I mentioned in my previous post. I bet you will find an average processing time either on IRS website or in the TIN application instructions.


QUOTE
Will they also provide me with some sort of an ID card?

I have never applied for TIN so I do not know. When you get SSN, you get a card. I think it is the same for TIN.

QUOTE
Anything else that I need before applying for the Bank Account?


I think you need to contact an US bank of your interest and ask what documents they will need from you (if they agree to consider your application at all). Required paperwork may depend on a bank. Also, be prepared that you can be asked to provide a bank with notarized copies of your documents.

Good luck and please keep us informed about this adventure.

Mark

#6 markber

markber

    1 billion bucks

  • Admin
  • 15,030 posts

Posted 13 December 2004 - 09:51 AM

Also, check Wells Fargo bank. They may be specifically more friendly to India residents than to residents of other countries because of Wells Fargo-ICICI bank partnership.

A link to ICICI bank info
A link to WellsFargo bank info

#7 torontodave

torontodave

    New Member

  • Members
  • 3 posts

Posted 14 February 2005 - 04:34 AM

If you are simply trying to get money OUT of Paypal, you could see about getting yourself the PayPal mastercard/debit card that will simply deduct purchases from your account (you will also get 1.5% cash back on them). As a Mastercard this could be used worldwide, and no need to have bank account.

#8 sharkeysday

sharkeysday

    New Member

  • Members
  • 2 posts

Posted 15 February 2005 - 10:17 PM

The chances of you getting a US account without physically appearing in the branch are slim to none. A regulation called "know your customer" requires that they verify that you are who you say you are, have proper US tax IDs, show photo ID and have someone look at you to verify, etc. Now it's even worse because of new money laundering and anti-terrorism acts.

Best to find some other workaround.

And an observation - I tried to open an account in India before I moved there, so I could send money ahead and be ready to roll. Could not be done, not even with help on the ground there, at least at that time.





Stats