Finding a bank in us, for uk citizen!!!!
I am a uk citizen married to a us citizen and waiting on my green card but are having trouble opening a joint bank account without a ssn? Any tips?
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Re: Finding a bank in us, for uk citizen!!!!
Originally Posted by Southamptonjack
(Post 10770986)
I am a uk citizen married to a us citizen and waiting on my green card but are having trouble opening a joint bank account without a ssn? Any tips?
If the bank's policy is to not open an account without a SS#, go to another bank - and make sure you tell the manager of the first place that he is losing your business. Ian |
Re: Finding a bank in us, for uk citizen!!!!
Originally Posted by Southamptonjack
(Post 10770986)
Any tips?
Rene |
Re: Finding a bank in us, for uk citizen!!!!
Hi,
I have a joint US bank account with my USC wife. We have had it for three years. My wife has a SSN and they used my passport number for me. We earn interest on it and we were excused for paying tax on the interest because we do not live there. Once we do, it will become taxable. We use BoA. |
Re: Finding a bank in us, for uk citizen!!!!
My wife has an account with FirstBank in Colorado. As it was a current account, and therefore not interest bearing, the bank added me on as a joint account holder with no issues whatsoever. All I had to do was complete a form declaring that I was a non-resident and within a few days my bank card arrived.
Bertie |
Re: Finding a bank in us, for uk citizen!!!!
Same with us. My husband visited me over the holidays, and one of the things we did while he was here was start a new bank account together. As the USC, I had to be designated the primary accountholder, but everything went smoothly at Wells Fargo, where both the clerk and manager were fairly recent immigrants themselves. We used my SSN and his passport number.
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Re: Finding a bank in us, for uk citizen!!!!
Originally Posted by Speedwell
(Post 10776017)
Same with us. My husband visited me over the holidays, and one of the things we did while he was here was start a new bank account together. As the USC, I had to be designated the primary accountholder, but everything went smoothly at Wells Fargo, where both the clerk and manager were fairly recent immigrants themselves. We used my SSN and his passport number.
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Re: Finding a bank in us, for uk citizen!!!!
Originally Posted by Carlisle401
(Post 10771148)
Hi,
I have a joint US bank account with my USC wife. We have had it for three years. My wife has a SSN and they used my passport number for me. We earn interest on it and we were excused for paying tax on the interest because we do not live there. Once we do, it will become taxable. We use BoA. |
Re: Finding a bank in us, for uk citizen!!!!
i never thought of asking that question here, i am going to get onto that
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Re: Finding a bank in us, for uk citizen!!!!
Originally Posted by Michael
(Post 10776443)
The IRS doesn't excuse Americans from paying taxes on interest just because they don't live in the US. I suspect the bank would issue a 1099-INT to your wife (if they have her address) and report it to the IRS if the amount of interest exceeds $10 (a 1099-INT is not issued or reported to the IRS for less than $10). With interest rates so low for the last three years (especially the from the big banks), a 1099-INT may not have been issued.
I am only telling what happened to us. The amounts were not great, we intend to move to USA soon, so this will have to be reversed once we get there.:confused: |
Re: Finding a bank in us, for uk citizen!!!!
Originally Posted by Carlisle401
(Post 10776513)
Our bank sent the form to us here in the UK, we filled it out and a few weeks later our accounts were credited with the tax previously paid.
I am only telling what happened to us. The amounts were not great, we intend to move to USA soon, so this will have to be reversed once we get there.:confused: For USC's, there isn't any withholding on unearned income (unless requested by the USC or the USC doesn't pay taxes on that income and then the IRS may order withholdings) but the USC must report that income on their US tax return and claim foreign tax credits to offset any US tax owed. It generally takes the IRS about 3 years (that is when the computer compares tax returns to IRS reported income) to determine that US unearned income is not reported and if the amount is small, they may likely ignore it instead of placing an order of withholding. |
Re: Finding a bank in us, for uk citizen!!!!
Originally Posted by Michael
(Post 10776590)
Which form? If it was form 8-WBEN, that is the form for non resident aliens (you) to reduce or eliminate the required 30% withholdings when residing in a treaty country. Generally it is assumed that the treaty country will tax that income. Countries like the Cayman Island are not treaty countries and 30% is withheld on interest, dividends, capital gains, or any unearned income made in the US.
For USC's, there isn't any withholding on unearned income (unless requested by the USC or the USC doesn't pay taxes on that income and then the IRS may order withholdings) but the USC must report that income on their US tax return and claim foreign tax credits to offset any US tax owed. |
Re: Finding a bank in us, for uk citizen!!!!
Originally Posted by Carlisle401
(Post 10776611)
The amount is not that great. I will be paying US tax from next year, but will inform the bank in August to say that I am a resident, Mrs C doesn't earn much, so I don't see a problem. I pay tax today to Norway and that is high. :)
Once you become a LPR, taxes will not be withheld on unearned income just like a USC and you and your wife will get a joint 1099-INT at year end. There is an foreign earned income exclusion of $93,000 for USCs living in s foreign country but no exclusion for unearned income. However, foreign tax credits above $93,000 earned income also can be used to offset any US taxes owed. On unearned income, foreign tax credits are immediately used to offset US taxes. However even through there is the exclusion and foreign tax credits, a USC still must file a US tax return if above the threshold level to file a return. In most cases, no US tax is owed on any income if living in a high tax country. |
Re: Finding a bank in us, for uk citizen!!!!
Originally Posted by Michael
(Post 10776625)
If her income is below the threshold for filing a US tax return, then there isn't any problem. If there is a problem, she could always file an amended return and use half the tax credits paid for her half of the interest income to offset any US taxes owed. However since the amount is small, the IRS generally doesn't bother.
Once you become a LPR, taxes will not be withheld on unearned income just like a USC and you and your wife will get a joint 1099-INT at year end. There is an foreign earned income exclusion of $93,000 for USCs living in s foreign country but no exclusion for unearned income. However, foreign tax credits above $93,000 earned income also can be used to offset any US taxes owed. On unearned income, foreign tax credits are immediately used to offset US taxes. However even through there is the exclusion and foreign tax credits, a USC still must file a US tax return if above the threshold level to file a return. In most cases, no US tax is owed on any income if living in a high tax country. |
Re: Finding a bank in us, for uk citizen!!!!
I'm a UK citizen and I opened a Bank of America account. I just walked into the bank with my UK passport and a couple of US utility bills. Account was opened in about 10 minutes. No problems.
Later that day it was actually harder for me to get a library card! |
Re: Finding a bank in us, for uk citizen!!!!
Originally Posted by Calle236
(Post 10779926)
I'm a UK citizen and I opened . Bank of America account. I just walked into the bank with my UK passport and a couple of US utility bills. Account was opened in about 10 minutes. ....
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Re: Finding a bank in us, for uk citizen!!!!
Originally Posted by Calle236
(Post 10779926)
I'm a UK citizen and I opened a Bank of America account. I just walked into the bank with my UK passport and a couple of US utility bills. Account was opened in about 10 minutes. No problems.
Later that day it was actually harder for me to get a library card! |
Re: Finding a bank in us, for uk citizen!!!!
I know my parents were able to open an account here as non-residents. They were with Suntrust. I seem to recall it was a bit of effort and they needed to get a tax effort but nothing too onerous overall.
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Re: Finding a bank in us, for uk citizen!!!!
Originally Posted by HartleyHare
(Post 10780305)
Didn't you need to complete a W-9 form though? We opened a current account with Chase and have been sent a W-9 (after completing a W-8BEN. Wish I had read the recent thread on this beforehand).
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