BerkshireBugsy

I've been following a thread on another forum because it closely mirrors something I am looking to do.

I am not planning on becoming a US citizen at any point. So my main place of residence will remain the UK

I am looking to set up a US$ bank account as a non -resident which I believe this is easy to do. I will be using this to pay local bills by loading the bank account with funds. But I want to keep the amount in the checking account down to a sub 10K US amount. So I want a linked account which I can use to top up the checking account as and when I need.

I thought originally that it was not possible for a NRA to open anything apart from a checking account without an SSN. However I have read on this other thread that that it is possible but (understandably) involves filing returns in both countries. If you don't have a USA SSN how does this work?

Just curious!

Ta

MidAtlantic

Google something like "open a US savings account when non-resident" and you will see some of the challenges you face. It will mainly be an issue of ID.

Pulaski

Honestly, it probably isn't worth the effort. My checking (current) account is interest paying, and most months I get 1¢.

AdobePinon

The most you're going to get in a reputable account is about 1.2 to 1.4%. Not much more than $10 a month for $10,000.

BerkshireBugsy

Hi thanks to you all for your replies. The purpose of the second account is to reduce the risk to the contents of the checking account. Ideally what would work would be a linked account with zero interest but not sure that is possible

Pulaski

What "risk" do you have in mind?

There is nothing to stop you having two checking accounts at the same bank indeed I have two personal checking accounts in my name, at the same bank, myself.

Noorah101

You could have 2 zero-interest checking accounts.

Rene

BerkshireBugsy

That thought occurred to me and it is probably the simplest solution. Ta

Pulaski

I am still not sure what risk you think that is addressing?

Noorah101

Dividing the money up in case one account gets hacked?

Rene

BerkshireBugsy

Yup

nun

For ordinary mortals opening a US bank account if you are not US resident is basically not possible. If you are wealth and can afford specialized services then there are banks that will do the due diligence required to get you a US account.

BerkshireBugsy

I believe that if you are an ordinary mortal and want to open a checking account it is relatively easy without an SSN. I know someone who has done this within the last 6 weeks with a passport, proof of addresses and some money.

As far as I know nothing has changed within the last 6 weeks to alter this

Pulaski

You are correct. As long as you have a "government issued ID number" (in lieu of an SSN), with a passport number being most typical, it isn't difficult, so long as the bank doesn't have a policy against opening accounts for non-residents.

nun

Did they walk into the bank or try doing it remotely? Which bank are we talking about? If you know someone that opened a US bank account as an NRA just ask them the questions. You've answered your own question.