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Recommended bank accounts

Recommended bank accounts

Old Feb 13th 2017, 8:45 am
  #76  
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Default Re: Recommended bank accounts

Originally Posted by mrken30 View Post
When I opened my credit union account, I had only been in the US 3 days. I did have a permanent address, but I had no way of proving it when I opened the account. I think it may be easier to open a credit union account.

You may be able to open a CU account through your work place.
Thanks, ok I'll add that to the list of things to try.

It may not be and issue but the slight complication is I may be in US for just a week on visa then back in UK for a few weeks before returning more permenantly.

So in that week it's fairly key I get something set up to pass to the employer, even if just temporary for a few weeks.

I won't have a perm residential address or SSN at that stage.

I'm going to try:

Chase
Capital one
Credit union

Using correspondence address at work, work documents, passport, proof of uk address, etc

Also I'll ask work for a letter of reference and see if a temp SSN is provided. I think for most banks SSN is not required, not for a regular current account anyway.

It's the residential address that is an issue and I probably won't have a US residential address for about a month after needing one.

The other option I have is my UK $ account, it's not checking but I have $ credit cards for day to day. I've passed details to my employer, see what they say. My doubt it'll be ok is because it's UK based and so would need an international payment. I've given them IBAN and SWIFTBAC to see if they could use it.

Hopefully within the week of being there opening a US account will turn out to be straightforward. But you know how these uncertainties play on your mind.
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Old Feb 14th 2017, 8:11 am
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Default Re: Recommended bank accounts

I rang Capital One yesterday. Branch near work.

Very helpful. Explained the situation.

Turns out, 'residential' address can be an address in the UK.

After all that, guess I hadn't asked the right question.

They'll open me an account, once they realised it was to receive salary and where it was, they were more than happy.

In summary then:

No SSN
Take passport, visa, work docs and proof of address (doesn't have to be in US)

Not checked but I suspect Chase and others will be the same.

So should be no problem after all

Putting this follow up here in case it helps anyone else in the future.
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Old Feb 15th 2017, 10:31 pm
  #78  
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Default Re: Recommended bank accounts

This is all in the wiki
Category:Banking-USA : British Expat Wiki
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Old Feb 15th 2017, 10:52 pm
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Default Re: Recommended bank accounts

Originally Posted by petitefrancaise View Post
A cool. We'll I wish I'd seen that first.

At least I can point bank teller at the page, if there's any confusion
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Old Mar 14th 2017, 6:23 pm
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Default Re: Recommended bank accounts

Hi All, interesting discussion here. I too am moving to the US (NYC) shortly and was wondering if there's any need to get a credit score/card if I'm only going to be there a few years and will be able to fund everything without credit.

Are there any things for which a credit card is generally preferred over a debit card?

I found this tool to be quite helpful in finding a decent account, the Capital One high yield checking account looks like a decent option so will see about that when I get there.
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Old Mar 16th 2017, 2:27 am
  #81  
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Default Re: Recommended bank accounts

Originally Posted by bartholemues View Post
Hi All, interesting discussion here. I too am moving to the US (NYC) shortly and was wondering if there's any need to get a credit score/card if I'm only going to be there a few years and will be able to fund everything without credit.

Are there any things for which a credit card is generally preferred over a debit card?

I found this tool to be quite helpful in finding a decent account, the Capital One high yield checking account looks like a decent option so will see about that when I get there.
A credit card should be used over a debit card for a couple of (non-exhaustive) reasons:

1. Security. You have much more in terms of recourse against fraudulent transactions. Given cards are swiped much more frequently here than they are in the UK (where chip and pin is more common), the chance of having your whole card number stolen is increased.

2. Cash back. I make a small amount each month through cashback on purchases that I would have otherwise made on a debit card. Even though it's a small amount, I can go ahead and get gift cards with it that are usually higher value than they cost.

Having a credit score will also likely reduce any deposits that you may be required to foot for utilities, cell phone, etc.
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Old Mar 16th 2017, 4:46 am
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Default Re: Recommended bank accounts

And you'll build up a fico score for when they do a credit check that they do for lots of things.
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Old Mar 16th 2017, 2:55 pm
  #83  
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Default Re: Recommended bank accounts

Going out next week, hope opening a current account will be no issue.

I rang a local branch of capital one and when I explained and said where I was working they became very keen to get me in, sounds like it ought to be no issue.

I'm taking all sorts of documents including:

Passport with visa
Job documents, offer and joining letter
Proof of uk address
Driving license

Also I could write them a cheque from my UK $ account to get it started, maybe pay on some cash.

I'll let you know how it goes, I think capital one or chase should do the trick to get going, could also open another later.

hSBC international banking could be useful when operating back in UK (hoping to be able to lead a transatlantic lifestyle, within reason anyway).

Also set up on UK Amex now and putting lots through it, by time I'm there permenantly I should only be a few weeks off of 3 month accounts for US transfer. By then should have SSN sorted too.

Plan probably to use credit/charge cards and pay them down monthly to build up good credit scores. I think that's how people typically operate in the states?
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Old Mar 17th 2017, 12:54 am
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Default Re: Recommended bank accounts

I opened my first US bank account a month before taking up residence.

I was on a pre-move visit, walked into a branch of Bank of America with my passport for ID and $100 in cash and opened a checking account. I had no SSN and used my work mailing address and phone number. No problem.
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Old Mar 17th 2017, 1:08 pm
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Default Re: Recommended bank accounts

Originally Posted by malch View Post
I opened my first US bank account a month before taking up residence.

I was on a pre-move visit, walked into a branch of Bank of America with my passport for ID and $100 in cash and opened a checking account. I had no SSN and used my work mailing address and phone number. No problem.
Excellent, sounds like it's a breeze then

I arrive on weekend before work, if I can locate a branch open over weekend I'll try to open one in advance. Not sure if they do have branches open weekends, but I'll take a look
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Old Mar 17th 2017, 2:54 pm
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Default Re: Recommended bank accounts

Around here, the large branches only are open for few hours on Saturday morning.
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Old Mar 17th 2017, 2:57 pm
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Default Re: Recommended bank accounts

Originally Posted by LouisB View Post
Excellent, sounds like it's a breeze then

I arrive on weekend before work, if I can locate a branch open over weekend I'll try to open one in advance. Not sure if they do have branches open weekends, but I'll take a look
Not sure about the area you're moving to, but most banks around here open on Saturday morning and maybe early afternoon, and are closed on Sundays.
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Old Mar 17th 2017, 3:12 pm
  #88  
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Default Re: Recommended bank accounts

Originally Posted by Owen778 View Post
Not sure about the area you're moving to, but most banks around here open on Saturday morning and maybe early afternoon, and are closed on Sundays.
We use TD Bank which are open Saturday and Sunday until 3pm and later in the evening on Friday. They only have branches on the East coast though.
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Old Mar 20th 2017, 1:47 pm
  #89  
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Originally Posted by hmvsdog View Post
We use TD Bank which are open Saturday and Sunday until 3pm and later in the evening on Friday. They only have branches on the East coast though.
They bought out a few banks in the middle bit too, but you're right, they're mostly down the east coast and across Canada, obviously.

Weekend hours are regional though, they are open on Sundays in MA as well, but not so much in ME.

To the chap above wondering if it was worth bothering with credit if only being here a few years, what happens if you decide to stay? Credit score, as mentioned affects things like deposits, but it also affects your rate for car insurance and a whole host of things are tied to it and it makes finding a rental if you want to move a lot easier.
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Old Mar 20th 2017, 5:43 pm
  #90  
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Default Re: Recommended bank accounts

Hey, so I am here.

I'll share my experience.

I found a cluster of banks in Tribecca Bowery, open 10am to 3pm on Sunday, I went down there about 10:30am.

I tried Chase and Capital One. Both refused me even after pushing it, because I don't yet have a US residential address. Disappointing!

Then I went to TD. Same story but I pushed it and it eventually spoke to a guy with a little more savvy.

He has opened me a TD premier and I got a card there and then and online banking working too.

They used a combination of my work address for US correspondence and UK address to get started.
Also not yet having a US phone number was an issue for communication too. UK cell number would not fit into their system.

I just need to update them on my SSN and US address in a few weeks when I have it. Phew.

Whole thing took many hours, finally left about 2pm.

Not sure if it was junior Sunday staff, I was not convinced anyone was that clued up.

Anyway, it was the US address that was an issue, SSN was not a problem.

Guess I can always open other accounts later once settled...

For now, just needed an account opened while in US since I'm back in the UK next week for a few weeks and no US account would have been a serious headache.

Last edited by LouisB; Mar 20th 2017 at 5:48 pm.
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