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Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Old Jul 12th 2017, 10:39 am
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Default Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Just wondered, as the HSBC bank account costs 100 pounds.

FYI I am a foreign-born US citizen (with dual nationality) planning to move to NYC in a month or two.

I am from London, UK.

I just wondered if anyone knew of the process of opening a bank account in America, is it quite difficult if I have no prior background in the USA?

The Pros and Cons of opening a bank account here or abroad.
With the first Con being, HSBC charges £100 pounds for an overseas account.

Many thanks in advance.
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Old Jul 12th 2017, 12:23 pm
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

I'd say get one in the USA. It's easy enough to do. I landed around noon and had a bank account by the close of business along with a debit card.

You'll just need to provide some sort of address.
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Old Jul 12th 2017, 1:51 pm
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Originally Posted by jamel0226 View Post
I just wondered if anyone knew of the process of opening a bank account in America...
You simply walk in to any branch of any bank and ask to open an account. You're a USC... it won't be an issue.


... is it quite difficult if I have no prior background in the USA?
No.

FWIW, I agree with tom169 - wait until you're in the US to do it.

Ian
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Old Jul 24th 2017, 1:02 pm
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Any recommendations for someone who isn't a USC, on wether to open an account in US prior to moving there or to open when I get there. I have applied for K1 so hoping to move there in the next 6 months but unsure of how soon can I get a US bank account since I will not have a SSN straightaway when i get there.
Thanks in advance
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Old Jul 24th 2017, 1:07 pm
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Originally Posted by Kapan View Post
Any recommendations for someone who isn't a USC, on wether to open an account in US prior to moving there or to open when I get there. I have applied for K1 so hoping to move there in the next 6 months but unsure of how soon can I get a US bank account since I will not have a SSN straightaway when i get there.
Thanks in advance
You don't need an SSN to get a non interest bearing account.

I landed at noon and had a Wells Fargo bank account by close of business - complete with a debit card.
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Old Jul 24th 2017, 1:45 pm
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Originally Posted by tom169 View Post
You don't need an SSN to get a non interest bearing account.

I landed at noon and had a Wells Fargo bank account by close of business - complete with a debit card.
What Tom said. .... No SSN is required for a non-interest bearing account. Branch staff should know that, but some still try to insist, so if you find that, ask to speak to a supervisor or manager, and if necessary tell them "the USA PATRIOT Act requires a government issued ID number, so you can use my passport number as that is suffient" (use those words), but if they still won't budge, go to another bank.
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Old Jul 24th 2017, 2:04 pm
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

I agree with the others about leaving the bank account until you get here. It's really easy.

However, if you think you may want to transfer money to the USA from the UK (or vice versa) then look into setting up an account with an exchange company before you move. This will save you $$$

Companies recommended on BE generally =
Worldfirst
Transferwise
XE.com
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Old Jul 24th 2017, 2:32 pm
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Thanks for the suggestions
If i want to transfer the money through a money transfer company then how long can they hold the money for in this transfer account before I manage get into US and get a US bank account? or should i just worry about the transfer when i get there and have a US account as i don't really need access to it straight away when i land.
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Old Jul 24th 2017, 2:36 pm
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

I don't why you would want to hold the money in their account.

I would keep your UK bank account open anyway ( it's difficult to open an account when/if you move back with no UK address etc)

As soon as you have your US bank account open, you can go online to the transfer company and initiate the payment to the transfer company and then they send it on to your US bank account. My experience with worldfirst is that this happens within hours.
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Old Jul 24th 2017, 3:36 pm
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Originally Posted by petitefrancaise View Post
I don't why you would want to hold the money in their account.

I would keep your UK bank account open anyway ( it's difficult to open an account when/if you move back with no UK address etc)

As soon as you have your US bank account open, you can go online to the transfer company and initiate the payment to the transfer company and then they send it on to your US bank account. My experience with worldfirst is that this happens within hours.
But don't forget to report it on your FBAR...
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Old Jul 24th 2017, 9:33 pm
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Originally Posted by Cook_County View Post
But don't forget to report it on your FBAR...
Thought that was only if it were over $10,000?
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Old Jul 24th 2017, 9:40 pm
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Originally Posted by Rete View Post
Thought that was only if it were over $10,000?
If it, and all your other reportable accounts and investments aggregate to over $10k at any point during the year.
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Old Jul 24th 2017, 9:44 pm
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Originally Posted by Pulaski View Post
If it, and all your other reportable accounts and investments aggregate to over $10k at any point during the year.
Yes, I knew that ... should have written that but didn't!
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Old Jul 25th 2017, 11:29 am
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Originally Posted by tom169 View Post
You don't need an SSN to get a non interest bearing account.

I landed at noon and had a Wells Fargo bank account by close of business - complete with a debit card.
Hope it is more straightforward when we get to the US - our first POE is in September and if we come away having opened a bank account etc - that would be great!!
Probably a mistake but being keen, I called Wells Fargo from and spoke to Checking account opening but he was adamant that I needed a SSN and also proof of address in the US- I explained that I would have neither on my first visit and that I understood that it was possible to open a non-interest bearing account. His final response was he was sorry he was unable to assist further.
I hope for a better outcome when we personally visit.
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Old Jul 25th 2017, 11:39 am
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Default Re: Should I open a HSBC Overseas Account or wait to open a bank account in NYC?

Originally Posted by skyland235 View Post
Hope it is more straightforward when we get to the US - our first POE is in September and if we come away having opened a bank account etc - that would be great!!
Probably a mistake but being keen, I called Wells Fargo from and spoke to Checking account opening but he was adamant that I needed a SSN and also proof of address in the US- I explained that I would have neither on my first visit and that I understood that it was possible to open a non-interest bearing account. His final response was he was sorry he was unable to assist further.
I hope for a better outcome when we personally visit.
Wells Fargo own internal documents will show any employee what is needed to open an account. If you come across a nincompoop like this then either ask to speak to a personal banking manager or go to another branch.
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