US Banking for Non-Resident?
 

Hi there

I have recently been offered an opportunity that will mean I am paid in USD from the US and I am looking to open a US account but as I don't live there I am wondering if that is possible as I won't have an address nor an SSN (although I don't think that is required for a bank account, just credit cards right?).

I will be in Los Angeles in February to finalise various details in the arrangement so if it is possible could someone give me advice on how to do it, I would like to stay away from Citi UK as frankly they are one of the worse banks I have ever been with for GBP banking and don't fancy going back for USD banking.

Also does anyone know if the American Express UK offering of a USD Charge Card affects UK or US credit scores? I am presuming UK but not 100%.

Thank you :)

Re: US Banking for Non-Resident?
 

You need neither a SSN nor a credit card to open a bank account. You do need a "unique identifier" but your passport will suffice for that.

Ian

Re: US Banking for Non-Resident?
 

I know I don't need a credit card to open an account, I was just checking in regards to the SSN, thank you :)

So I can walk into Chase for example with my passport and money to deposit and they will allow me to open an account? it is fine without a US address?

Re: US Banking for Non-Resident?
 

The lack of US address could be a problem.

Re: US Banking for Non-Resident?
 

I think you'll find it difficult to do this if you are not US resident. Why not just get a US $ account in the UK or channels islands and have the money deposited there, of just have it directly wired to your regular UK account.

Out of interest what will be your working arrangement, employee, contractor etc? what plans for tax and NI have you made?

Re: US Banking for Non-Resident?
 

HSBC seems a good option.

If you're currently a HSBC UK customer, just phone them and they'll open a US HSBC account for you (may be a charge if you're not a Premier customer). If you're not a HSBC customer, you can open a UK account and US account in any branch.

No US address or SSN required. :)

Re: US Banking for Non-Resident?
 

I have had bad experiences with Citi in the UK and I thus I do not wish to go back to them for US banking needs.

Everything is above board.
I am unfortunately a HSBC customer :p do you know if they offer you a debit card?

If in the end I have to go with Citi in the UK then I shall, just thought I would see if it is possible to open an account stateside.

Re: US Banking for Non-Resident?
 

I wasn't implying the there was anything shady going on, just asking about how you'll be dealing with tax and NI and whether you'll be an employee or a contractor. If you don't live in the USA why do you need a US account to deposit your pay checks, surely it would be more convenient to have them paid into a UK account.

The HSBC Premier or Advantage account looks like a simple option as you can link US and UK accounts.

Re: US Banking for Non-Resident?
 

Yes, you'll get a debit card. If you've got an Advance or Premier account in the UK, then you'll get an Advance or Premier account in the US. They also use your internal credit score.

Re: US Banking for Non-Resident?
 

Yep, you certainly can do that. You can use a foreign address on a US bank account, you just need your passport. Make sure when you do it they fill in the W-8BEN form correctly, although this isn't a big deal if the account is not interest bearing.

There's no real comparison between different units in different countries I find, but you have to use a brick-and-mortars bank, because you have to appear in person and have your ID checked in person due to a provision of the PATRIOT Act, 31 CFR 103.121

UK, the currency isn't relevant.

I think you might find it simpler to use a USD account offered by a UK bank though from the sounds of it. The only problem with that is that they won't be approved by the US treasury, which means US banks may not honour cheques written on the account, but if it is just being used to pay stuff in, not a problem.

Re: US Banking for Non-Resident?
 

Nope, in fact required to be a foreign address if using a W-8BEN otherwise the IRS starts sending you nasty letters.

Re: US Banking for Non-Resident?
 

Difficult from a practical standpoint because the nearest branch is thousands of miles away in a different time zone, but it can be done legally. Using USD accounts with a foreign bank brings problems of its own, e.g. higher fees, cheques not being honoured in the US.

Re: US Banking for Non-Resident?
 

Ah thank you :D I have already filled in a W-8BEN previously when I started dealing with US shares, would I have to fill it out again?

That is fair enough, I will be in the US anyway so it doesn't bother me in the slightest :)

Ah okay, makes sense.

Well I do intend to use it for bill paying eventually along with other things so I think a US account most likely be best long term.

Thank you :)

Re: US Banking for Non-Resident?
 

Yes, because its a different account with a different institution. It's all about exempting you from withholding (the NRA tax) but if there's no interest there's no tax anyway.

Re: US Banking for Non-Resident?
 

Opening the account is easy. An issue may be the source of the money. It may be taxable by US standards. Interest is usually tax exempt but dividends disbersements, salaries may be subject to US tax.