Has Anyone Had A Bank Account Closed Due To Facta

[Girino]

I am curious how US/European dual nationals deal with maintaining bank accounts outside the US (if someone has experience with it, please share...or I will consult the interwebs when the need arises).

I stopped In Spain on my last trip to Europe and I wanted to open an account there for my EU based client. But the words "US resident" sounded like troubles to all of the three banks I consulted with, despite I had researched in advance their website and they all had a page stating they welcome international customers. They didn't care about my US tax returns or papers showing I do everything by the book. They all said that they evaluate each application individually, and that they have a dedicated department for that. I was asked to submit the last 3 tax returns, a recommendation letter from my US bank and moreover a letter where I explained why I wanted to open a bank account in Spain and why at their institution. I didn't pursue my intent, but the general attitude was that I was not a welcomed customer. One lady plainly told me "it's not like you go on vacation in France and decide to open a bank account there".

That's my recent experience (2015). I explicitly told them I didn't have plans to return to Spain shortly, so I wanted to do the ID part while I was at their branch, and then if the international office gave the go ahead they could pursue my account opening but they firmly rejected my request. With no clearance from their international office, they wouldn't waste a second of their time with my application.

Maybe if I was a 60 y.o. gentleman with a Rolex it would have worked differently.

And by the way, one bank in Italy I opened my account with when I got my green card kindly asked me to let them know when I would have moved to the US to "fix" my account, which I assume meant that they would close it.
I heard from Italian expats in the US that some banks decided to close their accounts as soon as they informed them that they had moved to the US.

Of course, even in that instance it happened to some, but not to all of them. There is no rule on banks behaviors.

 

[sleslie23]

I started a thread about FATCA at the end of 2013, but it never got any traction because the tidal wave had not hit Argentina yet. At that time, it was already very difficult to open a bank account in Uruguay.

I just had a conversation last night with an expat friend who now has Argentine citizenship. Even that didn't exempt him from the reporting requirements. The bank specifically asked if he had renounced his US citizenship. Since he had not, he had to provide the required information. However, they did not close his account.

You may be able to find a more lenient bank, but unless you are employed in Argentina or have other strong ties, it doesn't seem to be very likely you will be able to open an account. Most banks just don't seem to want to deal with it.

 

[fifs2]

I stopped In Spain on my last trip to Europe and I wanted to open an account there for my EU based client. But the words "US resident" sounded like troubles to all of the three banks I consulted with, despite I had researched in advance their website and they all had a page stating they welcome international customers. They didn't care about my US tax returns or papers showing I do everything by the book. They all said that they evaluate each application individually, and that they have a dedicated department for that. I was asked to submit the last 3 tax returns, a recommendation letter from my US bank and moreover a letter where I explained why I wanted to open a bank account in Spain and why at their institution. I didn't pursue my intent, but the general attitude was that I was not a welcomed customer. One lady plainly told me "it's not like you go on vacation in France and decide to open a bank account there".

That's my recent experience (2015). I explicitly told them I didn't have plans to return to Spain shortly, so I wanted to do the ID part while I was at their branch, and then if the international office gave the go ahead they could pursue my account opening but they firmly rejected my request. With no clearance from their international office, they wouldn't waste a second of their time with my application.

Maybe if I was a 60 y.o. gentleman with a Rolex it would have worked differently.

And by the way, one bank in Italy I opened my account with when I got my green card kindly asked me to let them know when I would have moved to the US to "fix" my account, which I assume meant that they would close it.
I heard from Italian expats in the US that some banks decided to close their accounts as soon as they informed them that they had moved to the US.

Of course, even in that instance it happened to some, but not to all of them. There is no rule on banks behaviors.

Serafina dont take the Spanish rejection personally as age nor rolex will help in getting a bank account as a non resident. Even 4 years ago when we arrived replete with funds from our house sale, a DNI and plans to be local tax payers as soon as we got an account we were rejected by 3 major banks including one we have an account with in another European country. In the end Barclays came through for us but even they last year decided decided to get out of the personal banking sector and were gently encouraging us and locals to close our accounts. Try Deutschebank who have been amazing but be prepared with a suitcase full of paperwork and justifications.

 

[sergio]

My account was just closed due to FACTA. I have a DNI. Any suggestions on what bank might be accommodating?

 

[steveinbsas]

My account was just closed due to FACTA. I have a DNI. Any suggestions on what bank might be accommodating?

It would be helpful to know which bank closed your account and how you were notified...and if you have permanent residency.

I have permanent residency and I have accounts with Banco Patagonia and Santander Rio and have not (yet) received any kind of notification from either of them. I don't remember providing my Social Security number to either bank when I opened the accounts.

Early this month, however, I received a new credit card from Santander Rio.

 

[EdRooney]

Just a note: Serafina's rejection was partly my fault as I suggested a certain bank in Spain that didn't work out. Sorry Serafina!

 

[Girino]

Just a note: Serafina's rejection was partly my fault as I suggested a certain bank in Spain that didn't work out. Sorry Serafina!

I went to a couple of branches of that bank, but then I tried another two banks and the answer remained the same. And also, with your bank we called in advance to make sure they accepted international customers, but without specifying my US resident status, and they said that I just had to go to any branch. Unfortunately at the branch they had opposite views and said that they just act as a proxy between their international customers department and the client.

 

[jbeas176]

mine was closed after 8 years at hsbc. i don't have a dni. i do have a cuit. national bank of argentina said they would open an account if i could show them income from working in argentina. i don't work in argentina. i live from savings. i will read on for soultions. thx

 

[sergio]

mine was closed after 8 years at hsbc. i don't have a dni. i do have a cuit. national bank of argentina said they would open an account if i could show them income from working in argentina. i don't work in argentina. i live from savings. i will read on for soultions. thx

How were you supposed to show income from working in Argentina?

 

[jbeas176]

sergio. i couldn't. another crazy regulation that did not make sense. i don't have a dni. i am hopeful there will be a work around so i can pay my electric and cable bills automatico.