Opening a US bank account as a non resident

[nikad]

To get a Paypal debit card you have to upgrade your account by using a US bank account, so it won't work for you until you have one...

 

[surfing]

Sivan, banks in Florida tend to be very good about working with foreigners - they're used to it. Best bet is to open an account around Miami area. I know for a fact BOA will do it. You will need to be there in person and you will need some type of US mailing address. Other that that, you should be fine with your passport.

This has changed during the last year. I am not sure it is possible anymore (although apparently existing accounts were grandfathered under the old regs). Do you have any knowledge of someone without a US tax ID number opening a new account in the last six months or so?

 

[luisman75]

I just opened an account at Citibank a few months ago and I have an account at Biscayne Bank, just by signing a few forms and sending them by email. I am not resident, I have no social security number, and the only time I was in the US was on a scale I did when traveling to Canada. I think it all depends on the contacts you have there...

 

[citygirl]

This has changed during the last year. I am not sure it is possible anymore (although apparently existing accounts were grandfathered under the old regs). Do you have any knowledge of someone without a US tax ID number opening a new account in the last six months or so?

Yep, my BF opened one in FL. I think banks can make a decision and again, esp in S. Florida, they seem pretty open about it. He had to do it in person, he had to give them a US mailing address but there wasn't an issue.

 

[bebero]

If you can get Paypal debit card, that would be the preferred option.

Opening a bank account for a non-resident is not easy. You need to apply for TIN - taxpayer identification number. Only a few banks (Bank of America, Chase, Wells Fargo, US Bank) deal with foreigners, all of them are big banks and they charge a lot for withdawals and currency conversion.

that's not true. I opened an account in citibank in NY with my "cedula de identidad".

 

[clooz]

There is tax info for US non-resident aliens here. http://www.irs.gov/businesses/small/international/article/0,,id=96477,00.html The tag to search for is 1040NR. There is usually a 540NR form each State.
The 1040NR instructions seem to say that US source income, such as interest on a US bank account would be taxable to a non-resident alien. There are also instructions in whether a departure permit is required, which basicaly is proof that current taxes have been paid before leaving.

Also check separately and carefully whether to file an FBAR form each year, because this carries a 500k pa penalty for non-filing. http://www.forbes.com/sites/robertwood/2011/06/14/should-you-file-fbar-for-the-first-time/ The FBAR applies to resident and non-resident "US persons".

 

[Vagrant Violet]

This link is very useful. It explains everything clearly, step by step:

http://www.ehow.com/how_4962657_open-bank-account-non-citizens.html

 

[surfing]

Does anybody know if things have changed since just in the past week Argentina has been declared a "major money laundering country"? Could this affect Argentine nationals opening bank accounts?

 

[earlyretirement]

I think this just depends on each individual branch. Even if it's at a bigger bank I think it can just depend where you are applying and the discretion of the bank. All my Argentine friends that tried opening up bank accounts were told they needed an ITIN.

When my wife opened up a bank account before she got a social security number, she too was asked to get an ITIN.

Maybe it's easier in Miami but even some that tried in Miami were told they needed an ITIN.

 

[121Spanish]

If you are looking for a good bank to deal with, I recommend Frost bank in Texas.

If you have a Paypal account based in the US you can open up to 4 "student accounts". These are primarily for parents to set up for their teenagers but can be used in other ways. (search Paypal US for student acct)

1./ You can put any name on the student accounts and each has a debit card with cash limit of $150 a day or $400.00 spending.

2./ A SSN is not required for the student accounts.

3./ Money can easily be transferred from the student account to the main account and is not classified by Paypal as income.

4./ Income over $20k a year is reported to the IRS on Paypal accounts.

5./ Money can be transferred to the student accounts just like a regular Paypal account.

6./ Student accounts can be used with Paypal integrated invoicing software to bill clients (or yourself).