Opening a US bank account as a non resident

[sivan]

I would like to open a US bank account. I am a non resident and I have a few questions about this. Any help would be much appreciated!

1. What documents do I need in order to do this? As far as I know it is possible but you do need to open the account in person. (I will be travelling to the states in a few months).

2. What is the best bank to open with? Lowest monthly fees as well as low withdrawal fees. I will be moving the money from a PayPal account into the bank account and withdrawing the money in Argentina.

3. Is it possible to withdraw money here in dollars? (I assume NO but just wanted to doublecheck)

4. Tax implications. Are there any? As a non resident do i need to pay tax on the money thats in my account? If so - how does that work?

Any other helpful pointers would be great! Thanks again.

 

[alpac]

Without a permanent DNI, I believe it is now impossible to open a bank account.

 

[katti]

It is possible to open a bank account in the US with a foreign passport. You must have an official document that has your address (abroad) on it.

The only difficulty is that, in order to have a credit card, you must have a social security number, or (if you decide to get a credit card that is not related to the bank, for example an american express) an address in the US, where they will come and check if you are there.(so no PObox)

It is not possible to withdraw dollars here in argentina, and I don't even know of you can withdraw money in argentina with a debit card.

 

[igor]

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.

 

[nicoenarg]

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

Awesome, never knew about this. I moved here directly from Dubai so had to leave all my money in the hands of shady Dubai bankers. This sounds way better. At least its based in the US.

 

[alpac]

Without a permanent DNI, I believe it is now impossible to open a bank account.

Oops, sorry, I overlooked the fact you were referring to a US account. Though I worked for a large US bank for many years, I cannot confirm that a TIN is required just to open an account. I suspect that if the amount you want to deposit is large enough, a big bank like the ones mentioned will work with you to open one. You can inquire directly to the bank prior to your arrival.
As for currency conversion fees, all card issuers charge a similar amount usually between 1-3% and you ought to inquire how much any prospective card issuer charges. According to its User Agreement Paypal charges 2.5% of the wholesale (Mastercard) exchange rate for each foreign merchant transaction. That's on the high side.

ATM usage fees are also variable. According to its User Agreement Paypal charges 1% of the amount of each foreign (non-USA) ATM withdrawl (in addition to the 2.5% foreign currency transaction fee). It also charges 1% of all foreign currency debit card transactions so, in effect, you will get charged 3.5% of the amount of any foreign merchant or ATM use. That strikes me as high. The AR banks systems (Banelco and Link) will add on a charge of U$S 4 per transaction, but some card issuers (Capitol One Bank, Schwab, Fidelity) will refund this fee.

It may be worthwhile to explore alternatives to Paypal. Especially if we are talking about large amounts. HSBC is a good starting point. They seem to cater better to foreign account holders.

 

[sivan]

Thanks for all the info! The money really isnt going to be that much but its that im going to be paid for some work through PayPal and im trying to figure out what my best options are in order to take the money out. Would be good to have a US bank account from a savings point of view.

 

[steveinbsas]

Thanks for all the info! The money really isnt going to be that much but its that im going to be paid for some work through PayPal and im trying to figure out what my best options are in order to take the money out. Would be good to have a US bank account from a savings point of view.

I have a US bank account and a paypal account. Just keep the money in your paypal account and get a debit card as advised. Interest paid on US savings accounts isn't even worth mentioning, but I can transfer funds from my bank to my paypal accout and the reverse as well.

 

[citygirl]

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.

 

[elclandestino]

Plenty of debit cards actually don't work here

Some banks in the states do opn non-residential bank accounts

If a UK bank account is any good, check out HSBC Passport account. They don't send cards to Argentina though, so you must have it sent elsewhere