way off topic banking question

Evil J Guano · Post by **Evil J Guano** » Fri Jun 26, 2009 8:33 am

I know there are a lot of international hot shots on here so maybe not such a long shot, but does anyone know if it's possible to open a US bank account from here? Business or personal.

I'm increasingly buying stock from there from small suppliers who don't have CC facilities.

It would also be good to do a bit of currency speculation.

An online only account would be good.

I'm guessing though that this might not be possible for all sorts of reasons.

It's just such a pain to organise US payments from my business ac.

Thanks folks!
G

jury · Post by **jury** » Fri Jun 26, 2009 8:43 am

From what I know you need to have an address in the US, but having said that I still have my US account open. I lived in the US for 3 years and have been back in the UK for 8 months, and my bank allowed me to keep my account open.

Sorry doesn't really answer the question, but I think you need or have had an address in the US.

Would an offshore account work?

Thanks
Chris

101sinbad · Post by **101sinbad** » Fri Jun 26, 2009 8:46 am

Hi Gavin

yes you can. The easiest way is through your UK bank if they exist in the US.

They can refer you so that you don't have to do all the hard work of satisfying the US banks identity\credit checks.

First Direct, who I bank with, do it. If I remember rightly they charge you £40\£50 for the referral.

Or you can open a $ account with your UK bank, ie the same type of account you have now but you have $'s in it. The downside to that is the transfer cost when you pay US based companies. You'll typically pay £15-£30 regardless of whether you send $10 or $1000

RichiRich · Post by **RichiRich** » Fri Jun 26, 2009 8:53 am

Internet Statement (http://www.internetworldstats.com/bank.htm):

US BANK ACCOUNT FOR NON RESIDENTS

Information Page for Opening a Bank Account in a US Bank for business people that live outside of the United States of America.

U.S. Banking regulations, born during the post September 11th era, have made it prohibitively difficult and expensive to provide this service. We deeply regret this inconvenience. Alternatives are being searched for and when available will be notified here.

There is also this (but not sure how legit it is): http://www.us-bank-non-residents.com/

This may help too: http://www.webhostingtalk.com/archive/i ... 84418.html

Helen · Post by **Helen** » Fri Jun 26, 2009 9:41 am

or open a international account in Jersey.

you can keep working money "offshore" and save Tax. you can also have a bit of fun with it and try and make money by buying and selling diffrent currency (high risk and not recommended unless you have money you can afford to loose.)

Evil J Guano · Post by **Evil J Guano** » Fri Jun 26, 2009 10:02 am

Thanks everyone, might try the First Direct option, I'll enquire further.

JAN · Post by **JAN** » Fri Jun 26, 2009 3:11 pm

There are far easier ways to speculate on currency fluctuations, that also dont require large sums of 'cash' to be tied up in accounts essentially earning no/little interest.

Just use fx futures, very easy to do, but, be careful you can lose your shirt if your not careful, conversely you could also end up buying a new one if you work it well.

gridgway · Post by **gridgway** » Fri Jun 26, 2009 5:07 pm

HSBC Premier do currency accounts, I have one for USD transactions.

Maybe worth an ask. HSBC are generally pretty good.

GRaham

Evil J Guano · Post by **Evil J Guano** » Fri Jun 26, 2009 7:14 pm

More complicated than I thought...

I've plumped for a HSBC Business ac in the end, much better than my Lloyds, I can do int transfers via web for £14.

Also, got a offshore dollar account as a buffer for £ fluctuations, will look at a fx futures...

Ahh the world of international finance!

Thanks again for the pointers...

gridgway · Post by **gridgway** » Fri Jun 26, 2009 7:36 pm

If you are interested, I can out you in touch with the people at HSBC who I use to do my fx and use to buy currency options. Again very good service.

Graham

Evil J Guano · Post by **Evil J Guano** » Fri Jun 26, 2009 7:39 pm

Graham that would be great, but I'm guessing there is some kind on minimum spend? Might be out of my new companies remit at present... walking before running etc...
Cheers
Gavin

gridgway · Post by **gridgway** » Fri Jun 26, 2009 7:45 pm

I'll pm you Gavin.
Graham

pmjt · Post by **pmjt** » Fri Jun 26, 2009 8:00 pm

Gav,

Be VERY careful if you ever receive funds in the US into this account. The IRS is very interested in transactions that could enable them to claim you are liable to be under the US tax jurisdiction. Ensure your transaction trails are scrupulously clean.

If in doubt, get an accountants advice over there. US tax law is NOT something to get involved with unless you have no way of avoiding it - trust me - I speak from experience

It seems you're going down the best route by having a UK "US$" account - we use HSBC.net and operate accounts in Asia and the US - they are excellent (never, ever thought I'd say that about a bank!

)

Philip

Evil J Guano · Post by **Evil J Guano** » Sat Jun 27, 2009 10:03 am

Thanks Philip, Money will only be going to the US, buying stock, so no issues there I don't think.

The concept of 'free trade' seems to somewhat s t r e t c h the definition when dealing with the US...

thanks again
G

PSut · Post by **PSut** » Sat Jun 27, 2009 10:29 pm

Hi, I work in the industry and can help you out with this, send me a PM

Paul