US Banking

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beano2110

New Member
Could anyone please tell me the best way to set up a bank account in the US.
I'm purchasing properties in Ohio, and wanting to rent them out, therefore need an account for the various transactions
 
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Spyglass

New Member
It depends whether you need a personal account or a business account? If you just need a personal one then Citi Bank, which is a major US bank can set you up via their offices in the UK. Business account I think you will either need to go in person with your llc details etc or use one of the companies that charge a fee, (although ive always been very very wary about them(

Best

Mark
 
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karaman

New Member
Hi,

I would advice you to create a business account definitely, if you have an LLC. It is better to own the properties through an LLC, so hopefully it's your case.

I have followed this page:
<snip>
.. I found there a contact to a banker at citibank, who was able to set me a business bank account, even when I wasn't in the USA in that time.
 
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karaman

New Member
Hi,

I would advice you to create a business account definitely, if you have an LLC. It is better to own the properties through an LLC, so hopefully it's your case.

I have followed this page:
<snip>
[.. I found there a contact to a banker at citibank, who was able to set me a business bank account, even when I wasn't in the USA in that time.
By the way - the contact details were in the comments section, not in the main article.
 
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karaman

New Member
Removed link with contact

Hi,

I would advice you to create a business account definitely, if you have an LLC. It is better to own the properties through an LLC, so hopefully it's your case.

I have followed this page:
<snip>
.. I found there a contact to a banker at citibank, who was able to set me a business bank account, even when I wasn't in the USA in that time.
The link was deleted, but I wasn't pointing to the Forum on that website. The forum there is quite bad and not used almost at all. The reason why I put the link here, was because of the contact information to the banker in citibank, who can create the business accounts. I don't see why that would be bad, I think it can be helpful to many people.

Anyway, if somebody needs the banker's contact, you will just have to look at this site: Buying Property in USA (I am not sending the link to the forum, so hope it's fine Pippin).
 
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karaman

New Member
The link was deleted, but I wasn't pointing to the Forum on that website. The forum there is quite bad and not used almost at all. The reason why I put the link here, was because of the contact information to the banker in citibank, who can create the business accounts. I don't see why that would be bad, I think it can be helpful to many people.

Anyway, if somebody needs the banker's contact, you will just have to look at this site: Buying Property in USA (I am not sending the link to the forum, so hope it's fine Pippin).
Sorry guys, I have actually called citibank this week and found out that they have changed the rules and they don't create business bank accounts for clients who are overseas. They need to have the client come to the local branch and talk to him in person. Do don't bother to call citibank anymore, maybe some other banks will be more helpful.
 
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kiwimoa

New Member
try hsbc premier banking. I'm in Hong Kong and set up our accounts in the UK and the US from Hong Kong.
 
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Spyglass

New Member
a client of mine successfully opened a bank account by opening a brokerage account via etrade. He did it online and works well.
 
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karaman

New Member
I will have to check the HSBC - that sounds like a possibility.

And the etrade - that isn't really a bank, is it? Not sure how that would work.
 
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Spyglass

New Member
that was my thoughts-but apparently they are in the US, they offer full cheque book, atm and wire facilities.
 
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kevtracey

New Member
To set up a bank account as a non-us citizen you need a social security number or an EIN, which is obtained by starting an LLC.

Many banks will allow you to open an account via mail and do not require you to be there in person. I live in NYC and can help you get started if you want, just PM me.
 
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Anthony V

New Member
Spyglass, do you have an LLC? If so what state is it set up in? Do you have an ITIN?
It is much easier to set up a bank account if you have an LLC (can be done in 2 to 3 days)
 
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Cosmo

New Member
Hi,
Set up a bank account as a non-us citizen, you need a social security number or an EIN, which is obtained by starting an LLC. Many banks will allow you to open an account via mail and do not require you to be there in person..
 
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