U.S Bank Account?

[AIRHOSTIE:)]

Hi!
Im posting this for my boyfriend who is going to NAC in March.

Does anyone know if you are able to open a bank account in the U.S or can suggest the best alternative?

He obviously wants to get the best rate poss, so i suppose there are 3 options..(1)exchange money now and hide it under the bed!? (alot of money and abit of a silly idea) (2) Just draw out the money from his U.K account by using a debit card....will this incurr crap rate of exhange and fees? (3)open account in U.S if permitted?

If anyone can give me some advice for him it would be greatly appreciated!

Many thanks
Airhostie:ok:

[Hufty]

Opening an account should be no problem - I had one up until last month and it was VERY useful when in the US. It came in handy at the supermarket and avoided me paying credit card charges. He'll probably need loads of ID though.

He might want to try someone like Citibank. They do a US Dolar current account that he can have based in the UK. Then it may be possible to withdraw cash in the US without charges. He should also be able to transfer money from a Sterling account into it to avoid expensive international transfer fees. Never had one myself but you should check with them. www.citibank.co.uk

A lot of banks in the US are regional, so if he had an account at a bank in FL, if he takes you up to NY for the weekend (!) there might not be any of that bank's ATMs he can use - he'll end up paying a fee anyway to withdraw money. My bank was in CA and I had to pay $2.50 each time I withdrew cash in FL. :eek:

They do tend to charge for everything though (for new cheque books, if the a/c falls below $1000 etc.) do read the small print before opening one!

This actually might be better in the North America forum...

All the best.

[mattpilot]

yes you can and no extra ID required - Only the same ID they ask from americans too.

[capt_sparky]

no extra ID required - Only the same ID they ask from americans too.

No extra ID is required, but the bank will expect you to show proof that you are in the US with INS approval. A copy of the I-94 stamp in your passport is usually sufficient, but other immigration documentation may be requested.

If you have the time before you go (min. six weeks), your UK bank may be able to open an account for you if they have a US branch that is in the area you are visiting. It is a longer and more complicated process than opening an account when physically present in the US as the bank has to carry out additional checks to make sure you are not using the account for money laundering or other illegal activites.

Hope this helps.

Capt Sparky

[Matron]

Watch out for US bank account charges. V different to UK.

Some banks in US charge a monthly maintenance fee. In addition you may have to pay to order cheque books! However, some US banks are getting a bit more like UK with online banking, free current account (they call it checking account) and online bill payments.

Other options for transfer of funds:
1. Take a Banker's Draft from your UK bank and pay it into your new US bank account. You pay approx 30 pounds for the draft but get a better exchange rate than for cash or travellers cheques. Worth doing if transferring loads of cash.
2. Do an international bank transfer from your UK bank to your US bank account. You need to talk to your UK bank about setting up the procedure and you also need to get the routing details from US bank account.

I had a visa and associated documentation when I went to USA. I set up a bank account in less than half an hour with a bankers draft and made subsequent transfers using electronic transfer.

I had a v useful chat about the whole thing with my HSBC bank account manager.

M

[B2N2]

How recently were these accounts openend?
I tried with a student in dec03 and the bank was talking about verification letters and a 45 day background check..for "foreign nationals".
They gotta make sure it's not Bin Laden's $$$$$$:cool:

[mattpilot]

i opened mine with Bank of Oklahoma (america) roughly 2 years ago. I did use my passport as one of the two ID's required, so that goes with what Sparky said. I have no fees on my account whatsoever (free personal checking account), and got a free debit card (visa). Only costs i'll get is when i order checks, but i haven't done so yet. Also, i can use my debit card as a credit card in european stores and i'm not getting charged any extra fees - NONE whatseover.


More recently, though, my brother opened an account with the same bank just last month. He also just showed his passport & US issued drivers license.

[Mobieus1]

Hi, I've been on holiday a few times to the US and Canada and used my Debit card with no problems. No bank charge and I think the exchange rate was at the going rate.

I think you get charged for a cash withdrawal, I'll check my bank statements for that. But everybody excepts cards over there anyway. Not much need for cash.....