USD Account / Personal / Remotely / No Foreign Fees

[FixieHartmann]

I would like to convert some of my EUR savings into USD.

Therefore I am looking for a bank that fulfills the following requirements:
- account can be opened remotely
- offers USD as currency
- no SSN necessary (but I do have an ITIN)
- no US citizenship nor proof of address necessary
- no foreign currency fees - e.g. I can spend €100 and wouldn't pay any additional currency conversion fees
- you'd feel comfortable moving a 6-digit amount there
- generally reasonable fees
- support for Apple Pay or at least a credit card
- doesn't need to be a US bank but would be preferred

My preferred solution would be a brick and mortar bank like Capital 360 or Charles Schwab, but I forgot to go there in person the last time I was in the US and they don't do remote opening AFAICT.

I do have a Wise account, but they do charge conversion fees and I don't feel comfortable having such a high amount there. Same with Revolut and the other EMIs.
I don't think I am interesting enough as customer to go with Barclays International or Lloyds International, as I don't want to invest in their products and just move some money there which I then spend on my living expenses in another currency.

Do you have any other ideas?

 

[fshore]

You won't find any bank that can fulfil all those. Especially no proof of address. If you travel to the US you can open without proof of address (at least this used to be easy).
You can open Schwab remotely, but require proof of address.

Another option is HSBC USA which can be opened remotely, but again they will need proof of address.
https://www.us.hsbc.com/international-banking/And, HSBC is shutting down in the USA, so the account might be transferred to another bank when they sell their US retail operations.

 

[GeneralGogol]

Interactive Brokers account will do what you want and their fees for exchange are extremely cheap.
They don't like being used only for currency so maybe buy some ETFs with some of the money.

 

[FixieHartmann]

fshore said:
You won't find any bank that can fulfil all those. Especially no proof of address. If you travel to the US you can open without proof of address (at least this used to be easy).
You can open Schwab remotely, but require proof of address.

Another option is HSBC USA which can be opened remotely, but again they will need proof of address.
https://www.us.hsbc.com/international-banking/And, HSBC is shutting down in the USA, so the account might be transferred to another bank when they sell their US retail operations.
Click to expand...

Thanks! Do you think Charles Schwab would accept the address of my US tax consultant? I am pretty sure they wouldn't have a problem with me using it for this purpose.

GeneralGogol said:
Interactive Brokers account will do what you want and their fees for exchange are extremely cheap.
They don't like being used only for currency so maybe buy some ETFs with some of the money.
Click to expand...

Okay, I actually have a IBKR account. However with them I wouldn't really have the possibility to spend the money, right?! In order to spend it I'd need to transfer it to another bank account?

 

[Martin Everson]

Where are you resident?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[FixieHartmann]

Martin Everson said:
Where are you resident?
Click to expand...

I currently don't have a tax residence (nor a real, permanent address really) but I can provide addresses from EU / US / Australia and tax numbers from each.

 

[JohnnyDoe]

You should better do the Fx transaction with a broker and then transfer the USD from it.
In Europe, Aion bank offers USD accounts.

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[FixieHartmann]

JohnnyDoe said:
You should better do the Fx transaction with a broker and then transfer the USD from it.
In Europe, Aion bank offers USD accounts.
Click to expand...

Looks quite interesting. 20€ / month is not the cheapest option but at least it looks like they don't charge any foreign currency fees.

Do you have any personal experience with them?

fshore said:
You won't find any bank that can fulfil all those. Especially no proof of address. If you travel to the US you can open without proof of address (at least this used to be easy).
You can open Schwab remotely, but require proof of address.

Another option is HSBC USA which can be opened remotely, but again they will need proof of address.
https://www.us.hsbc.com/international-banking/And, HSBC is shutting down in the USA, so the account might be transferred to another bank when they sell their US retail operations.
Click to expand...

I looked into HSBC (I actually had an account with them in another country) but heard so many horror stories about them flagging accounts and payments and how long it took to get the money back that I never used them for serious stuff.

 

[Martin Everson]

FixieHartmann said:
I currently don't have a tax residence (nor a real, permanent address really) but I can provide addresses from EU / US / Australia and tax numbers from each.
Click to expand...

Why you think your not interesting for Barclays if you have more than £100k? They offer dollar reserve accounts where you can park money there and they leave you alone. US residency is also fine but not EU or Australia.

https://international.barclays.com/banking/
Reserve account rates:

https://international.barclays.com/...nt-information/rates-and-fees/IBIM3705_OS.pdf
Dollar Account Fees:

https://international.barclays.com/...rtant-information/rates-and-fees/IBIM8743.pdf

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[JohnnyDoe]

FixieHartmann said:
Looks quite interesting. 20€ / month is not the cheapest option but at least it looks like they don't charge any foreign currency fees.

Do you have any personal experience with them?
Click to expand...

Yes I use them regularly and every time I make a transaction I buy their ETFs so they are happier. +4% so far hap¤#"
But don't just look at fees, in Fx they make money on spread.

Martin Everson said:
Why you think your not interesting for Barclays if you have more than £100k? They offer dollar reserve accounts where you can park money there and they leave you alone. US residency is also fine but not EU or Australia.
Click to expand...

Barclays IOM kicked me out when I ceased to be IOM resident.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[Martin Everson]

JohnnyDoe said:
Barclays IOM kicked me out when I ceased to be IOM resident.
Click to expand...

Mr Johnny got kicked from every bank known to man Doe ns2.

Barclays Jersey I am referring to anyway and there is no monthly charge. It's one of the few banks that actually encourage you to park money there for free in reserve accounts.

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[JohnnyDoe]

Martin Everson said:
Mr Johnny got kicked from every bank known to man Doe ns2.
Click to expand...

Except Bunq 😛

Martin Everson said:
Barclays Jersey I am referring to anyway and there is no monthly charge. It's one of the few banks that actually encourage you to park money there for free in reserve accounts.
Click to expand...

I will apply straight away with them.

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[FixieHartmann]

Martin Everson said:
Why you think your not interesting for Barclays if you have more than £100k? They offer dollar reserve accounts where you can park money there and they leave you alone. US residency is also fine but not EU or Australia.

https://international.barclays.com/banking/
Reserve account rates:

https://international.barclays.com/...nt-information/rates-and-fees/IBIM3705_OS.pdf
Dollar Account Fees:

https://international.barclays.com/...rtant-information/rates-and-fees/IBIM8743.pdf
Click to expand...

Well, the issue is that I am not sure if I will be able to consistenly keep more than 100k in my account with them as I will need part of the money to cover living expenses and other investments. Unfortunately I am not *that* rich.

 

[Martin Everson]

FixieHartmann said:
Well, the issue is that I am not sure if I will be able to consistenly keep more than 100k in my account with them as I will need part of the money to cover living expenses and other investments. Unfortunately I am not *that* rich.
Click to expand...

Ok I see.

Might as well use Revolut Bank then. You said your not comfortable using Revolut but if your not in UK and are in EU then you will be a client of Revolut Bank and not Revolut EMI and you will have 100k deposit protection. See below.

https://www.revolut.com/help/more/legal-topics/which-revolut-companies-provide-me-with-services

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[JohnnyDoe]

JohnnyDoe said:
Except Bunq 😛

I will apply straight away with them.
Click to expand...

I just tried with 5 different countries of residence, and the result was always:

Unfortunately, we can't help you today​

Based on the country that you live in or are moving to we are unable to provide you with our International Banking services.

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[Martin Everson]

JohnnyDoe said:
I just tried with 5 different countries of residence, and the result was always:

Unfortunately, we can't help you today​

Based on the country that you live in or are moving to we are unable to provide you with our International Banking services.
Click to expand...

Yes no EU countries due to brexit and certain other countries that make no sense to them business wise. What country you tried to register with?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[FixieHartmann]

JohnnyDoe said:
I just tried with 5 different countries of residence, and the result was always:

Unfortunately, we can't help you today​

Based on the country that you live in or are moving to we are unable to provide you with our International Banking services.
Click to expand...

Andorra or US works (if that helps..)

Martin Everson said:
Ok I see.

Might as well use Revolut Bank then. You said your not comfortable using Revolut but if your not in UK and are in EU then you will be a client of Revolut Bank and not Revolut EMI and you will have 100k deposit protection. See below.

https://www.revolut.com/help/more/legal-topics/which-revolut-companies-provide-me-with-services
Click to expand...

Interesting! I didn't know that. I just checked and I am actually a customer of Revolut Bank. So that alleviates at least some of my concerns.

 

[Martin Everson]

FixieHartmann said:
Andorra or US works (if that helps..)
Click to expand...

Yes you need to be from real countries where people have a need for a offshore reserve account such as Nigeria, Pakistan Egypt, Lebanon etc 😉

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[JohnnyDoe]

Martin Everson said:
Yes no EU countries due to brexit and certain other countries that make no sense to them business wise. What country you tried to register with?
Click to expand...

Bahamas, Dominican Republic, another Caribbean island, Italy, Georgia

Martin Everson said:
Yes you need to be from real countries where people have a need for a offshore reserve account such as Nigeria, Pakistan Egypt, Lebanon etc 😉
Click to expand...

I just tried Guinea, no luck.

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[Martin Everson]

JohnnyDoe said:
Bahamas, Dominican Republic, another Caribbean island, Italy, Georgia
Click to expand...

Should have tried Cayman Islands. Btw its not they don't accept those clients its that they no longer accept new clients from a lot of those regions 😉.

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