Looking for EMI or bank account accepting ACH

[cammerjack]

Hi:
Company that was paying to me for over 15 years, stopped using wire and SEPA, so the only way to get money now is by ACH. So, I am trying to find simple and cheap solution to get $ by ACH from USA company. Account has to be personal, in my name.
paxumbank won't do this even if they told on their site so that's not an option.
Thank you!

 

[daniels27]

Ofx? Amnis? Charles Schwab International.

Otherwise get an ITIN and open a capital one or fly over and do bank of America, etc.

Should not be too hard.

 

[Forester]

daniels27 said:
Ofx? Amnis? Charles Schwab International.

Otherwise get an ITIN and open a capital one or fly over and do bank of America, etc.

Should not be too hard.
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Yes.
Even easier can be to go for some Puerto Rican IFE, my first bet would be Zenus Bank (I think they offer ACH).

BTW, if you have a possibility to convert your relation with the company into a B2B one, then establishing a LLC (NM is really cheap) will solve your banking problem for a long time.

Last edited: May 1, 2024
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[CyprusLawyer101]

I think Mercury does ACH, not sure if for personal account though

Last edited: May 1, 2024

 

[Forester]

CyprusLawyer101 said:
I think Mercury does ACH, not sure if for personal account though
Click to expand...

Yes, it does; unfortunately, according to the current TOS, only for businesses.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Xshore]

Wise does.

 

[cammerjack]

Forester said:
Yes.
Even easier can be to go for some Puerto Rican IFE, my first bet would be Zenus Bank (I think they offer ACH).

BTW, if you have a possibility to convert your relation with the company into a B2B one, then establishing a LLC (NM is really cheap) will solve your banking problem for a long time.
Click to expand...

I've opened account here because it was the only one I could find. Guess what. Their ACH service is using Jpmorgan as intermediary. So company sending me money is demanding that I do have account in JP morgan which is not possible.

Months wasted. Any idea who is offering real ACH service for non us citizens?
thank you

 

[offtobusiness]

cammerjack said:
I've opened account here because it was the only one I could find. Guess what. Their ACH service is using Jpmorgan as intermediary. So company sending me money is demanding that I do have account in JP morgan which is not possible.

Months wasted. Any idea who is offering real ACH service for non us citizens?
thank you
Click to expand...

Try this jack: Personal Banking - Manage crypto & USD in one place | FV Bank

 

[Piano]

offtobusiness said:
Try this jack: Personal Banking - Manage crypto & USD in one place | FV Bank
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Have you personal experience with this bank opening a personal account ?

 

[cammerjack]

offtobusiness said:
Try this jack: Personal Banking - Manage crypto & USD in one place | FV Bank
Click to expand...

thank you. I've sent them email but considering location of the bank, I am guessing it will be the same situation like with Zenus.

 

[Forester]

cammerjack said:
I've opened account here because it was the only one I could find. Guess what. Their ACH service is using Jpmorgan as intermediary.
Click to expand...

Yeah, in every case they should use some US bank. What's wrong with it?

cammerjack said:
So company sending me money is demanding that I do have account in JP morgan which is not possible.
Click to expand...

Eh? What does it mean? Why they want you to have an account with JP Morgan Chase? They wanted you to have a personal account in your name capable of ACH payments and you have it (with Zenus)...
(BTW, it's possible to have a personal account with Chase as a US non-resident but let's put it aside for now.)

cammerjack said:
Months wasted. Any idea who is offering real ACH service for non us citizens?
Click to expand...

What do you mean by “a real ACH”?

cammerjack said:
thank you. I've sent them email but considering location of the bank, I am guessing it will be the same situation like with Zenus.
Click to expand...

Yes, this is also a Puerto Rican IFE as Zenus. They can use another bank for ACH than JPMorgan Chase, though.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[cammerjack]

Nothing wrong as I am concerned and I didn't know that using intermediary can be a problem. This is the situation:
US Company sending me money (they stopped using SEPA and sending only with ACH) requires form to be filled with new bank data. In the form, there is intermediary bank and separately, my account (bank info).
Zenus told me not to use intermediary but to send directly to JPMorgan with reference number which helps them sort out my payment. This is from their email"

As of right now, we do not have a routing number, we use an intermediary bank, which is J.P Morgan, that is why in the reference section you need to put your 20-digit Zenus account number or the last 4 if you cannot put all the numbers that way once the transaction arrives at J.P Morgan, they will know what account they have to deposit the money.

So, company sending me money says that because of AML rules they require :
Please provide us with only one (1) of the following as confirmation of the bank account details:
Ӣ A voided blank check
Ӣ A letterhead document signed by a bank employee
Ӣ A bank statement

The information listed on one (1) of these documents must be from the Bank (JPMorgan Chase) that shows the Name on Bank Account and matches the full Bank Account Number and Routing Number (021000021)

I don't know how to solve the situation just as many other people from europe

Last edited: Aug 20, 2024

 

[montterio]

Piano said:
Have you personal experience with this bank opening a personal account ?
Click to expand...

I think they are in Puerto Rico

 

[Forester]

cammerjack said:
As of right now, we do not have a routing number, we use an intermediary bank, which is J.P Morgan, that is why in the reference section you need to put your 20-digit Zenus account number or the last 4 if you cannot put all the numbers that way once the transaction arrives at J.P Morgan, they will know what account they have to deposit the money.
Click to expand...

Oh well. I admit I was not aware that they do not assign to you your unique account number that money for you will be sent to; but it is managed via reference. (For many use cases, it is not a problem, so I have not heard complaints...) It means it behaves like a pooled account and everything other is clear, unfortunately. Sorry.

cammerjack said:
So, company sending me money says that because of AML rules they require :
Please provide us with only one (1) of the following as confirmation of the bank account details:
Ӣ A voided blank check
Ӣ A letterhead document signed by a bank employee
Ӣ A bank statement

The information listed on one (1) of these documents must be from the Bank (JPMorgan Chase) that shows the Name on Bank Account and matches the full Bank Account Number and Routing Number (021000021)
Click to expand...

Yeah, clear. Unfortunately.

cammerjack said:
I don't know how to solve the situation just like many other people from europe
Click to expand...

Well, you can give a try to FV bank ”“ better to ask them beforehand whether they give you the unique account number connected to the routing number. (It's possible.)

Or if you can fly to the US, walk-in and open an account with some US bank (Chase or BofA are open and good).
Or you can try this USA Expansion Packages (look for No Travel VIP Chase Bank Account - $2,500). It might even be cheaper (and probably much easier) than a travel to the US.

Last edited: Aug 20, 2024
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[cammerjack]

I am waiting for FV bank answer. Meanwhile, I've figured out there is an option to get a check from that company as an alternative. Last time I've used check, it was 20 years ago and it was already obsolete and strange.

If I am reading well, there are banks and services offering "mobile checks" service, which means taking a photo of a check and then getting money on the account. Am I missing something here?

 

[Forester]

cammerjack said:
Meanwhile, I've figured out there is an option to get a check from that company as an alternative. Last time I've used check, it was 20 years ago and it was already obsolete and strange.
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In the US, cheques are still used quite frequently. It's neither obsolete nor strange there.
(In Europe it has never been so common.)

cammerjack said:
If I am reading well, there are banks and services offering "mobile checks" service, which means taking a photo of a check and then getting money on the account. Am I missing something here?
Click to expand...

No, you are not. Your only concern should be the costs ”“ cashing a cheque can cost a remarkable amount. BTW, I am not sure whether the way you mentioned is cheaper than to cash a cheque with a major bank, coming in person; I have no recent experience.

Last edited: Aug 20, 2024
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[SCHLOSSFINANZ]

you can deposit the check at your european bank. All the big ones accept checks from the US.
(BNP, Bank Austria, Credit Agricole, SocGen, Barclays, HSBC etc).
Clearing might take 2-3 weeks.

 

[cammerjack]

do you maybe know, is there a m mobile deposit option?

 

[SCHLOSSFINANZ]

as I as I know you could do it personally at the branch and by regular mail,
after discussing with your RM. Mobile deposit is ONLY possible from US based banks.

Or you fly to Miami and open an acccount at Wells Fargo or BoA...

To better advise you maybe you could disclose your nationality, residence and the amount?

or you try

https://www.eastwestbank.com/en/personal-banking/global-checking
They open personal accounts for non US-citizens with 25,000 USD min deposit

Last edited: Aug 20, 2024

 

[Clank]

Currenxie, no minimum balance and very low fees.