personal account USA and proof of address
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BofA: I visited several branches in different cities in California. In all of them, I was asked to provide proof of address in the USA. Additionally, in one branch, as a holder of a Russian passport, I was also required to bring a form from the immigration service confirming that I'm not on any sanctions list; at other branches, they seemed surprised and said that it is definitely not necessary. The branch manager explained that the client profile contains two addresses - a residential address (which would be the address of my country of residence) and a mailing address in the USA. It is the latter address that needs to be confirmed.
Wells Fargo: I also visited 3 branches. In their client profile, they have three addresses - residential in home country, residential in the USA, and mailing address. In two branches, they requested proof of the residential address in the USA. Eventually, I found a branch in San Francisco's Chinatown where they do not require any confirmations; they record everything based on verbal information. It was sufficient to provide my passport and a credit card with my name. The branch manager handled the documentation. He explained that they do not usually ask for verification, but compliance might occasionally request it later. Therefore, it seems that the requirements vary significantly depending on the specific branch. It also appeared to me that they are more lenient in areas with a high concentration of migrants.
Wells Fargo: I also visited 3 branches. In their client profile, they have three addresses - residential in home country, residential in the USA, and mailing address. In two branches, they requested proof of the residential address in the USA. Eventually, I found a branch in San Francisco's Chinatown where they do not require any confirmations; they record everything based on verbal information. It was sufficient to provide my passport and a credit card with my name. The branch manager handled the documentation. He explained that they do not usually ask for verification, but compliance might occasionally request it later. Therefore, it seems that the requirements vary significantly depending on the specific branch. It also appeared to me that they are more lenient in areas with a high concentration of migrants.
You will receive a bank statement that contains your US address. This is valid proof of address. You can use it to open accounts in other banks as a backup.
If I open a non-res bank acc in the USA, will I be subject to FACTA? I currently live/Reside in Europe. I am a not a US Citizen.
Will the US Bank will then automatically send my acc details and balances to my country of residence, similar to that of CRS?
Will the US Bank will then automatically send my acc details and balances to my country of residence, similar to that of CRS?
Depends on what you do with the money that you have in your US bank.
If you get interest on your money and make more than 10€, chances are they will report back to your home country.
But there are specific agreements with different countries, so it's better that you read what specific agreements the US has with your country of residency.
And what if your country of residency is a "frontier market" country / African country that the US has no agreements with?
I have Charles Schwab U.S.
I don't know about Charles Schwab international.
You can get an account with Charles Schwab U.S. by either having a U.S. address, or by using an LLC to open an account.
I use the debit card all over the world and it works great, no fees!
You did it remotely?
And how do you see it for large transactions?
And is their website is professional like Mercury?
Yes I did everything remotely, but I used a CPA in Florida. He takes care of all the forms.
No problem for large transactions whatsoever, Charles Schwab has a lot of clients with a lot of money.
Their website is excellent. Once you have the account opened, you'll get a regular checking account, and a brokerage account in case you want to invest some money. I'm very happy with them, great customer service!
Sounds like better option for me for a real banking away from JP Morgan ,BOA Wells Fargo which i know a lot of business people complaining about them
Just to understand it correct, all you provided is a US LLC with address + personal KYC and they opened a business account for you? You didn't need to visit them, not provide any SSN or ITIN ?
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I also have a very old account with Chase that I rarely use. Chase is more complicated and their customer service could improve, and their website is somewhat limited.
I use Schwab constantly, if I have a question I call them and they answer the phone. I'm very happy.
That is correct.
You form an LLC, you give them your address + personal KYC, and that's it, no need to go to the U.S., no need for SSN or ITIN as it is not a personal account, it's a business account (although I don't conduct any business, I just use the brokerage account to invest and trade).
You can do the same with Interactive Brokers, but I'm not sure that Interactive Brokers will also give you a regular checking account, I think they only give you a brokerage account. I'm sure someone here could provide more details about Interactive Brokers.
One last thing.
To open a business account with Schwab there is a minimum amount of money required. I don't remember exactly how much it was, but I think it's $250K. And with Interactive Brokers I think it's only $2,000-$3,000.
Last edited: Apr 8, 2024
Is there a US brokerage that allows you to use your account to receive 3rd party incoming wires/ACH?
Interactive Brokers forbids it.
I only need a US account to receive USD payments, as it's expensive for both parties to receive them into a USD account abroad. I do not have a Wise business account and do not wish to risk receiving payments into my Wise personal account so Wise isn't an option.
Last edited: Apr 9, 2024
Interactive Brokers forbids it.
I only need a US account to receive USD payments, as it's expensive for both parties to receive them into a USD account abroad. I do not have a Wise business account and do not wish to risk receiving payments into my Wise personal account so Wise isn't an option.
Last edited: Apr 9, 2024
I haven't received any 3rd party wires up to now, so I don't know, but I don't see why I couldn't.
I don't think Interactive Brokers gives you a checking account, just a brokerage account, maybe that is why they don't accept 3rd party wires.
But any U.S. bank will allow you to receive 3rd party wires.
I would contact Fidelity and Schwab and I'd ask them, both Brokers will give you a checking account, as well as a Brokerage account. I don't see why you couldn't receive 3rd party wires into any of those checking accounts, but check with them to be sure.
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