Sunstate Bank

[scottfox]

Hello, fellows,

Searching for new banking alternatives for my foreign clients, I recently found "Sunstate Bank", a Miami based institution.
Had a (virtual) meeting with them and found it a little steep (200k minimum deposit) for their profile: you can get better options (like HSBC, UBS etc.) for the same "parked" amount.
Has anyone here heard of this bank before? Or has an account with them?

Thanks!

 

[clemens]

How did you find this bank and why did you approach them if you have‌ options at HSBC and UBS?

 

[scottfox]

Hello, @clemens...
No, I said "you" (meaning "everybody") can easily open a very robust‌ bank account in a prestigious bank with such initial deposit.
In the islands, Switzerland or‍ Singapura we are very welcome to leave 200k in their institutions.
We are looking for⁠ "0 initial deposit" (or near that) and reasonable fees for the avarage company... that is⁤ why we are talking to these banks lately...
And hoping to find at least one⁣ good partner! 😉

 

[daniels27]

Do you know how long you need to keep the 200k?

 

[scottfox]

Well, I was told we have 60 days to effectively deposit that 200k... and‍ I guess (learning from our conversation with the bank representative) that, from then on, we⁠ would either have to keep an avarage balance (of 200k) on our checking account or⁤ have this sum invested in one of their investment products.

Unless it were strictly necessary⁣ I, myself, would never bank in the USA - or even bank in the same⁢ jurisdiction where I operate. But...
Still looking for options...

 

[daniels27]

What do you need? US bank account for?

 

[EliasIT]

A bank requiring a minimum deposit of 200K and keeping that amount in investments is‌ not usable for regular business, any business need liquidity and can't afford to have such‍ amounts sticking in a bank.

 

[daniels27]

To be honest, I know⁠ many businesses that pay you much earlier that required just because they have too much⁤ cash on hand. This is especially after the mains money print during COVID. I personally⁣ know many people who would have no issue in putting cash at a bank just⁢ to get an account.

 

[scottfox]

Our company‌ co-manages a few hundred Latin American owned American companies - most of them influencers, dropshippers‍ and amazon/shopify sellers. Currently, it seems Mercury, Relay, Wise, Airwallex and a few other EMIs⁠ are making things a little harder for our clients to have a stable account in⁤ USA (or at least one receiving ACH transfers).

So, in a nutshell, what we need⁣ is a bank/EMI account where our clients can plug their PayPal, Stripe, Hotmart etc..

 

[Forester]

Yes, it really depends on the︀ business. Many businesses can (and will) afford to have 200k in the bank account without︁ hesitation, for many it is simply impossible.

In such︇ a case, I do think that you want to read this I tried opening a︈ US business account in 18 EMIs, here's the result , this USA Expansion Packages (look for No Travel VIP Chase Bank Account - $2,500 and Enterprise: Looking For Something More?︉ below...) and this Mentor Group Gold - AD Thread! - I can help you to︊ open a real US Corporate Bank Account for your US LLC remotely. The last︋ one can help you really easily, I guess.

 

[scottfox]

Fellow, thank︀ you very much!
I will sure use @yngmind referred services... after so many participants vouched︁ for him! Excellent!

And, yes, I have real the @janet25 's post (I tried︂ opening a US business account in 18 EMIs, here's the result) - very helpful!︃ Additionally, we keep a spreadsheet log with about 150-200 banks/EMIs that we track, visit and︄ test regularly. We are considering making it public so more people could collaborate - just︅ don't know how.

 

[Forester]

You are welcome 🙂

Well, we can think about it...

UPDATE:
A new⁤ thread A list of about 150-200 banks/EMIs that are tracked, visited and tested regularly -⁣ how to make it public... was created for this discussion. All interested, please continue there;⁢ it is totally off-topic here, clearly hijacking the thread and in the same time, really︀ worth discussion. Thanks!

 

[EliasIT]

I know, if you are a huge business with an 20+ million $⁣ turnover each year it is peanuts to put 200K in a bank account. But for⁢ people with only a few millions in profits and without troubles to get a bank︀ account by walking into the bank from the street I would refuse to put 200K︁ in there!

 

[icecold]

let us know how it is going please.