Hi All,
I’m hoping to go to San Antonio soon to invest. Obviously I will need to have access to some money whilst over there to pay for a deposit / cash settlement. I’ve spoken to a few people from US banks and they tell me that it is easy to open an account over there, which I can then transfer funds into from Australia. Could anyone with US experience shed some light on this for me, as opening an account from here, before I get over there seems a little complex.
Thanks for your help,
Phil.Hi Phil
Opening a US Bank A/c when you are in the States is no problem.
You will have you Passport and that is one of the forms of ID they will require.Make sure you use an institution that gives you immediate Internet access so you can access the funds and also transfer the monies to the US A/c when you are back in Oz.
Someone like Bank America i can recommend to you as a helpful institution in Tx who offers immediate internet access.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Try HSBC. They have branches in Australia too.
http://www.us.hsbc.com/1/2/3/international-services. This link should help and you can call 800-978-4722 for assistance
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investmnet.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Buzzer,
My advice is to stay clear of HSBC..I have a HSBC account but it takes up to 6 months before they will issue you with internet access.
Very strict guidelines for foreign nationals. I opened an account with Bank Of America when I was in texas and they provide internet access to you immediately.
All that is required is your passport and drivers license.
Be sure to ask questions about the type of account and fees associated with it. When I opened mine, I noticed i was getting $12 a month deducted all the time and didnt know why!When I enquired, I was told that I needed a minimum $1500 in the account to avoid these fees. Again though, I didnt ask either but at the same time i wasnt advised so just ask about fees and charges etc so you can decide which account is best for you.
Good luck.
Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comI’ll make some calls next week to other banks that may have a presence in both the US and Australia.
We should be able to find one which is acceptable to the mortgage lenders here in the US and that can move quickly for clients wheter they’re still at home or visiting here.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Ben
Just wondered how many other Banks you were aware of that have a presence in both US and Aus ?
Neither Citibank or HSBC offer immediate internet banking.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Richard,
HSBC was the only one I had spoken with up to this point. With their lag in internet service I’d like to find other alternatives.
Will make an update here next week after making some calls.
Enjoy your day.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Phil
HSBC do not operate in San Antonio sure you can do banking there but there is no main branch there. So I would open one with them .
Kind regards Rick
We buy properties cash fast settlements no fees no fuss. contact me on 0408 355568
[email protected]I’m in the process of opening an account with HSBC….just wondering if a normal savings account will do for mortgage applications? or do I need a different type of account?
Albert
Yes,
Will be ok for the lenders here in the US.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Hi Albert
No a standard account that can be direct debited will be just fine.
Some lenders will reduce the LVR on the amount they will lend if payments cannot be debited from a Bank A/c but an HSBC A/c is fine.
As mentioned earlier just remember that you will not be able to obtain internet access for a minimum of 6 months with HSBC.
Cheers
Richard Taylor
Residential & Commercial Finance Broker. Licensed Financial Planner.
Ph: 07 3720 1888
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Thanks to you all for your replies. Bank of America seems to be the best bet. Transferring by internet may be a problem though – I think there’s a $5,000 limit on transfers from my account. I presume that as soon as the account is opened someone in Aus could transfer the money for me through the bank by wire, or telegraphic transfer, or whatever it’s called. I enquired at Westpac and they said it should only take 24 hours for it to clear in the U.S. account. Does anyone know if that is the case?
Phil.hi Phil,
for transferring money i use Ozforex,there fees are about half that of the banks.
I generally allow 3 days to transfer.
As people have said make sure you can get internet access straight away.As chad has mentioned keep a track of fees these banks use as there is usually a minimum amount you have to have in there.otherwise will incur a fee
Key US Banks that will allow you to open an account and not have to be in the US. Most of the data should be accurate.
Wachovia
http://www.wachovia.com/corp_inst/page/printer/0,,7_19_1575,00.html
Virginia Prince
800-922-4684 opt#2 ext. 66837
Direct 804-762-6837
She’s there from 10-5 ET
Let her know that you spoke to me, she was very knowledgeableBanking products range from basic to relationship based.
Basic checking requires $50 to open, no minimal amount or fee.
Basic checking requires $300/m minimum or $8 fee.
Various other accounts available.
You would need to call in to request a package that will be sent through regular mail (can request overnight).
There a number of items needed to get approved, hardest thing they see is getting passport validated.
Once all your info is back to them it takes about 7-10 for them to approve and get a welcome package out to you.
Once the welcome package comes back it has all of your account info and you then need to fund the account with the minimum requirement. You can send up an online account immediately once you’ve got your account # and info. Money transfers or bill pay can be done 3 days after you set up the online account. Can only use bill pay for paying business within the US.
Your atm cards are sent out through regular mail about 7-10 days after funding the account.
Money transfers or bill pay can be done 3 days after you set up the online account
Any funds that need to be wired out of your account may pose a problem. For the initial wire they require the client to be at the bank. Future wires do not.Citi Bank
http://www.citigold.citibank.com/citigold/lacggl/english/accounts/services/ipb.htm
IPB – international personal banking
Offices in San Francisco, Miami, NY
San F. # 415-627-6161$25,000 minimum to open
$50/m if it goes under
Borrower speaks to a banker and sends requested needs list.
7-10 processing time once everything is in.
Welcome package sent overnight once approved.
Client must call to activate card, once this is done they can immediately set up online user account.
Must wait 14 days until they can transfer funds online.
In the meantime they can use the CitiFax kit to send a wire by fax, this gets sent to the Tampa IPB center.
Can deposit funds into account by wire or check order.Wells Fargo
https://www.wellsfargo.com/inatl/consumer_services/apply
1-877-314-2748 phone
1-415-975-6562 fax
[email protected]
7:00 a.m. to 5:00 p.m., Pacific TimeMinimum to open $100.
Min balance $1,000 or $8 monthly fee.
Most fill out online app…cant do over phone.
Once completed and all requested info over the approval should be done in 7 days.
Welcome package is sent regular mail.
The atm card takes 2-3 weeks.
Online account can’t be open till the card and pin come.
No transfers of funds available online.
Must be done through Funds Transfer Agreement Form which can be sent to you by fax/email.
Original Form must be mailed back to bank.
Once they have the form you can then fax monthly wire requests to transfer money.HSBC
http://www.us.hsbc.com/1/2/3/international-services
(800) 975-4722Didn’t get real specific with them because like previously advised, they will not set up online banking for 6 months after the account is established.
You would need to go into a local branch or call the 800#. Once all the documentation is supplied to them it takes about 2 weeks to establish the account.Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
This is an update for the Wachovia Bank Info.
In my last reply I indicated that pulling funds out of this account may pose a challenge as they usually need the client physically there to request a wire.
Virginia, the contact there has found out 3 convenient ways that funds can be taken out for closing. You’ll want to verify these too as you’ll definitely need to know how you can get your funds out.
1. The Full (not specific) Power of Attorney you appointed can go to a branch and request a wire
2. The Full (not specific) Power of Attorney you appointed can go to a branch and have a cashier’s (or bank) check issued for the closing.
3. If you don’t have a Power of Attorney then you will need to fax the branch the request to wire funds to the title company.Also, Virginia’s email address is [email protected]
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
On Skype at: Ben.Carmona-US.Investment.Loans
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Ben,
Thanks for you feedback and information once again. It is always valuable and appreciated. I’m sure everyone on this forum looking at the U.S appreciates it.
Just a tip guys, although we do need a U.S BANK ACCOUNT, my tip is for “money transfers” ozforex is still cheaper. Guys it is still cheaper to Transfer funds via Ozforex directly to the U.S than within the U.S believe it or not.
I am not saying dont get a U.S bank account because we definately need it..I’m just saying do your transfers from Australia using Ozforex.
Ozforex now also has a transfer facility from the U.S back to Australia. All you need to do is register with them and get them to set you up for both.
Bank Of America is also more user friendly than HSBC in my opinion. I have both.
Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
We also provide Owner Finance in a new emerging market.E-mail:[email protected]
web: http://www.gr8realestateinvestments.comHi Everyone,
I just thought I’d add I opened a HSBC Business account in late September and the only delay in accessing internet banking was waiting for the information to be sent with logon details etc. That took about 2 weeks.
Apart from that I have had internet Banking ever since and have transferred money etc without problems from Oz.Cheers
Graeme
G’day
Don’t know if you’ve sorted your US account problem, but I have just opened an account with Wells Fargo in Las Vegas.
I was in Louisiana at the time> Did not need to go to the bank, everything was done with 3 phones calls and 2 lots of faxing.
I have internet access, and my visa debit card arrived in 10 days.
If you need any further info, pse come back to me via my web site at http://www.pdpic.comRegards
Phil DHi Everyone,
I’ve read a lot about which bank people should try.
I have nothing but glowing reports for KeyBank.
I set up an account a couple of years ago with $300, showed my passport and was online within two weeks.
Best Regards,
Wiley[cap]
Lets remember what online banking will let you do. As far as HSBC goes – it only allows you to view and transfer funds around your HSBC accounts. There wasnt any ‘pay bills’ or ‘pay anybody’ facility we enjoy here in Aus/NZ. If you need to transfer funds say to a property manager or other 3rd party, HSBC require a signed authority – faxed/emailed – and will ring you back to confirm the transfer. On top of that you have inbound and outbound fees – usually around $10-$15.[cap]
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