Looking at opening a bank account in the US.
What institution did you go with and what account type?
A few folk have mentioned HSBC due to branch availablity in AUS/APAC.
Folk also have mentioned some fairly expensive options like accounts that require $100,000 or accunts that require $50 a month fee.
Both of these seem exceptionally expensive – why not open a basic account?
Also what is the difference between checking and savings accounts?
It used to be that checking accounts came with cheque books but nobody uses cheque books anymore.
I am in Sydney.
I personally and through my LLC's use Chase in the US. Their on-line banking is excellent and allows you to send checks on-line to pay bills as well as offering the usual services like debit/credit cards, wire transfers etc. The downside is that you can't open an account with Chase from outside the USA. Other investors on this forum seem to have had varying success with HSBC.
The main difference between checking and savings accounts is the interest that they attract and yes when you write checks they come out of your checking account.
Thanks, spoke to HSBC. They said $200 fee to open an account from overseas. They said just open the basic savers account.
No minimum deposit. No monthly fee.
It has internet access and the ability to do electronic bill payments and Electronic Fund Transfers to and from both locally and internationally.
Seems like all you would need.
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