- BJG88 wrote:I just arrived in the States on a fact finding trip.
How long are you there for? I am flying over that way tomorrow.
Steve
BJG88 – it is always oh-so-simple in the beginning:)
Remember the half life…. It WILL get you in the end:)
or should that be Buy the property from Australia, keep the funds in Oz until you get your HUD (closing statement), wire the funds through to the closing attorney or title agency and own the property… your property manager will collect the funds and wire to you every quarter or whenever you want your funds…. simple. If you happen to be the type that is uber diligent and can remember to check rents are being received diligently by the 5th of each month (or have Section 8 paying 100% of the rents) then great – but realistically, your property manager should be doing that and you just getting a statement from them
Agree 100% on the buying part. Only question is the cost to wire every quarter?
Not a favorable exchange rate at the mo.
If you HAPPEN to go to the States for your tax deductible trip to the US, yay you – open an account then – again, not sure why you need to but still.
Leave it in a USA account,Take a trip to the US and take advantage of the Au dollar when it falls to .80/To US dollar
Rick
I agree, really no need for the account.
I lived in the US for over 10 years and none of the banks are really any good……Bof A, Suntrust, Wells Fargo. I got sick of their monthly fees among other things. I changed to a credit union who have no fees, free counter cheques, bill pay etc. I still do my banking from Au and pay bills for my properties there. I bank with CUA here and the credit unions there are better.
Setting up an LLC is very easy. Takes 10 minutes online, cost about $185. No lawyer needed, but you need to have a US address for your office. Australians need to be aware of their tax obligations to the US, when investing in the US. Their system is very complex and not only might you have to file a return there, but also declaring your Au. income.As one who has investments in the US (read my comments at https://www.propertyinvesting.com/forums/property-investing/overseas-deals/4344313) I can recommend Chase Bank. Very easy to work with, low monthly fees ($15/month-unless you have at least $5000 daily balance). Fast money transfer overseas. I don't think you can you open an account if you are not present in the US.
An international bank spread all over the world is MSNBC, which has branches in the US, as well; I don't know about Australia.From what I have heard it is nearly impossible to get a US bank account, if you are not in the US setting it up for yourself. Also, your best bet is probably Wells Fargo as others have said. Bank of America and Citibank are two others you may want to look into as well.
It's not that hard, just had a friend do it the other day when he came to the states.
We have found the above info to be true,
Namely that you do have to be in the States to set up a bank account. unless you have very big contacts there.
I think it has to be a notary who will personally vouch for you, ie has met you in person and will I.D. you in Aus with your Aussie passport.
You certainly need a real US address (not a post office box) for mail from your US bank.Make sure your bank operates in the area you are doing business! Not at all necessarily so.
Don't expect Aussie interest rates and terms! You'd be dreaming!
Don't expect to ever borrow from a US bank without a social security number (ie a visa and living in USA).
This is our experience, but others may know of a different way…Look at transferring money through a foreign exchange group (we use and like OzForex.)
Quick and easy, much cheaper than using either an Aus or US bank to transfer money.Ruth
propertyinvestingusa.combigfirerichie wrote:Currently in Arizona. They won't notorise a document here for an Australian in case I'm a Mexican! Not just the banks that are backward! I set up a us bank account from Australia through HSBC, cost $200, but can be done. Never used it though as there was no branch in Vegas. Waste of 200 big ones. Signed up with wells Fargo when in us for a fee free account that now costs $13/month. Have an appointment on Monday with Charles schwab bank which reads ok. Will let you know how I get on.Hi Bigfirerichie,
Do you have a contact from HSBC who you dealt with? We've tried to open a bank account through them without much luck.
Cheers,
Lennyquickchick wrote:We have found the above info to be true,
Namely that you do have to be in the States to set up a bank account. unless you have very big contacts there.
I think it has to be a notary who will personally vouch for you, ie has met you in person and will I.D. you in Aus with your Aussie passport.
You certainly need a real US address (not a post office box) for mail from your US bank.Make sure your bank operates in the area you are doing business! Not at all necessarily so.
Don't expect Aussie interest rates and terms! You'd be dreaming!
Don't expect to ever borrow from a US bank without a social security number (ie a visa and living in USA).
This is our experience, but others may know of a different way…Look at transferring money through a foreign exchange group (we use and like OzForex.)
Quick and easy, much cheaper than using either an Aus or US bank to transfer money.Ruth
propertyinvestingusa.comHi Ruth
we have set up bank accounts from Aus, our lawyer organised this, bank requiring address in US, that's correct, we use our property management companies address.WI
I'm heading to USA and setting up a bank account this Friday…..
Let's see how it goes!streamlineinvesting wrote:bigfirerichie wrote:Currently in Arizona. They won't notorise a document here for an Australian in case I'm a Mexican! Not just the banks that are backward! I set up a us bank account from Australia through HSBC, cost $200, but can be done. Never used it though as there was no branch in Vegas. Waste of 200 big ones. Signed up with wells Fargo when in us for a fee free account that now costs $13/month. Have an appointment on Monday with Charles schwab bank which reads ok. Will let you know how I get on.Hi Bigfirerichie,
Do you have a contact from HSBC who you dealt with? We've tried to open a bank account through them without much luck.
Cheers,
LennyHAS ANYONE BORROWED THROUGH HSBC I SEEN ON THE AMERICAN SITE AUSTRALIANS CAN BORROW WITH 40% DEPOSIT AT AROUND THE 4% INTEREST . YOU NEED TO HAVE A HSBC PREMIER ACCOUT THOUGH . TO HAVE ONE OF THOSE YOU NEED $100000 IN A BANK ACCOUNT OR $100000 IN INVESTMENTS WITH HSBC . IF THATS THE CASE IS THAT $100000 IN 1 LOAN OR CAN I BORROW $100000 AND PUT DOWN $100000 AND BUY A FEW PROPERTIES WITH THAT ONE LOAN ??? PREMIER ACCOUNT
[email protected]In order to open an bank account with HSBC USA, first you have to qualify as a Premier client with HSBC in your home country (whether it is Australia, Canada, Singapore or the UK, to name a few countries). In Australia, to qualify as a Premier client, you would need to have AUD$200,000 in cash deposits with them (this amount can include investments like managed funds) or AUD500,000 of loans with the bank in Australia itself.
If you do not wish to park $200,000 with HSBC, then you may be able to open an account with them to have Premier status for a fee – you need to check this though, as I’m not entirely sure myself.
The question you need to ask is if you are able to get an account opened with HSBC USA as a Premier client, are you required to park US$100,000 (can be made up of both cash and investments) in the US, in addition to the AUD200,000 in HSBC Australia (assuming Australia is your home country).
Brent, I know that HSBC offer loans for a second home but it is very likely that one would have to hold a visa that enables them to stay longer than the 90 day tourist visa. Do they offer loans for rental properties? You may wish to read British Buyer’s thread, Miami (Ad)vice on this forum for his experiences with HSBC.
Hi Streamline Investing
I opened my HSBC account in person at the Brisbane branch. This was about 16 months ago so not sure if anything has changed.
At the time it just involved paying a fee of $200 and bringing in a bunch of paperwork, ID, bank statements etc.
Didn’t need to open a premier account.
Having said that, I never used the account as there is no branch in las Vegas.
If looking to open a US Bank Account, there are a few ways that it can be done without visiting in person, but one of the most important things to remember, is that when dealing with a particular bank, the Business manager is the key to whether you have no problems or nothing but problems, or you get a Personal banker to work with.
A number of buyers are using companies that have a third party on the ground over there, and who then open a Bank Account under an established account with the third party involved, or, opening a new account but again with the third party being involved.
So you will always have that other company or person attached to your account.
After using a number of contacts to help open my clients accounts, I have now established a great relationship with a personal Banker at Wells Fargo, and it doesn't matter where you are buying in the US. He also understands the Australian situation and has been a great help with clients, having opened for a client who was using his SMSF as well as those with an LLC, without too much fuss and without any third party or having to be there in person.
So it can and is being done for clients, which is part of the services I can offer to clients.
Hope this little bit of info helps.
Jeff
I have banked with Chase for several years now they are great. Yes their fees are a bit on the high side but that’s an expense of doing business in the US. Their on-line banking system is very easy to use and will let you send out checks on-line. Great when paying bills that don’t accept credit card payment. You can also mail US dollar checks to them to deposit in your account. Their customer service is very good also with great fraud protection.
I do recommend Bank of America if you are building your credit, by getting their get their secured credit card. After about 6 months you should be able to get an unsecured card and then close your account.
“I do recommend Bank of America if you are building your credit, by getting their get their secured credit card. After about 6 months you should be able to get an unsecured card and then close your account.”
We were told a similar thing.If any Aussie has succeeded in getting an unsecured credit card in the US within the last couple of years, we would love to hear about it!
Our only option is to use family in USA to go guarantor for us, which we don’t want to have to do.We are living in US, with a business visa, have banked with WF for 2 yrs plus had a secured credit card with them for 18 months, and they won’t give any credit to anyone without permanent residency. We have little confidence that we can do any better with any other bank.
Happy to be shown to be wrong though!
Ruth
propertyinvestingusa.comYou can open an account without going to the US, but it’s not legal. It can be done, but the bank’s manager takes all the risk. The can close the account as well, I have been told.
Hi quickchick
After using the BoA secured card for 6 months I got offered an unsecured Capital One Platinum card in the mail. You need to make sure your secured card is reporting to your ITIN credit file.
or should that be 
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