Setting up a US bank account from Australia

I've known people that have flown to the US, opened an account, came back to Australia, and still had problems with the bank, as the bank wanted to have someone on the ground that they knew and represented the customer, so it could still be a problem even after flying over, maybe not in all cases, but certainly the whole banking system seems to be gearing up to try and stop overseas investors. Especially those that still don't have some local 'Good Standing' representation..

Like many others that have been opening accounts for clients, when dealing with any bank, you usually deal with an employee, and it's when that employee leaves, no one else will take over, so that source stops and you have to go the rounds again.

The best and securest way, is to not just work with some employee at a bank, but actually work with the bank itself, so no fear about it closing down, as it has been through a long legal process to make sure it covers everything required for the Patriot Act etc. I am now working with such a bank.

After many months of meetings and negotiations with the VP and the banks legal counsel,  the Attorney I'm working with, who is also a partner in one of my Asset Team Supply Companies I'm associated with, has family connections who actually own the bank, and it has been a long legal process to have it all worked out. You will have to sign what's called a ' Special Durable Power Of Attorney' , there is a fee involved, and you will get a strong, legal, and ongoing account.

This is a a unique situation, maybe not for everyone, but having a POA involved is not a major issue, unless you are trying to hide something. Although based in KC, they will open it for interstate buyers as well, forget an employee leaving. the bank is 100% behind this.

I will also have another very secure source very soon, to open an account with that has taken many months to get sorted out.

Cheaper than flying over, no fear of it closing, and having someone of reputable standing  representing your interests.

If you just want to have your money sent back to Australia, why not just arrange for your property manager to send it as a lump sum say every three or six months and just pay the one transfer fee?

Hi Jayman,

I have also recently established a relationship with a smaller bank where all decisions are kept in house and they will happily open up accounts for all foreign investors with out them being present within the US.

They don't require notary or JP signatures and no POA is needed.

We have a bank in Atlanta that will do the same.

This has been a big pain for many involved in the business. Not just investors but also lenders that need active accounts to withdraw funds out of.

Thanks

Hi Jeff,

Thanks for your post.

That exact thing happened to our group on 2 separate occasions. Its just a matter of moving all account to the new bank. Where there is a will there is a way and where one door closes another opens. We found that most of our investors feel most comfortable when they and only they have complete access to their accounts.

There sure are some great numbers in KC.

There are many flooding to Ohio at the moment also.

Thanks and have a great day.

Hi Jay,

We looked into this option.

I was going to be the nominee. I got advised by our attorney not to do so as I could be exposed to issues later down the track if the LLC was to have any lawsuits.

Thanks.

Hi, new member here and I read your conversations with interest as I am in the US and have an Australian investor who needs a US bank account. Has anything changed with regards to having to physically be in the bank to open an account? I’m in Ohio. Chase bank says they
will not. Thanks.