Buying properties in America

Hi mate,
You can open the bank in the name of your LLC. I have one over there for this precise setup. If you dont want to be there personally, then you will need to delegate someone to open it for you. This is a bit dangerous but if there is someone you can trust with your bank account information AND the ability to access/control it (as they need to open it on behalf of the LLC) then you can go down that avenue. Thats how I did it.

Make sure you use the right bank in the states though, the bank that I was recommended doesnt let me do transfers properly. Its a pain, so make sure all the little details are correct, like what you want to be able to do (e.g. have a debit card that transactions can be against, transfers between banks etc.).

Best way that I was recommended to transfer funds is through http://www.ozforex.com.au/ I’ve used them on multiple occasions. You get a quote for the currency exchange (better than the banks) and then transfer funds into your ozforex account, and then they wire it to your bank account in the states. I havent had an issue with them, just make sure you have all the correct information for the transfer, e.g. SWIFT numbers etc. Dont think there is a limit on transfers, I’ve transferred $40k in one hit from memory.

Good luck. Investing in the states has high administrative overheads.

BS

• This reply was modified 9 years, 10 months ago by  Stannis.

CharlieX wrote:

hello everyone,
this looks like the right section of the forum to put up my post.

we have setup an LLC in Nevada last year to invest in properties in America, but we have run into dead end trying to get a bank account setup in America. I am an American citizen who has lived in Australia for the last twelve years and my business partner is an Australian citizen, the bank people in Australia and America said we can open the bank account in my name but I have to go back to America to be present to open the bank account. We want the bank account to be in the name of the LLC company, not in our personal names. Does any one on here know how to open a bank account in the company’s name, without having to go to America? Also once the bank account is open, is there any limit to the amount of money you can send from Australia to buy American properties? and what is the most cost effective ways to flow the money between America and Australia?

any advise is appreciated. Thank you

Hi there,

Yes you can open a bank account in the states without actually going there.

Over the last 24 months, we have been performing a significant amount of structures in the states for SMSF and non-SMSF. Part of this was dealing with incompetent attorneys in the states setting up LLC and bank accounts for us, only to see they set it up incorrectly, i.e wrong name, incorrect managing member etc.

As a result, Redwood now offers LLC set up and bank account set ups for Aussies looking to invest in the states.

It is quite simple, I would include the process for those interested in a separate post but it is bloody easy.

The bank account can be set up in individual or LLC name, you will need 100 points of ID plus OA & EIN for LLC. Otherwise it can be done from Oz without travelling there. Set up fees are quite cheap to.

Hope that helps!

Cheers Ivan

Hi there- yes it doesnot work that way. I have a Citibank US account, but I opened that over there. Re banks – here is the ADI list http://www.apra.gov.au/adi/pages/adilist.aspx which is important for SMSFs – otherwise use online banking, we set up with two preferred banks and they are reputable and easy – they don’t have branches here nor do you need them.

Re FX – you use a FX to transfer money across to the states – happy to help there too.

Cheers Ivan

Engelo – you know me – my secret is easy. call me

Ivan

Sorry Charlie, I dont have a recommendation for a bank, only NOT to use the bank I’m with – Santander Bank. https://www.santanderbank.com/us/personal/banking/online-and-mobile-banking/online-banking

Good luck.

BS

Charlie,
Just thought I’d put in my two cents:
Looks like you’re a bit nervous about sending money via a money exchange company such as OZForex /HiFX etc.

I regularly send funds to my Bank of America account using HIFX. My process is very very easy:

1. Sign in to my HIFX account online
2. Create the transaction – following the very simple guided steps they walk you through (where it’s going, bank numbers, SWIFT’s etc)
3. They send me an email confirmation.
4. I send the funds to their account (details given in the email – their bank account, ref. Number etc), and they complete the transaction into my US account.
5. Sit back and wait – usually takes about 4-5 days from 1 – 4 (above)

It’s very very easy, and the first $100 I sent, I was also concerned, but now, no problem.
The great thing about using a “reputable” company, is that their exchange rates, and the costs of transactions are much better than the banks provide.

I’d suggest giving it a go when you’ve got the bank account setup. Just maybe $50 to start with (make sure you send more than the transaction costs though. I pay about $15 each end – the banks charge at least $25)

Hope this helps.

It’s possible to open a bank account with Capital Bank in Florida from Australia. A couple of small procedures needed but on the whole very easy to do. I am living and working in Cape Coral Florida and did the rounds of the banks to find one that would help. I too used OzForex for transferring funds and use UsForex for transferred back to Australia. Super easy, reliable and much better rates than a bank. Let me know if you want more information.

EIN’s have been crazy. Anything from two days to two months in some cases. Fortunately once that hurdle is past, the bank bit is easy. There is more than one bank in Florida that will open accounts too but I choose to stick with Capital for my clients as I have a great relationship with my banker who makes transactions a breeze.

Cheers Judith

Hi CharlieX,

I have used a Australian Based company who support all things needed. administration-wise for starting and maintaining a US property portfolio, they are called International Portfolio Group, and you can do everything by email and scanning so it is super easy.