Opening a US bank account

[Emerald 0]

Does anyone know if you can open a US bank account from oversease? Hubby is a USC... we want to send money to a US bank account as the Aussie dollar is high at the moment.

If so how do you go about it.

Thanks

Emerald

[KHURRAM SERAJ 0]

Does anyone know if you can open a US bank account from oversease? Hubby is a USC... we want to send money to a US bank account as the Aussie dollar is high at the moment.

If so how do you go about it.

Thanks

Emerald

This should help:

http://www.aca.ch/overseas.htm

OVERSEAS AMERICANS AND U.S. BANK ACCOUNTS

Many overseas Americans have been frustrated recently by the fact that some U.S. banks will not open accounts for them in the United States if they have a foreign residence and cannot provide a U.S. address. Some banks went so far as to close existing accounts that were listed with foreign addresses.

Ed Betancourt, the Director of the State Department Office of Policy Review, has researched the problem with various government departments and has given overseas Americans and U.S. banks a clear statement of principle in this regard.

The State Department has drafted a form letter which clearly explains how U.S. banks should treat accounts linked to a foreign address. The State Department has offered to provide a signed copy (via fax or email if so desired) to a U.S. Citizen who would like to have one.

The name of the requesting individual will be indicated as the addressee in the letter. This person can then present this letter from the State Department to the individuals or financial institutions with whom they may be having difficulty opening or maintaining an account. The State Department has learned that this letter has already been of great help in a number of cases.

To request a signed copy of the letter you will need to write to (correct address as of February 2007):

Overseas Citizens Services

Office of Policy Review and Inter-Agency Liaison

U.S. Department of State

SA-29, 4th Floor

2201 C Street, NW

Washington, DC 20520

The text of the State Department letter is as follows:

Dear (name of citizen concerned),

This letter is in response to the concern you expressed regarding the USA PATRIOT Act and your access to banking in the United States. The Department of State has been contacted by numerous individuals alleging that, under the USA PATRIOT Act, their U.S. bank accounts have been closed or that they have been prohibited from opening an account due to foreign citizenship or a foreign address. The USA PATRIOT Act does not prohibit foreign citizens or individuals with foreign residences from opening or maintaining a U.S. bank account. Such activity is done frequently and is necessary in a global economy.

Notably, however, the USA PATRIOT Act does require financial institutions to complete enhanced security procedures in certain circumstances. For example, under Section 326 of the Act, financial institutions must implement reasonable procedures for (1) verifying the identity of any person seeking to open an account; (2) maintaining records of the information used to verify the person’s identity, and (3) determining whether the person appears on any list of known or suspected terrorists or terrorist organizations. In addition, foreign individuals are generally required to provide a government issued number that is similar to a social security number.

Enhanced due diligence is also required under Section 312, which requires financial institutions to take reasonable steps to determine the owner and the source of funds deposited into private banking accounts that financial institutions maintain for non-U.S. persons and conduct enhanced scrutiny of such accounts maintained for senior political figures.

In developing their customer identification procedures under Section 326 or in the enhanced due diligence procedure under Section 312, a financial institution may request information of a customer that had not been previously solicited. However, the USA PATRIOT Act does not prohibit foreign persons or those with foreign addresses to open or maintain bank accounts in the United States. Please feel free to present this letter to your bank, should you face any difficulties with interpretation of the USA PATRIOT Act.

Sincerely,

Office of Policy Review

and Interagency Liaison

[Niels Bohr 72]

Nice!

[Achromatic 0]

I found it impossible (though I was not a US citizen) - I tried American Express, I even tried going to say, Citibank, and seeing if I could open an account (in Australia) and have it transferred on my arrival. No dice. For me it was more of an issue because I was/am supporting my wife as she is a student - was sick of getting burnt by transfer fees.