which bank for a non-resident US account?

by altar22 84 replies
Hello all,

I've read a few old posts about this but no clear solution.
I'm a foreigner residing in South Korea and I have a website that sells mainly to the US via Paypal.
I've discovered that due to some specific Korean regulation about Paypal, as a foreigner I can't transfer money from Paypal to my Korean bank account. So I have to use the accounts of Korean friends, and the other problem is that due to another regulation, the dollars wired onto a Korean bank account are automatically converted into local currency, even if you have an account in dollars.
Ridiculous.
I'm therefore trying to see if I can open a non-resident bank account in the US.
Citibank tells me that I would have to keep a balance of 50K permanently on the account.
Does anyone know of a bank that doesn't require such a large amount to always be on the account?

Thanks in advance for your advice
A
#main internet marketing discussion forum #account #bank #nonresident #nonresident account #paypal
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  • Profile picture of the author maggie2
    Hi,

    I live in Canada and I have a bank account in the US with Wells Fargo. They have always treated me well and I'm happy with them. Don't know of any other banks that might be good, though
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    • Profile picture of the author Centurian
      The best bank for international business is HSBC bar none.

      You can accept payments in a U.S. account and transfer to your international accounts worldwide.

      There are certain procedures to follow. Hit me up if you want more details.
    • Profile picture of the author farahR
      Originally Posted by maggie2 View Post

      Hi,

      I live in Canada and I have a bank account in the US with Wells Fargo. They have always treated me well and I'm happy with them. Don't know of any other banks that might be good, though
      For Canadians, Royal Bank of Canada (RBC) now has branches in the US, and can now easily setup an account at one of their US branches for you.
  • Profile picture of the author asiancasanova
    Go with HSBC. I have great experience with them and so far I have not stumbled on a problem with them.

    Cheers!
  • Profile picture of the author altar22
    Hello,

    Thanks for your advice but HSBC requires me to keep a permanent balance of 100K on the account. I would like to be a HSBC since they have a strong presence in Asia, but I don't want to have to keep such a high balance.

    Asiancasanova, do you reside in Asia permanently?
    A
    • Profile picture of the author guntarsm
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    • Profile picture of the author jeskola
      Originally Posted by altar22 View Post

      Hello,

      Thanks for your advice but HSBC requires me to keep a permanent balance of 100K on the account. I would like to be a HSBC since they have a strong presence in Asia, but I don't want to have to keep such a high balance.

      Asiancasanova, do you reside in Asia permanently?
      A
      That's only for the premier accounts.

      I'm based in Asia and had no problem connecting my Paypal to a HSBC account. There was an admin fee of around $100 US but that's it.

      On terms of fees they want around $3000 in the account minimum however if you drop below that there is a small fee per month.

      HSBC are a complete shambles in Asia compared to Europe ( I have a UK account and 2 Hong Kong accounts). But once it's set up its all straight forward.

      PM me for info
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  • Profile picture of the author Adie
    I am in Philippines and transferring from paypal to my bank account doesn't have any hassle at all. The only problem is (same with you), dollar is automatically converted to peso and the exchange rate is ridiculous low....
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  • Profile picture of the author colekayley
    Payoneer is the best, you can have a virtual US bank account and they only charge $20 per year for it, all the money you get via PayPal, you have the option of sending it to your virtual account, then withdraw the money via an ATM in your own country using a Payoneer Master card.
    • Profile picture of the author Adie
      Originally Posted by colekayley View Post

      Payoneer is the best, you can have a virtual US bank account and they only charge $20 per year for it, all the money you get via PayPal, you have the option of sending it to your virtual account, then withdraw the money via an ATM in your own country using a Payoneer Master card.
      The problem here is the ATM charges in my country which is too high.....
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  • Profile picture of the author Nissim
    As mentioned above, Payoneer's US Payment Service is an excellent option for non-US residents to receive US ACH/Direct Deposit transfers.

    I also wanted to point out that we no longer charge a maintenance fee for the service, you pay only 1% of each payment received. Application for the service is open to all Payoneer card holders.

    Additional details regarding the service can be found here.
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    Nissim
    Director of Community at Payoneer

    • Profile picture of the author Adie
      Originally Posted by Nissim View Post

      As mentioned above, Payoneer's US Payment Service is an excellent option for non-US residents to receive US ACH/Direct Deposit transfers.

      I also wanted to point out that we no longer charge a maintenance fee for the service, you pay only 1% of each payment received. Application for the service is open to all Payoneer card holders.

      Additional details regarding the service can be found here.
      Can I use my payoner debit card to verify paypal account?
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    • Profile picture of the author bookmarking
      Is this still available?
      Quote: only 1% of each payment received?
      Please kindly confirm.

      Thanks

      Originally Posted by Nissim View Post

      As mentioned above, Payoneer's US Payment Service is an excellent option for non-US residents to receive US ACH/Direct Deposit transfers.

      I also wanted to point out that we no longer charge a maintenance fee for the service, you pay only 1% of each payment received. Application for the service is open to all Payoneer card holders.

      Additional details regarding the service can be found here.
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  • Profile picture of the author ContentYogi
    Can Indians open an account in Payoneer too? I didn't see that country option in your sign up page.
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    • Profile picture of the author Nissim
      Originally Posted by ContentYogi View Post

      Can Indians open an account in Payoneer too? I didn't see that country option in your sign up page.
      The RBI unfortunately prohibits any non-Indian company from issuing credit/debit cards to Indian residents.
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      Nissim
      Director of Community at Payoneer

  • Profile picture of the author 26medias
    Hi,

    I'm french, living in Brazil, and I do business in the US.
    To solve this issue, opened a Corporation in Delaware, requested an EIN, and contacted Wells Fargo in Wilmington (the city where my company was registered)
    The minimum account balance is only $100 there, and they have online banking, 24/7 phone services (it's a robot, but works really well, even when you have a slight accent)

    You won't be able to open a personal bank account tho.

    If you are interested, contact me and i'll send you my contacts.

    The whole process took about 30 days and cost around $1000.
    If you want to hire an accountant (recommended, as there are a lot of tricky things to know when reporting your earnings and paying taxes), add an extra $1500/year in accounting fees.
    • Profile picture of the author altar22
      Hello,

      David Payoneer, do you confirm that Paypal lets you withdraw funds to a Payoneer virtual account?
  • Profile picture of the author Adie
    I just singned-up with payoneer but it looks like it'll take 2 more months to receive my card...
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  • Profile picture of the author Nissim
    PayPal does allow most accounts to withdraw funds to a US bank account. If you have this option, you will be able to withdraw from PayPal to your Payoneer account using our US Payment Service.
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    Nissim
    Director of Community at Payoneer

    • Profile picture of the author David Payoneer
      Originally Posted by colekayley View Post

      Payoneer is the best, you can have a virtual US bank account and they only charge $20 per year for it, all the money you get via PayPal, you have the option of sending it to your virtual account, then withdraw the money via an ATM in your own country using a Payoneer Master card.
      Thanks for the great feedback. Just wanted to update, we no longer charge 20 USD per year for the US Payment Service.

      Originally Posted by Adie View Post

      I just singned-up with payoneer but it looks like it'll take 2 more months to receive my card...
      Congratulations on signing up, we look forward to having you as a cardholder. Please note that the estimated date is the latest estimated arrival, usually the card arrives quicker than what is written in that email.
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      David S. Payoneer Community Manager
      ICQ: 620433289
      Ask me about becoming a Payoneer partner
      Sign up for Payoneer and the US Payment Service here
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    • Profile picture of the author altar22
      Originally Posted by Nissim View Post

      PayPal does allow most accounts to withdraw funds to a US bank account. If you have this option, you will be able to withdraw from PayPal to your Payoneer account using our US Payment Service.
      Okay, I think that you haven't read the original post.
      The problem is getting money out of your Paypal account when you can't open a bank account in the US. Otherwise there would be no issue.

      I have just received a reply from Paypal saying that they did NOT allow withdrawals to a Payoneer virtual bank account.
      So the service is useless in this case.

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