which bank for a non-resident US account?

by 84 comments
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
#internet marketing #account #bank #nonresident #nonresident account #paypal
  • 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
    • 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 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
  • 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....
  • 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.....
  • 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.
    • 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?
    • 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.
  • 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.
    • 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.
  • 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...
  • 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.
    • 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.
    • 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.
  • Profile picture of the author milla04
    Hey Mate, I recommend incorporating a business in the US, I also highly recommend New Mexico, because you would not need to pay any annual fees or tax, like other states such as Delaware where one would still need to pay at least a annual minimum of $250.

    make sure you have a reliable address as this is the most important part to the puzzle. I am not a fan of pre-paid cards. once you have an EIN, address and articles, you can find a bank to open an account with for a minimum deposit of $200. I have an account in the US without having to fly over there. Having a business checking account is a lot better asset than having a prepaid card, however I am not say it a bad thing tho.
    • Profile picture of the author ArielT
      Originally Posted by milla04 View Post

      Hey Mate, I recommend incorporating a business in the US, I also highly recommend New Mexico, because you would not need to pay any annual fees or tax, like other states such as Delaware where one would still need to pay at least a annual minimum of $250.

      make sure you have a reliable address as this is the most important part to the puzzle. I am not a fan of pre-paid cards. once you have an EIN, address and articles, you can find a bank to open an account with for a minimum deposit of $200. I have an account in the US without having to fly over there. Having a business checking account is a lot better asset than having a prepaid card, however I am not say it a bad thing tho.
      Hello milla04, how to get a US adddress?
    • Profile picture of the author Andylinks
      Originally Posted by milla04 View Post

      Hey Mate, I recommend incorporating a business in the US, I also highly recommend New Mexico, because you would not need to pay any annual fees or tax, like other states such as Delaware where one would still need to pay at least a annual minimum of $250.

      make sure you have a reliable address as this is the most important part to the puzzle. I am not a fan of pre-paid cards. once you have an EIN, address and articles, you can find a bank to open an account with for a minimum deposit of $200. I have an account in the US without having to fly over there. Having a business checking account is a lot better asset than having a prepaid card, however I am not say it a bad thing tho.
      Getting a bank account for non residents requires a visit to the USA. How do you get around this?
  • Profile picture of the author Online Guru
    My country no in Clickbank list. But with this Payoneer card can I open a/c in CB and get paid??
  • Profile picture of the author luketemple
    HSBC, it makes sense 8-)
  • Profile picture of the author Adam1987
    Setup a company in HK (tax free for all income generated from outside of HK)- With this you also get a HSBC Multi Currency account with debit card which you can withdraw from pretty much ATM's anywhere.

    With the HK company you can setup a corporate HK Paypal account, withdraw to the HSBC bank account and so on...
    • Profile picture of the author 26medias
      Originally Posted by Adam1987 View Post

      Setup a company in HK (tax free for all income generated from outside of HK)- With this you also get a HSBC Multi Currency account with debit card which you can withdraw from pretty much ATM's anywhere.

      With the HK company you can setup a corporate HK Paypal account, withdraw to the HSBC bank account and so on...
      Do you have an incorporation service to recommend?
      What about accounting? Do you know about the requirements over there?
  • Profile picture of the author DesmondTan
    try citibank or hsbc... i believe they have accounts if you open a local one with them first.
    • Profile picture of the author hamlak
      Hello All,

      I have read all the post and I must say that some of the posts are valid while some are not.

      Yes its i possible to get this sorted out if you know how. Not everyone knows this, hence the different answers.

      Payoneer may work, but to get the card, you need to meet some conditions. Not everyone will pass this. They will also only work with some companies.

      Getting a biz bank account can set you back several hundreds of dollars. Forming a US biz comes with an additional yearly tax reporting and filing implications. You could need a Lawyer / Accountant which means additional yearly expense. Not everyone can afford this. The guy looking for this could be getting a few hundreds monthly in affiliate commissions.

      There is a cheaper solution to this - a US PAYROLL card. But the problem here is that 98% of the providers will ask for a SSN. So the problem is locating the remaining 2% who will not.

      Good luck to everyone.
  • Profile picture of the author Rukshan
    I think Payoneer US Payment is the most reliable service for ACH payments.
    • Profile picture of the author David Payoneer
      Originally Posted by Rukshan View Post

      I think Payoneer US Payment is the most reliable service for ACH payments.
      Thanks for the great feedback.

      As always, feel free to contact myself or Nissim for more details about Payoneer.
  • Profile picture of the author milla04
    If you are serious about running a business in the USA, I recommend that you get a real bank account, It is not difficult, I have been doing this for a while now. This myth about non USA people cant open a bank account in the USA without visiting the bank, Is total false.
  • Profile picture of the author gpwilson
    There are lots of virtual banks in USA. They are providing that type of service. Choose any one from them.
  • Profile picture of the author Nissim
    Transactions are when you use the card; so it would include any purchase online/in stores, or a cash withdrawal.
    • Profile picture of the author el_halabi22
      Originally Posted by Nissim View Post

      Transactions are when you use the card; so it would include any purchase online/in stores, or a cash withdrawal.

      I want to order the card for the US payment service to a USA address . but USA is not in the list?
  • Profile picture of the author abidshahzad10
    you can widraw you paypal money through payoner

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