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
#main internet marketing discussion forum #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 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 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 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 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 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 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 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 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 DesmondTan
    try citibank or hsbc... i believe they have accounts if you open a local one with them first.
  • Profile picture of the author Rukshan
    I think Payoneer US Payment is the most reliable service for ACH payments.
  • 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 davidaylo
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  • 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 gavincolee
    [DELETED]

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