Non US Resident Bank Account Opening for PayPal

Have you tried the forum's search function? There are dozens of threads on exactly this subject (including some fairly recent ones).

Alexa, I'm sorry, but I had some additional questions too and a bit different problems too (yes I did read a few alike threads), I edited the thread too with requiring additional info. Hence why created a new thread.

Thank you.

A long time ago I had a Delaware corporation and a bank account with PNC Bank that I opened over the phone and with faxed ID. But that was before the Patriot Act, not sure if they would still do it now.

If you just want a US account you can link up to your PayPal, perhaps opening a Payoneer card account would work? You get a prepaid type Mastercard, and a US bank account details you can accept payments directly in to, which then credit the Mastercard. You can hook both up to your PayPal as a credit card and a US bank account. Payoneer can also be used to receive your earnings from 2Checkout, several network marketing and affiliate programs, and I believe even Clickbank, so worth having it for that anyway, IMO.

Here's a piece of advice most will agree: If you're taking the pain of incorporating in the US from India, don't bother with Paypal! Get your own merchant account and then you can get some unbelievably good card processors to process payments.

I am assuming that you already have a business model going on... if not, get that straightened out first before blowing your $$$

Some awesome payment gateway resources...
http://www.braintreepayments.com
http://samurai.feefighters.com
http://feefighters.com will allow you to search for gateway's that match your reqs.

As for incorporating, I have done it successfully and smoothly using SmallBiz.com - What your small business needs to incorporate, form an LLC or corporation!, very good people and quite reasonable.

However, one warning:
These days, US banks WONT simply open a bank account for you if you are not in the US, if you do not have a S.S.N, and if you are an "internet marketer".

So first of all, talk with someone you might know who resides in the US and ask them to inquire in a local bank if your situation would get you one.

Incorporating is simple, getting a bank account is not.

If anyone has experience in this, please let me know this if possible.

Thank you.

i'm looking good solution for non US resident to. Someone said to me by opening payoneer, but still confusing about procedure and legality. Anyone already try payoneer to accept payment by bank ? any feedback ?

Payoneer is not an option because RBI has controlled it too (for Indians however, not sure from which country you belong to).

I'd appreciate any more answers from the experienced warriors out there!

Thanks.

I've been in the same position as you.

- It is IMPOSSIBLE to open a US bank account without you (and your partner since you mentioned incorporating an LLC) personally being in the US.

- Even after you're in the US, you'll need an ITIN number (the equivalent of SSN for non-US citizens) to open the account. Getting an ITIN is not a simple procedure.

- Even if you manage to somehow get an ITIN and open an account, there is the IRS withholding problems to take care of. And did you know that you will have to personally visit a Wells Fargo branch to initiate the first wire transfer of funds from your US bank account to your bank account in India?

If you could visit the US, opening a bank account is probably possible. If not, I advice that you receive payments from the US via International Wire Transfers and to send out payments, use a credit card (I don't think there are any limits to how much you can use your credit cards for payments).

Bank of America is good in terms of Business Accounts....

Hey Dude,

If you have passport and physical address of US, then don't panic. Search for agents who helps to create US bank accounts for non residents and then visit nearby US embassy. If you don't have physical address then also you will get US bank account. You may use it for business or for personal.

I act as an advisor for a firm that structures internet entrepreneurs internationally, helping them with tax, banking, merchant processing, etc.

A few general rules:

1. Stay out of the US - seriously, it's pretty much the worst country you can get involved in, not only is it difficult to set up US corporate accounts remotely (likewise for a lot of US merchant accounts) the moment you open a US corporation you are subject to US tax, which is some of the highest in the world and they tax your worldwide income, you also have to worry about their money transfer deals, I happen to know someone who lost nearly $1 million this year by having their Bank of America account shut down due to high transaction volumes that were flagged by the IRS. Merchant processing also isn't particularly cheap in the US relative to various other (primarily European jurisdictions)

2. As already mentioned, stay away from Paypal if you've got any scale, it's not a reliable solution. Granted, you're in a tough spot because India is one of the most difficult countries in the world to get in and out of in terms of tax treaties but there are definitely options and definitely better options than those suggested

Likely better solution, look to Europe, you'll have at least 0.5%+ on merchant processing in most cases (depending partially on where in Europe, I'd stay away from Germany, France has about the cheapest merchant rates but not the best tax situation). What you'll probably want to do is set up with a cross border acquirer so your bank accounts can be located anywhere in the world for your European merchant account. You'll have a way easier time getting set up in Europe, get lower rates on processing, way more flexibility in terms of both banking and processing, and have the added benefits of keeping your tax burden much lower. The last thing you want to do is pay full US tax (35%), then transfer the money out of the country facing withholding taxes, then pay taxes in your jurisdiction of residence, it doesn't leave much left over, not to mention all the reporting and filing requirements are a pain.

If you can manage it set yourself up in either a jurisdiction with a territorial tax system (Cyprus, Gibraltar, etc.) with the actual banking in another jurisdiction so it's deemed non-resident income (be careful not to trigger tax in the jurisdiction where you have your banking located), or alternatively a zero tax or extremely low tax jurisdiction (you can set up some extremely low tax rates in Malta for example if you structure it right), and make sure you aren't going to be subject to much if any withholding tax.

You've basically got 4 things to worry about:

1. Corporate residency for tax purposes (as mentioned above high taxes can screw you)

2. Merchant processing provider and jurisdiction (this will affect flexibility, currencies, rates, etc. since the card schemes try to protect their various zones)

3. Banking jurisdiction and institution (lots to consider here such as stability, for example lots of people in Cyprus lost significant money recently due to poor banks, also bank flexibility, secrecy (I recommend not having any secret accounts if your local laws require you to disclose them like those of the US and Canada require, not sure about India's specifics) you should always play within the law you can do so and still be mighty efficient especially in the ecommerce game))

4. Spending - this is the question of how do you gain access to the money for example via pre-paid corporate credit cards, large wire transfers, etc.


Let me know if you have specific questions, though such a conversation is probably better handled via PM as most people don't like those details shared publicly.

I hope this helps.........Culled from - http://www.warriorforum.com/main-int...-resident.html.

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Opening a US or Other Country based Bank accounts from India isn't a easy task. By the way PayPal has already increased the limit from $3000 to $10000 Per Transaction. I have also heard that PayPal has already got license for domestic payments in India, Thats mean you can send or receive money to Indian PayPal users and also be able to remain funds in your PayPal account. They will launch this service by the next years.

Your from India, i dont think this is ever going to happen for you, search for an alternative, sorry!

I wanted to say something, if you are going to start new business in USA and you don't have Physical US Address, then no need to worry. Some agents or companies will help you to open US Bank account without any US address and without any travel. But you need to face verification process.