Where can I bank my Cash??

by crazyken

Posted: 14 years ago 17 replies

INTERNET MARKETING

Hi everyone

I'm looking for some advice here guys, we all know that the US is the biggest market on the planet to do business in.
Many affiliates pay you by cheque in US Dollars - but I'm in the UK and it's a real pain, not to mention expensive, to convert a US cheque into UK pounds.

My thought is to open an account with a US based bank to cash the affiliate cheques into and then transfer the amount to my PayPal account.
My problem is that I know nothing about US banks or even if it is legal to do this (i.e. money laundering regulations etc etc)

Can anyone advise or recommend a good US bank please - I'm sure this situation has cropped up before.

Any advice would be most welcome.

#affiliates #bank #cash

Alexa Smith Banned 14 years ago

[DELETED]

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- crazyken 14 years ago
  
  Hi Alexa
  
  Thanks for the post, but will their bank charges still be the same as in mainland UK for cashing international cheques.
  
  Thanks
  
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crazyken 14 years ago

Hi Alexa

O.K. no problem - you've certainly given me another avenue to explore.

Thanks again
- Thanks
- 1 reply
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- Linda Sweetfield 14 years ago
  
  Ken,
  
  I moved my business from the US to Italy and now I am in Ireland, more or less permanently, so I have now looking at the same issue. I am meeting my accountant this Friday coming and thats one of the things I have on my list to ask her so I can let you know post that meeting what she advises me if you like.
  
  Lin
  
  Thanks
  
  1 reply
  
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  Myles Sinclair 14 years ago
  
  Ken,
  
  A foreign currency account with the Co-operative bank might fit the bill for you. The charges look fairly reasonable compared to paying in U.S. cheques to a regular account.
  The Co-operative Bank | Foreign currency accounts
  
  Most banks can set up a foreign currenct account, but as Alexa mentioned, the charges vary quite a bit. With Barclays you have to keep a minimum balance of $2000 in your account. I know that's not a charge, but it's a hefty wedge out of the game.
  
  Good luck with your search. Let us know the best deal you find.
  
  Thanks
  
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khanhdom 14 years ago

I am guessing those affiliate checks are not able to send you money via paypal or wire? Sorry, I don't really have a solution.
- Thanks
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Tony Dean 14 years ago

To open a US bank account you need to present yourself and your i.d. documents to the bank manager in person. There are some expensive companies - based in the US - that will do this for you, just do a Google search. But watch out- there are scammers in those waters.
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- 1 reply
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- crazyken 14 years ago
  
  Hi Guys - Thanks for the replies :
  
  Lin, yes please I'd be very interested to know what your accountant advises - thank you for the offer.
  
  Myles, I'll check out the Co-Op, I'm a memeber of the FSB (Federation of Small Businesses) and the Co-Op is their prefered bank.
  
  Khanhdom,Some do, some don't - I wish they all did!!
  
  Tony, That's a shame and I have no plans for a US holiday either. I did have a US account way back in 1998 but closed it in 2005.
  So maybe a UK bank is the only viable option.
  
  Thanks again guys for the help and advice.
  
  Ken
  
  Thanks
  
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PatriciaJ 14 years ago

I was talking to my nephew in the US about that yesterday and he said that he can go into a bank over there and open an account for me and send the cards here. I asked if he was sure because you need id here to open an account and he said that he opened accounts for others all the time when he was in the navy it was just knowing how to go about it.

I'll ask him more the next time I see him online and post it back here
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Kieron 14 years ago

Would it not be just as easy to go into your local HSBC and open a local account then at the same time open an account with HSBC anywhere they have an office which is pretty much every major city in the world. That way you avoid having to present the mandatory paperwork at the local in country branch.

I did this years ago when I lived and worked in Australia, I had my day to day money with ANZ and Westpac in Australia and my savings or money I wanted to put away was lodged to ANZ in the UK. Now they did not have a branch network in the UK but they did have a stock broking division / merchant banking to I simply setup an account with their Financial Planning Division and everything worked out fine. Even to this day in my IM business 65% of my income goes into this type of setup as I am not a great saver. So for me out of sight is out of mind.

It should be fairly easy for you to open an account and have a US based or managed investment fund where you could have your checks sent and lodged, even if it was simply to be invested in a 30,60,90 day commercial bill and at the end of the period just take the interest and roll over the investment. It's a nice way of saving but still having some extra money for the fun side of life.

Hope this helps. Kieron
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- Linda Sweetfield 14 years ago
  
  Ken, no worries at all, I will let you know after I meet her on Friday
  
  Thanks
  
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davewebsmith 14 years ago

hey crazyken,

just to confirm you know how to transfer the money you get paid into your paypal account into your UK bank account.

With regards to the US Bank account issue. I went over the US opened one with BofA with my UK Passport and have the cards sent over to me here.

You might find for the amount you are paying in cashing fees and bank charges you could have a nice short vacation over there and setup the account while you are over there.

Long term would save you a fortune.
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- crazyken 14 years ago
  
  Hi Guys
  
  Hey, you're all giving me some really great info and ideas here.
  
  Patriciaj - Hmm, I can't help thinking that I could get into a wee bit of
  trouble here, if it was ever discovered.
  
  Kieron - Very interesting, I already have my "day business" account with
  HSBC, I'll talk to them.
  
  Linda - Thanks again
  
  Davewebsmith - Yes, again the "day business" deals with PayPal
  payments all of the time
  A trip to Florida 3 times a year, hey sounds good to me
  
  Thanks again guys.
  
  Ken
  
  Thanks
  
  1 reply
  
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  davewebsmith 14 years ago
  
  Nice ... sounds like a plan ....
  
  Originally Posted by crazyken
  
  A trip to Florida 3 times a year, hey sounds good to me
  
  Thanks
  
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erinwrites 14 years ago

Are these physical cheques being sent to you personally? Because if they are just e-cheques you could have them send that to PayPal and then simply do the conversions within the PayPal system and be done with it.

If they are physical cheques (so hard not to write checks, but I'm trying to use your vernacular ) and you are determined to be able to put them into a US Bank account you will need to use a bank that has a branch location close to you so that you have somewhere to deposit the checks when you receive them. I think. I don't really know a whole lot about US banks overseas so please don't take my word as some form of authority

After that, you then have to deal with either transfer fees from one account to the other or the PayPal fees that you will have to pay as you send money from one account to another via PayPal.

And that means it is merely a matter of "which method of this causes me the least hassle and irritation"?
- Thanks
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crazyken 14 years ago

Hi Erin

Thanks for the post, yes if only everyone would offer electronic transfers to PayPal, that would solve everything, but unfortunately that's not the case.
Standard banking charges are no problem but in this country the cost for cashing an international cheque or an electronic transfer is a total rip - off.

My original thought was to open a US bank account in the US (but I have to open it in person) or find a US bank in this country (but as far as I'm aware, non are within a 100 mile radius)
Thanks again for your input.

p.s.
We British do have some strange spellings for our words, it's the French influence
- Thanks
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Where can I bank my Cash??

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