US Bank account for future investing

I have a friend who has been investing in the US and told me it would be best to set up an American bank account for investing purposes.

1.As I am going over there in April can anyone tell me how difficult it is to set up an account in a bank for future investment?

2. Has anyone any recommendations on which bank (I will be in LA)?

3. How do you get around giving an American address to the bank?

Many thanks

Jenny1

Hi Julie,

I have a bank account set up in the USA. If you are going over there in April, your best option is to go directly into a branch. They will set it up for you and provide you with an account number immediately. My bank account is with HSBC which is a checking account. The only ID that was required was my passport. They also took a copy of my license.There was no charge to set it up but I did deposit $50usd just to open the account.

If you are going to be in LA , there are quite a few HSBC Branches and locations to choose from.Have a look at the HSBC website for there locations.

http://www.banking.us.hsbc.com

My bank account was set up in Buffalo WNY so you may want to double check if there is anything else they will require from you before your trip and sometimes different states have different rules.

I did not have to provide them with a USA address when I set up my account however I'm not sure if this is now a requirement.

World Savings is another option as well. I dont have an account with them but they are one of the biggest banks in the USA and I have dealt with them for finance.

I do know that you can also open an account with them in a branch.
There is a contact in Sydney who can arrange banks accounts in the USA as well. The process takes about 4-6 weeks. If you want to go down that track, here is his contact number:

HSBC Bank Sydney: Contact is Sri Prayag ph. 02 9006 5016
If you are going to be there though, going into a bank will be a much easier process.
It would be worth while giving Sri a call anyway as he would definitely be able to advise you of any new requirements that I may not be aware of.

Hope this helps and have a great trip.

Chad

Providing Turnkey Real Estate Investments In The USA.

E-mail:chad1609@bigpond.net.au

Hi Chad,

Thank you for all the useful information you supplied have you used your bank to finance deals in the US and did it go smoothly?

Cheers

Jenny1

Hello Jenny,

Acquiring a bank account in the US wont allow you to instantly get finance through the bank,
(unfortunately!!)
But it is a great start.As after yr account is happenening you can apply for a uS credit card and this helps build a credit score with the bank for borrowing down the track(say 12 months)
Then after a period of time they can see you are not a credit risk and may give loans directly from the bank.(at a rate cheaper than the 3000 to $5000fees +high interest rates7.5%-9.0%+ that most lenders are charging foreign nationals )
The best way to get a loan through yr bank in the states( wny) is start with a mortgage from a broker and pay the high fees ,then after a good history over 12 months with that loan,you can borrow very easily elsewhere for the rest of yr propertys.
Note: other areas of the states other than west new york can be easier to get finance through the major banks

We've got 70 yrs on planet earth,Lets make the most of every day!

Thank you for your help too World Changer. Lots of sensible advise given....shame it takes soooo long to get things moving it really doesn't matter if it is banks in Oz or US banks they all seem to have their way of dragging the chain.

Cheers

Jenny1

Hi Jenny

just make sure which ever bank you are using that you set up yourself for internet banking. That way you can transfer money from your accounnt to others in the US. While you are there get the banks swift code so you can easily transfer money from Australia to the USA (to your account).

Oh, one other thing with banks- make sure you use a major bank eg citibank, bank of america, wells fargo, rather than a small state based one.

when you get to the stage of transfering money , look into a company called Ozforex. I use them all the time and they are excellent and they give better currancy conversions than the banks.

Can i ask are you looking at buying in California ? You mentioned you were going there. What are you hoping to buy in the US ?

regards westan

We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at westanjohnson@hotmail.com

hi, you can find all US bank locations, addresses, telephone numbers and more details here. Check out the below link

http://www.altiusdirectory.com/Finance/usa-banks

Hello,

You can either use HSBC to set up or if over in the US - try Bank of America, Citibank etc. Ozforex are good on the transfer as their rates are usually much better.

Regards,

Steve

www.usadreamhouse.com.au

Hey.

I just been to HSBC bank re the US account query but the charges are bit high also if you compare them a aus based usd account it is still costly.

I am now looking for another options,Any suggestion.