All Topics / Overseas Deals / Buying properties in America

Viewing 20 posts - 1 through 20 (of 22 total)
  • CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    hello everyone,
    this looks like the right section of the forum to put up my post.

    we have setup an LLC in Nevada last year to invest in properties in America, but we have run into dead end trying to get a bank account setup in America. I am an American citizen who has lived in Australia for the last twelve years and my business partner is an Australian citizen, the bank people in Australia and America said we can open the bank account in my name but I have to go back to America to be present to open the bank account. We want the bank account to be in the name of the LLC company, not in our personal names. Does any one on here know how to open a bank account in the company’s name, without having to go to America? Also once the bank account is open, is there any limit to the amount of money you can send from Australia to buy American properties? and what is the most cost effective ways to flow the money between America and Australia?

    any advise is appreciated. Thank you

    Profile photo of StannisStannis
    Participant
    @ben-stanton0
    Join Date: 2015
    Post Count: 23

    Hi mate,
    You can open the bank in the name of your LLC. I have one over there for this precise setup. If you dont want to be there personally, then you will need to delegate someone to open it for you. This is a bit dangerous but if there is someone you can trust with your bank account information AND the ability to access/control it (as they need to open it on behalf of the LLC) then you can go down that avenue. Thats how I did it.

    Make sure you use the right bank in the states though, the bank that I was recommended doesnt let me do transfers properly. Its a pain, so make sure all the little details are correct, like what you want to be able to do (e.g. have a debit card that transactions can be against, transfers between banks etc.).

    Best way that I was recommended to transfer funds is through http://www.ozforex.com.au/ I’ve used them on multiple occasions. You get a quote for the currency exchange (better than the banks) and then transfer funds into your ozforex account, and then they wire it to your bank account in the states. I havent had an issue with them, just make sure you have all the correct information for the transfer, e.g. SWIFT numbers etc. Dont think there is a limit on transfers, I’ve transferred $40k in one hit from memory.

    Good luck. Investing in the states has high administrative overheads.

    BS

    • This reply was modified 9 years, 1 month ago by Profile photo of Stannis Stannis.
    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    Charlie have you been still paying your tax obligations in the US over the last 12 years (global taxation)?

    Wouldn’t be very nice to start up an investment portfolio in the US, only to have it seized.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    thank you ben,
    what bank would you suggest?

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    corey,
    i’m sure i’m a good citizen :)

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    hello everyone,
    this looks like the right section of the forum to put up my post.

    we have setup an LLC in Nevada last year to invest in properties in America, but we have run into dead end trying to get a bank account setup in America. I am an American citizen who has lived in Australia for the last twelve years and my business partner is an Australian citizen, the bank people in Australia and America said we can open the bank account in my name but I have to go back to America to be present to open the bank account. We want the bank account to be in the name of the LLC company, not in our personal names. Does any one on here know how to open a bank account in the company’s name, without having to go to America? Also once the bank account is open, is there any limit to the amount of money you can send from Australia to buy American properties? and what is the most cost effective ways to flow the money between America and Australia?

    any advise is appreciated. Thank you

    Hi there,

    Yes you can open a bank account in the states without actually going there.

    Over the last 24 months, we have been performing a significant amount of structures in the states for SMSF and non-SMSF. Part of this was dealing with incompetent attorneys in the states setting up LLC and bank accounts for us, only to see they set it up incorrectly, i.e wrong name, incorrect managing member etc.

    As a result, Redwood now offers LLC set up and bank account set ups for Aussies looking to invest in the states.

    It is quite simple, I would include the process for those interested in a separate post but it is bloody easy.

    The bank account can be set up in individual or LLC name, you will need 100 points of ID plus OA & EIN for LLC. Otherwise it can be done from Oz without travelling there. Set up fees are quite cheap to.

    Hope that helps!

    Cheers Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
    Email Me | Phone Me

    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98

    Ivan,
    we are completed with the paperwork for getting the LLC setup along with its EIN already.
    we are at the stage of trying to setup bank account in the states in the name of the LLC, and which Australian or American banks will facilitate the ease of getting money between these two countries.

    what Ben has suggested above seem to be using an external organisation/intermediary to get the funds over to America.

    the only American bank that we know of which has branch in Australia is Citibank (CitiGroup), but when we contact them they said each country requires them to setup separate entity, so they cannot help us unless we go to America to setup as per the guidelines in America. The other bank is ANZ which use JP Morgan (I think?) as their agent to do banking in America. We have not heard anything from JP Morgan yet either.

    We want to know if there is any bank in Australia that we can use which has offices in Australia and in America. For example, I have an account with an ANZ branch office in Melbourne, I can go to any ANZ branch office in Sydney or anywhere in Australia to withdraw, deposit, and do all my banking works without the fuss. Does this exist on the global scale? I want to be able to deposit say $100K in my ANZ branch office in Melbourne, and be able to take out that money in America to buy properties in America from the ANZ branch office in America.

    we don’t want to have to personally carry the max $10K to America, thru the airports. :D
    there must be easier way, and what Ben has suggested above via a third party seems to be doable.

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    Hi there- yes it doesnot work that way. I have a Citibank US account, but I opened that over there. Re banks – here is the ADI list http://www.apra.gov.au/adi/pages/adilist.aspx which is important for SMSFs – otherwise use online banking, we set up with two preferred banks and they are reputable and easy – they don’t have branches here nor do you need them.

    Re FX – you use a FX to transfer money across to the states – happy to help there too.

    Cheers Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
    Email Me | Phone Me

    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Profile photo of EngeloRumoraEngeloRumora
    Participant
    @engelorumora
    Join Date: 2010
    Post Count: 618

    <div class=”d4p-bbt-quote-title”>CharlieX wrote:</div>
    hello everyone,
    this looks like the right section of the forum to put up my post.

    we have setup an LLC in Nevada last year to invest in properties in America, but we have run into dead end trying to get a bank account setup in America. I am an American citizen who has lived in Australia for the last twelve years and my business partner is an Australian citizen, the bank people in Australia and America said we can open the bank account in my name but I have to go back to America to be present to open the bank account. We want the bank account to be in the name of the LLC company, not in our personal names. Does any one on here know how to open a bank account in the company’s name, without having to go to America? Also once the bank account is open, is there any limit to the amount of money you can send from Australia to buy American properties? and what is the most cost effective ways to flow the money between America and Australia?

    any advise is appreciated. Thank you

    Hi there,

    Yes you can open a bank account in the states without actually going there.

    Over the last 24 months, we have been performing a significant amount of structures in the states for SMSF and non-SMSF. Part of this was dealing with incompetent attorneys in the states setting up LLC and bank accounts for us, only to see they set it up incorrectly, i.e wrong name, incorrect managing member etc.

    As a result, Redwood now offers LLC set up and bank account set ups for Aussies looking to invest in the states.

    It is quite simple, I would include the process for those interested in a separate post but it is bloody easy.

    The bank account can be set up in individual or LLC name, you will need 100 points of ID plus OA & EIN for LLC. Otherwise it can be done from Oz without travelling there. Set up fees are quite cheap to.

    Hope that helps!

    Cheers Ivan

    I need your secret mate?

    No power of attorney tho

    Does the account owner have complete and sole access?

    Thanks Ivan.

    EngeloRumora | Ohio Cashflow
    http://ohiocashflow.com/
    Email Me | Phone Me

    F@#$ THE REST WORK WITH OHIO CASHFLOW TO INVEST

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    Engelo – you know me – my secret is easy. call me

    Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
    Email Me | Phone Me

    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Profile photo of EngeloRumoraEngeloRumora
    Participant
    @engelorumora
    Join Date: 2010
    Post Count: 618

    Thanks Ivan,

    I’ll be in touch asap.

    Got some biz in KC and will reach out next week.

    Grazie Mile ;)

    EngeloRumora | Ohio Cashflow
    http://ohiocashflow.com/
    Email Me | Phone Me

    F@#$ THE REST WORK WITH OHIO CASHFLOW TO INVEST

    Profile photo of StannisStannis
    Participant
    @ben-stanton0
    Join Date: 2015
    Post Count: 23

    Sorry Charlie, I dont have a recommendation for a bank, only NOT to use the bank I’m with – Santander Bank. https://www.santanderbank.com/us/personal/banking/online-and-mobile-banking/online-banking

    Good luck.

    BS

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    Hi Ben – got to agree – Santander is a big NO

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
    Email Me | Phone Me

    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Profile photo of SteevgSteevg
    Participant
    @steevg53
    Join Date: 2015
    Post Count: 2

    Charlie,
    Just thought I’d put in my two cents:
    Looks like you’re a bit nervous about sending money via a money exchange company such as OZForex /HiFX etc.

    I regularly send funds to my Bank of America account using HIFX. My process is very very easy:

    1. Sign in to my HIFX account online
    2. Create the transaction – following the very simple guided steps they walk you through (where it’s going, bank numbers, SWIFT’s etc)
    3. They send me an email confirmation.
    4. I send the funds to their account (details given in the email – their bank account, ref. Number etc), and they complete the transaction into my US account.
    5. Sit back and wait – usually takes about 4-5 days from 1 – 4 (above)

    It’s very very easy, and the first $100 I sent, I was also concerned, but now, no problem.
    The great thing about using a “reputable” company, is that their exchange rates, and the costs of transactions are much better than the banks provide.

    I’d suggest giving it a go when you’ve got the bank account setup. Just maybe $50 to start with (make sure you send more than the transaction costs though. I pay about $15 each end – the banks charge at least $25)

    Hope this helps.

    Profile photo of DraytoneDraytone
    Participant
    @draytone
    Join Date: 2014
    Post Count: 12

    I’m an Aussie now living in the USA, and have come up against these things. Here’s my two cents –

    CitiBank appears to have good international banking, but you need to be in each respective country to setup the account. IE, I setup my CitiBank account here in the USA, then wanted to set one up in Australia and kept hitting brick walls, told I need to go into a branch. :( Aside from that though, the rates the banks offer are not that great if exchanging currency. Good thing about Citi is that there is no fee (some banks can charge $30+ for a transfer), but the rates still aren’t great. I do want to set this up so I can have some easy transfer options should I need to access funds fast.

    For about 6 months I was sending about $4000 a month to a USA account from Australia using OzForex. I never had a single problem and it cleared so fast, normally by the second business day after the transfer. The rates are probably the best you will find, but one thing to note that there is a $15 fee if the transfer is less than $10k. Also, the bank (credit union) on this end was charging a $30 receiving fee (I know right..any opportunity they get)…..

    In a nutshell, I’d forget about transferring large sums through a bank, but you can do the sums and see that one for yourself.

    Hope that helps!

    -Rob

    Profile photo of Judith OttosenJudith Ottosen
    Participant
    @tallpoppy
    Join Date: 2014
    Post Count: 36

    It’s possible to open a bank account with Capital Bank in Florida from Australia. A couple of small procedures needed but on the whole very easy to do. I am living and working in Cape Coral Florida and did the rounds of the banks to find one that would help. I too used OzForex for transferring funds and use UsForex for transferred back to Australia. Super easy, reliable and much better rates than a bank. Let me know if you want more information.

    Judith Ottosen | Outback Realty LLC
    Email Me

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    It’s possible to open a bank account with Capital Bank in Florida from Australia. A couple of small procedures needed but on the whole very easy to do. I am living and working in Cape Coral Florida and did the rounds of the banks to find one that would help. I too used OzForex for transferring funds and use UsForex for transferred back to Australia. Super easy, reliable and much better rates than a bank. Let me know if you want more information.

    Hi there, there are a few banks that you can open a bank account from Oz, I used to commit to 2 weeks, however, EINs have been a little slow of late – pretty easy to open a bank account from oz to tell the truth and I have a few myself in the company names and my own as well as SMSF…

    Cheers Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
    Email Me | Phone Me

    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Profile photo of Judith OttosenJudith Ottosen
    Participant
    @tallpoppy
    Join Date: 2014
    Post Count: 36

    EIN’s have been crazy. Anything from two days to two months in some cases. Fortunately once that hurdle is past, the bank bit is easy. There is more than one bank in Florida that will open accounts too but I choose to stick with Capital for my clients as I have a great relationship with my banker who makes transactions a breeze.

    Cheers Judith

    Judith Ottosen | Outback Realty LLC
    Email Me

    Profile photo of GlenGlen
    Participant
    @fretbrner
    Join Date: 2015
    Post Count: 2

    I have yet to buy any investment property but it is at the top of my lists. One way I thought of handling the banking issues is, if you have a US SSN and you are in OZ, you can open an online bank account, such as with Ally or Barclays and the like. Neither allows overseas transfers but you can use a service such as transferwise or currencyfair to transfer between accounts, and has saved me money on my last transfer.

    Profile photo of BlindFreddyBlindFreddy
    Participant
    @blindfreddy
    Join Date: 2015
    Post Count: 2

    Hi CharlieX,

    I have used a Australian Based company who support all things needed. administration-wise for starting and maintaining a US property portfolio, they are called International Portfolio Group, and you can do everything by email and scanning so it is super easy.

Viewing 20 posts - 1 through 20 (of 22 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.