All Topics / Overseas Deals / Setting up a US bank account from Australia

Viewing 10 posts - 21 through 30 (of 30 total)
  • Jayman
    Participant
    @jayman
    Join Date: 2005
    Post Count: 63

    I've known people that have flown to the US, opened an account, came back to Australia, and still had problems with the bank, as the bank wanted to have someone on the ground that they knew and represented the customer, so it could still be a problem even after flying over, maybe not in all cases, but certainly the whole banking system seems to be gearing up to try and stop overseas investors. Especially those that still don't have some local 'Good Standing' representation..

    Like many others that have been opening accounts for clients, when dealing with any bank, you usually deal with an employee, and it's when that employee leaves, no one else will take over, so that source stops and you have to go the rounds again.

    The best and securest way, is to not just work with some employee at a bank, but actually work with the bank itself, so no fear about it closing down, as it has been through a long legal process to make sure it covers everything required for the Patriot Act etc. I am now working with such a bank.

    After many months of meetings and negotiations with the VP and the banks legal counsel,  the Attorney I'm working with, who is also a partner in one of my Asset Team Supply Companies I'm associated with, has family connections who actually own the bank, and it has been a long legal process to have it all worked out. You will have to sign what's called a ' Special Durable Power Of Attorney' , there is a fee involved, and you will get a strong, legal, and ongoing account.

    This is a a unique situation, maybe not for everyone, but having a POA involved is not a major issue, unless you are trying to hide something. Although based in KC, they will open it for interstate buyers as well, forget an employee leaving. the bank is 100% behind this.

    I will also have another very secure source very soon, to open an account with that has taken many months to get sorted out.

    Cheaper than flying over, no fear of it closing, and having someone of reputable standing  representing your interests.

    If you just want to have your money sent back to Australia, why not just arrange for your property manager to send it as a lump sum say every three or six months and just pay the one transfer fee?

    Profile photo of Nigel KibelNigel Kibel
    Participant
    @nigel-kibel
    Join Date: 2005
    Post Count: 1,425

    As you have a representative in the United States and have the correct notarized documentation there is no problem opening accounts i the United States.

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    Profile photo of EngeloRumoraEngeloRumora
    Participant
    @engelorumora
    Join Date: 2010
    Post Count: 618
    Jayman wrote:
    I've known people that have flown to the US, opened an account, came back to Australia, and still had problems with the bank, as the bank wanted to have someone on the ground that they knew and represented the customer, so it could still be a problem even after flying over, maybe not in all cases, but certainly the whole banking system seems to be gearing up to try and stop overseas investors. Especially those that still don't have some local 'Good Standing' representation..

    Like many others that have been opening accounts for clients, when dealing with any bank, you usually deal with an employee, and it's when that employee leaves, no one else will take over, so that source stops and you have to go the rounds again.

    The best and securest way, is to not just work with some employee at a bank, but actually work with the bank itself, so no fear about it closing down, as it has been through a long legal process to make sure it covers everything required for the Patriot Act etc. I am now working with such a bank.

    After many months of meetings and negotiations with the VP and the banks legal counsel,  the Attorney I'm working with, who is also a partner in one of my Asset Team Supply Companies I'm associated with, has family connections who actually own the bank, and it has been a long legal process to have it all worked out. You will have to sign what's called a ' Special Durable Power Of Attorney' , there is a fee involved, and you will get a strong, legal, and ongoing account.

    This is a a unique situation, maybe not for everyone, but having a POA involved is not a major issue, unless you are trying to hide something. Although based in KC, they will open it for interstate buyers as well, forget an employee leaving. the bank is 100% behind this.

    I will also have another very secure source very soon, to open an account with that has taken many months to get sorted out.

    Cheaper than flying over, no fear of it closing, and having someone of reputable standing  representing your interests.

    If you just want to have your money sent back to Australia, why not just arrange for your property manager to send it as a lump sum say every three or six months and just pay the one transfer fee?

    Hi Jayman,

    I have also recently established a relationship with a smaller bank where all decisions are kept in house and they will happily open up accounts for all foreign investors with out them being present within the US.

    They don't require notary or JP signatures and no POA is needed.

    We have a bank in Atlanta that will do the same.

    This has been a big pain for many involved in the business. Not just investors but also lenders that need active accounts to withdraw funds out of.

    Thanks

    EngeloRumora | Ohio Cashflow
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    Jayman
    Participant
    @jayman
    Join Date: 2005
    Post Count: 63

    Hi Engelo.

    That's great, and hopefully it stays that way with being able open accounts.

    One of the issues that can happen, and I've seen it happen to a number of people, is that some banks have over time, still gone through the accounts and still closed them down for a number of different reasons, I'm not saying it will happen with your connections, but it's always a possibility, your on the ground over there so that is also in your favour. Many don't have that situation.

    What i have, in being able to open accounts, is not unique, what is unique, is that I'm dealing with the family that owns the bank, so never a fear of some employee even high up, that sooner or later could leave and I know that from first hand experience, and then no one at the bank will or can, take over. So i suppose it's the security more than anything that probably is the most important aspect of having the account.

    I know you are involved in the KC market, which I know very well, and I still believe is one of the better areas for what it has to offer, so I hope it goes very well for you, plenty of room still for those trying to do the right thing on behalf of unwary buyers.

    Jeff

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

    Hi Jeff,

    Thanks for your post.

    That exact thing happened to our group on 2 separate occasions. Its just a matter of moving all account to the new bank. Where there is a will there is a way and where one door closes another opens. We found that most of our investors feel most comfortable when they and only they have complete access to their accounts.

    There sure are some great numbers in KC.

    There are many flooding to Ohio at the moment also.

    Thanks and have a great day.

    EngeloRumora | Ohio Cashflow
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    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    I wonder if ths would work… A nominee that is state side is included as a non owning member of the LLC  and then gets the checking account. after a little time. this person resign's from the LLC and is taken off the the bank accounts signature card.. this happens all the time when business are sold or people come and go.. there by leaving the aussie investor as sole owner and only one on the account… Just spit ballin here

    Profile photo of EngeloRumoraEngeloRumora
    Participant
    @engelorumora
    Join Date: 2010
    Post Count: 618
    jayhinrichs wrote:
    I wonder if ths would work… A nominee that is state side is included as a non owning member of the LLC  and then gets the checking account. after a little time. this person resign's from the LLC and is taken off the the bank accounts signature card.. this happens all the time when business are sold or people come and go.. there by leaving the aussie investor as sole owner and only one on the account… Just spit ballin here

    Hi Jay,

    We looked into this option.

    I was going to be the nominee. I got advised by our attorney not to do so as I could be exposed to issues later down the track if the LLC was to have any lawsuits.

    Thanks.

    EngeloRumora | Ohio Cashflow
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    Profile photo of KIWIBIRDKIWIBIRD
    Participant
    @kiwibird1
    Join Date: 2014
    Post Count: 1

    Can anyone recommend a attorney to do this?

    Profile photo of VanessaVanessa
    Participant
    @sallygrassafina
    Join Date: 2015
    Post Count: 1

    Hi, new member here and I read your conversations with interest as I am in the US and have an Australian investor who needs a US bank account. Has anything changed with regards to having to physically be in the bank to open an account? I’m in Ohio. Chase bank says they
    will not. Thanks.

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

    Hi Vanessa, yes, most banks will require the individual there in person to open a account, however we have an arrangement with a bank that will open a bank account without having the travel to the USA i.e they will open from Australia.

    Cheers Ivan

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Viewing 10 posts - 21 through 30 (of 30 total)

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