After 9/11 the US government passed a new law named the Patriot Act, one impact this had was to make it almost impossible for a non US resident to get a US bank account. There is, however, still one method for obtaining an account that is almost identical to a current account and that is by opening a brokerage account with etrade.com.
This account is primarily intended to be used for share trading however there is nothing to stop it being used simply as a standard bank account.You cannot apply for this account online, you have to fill in 2 forms and post them to the U.S.A.
Instructions for gaining a U.S Bank AccountFill in the following two documents.
These documents have been provided to you separately.
EtradeApplication.pdf
main application form
TaxWitholding.pdf
form to prevent you having to pay US tax
If you cannot open these documents this means you need to download Adobe Reader.
form to prevent you having to pay US tax
If you cannot open these documents this means you need to download Adobe Reader.
You can get this free from
http://www.adobe.com/go/gntray_dl_get_reader
Print, then Sign the above forms wherever appropriate, then COURIER them along with photocopies of your Passport and two Home Utility Bills for your address to:
Print, then Sign the above forms wherever appropriate, then COURIER them along with photocopies of your Passport and two Home Utility Bills for your address to:
E*TRADE Securities LLC
671 N. Glebe Road, 11th Floor
Arlington, VA 22203
USA
or by regular mail to
E*TRADE Securities LLC
P.O. Box. 1542
Merrifield, VA 22116-1542
USA
Give them a few days to process your application then email them at service@etrade.com to see if your application has been processed alright. Once they have confirmed your account has been created you can call them at +1-916-636-2510 to request your account login and password, however this will be mailed to you and included in the Welcome Kit. Once active you must make a deposit into the account as this is part of the agreement, the recommended thing to do is to transfer your paypal balance into it.
Go to http://etrade.com/newtransfer to see all the different ways to make your initial deposit.
FURTHER DETAILS ON YOUR NEW U.S BANK ACCOUNT
FREE VISA PLATINUM CARD - You can withdraw up to $500 a day at any ATM that accepts VISA cards (11,000 in the US and 600,000 worldwide). You can purchase up to $5,000 a day at 18 million VISA outlets worldwide. This card can be used at all merchants that bear the VISA logo. The card can even be used for ONLINE purchases! And best of all, there is NO SERVICE FEE on using your ATM check card for cash withdrawals or purchases!
WRITE CHEQUE'S - Pay someone by issuing your own checks. Checks are even FREE and you will initially be given 50 checks after you open your account. You can order your checks directly online via internet banking later when you have finished your checks.
YOU CAN DEPOSIT USD CHECKS ISSUED BY A US BANK - to your account as long as the check is payable directly to you. You just need to fill up a deposit slip, endorse the back of the check and mail them to the bank. Deposit slips are FREE and can be ordered easily through the online banking service. If you deposit your USD checks in your local bank, the bank will usually charge you at least USD10 in commissions! And worst of all, you have to wait 4 to 6 weeks before you can see your money. By using a US account, YOU DO NOT PAY ANY COMMISION and your check will cashed within a few days.
SEND WIRE TRANSFER DIRECTLY USING ONLINE BANKING - Wire transfer fee is only $25! Incoming wire transfers are free. If you need to wire to a 3rd party account (account that is not under the same name as your account name), a notarized letter is required. If you are wiring to yourself (such as your own account in your local country), the letter is not required.
WORKS WITH PAYPAL! - You can link your account to PayPal and verify your account. You can transfer money from your PayPal account to this bank account. Many international PayPal members are unable to withdraw their PayPal fund because PayPal only allows them to withdraw money to a US bank account and not their local bank account. The good news is that with this US bank account, you can now withdraw your PayPal money to the account and turn it to real cash! After you transfer your PayPal money to the bank account, you can easily withdraw the cash at over 17,000 ATM worldwide using your VISA Platinum Debit Card or you can make a wire transfer to your local bank account. Please note that this bank account disallow money to be transfer from the bank account to your PayPal account for security reason. In other words, if you are in PayPal, you can "Withdraw Funds" to your bank account but not "Add Funds". I think this is a big benefit for us because PayPal can never 'steal' our money by transferring money away from our bank account.
OPEN AN INDIVIDUAL ACCOUNT OR A 2 PERSON JOINT ACCOUNT - You can also open a company account with the same procedure and simplicity. This includes non-resident Delaware Corporations! The only difference is that company account does not come with the VISA debit card. It does come with the check book and works with PayPal. You can of course choose to open both individual and company account!
HASSLE FREE - Requires only a photocopy of your passport. You don't even need any certification or notarization. No reference letter from other banks required also No credit check.
RECEIVE INWARD WIRE TRANSFER FROM ANYONE (FREE) - The bank has an international SWIFT code and Routing Number. Receiving wire transfer is FREE
NO MONTHLY SERVICE FEE or MINIMUM BALANCE REQUIREMENT to maintain your account + Excellent 24/7 Email and Phone Support - You can pick up the phone to call them and get immediate support. Or if you are shy or the issue is not urgent, you can send them an email.
FURTHER DETAILS ON YOUR NEW U.S BANK ACCOUNT
FREE VISA PLATINUM CARD - You can withdraw up to $500 a day at any ATM that accepts VISA cards (11,000 in the US and 600,000 worldwide). You can purchase up to $5,000 a day at 18 million VISA outlets worldwide. This card can be used at all merchants that bear the VISA logo. The card can even be used for ONLINE purchases! And best of all, there is NO SERVICE FEE on using your ATM check card for cash withdrawals or purchases!
WRITE CHEQUE'S - Pay someone by issuing your own checks. Checks are even FREE and you will initially be given 50 checks after you open your account. You can order your checks directly online via internet banking later when you have finished your checks.
YOU CAN DEPOSIT USD CHECKS ISSUED BY A US BANK - to your account as long as the check is payable directly to you. You just need to fill up a deposit slip, endorse the back of the check and mail them to the bank. Deposit slips are FREE and can be ordered easily through the online banking service. If you deposit your USD checks in your local bank, the bank will usually charge you at least USD10 in commissions! And worst of all, you have to wait 4 to 6 weeks before you can see your money. By using a US account, YOU DO NOT PAY ANY COMMISION and your check will cashed within a few days.
SEND WIRE TRANSFER DIRECTLY USING ONLINE BANKING - Wire transfer fee is only $25! Incoming wire transfers are free. If you need to wire to a 3rd party account (account that is not under the same name as your account name), a notarized letter is required. If you are wiring to yourself (such as your own account in your local country), the letter is not required.
WORKS WITH PAYPAL! - You can link your account to PayPal and verify your account. You can transfer money from your PayPal account to this bank account. Many international PayPal members are unable to withdraw their PayPal fund because PayPal only allows them to withdraw money to a US bank account and not their local bank account. The good news is that with this US bank account, you can now withdraw your PayPal money to the account and turn it to real cash! After you transfer your PayPal money to the bank account, you can easily withdraw the cash at over 17,000 ATM worldwide using your VISA Platinum Debit Card or you can make a wire transfer to your local bank account. Please note that this bank account disallow money to be transfer from the bank account to your PayPal account for security reason. In other words, if you are in PayPal, you can "Withdraw Funds" to your bank account but not "Add Funds". I think this is a big benefit for us because PayPal can never 'steal' our money by transferring money away from our bank account.
OPEN AN INDIVIDUAL ACCOUNT OR A 2 PERSON JOINT ACCOUNT - You can also open a company account with the same procedure and simplicity. This includes non-resident Delaware Corporations! The only difference is that company account does not come with the VISA debit card. It does come with the check book and works with PayPal. You can of course choose to open both individual and company account!
HASSLE FREE - Requires only a photocopy of your passport. You don't even need any certification or notarization. No reference letter from other banks required also No credit check.
RECEIVE INWARD WIRE TRANSFER FROM ANYONE (FREE) - The bank has an international SWIFT code and Routing Number. Receiving wire transfer is FREE
NO MONTHLY SERVICE FEE or MINIMUM BALANCE REQUIREMENT to maintain your account + Excellent 24/7 Email and Phone Support - You can pick up the phone to call them and get immediate support. Or if you are shy or the issue is not urgent, you can send them an email.
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