# Banking usa/uk



## Thaicat (Dec 21, 2013)

Hi guys...can anyone give advice on best banking accounts ? 

I live in UK and my fiancee in USA. I have heard people saying there are USA banks that do not charge the opening fees that UK does..or could my fiancee add my name ? We need a dual useable non fee for opening general checking account. 

Kind Regards


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## Davis1 (Feb 20, 2009)

most US banks if not all you have to keep as ninimum balance in to avoid monthly fees 
in my area it varies between $500 and $1500


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## 2fargone (Jun 14, 2011)

There are quite a few online banks popping up now.

I have several friends that use Ally and are happy with it. It doesn't require a min opening balance.


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## Thaicat (Dec 21, 2013)

Is Ally UK accessible ? I need to take money out both in UK and USA and for us both to have our wages paid in.


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## 2fargone (Jun 14, 2011)

Thaicat said:


> Is Ally UK accessible ? I need to take money out both in UK and USA and for us both to have our wages paid in.


Hi,

I don't know but they have a contact us. Here is the link. Online Banking | CDs | Money Market | Savings and Checking | Ally


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## Thaicat (Dec 21, 2013)

Thank you very much


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## BBCWatcher (Dec 28, 2012)

Thaicat said:


> Is Ally UK accessible ? I need to take money out both in UK and USA and for us both to have our wages paid in.


How do you want to withdraw the money? ATM?

I like the Capital One 360 account in the U.S. No minimum balance is required, and fees are low or zero. If you withdraw funds at an ATM in the U.K. that only costs the standard network spread (1%), assuming you use a machine in the U.K. which does not charge a local fee. Last time I was in the U.K. most machines were fee free.

I do not recommend a joint account. Payable On Death (POD) accounts are fine if offered. The reason to avoid joint accounts: FBARs. If you're both U.S. citizens this doesn't matter.

Another option is the American Express Bluebird debit card, available at Walmart. If you choose to have regular salary deposited to that account (via direct deposit) then the already low fees are reduced even further. You can open a Bluebird account online. That account doesn't pay interest, though, but that's not much loss with low balances and today's low interest rates.


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## Thaicat (Dec 21, 2013)

Thank you BBC.. I am engaged to a USC from Nj..who lives in Nj..so our lives are split right now.. Im about to leave NJ after a month here ..I will be here again in June but my fiancee will be in London again after the summer and for christmas. 

I will be withdrawing from UK atm's or on occasion USA..while it would be vice versa for my fiancee. We are trying to tie ourselves together on paper for when we pick which country were going to reside in. 

Kind Regards


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## BBCWatcher (Dec 28, 2012)

New Jersey... Let's see...

First Bank of New Jersey has a nice, simple account called the Statement Savings account. You only need to maintain a minimum balance of $100 to avoid fees (and $100 to open). They give you an ATM card which can be used fee free at any/all Allpoint network ATMs in the U.K. (and in other countries, including the U.S.) Plus they don't seem to charge ATM fees on their end anyway, so you probably don't even need to limit yourself to Allpoint network ATMs in the U.K. They have branches in New Jersey where you can open an account. Hopefully one is convenient. And they pay a very respectable interest rate on that particular savings account right now.

Capital One has many branches in New Jersey. That's different than Capital One 360 (their online division), but the branches also offer some good account options. Their "Smart Savings" account looks pretty good, for example, with that all important fee-free ATM card. It also looks like they match First Bank's interest rate currently.


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## Thaicat (Dec 21, 2013)

wow...thank you so much bbc!!! you are a wealth of knowledge !! Are you living in the US yourself ??


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## BBCWatcher (Dec 28, 2012)

No, not at present, but I'm very familiar with the U.S.

I should give credit to DepositAccounts.com, a site that makes it easier to find and compare standard bank accounts in the U.S.

To give you a little more insight, banks and credit unions in the U.S. have to follow something called Regulation D. Regulation D essentially divides bank accounts into two types: checking accounts (what are called "current accounts" in the U.K.) and everything else (savings accounts, money market accounts, etc.) Regulation D limits the number of fee-free withdrawals from savings, money market, and other non-checking accounts to 6 per month. However, "withdrawals" does not include ATM cash withdrawals and withdrawals from a bank teller at a branch. (Or more simply you can access your money as much as you want from a savings or money market accounts.) It does include things like paying a bill and making a purchase at a merchant with a debit card linked to the account. Deposits, of course, are unlimited.

Anyway, I suspect for your purposes Regulation D makes no difference, so savings accounts, which tend to pay a slightly higher rate of interest, are just fine. But I thought I'd mention it.


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## BBCWatcher (Dec 28, 2012)

As another follow up, to open a bank account in the U.S. you'll typically need at least the following:

1. Proof of identity. (A passport does nicely.)
2. A U.S. Social Security number or U.S. Individual Taxpayer Identification Number (ITIN). If you don't have a U.S. Social Security number you'll have to get an ITIN. You can get an ITIN on the spot if you bring your passport and a little bit of money to any H&R Block office, for example.
3. Proof of address. This can be a little tricky to get if you're just visiting the U.S., to say the least. Some banks are OK if you can produce foreign proof of address, and others want a U.S. address.
4. A bit of money to open the account. (A small amount of cash works, for example. Don't bring large amounts of cash for a variety of reasons.)

If you're not a U.S. citizen or permanent resident (green card holder) you'll also need to fill out a W-8BEN form. Then the bank will generally withhold 30% of interest for income tax unless there's a tax treaty that says otherwise. If you later become a U.S. permanent resident (in the same calendar year) you may be able to recover some of the withholding. Also, if you become a permanent resident you should send the bank a W-9 form to stop the withholding.

I'd recommend bringing your U.S. citizen bride-to-be when you open an account. I'd also recommend calling ahead to confirm their account opening requirements.

Once you have the account open make sure you can log into the bank's online system. Also, once you log in, sign up for e-statements, making sure to have as much as possible mailed electronically.

If you don't have a U.S. phone number you can get a free one (with a voice mailbox) from Google. You must sign up for Google Voice from inside the United States to get a U.S. number.

Hope that helps.


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## Thaicat (Dec 21, 2013)

Wow... thank you again !! I did not know all of this !! I am going to the UK tuesday until June.. I have a dissertation to write and attend meetings. 

I shall look in to everything you have mentioned and take the mrs with me on my visit to the bank.. Ive yet to work out which is easier UK or US since the whole 125% above poverty line thing and co sponsor confuses me.... but we need a dual account either way.

You really have been wonderful to give your time and expertese to detail the above for me. I certainly want to make sure I cover my backside and my bases in London before Im back here.


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## mark.lucas (Feb 3, 2014)

*Moving to US in stages*

I've looked through this thread and others and it seems all the US banks make it as difficult as possible to open a US checking account.

We are currently in the UK and my wife starts work in Maryland next month. Clearly we need to have a joint checking account so she can get paid.

At present she does not have her H1 work visa and until she is resident she can't then sponsor myself. Neither of us can obtain a SSN until we are resident. All the banks want a SSN even though this is not a legal requirement. I won't be resident until August.

We have banked with first direct (a wholly owned subsidiary of HSBC) but HSBC International can't open a US account for us as they do not recognise first direct customers (even though they have spent millions advertising themselves as the world's international bank). Ally say they require a SSN number.

Just to complicate things my wife works under her maiden name as she has a PhD but her passport and our joint account are in her married name. 

Any suggestions please? Also, will the banks accept her work address until we find a permanent house in August?


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## twostep (Apr 3, 2008)

mark.lucas said:


> I've looked through this thread and others and it seems all the US banks make it as difficult as possible to open a US checking account.?


The requirements are pretty straight forward. Try opening an account in Europe without proof of residence.



mark.lucas said:


> We are currently in the UK and my wife starts work in Maryland next month. Clearly we need to have a joint checking account so she can get paid.?


Why do you need a joint account?



mark.lucas said:


> At present she does not have her H1 work visa and until she is resident she can't then sponsor myself. Neither of us can obtain a SSN until we are resident.?All the banks want a SSN even though this is not a legal requirement. I won't be resident until August.?


Why does her employer not file H4 for you? SS# is not a requirement by law but most banks implemented it as policy. You can always ask for an account with W8.



mark.lucas said:


> We have banked with first direct (a wholly owned subsidiary of HSBC) but HSBC International can't open a US account for us as they do not recognise first direct customers (even though they have spent millions advertising themselves as the world's international bank). Ally say they require a SSN number.?


What does advertisement have to do with policy?



mark.lucas said:


> Just to complicate things my wife works under her maiden name as she has a PhD but her passport and our joint account are in her married name. ?


What does a PhD have to do with her passport? Her legal name is her married name, is it not?



mark.lucas said:


> Any suggestions please? Also, will the banks accept her work address until we find a permanent house in August?


It is not her address but as long as it is a street address and the CSR does not recognize it as a business address it may fly.


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## Davis1 (Feb 20, 2009)

strange ..you should have no trouble opening a bank account ..my friend was over for a week on an ESTA ..and opened a checking account at Well Fargo with just his passport 

of course you have to be in the US ...to do it


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## mark.lucas (Feb 3, 2014)

Thanks for the responses.

Joint account - because we want to.

I will be getting an H4 visa but I can't get that until my wife is there and we want the account open before we get there, and even then I only get an ITIN and not an SSN.

The issue with working in a different name is to do with proof of income etc. Trust me it can cause issues.

If we open a UK Citibank account then they say that they can then open a US account for me - but this only addresses the symptom and not the cause. 

If there are any other suggestions please fire them in.


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## Bevdeforges (Nov 16, 2007)

Have your wife open a bank account on arrival. The big deal these days is that you have to actually go into the bank to open any sort of account, thanks to the OECD "know your customer" policies. Frankly, she can open it in any name she wants to use - and I'm fairly certain she should be able to indicate an AKA (also known as) name to the bank if she explains why she is using it. (But have her bring a birth certificate to show that it's her maiden name - maybe even a marriage certificate.)

She will have to decide which name she wants to use for the Social Security administration, because they do tie that in to your tax returns. But lots of women in the US use their own name rather than their husband's name.

When you get there and can show up with her at the bank, she can add you to the account (along with your ITIN, though hers will be the number used to report the account).

AFAIK, it will be difficult to open an account before one of you arrives (or even just visits) to go into the bank and fill out and sign the appropriate paperwork. It's pretty much the same in most countries these days.
Cheers,
Bev


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## mark.lucas (Feb 3, 2014)

Bevdeforges said:


> AFAIK, it will be difficult to open an account before one of you arrives (or even just visits) to go into the bank and fill out and sign the appropriate paperwork. It's pretty much the same in most countries these days.
> Cheers,
> Bev


Not true - I can open an account in the UK without visiting a branch - and in the USA how does one open an Ally account - they have no branches!

Bankers stuck in a process that suits them but not the customer as usual. Well I know who will be getting my money.


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## BBCWatcher (Dec 28, 2012)

Opening a U.S. bank account online requires a U.S. credit check and verification. If you don't have a U.S. credit history with a U.S. credit bureau, chances are it won't work.

So you're both right.


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## mark.lucas (Feb 3, 2014)

BBCWatcher said:


> Opening a U.S. bank account online requires a U.S. credit check and verification. If you don't have a U.S. credit history with a U.S. credit bureau, chances are it won't work.
> 
> So you're both right.


Thanks but this has nothing to do with going into a branch or credit record.

Clearly one does not need to visit a branch and I am not asking for credit simply a banking service.

I have already lodged a complaint with my bank about this.


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## BBCWatcher (Dec 28, 2012)

Mark, the credit check is not to check your credit. It's to "know your customer." Knowing your customer can be done online...via a standard check with a credit bureau. Typically what happens is the bank pulls information from your credit report, asks you questions only the person with that particular credit file should know, then, if you answer the "quiz" correctly, your account is opened.

If you don't have a credit bureau file in the U.S., then the bank cannot "know its customer" via that online process. Ergo, you'll probably have to present yourself to a bank employee at a physical branch.

Yes, that's how it works, and it's perfectly reasonable. Even if you don't like it.


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## Bevdeforges (Nov 16, 2007)

Mark, google "KYC" and, ignoring the odd Yacht Club using those initials, you'll find information about this whole Know your customer thing. The acronym is turning up more and more frequently in the press and in adverts, etc. 

There may be a way around it, but you'll have to study up on the requirements in the US banking community to find it. Once you are a customer of the bank, you can open all the accounts you want without paying the bank a visit. But from overseas, expect to have to run something of a gauntlet to prove your bona fides.
Cheers,
Bev


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## twostep (Apr 3, 2008)

Things have changed. OP might find it almost impossible to open another account without id and physical signature.


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