# US Bank Account



## Tonyb111111 (Sep 2, 2015)

Hi all, I will be moving to the states in January, work sponsored. However, I will be vistiting next week and was wondering whether I can set up a bank account while I am there, or will I have to wait until I am working there. Any advice would be greatly welcomed


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## BBCWatcher (Dec 28, 2012)

Probably the latter, but why the rush? Would you have even any idea at this point in time about the "best" bank for you in your future circumstances? Some people consider factors such as ATM locations and convenience, but how would you know that now?

Moreover, you may become eligible to join and do your banking with a credit union based on your employment or place of residence, and it's quite possible that'll be your "best" choice. But that comes in the future, too.

Many countries (including probably the U.K.) require at least their tax residents to report overseas accounts, so if you could open an account now it'd presumably be U.K. reportable. Which is fine, but that's some more work to do.

In short, why bother, now?


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## Bevdeforges (Nov 16, 2007)

Technically, you should be able to set up a bank account now. But, as BBC points out, you might do better to wait until you get over there to settle.

What you'll be able to set up now will be a "non-resident" account - and subject to special withholding and other regulations. The account will have to be converted to a "resident" account when you arrive to start work - basically when you get your US social security number. It's not a huge matter to convert the account, but as with most bureaucratic functions, it offers just one more step where things can get screwed up.

Also, some companies offer low-cost or free bank accounts to their employees (I guess because it makes it easier for them to direct deposit your pay) if you have your account in the same bank that the company uses, or in the credit union that serves the industry or area. It could really pay to wait.
Cheers,
Bev


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## twostep (Apr 3, 2008)

A personal checking account requires form W8. It can be a convenience to have it. Make sure you have sufficient funds to cover potential bank charges if there are any until you will relocate in January. Most banks offer free basic checking including online for certain deposit limits. Ask questions! 

Yes, W8 reports to country of origin depending on tax treaty. But actual interest earned on a couple of dollars in a checking account will not break the bank.

Closing an account generally requires a visit to a branch location.


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## Tonyb111111 (Sep 2, 2015)

Thanks for the feedback all. Would a credit reference from my current bank help me get setup quicker or receive anything I wouldn't normally get with my first bank account. I will take the advice and leave until I have moved over there. Is there anything in particular that the US banks will find useful in a credit reference. Also, any tips on accelerating credit ratings as I want to buy after 12 months 
Thanks
Tony


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## twostep (Apr 3, 2008)

US credit reporting ties into your social security number. UK credit history does not transfer.


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## Tonyb111111 (Sep 2, 2015)

Thanks, I appreciate that UK credit referencing was not transferable to the states, I was thinking more in line with an old fashioned written reference of credit history from my bank which they will do. Probably not much value but may be worth a tenner


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## Davis1 (Feb 20, 2009)

new rule last week in my bank .. you have to have a US address


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## Tonyb111111 (Sep 2, 2015)

Cheers again, just arranged an appointment with Wells Fargo for next week, so if I can't open a non-resident account I will know exactly what I will need when I get my social security number. Will keep all posted


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## BBCWatcher (Dec 28, 2012)

I've seen this confusion before for those coming from the U.K. A U.S. bank account almost never(*) generates updates/history in a U.S. credit file,(**) unlike the U.K. (Yes, indeed, that's different than the U.K.) A U.S. bank account can generate fees and/or foregone interest, however.

(*) Those few times that it does surely wouldn't apply to a non-resident account.

(**) Except possibly minor points _deducted_ for something called a "hard pull," which banks do fairly often, and that pull would likely be repeated when a non-resident account is converted to resident.


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## twostep (Apr 3, 2008)

Tonyb111111 said:


> Thanks, I appreciate that UK credit referencing was not transferable to the states, I was thinking more in line with an old fashioned written reference of credit history from my bank which they will do. Probably not much value but may be worth a tenner


 I do not know what a tenner is but no tree has to die for this. Your UK credit history is irrelevant as it is not tied to the US reporting system.


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## twostep (Apr 3, 2008)

Tonyb111111 said:


> Cheers again, just arranged an appointment with Wells Fargo for next week, so if I can't open a non-resident account I will know exactly what I will need when I get my social security number. Will keep all posted


Superior customer service. Very knowledgeable branch staff.


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## Tonyb111111 (Sep 2, 2015)

My research suggest they were the ones to go to Twostep, and my experience of the phone conversation was a very positive one. FYI a tenner is £10


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## Jamesalbonn (Oct 5, 2015)

Hi Tonyb111111,
Wait until you come to states,unless your account created under non-resident.it is not fair.


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## Bellthorpe (Jun 23, 2013)

It's not clear what it is that you consider not to be fair.


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## Linuxpro (Jan 28, 2013)

My wife opened an account at BankofAmerica during a visit on a B2 visa. She has no green card. It was no big deal, and took only 15 min.


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