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  1. #1

    Default Opening A US Bank Account

    Hi

    Does anyone have problems opening a US bank account? I tried opening one with HSBC, needs to provide a reason, so I gave Property Purchase as the reason. However, it has been rejected.

    HSBC staff told me that even if it is for 2nd home purchase, it cannot be use for rental income purpose.

    Please advise how this can be done, and how you collect your rental income funds.

    Thanks

  2. #2

    Default

    Quote Originally Posted by camel View Post
    Hi

    Does anyone have problems opening a US bank account? I tried opening one with HSBC, needs to provide a reason, so I gave Property Purchase as the reason. However, it has been rejected.

    HSBC staff told me that even if it is for 2nd home purchase, it cannot be use for rental income purpose.

    Please advise how this can be done, and how you collect your rental income funds.

    Thanks


    You need an address in the USA. Not a P.O. Box -- but an actual street address. You would actually have to walk into the branch and set up the account yourself.

    You could use your rental property as your address. But I doubt you would want your statements going to your renters, though you have the option of getting your statements via the internet, but you would still have issues with mail. Your property tax bills (City and County) would definitely end up at the address. Also too, when unrented, your water, electric, and gas bills will also be delivered there. If you set up mail forwarding (free in theUSA) your renters would never receive your mail, but then they would never receive their own mail!



    Last edited by fatfishandchipman; 03-06-2011 at 01:28 AM.

  3. #3
    Join Date
    Nov 2007
    Posts
    1,067

    Default

    Does that mean you receive other people's mail Fat? Do you open it?

  4. #4
    Join Date
    Jun 2005
    Location
    auckland New Zealand
    Posts
    5,236

    Default

    We can help you open one Outspoken, it is no problem, we do it for clients everyday. HSBC are no good anyway, they are getting out of retail lending, so you will never get a mortgage through them.

  5. #5
    Join Date
    Nov 2007
    Posts
    1,067

    Default

    Quote Originally Posted by [email protected] View Post
    We can help you open one Outspoken, it is no problem, we do it for clients everyday. HSBC are no good anyway, they are getting out of retail lending, so you will never get a mortgage through them.
    Who acts as your Agent in the USA Dean?

  6. #6
    Join Date
    Jun 2005
    Location
    auckland New Zealand
    Posts
    5,236

    Default

    It depends on which state your LLC is in. Some states we use our property managers, others we use our lawyers, accountants or a professional agent.

  7. #7
    Join Date
    Nov 2007
    Posts
    1,067

    Default

    Quote Originally Posted by [email protected] View Post
    It depends on which state your LLC is in. Some states we use our property managers, others we use our lawyers, accountants or a professional agent.
    Yours? Ours? which is it? accountant or Professional agent? who carries the can?

  8. #8
    Join Date
    Jun 2005
    Location
    auckland New Zealand
    Posts
    5,236

    Default

    Don't understand your question Outspoken. Who acts as YOUR agent will depend on which state YOUR LCC is in
    We use different people in different states

    As I said if you need a hand opening an account I am happy to help. Just email me anytime,
    Last edited by donna; 05-06-2011 at 10:41 AM.

  9. #9

    Default

    An LLC is completely unnecessary fora small-time venture like real estate. You don’t need an LLC to open a bank account. In any case, a New Zealand or Australian LLC will not be recognized in the USA.

  10. #10

    Default

    Quote Originally Posted by outspoken View Post
    Does that mean you receive other people's mail Fat? Do you open it?
    No and no.


 

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