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USD bank account


by @piovella | 4yr  | 9 comments

Hey guys,

Iโ€™m in the beginning of my nomadic life. I currently have a UK account in GBP currency but most my clients pay me in USD either via Upwork or Transferwise. I was wondering if you know if there is a better way to deal with the fees?
I was looking at opening a USD account but the fees are ridiculous (I looked at HSBC).
Not sure if this is useful information but at the moment Iโ€™m still working as an independent freelancer. I havenโ€™t set up a company yet as am looking for the best option for that.

Thanks

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@tomchentw | 4yr

Thereโ€™s few options out there:

  1. Open an Citi account in UK first, then open another Citi account in the US. Link them together through CGT (Citi Global Transfer) and you may transfer money in between with fee waived (itโ€™s kind of special yearly offer and may differ in different country/year. Check first)
  2. Open an international investment account at Charles Schwab, as @mail_jimrobinson suggests
  3. Open any bank account in the US, link it with https://privacy.com and you could spend the money with a virtual debit card (which uses the up-to-date VISA exchange rate with no extra fee)
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@jimmythepipe | 4yr

Open an international investment account at Charles Schwab and have your payments deposited there. No currency fees. Always the current exchange rate. And ALL ATM fees are reimbursed. My card is accepted for about $250 US every day at the bigger banksโ€™ ATMs in Vietnam.

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@xunadia | 4yr

If youโ€™re visiting the US anytime soon, you can just walk into any bank and open a personal account. All you need is your passport, a proof of address (in your home country), and a residential address where you can receive the card to. The minimum deposit at Wells Fargo was only $50.

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@mrdobelina | 4yr

And you wonโ€™t have any problems with law/immigration etc? If you visit US as a tourist technically you canโ€™t receive money in a US account since youโ€™d need a business visa or something. No?

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@chilladx | 4yr

Check out https://business.revolut.com/

They offer business solution, donโ€™t charge fees on currency conversion, and have great exchange rates. And their standard Master Card is free.

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@piovella | 4yr

Thanks Chilladx

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@jcw | 4yr

Iโ€™m from the UK but just stuck with getting paid in USD into PayPal then taking the hit on their fees and terrible exchange rate.

Iโ€™m now registered as a LTD company in the UK.

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@vi | 3yr

Hi @JCW, how does being registered as a LTD help you? How does your client transfer money to you? Iโ€™m having the same issue where I just experienced myself ridiculous PayPal fees.

I have a company registered in Croatia. How can a client pay me there directly?

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@piovella | 4yr

I think transferwise are far better as their fees and exchange rate are better

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Read and participate in 14,067 discussions on Nomad List

Suggested topics

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Anyone know an accountant for Canadian nomads/expats?


by @noam_lightstone | 11mo 10 months ago | 16 comments

Hey guys, this was my first year as a Canadian nomad.

As far as I know of, Canadians donโ€™t pay taxes if they do not live in the country for 6 months.

But Iโ€™d like to talk to an accountant or someone who does Canadian taxes specifically for expats and nomads to get clear on the rules and for help on my return coming up.

Does anyone know someone who specializes in Canada who can help? Iโ€™ve seen plenty of US recommendations but none for us canucks.

Thanks guys!

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What's the best bank account for a global nomad?

 

by @barrybjjoubert | 1yr 1 year ago | 25 comments

Dear all
As a wanna be nomad figuring out a way to get free of the rat race, I was wondering what is the best bank account to have while travelling the globe? I need an account where is easy for me to receive payments from all over the world and it also need to be a bank that I can find almost anywhere in the world. I want to avoid carry cash on me if itโ€™s possible.

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Recommendations for UK/Scotland accountants that understand remote businesses?


by @eduardoyi | 1yr 1 year ago | 1 comment

Looking for recommendations for reliable accountants who understand how remote businesses with off-shore freelancers and clients work. Thanks!

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Is there a US bank for easily creating new business checking accounts remotely?

 

by @tylertringas | 2yr 1 year ago | 23 comments

Every accountant is going to tell you that you really should be keeping separate accounts for all your businesses and even projects that may one day become businesses. But in my experience setting up a new account associated with an actual business entity is a pretty annoying process involving an in-person visit to a bank branch, proof of residence in that branchโ€™s region, etc. Has anybody seen a bank that letโ€™s you easily create a simple business checking account online and more importantly that would let you add additional accounts and transfer funds between them?

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Iโ€™m a U.S. accountant who works with Americans who live abroad, ask me anything!

 

by @olwagner | 2yr 2 years ago | 100 comments

Hi everyone,

If you have a U.S. tax question or would like some U.S. tax insight on your business/structure, ask away!

I have been preparing tax returns for US citizens abroad since 2012. I can answer any question in US tax with an international flavor. I operate 1040abroad.com and I have maintained a blog at taxsamurai.com

I look forward to answering all your questions. And if you are in Ho Chi Minh City in December, letโ€™s meet !!!

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Where is the best place to open a bank account in Europe?


by @julien | 3yr 2 years ago | 7 comments

Hello the community,

I am thinking about opening a business bank account in another country outside of France.
I live in Paris and I work as a freelancer. The taxes on my salary are very expensive (around 85%). I would like to know if there are better options for bank accounts within Europe.

Thank you in advance for your help.

Regards,

J

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How do I open a business account in Hong Kong? Proof of business?


in Hong Kong by @omar | 3yr 3 years ago | 6 comments

Hello guys, I was wondering if anyone had any experience in opening a business bank account in Hong Kong. Iโ€™m getting all the paperwork ready to incorporate in Seychelles and open the bank account but the agency that is helping me says Hong Kong bankers are getting more picky. They are asking me for business โ€˜proofโ€™ since iโ€™ve always ran my sites as an individual I wonder if just proof of payment from ad networks is enough. If you have any advice it would be much welcomed.

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European bank account for non resident


by @theunisk | 3yr 3 years ago | 5 comments

I hold South African/Portuguese dual citizenship, however I was born and (officially) reside in South Africa. Any recommendations for a nomad friendly european bank account ? Ie, one that does not require residency, proof of address, or have easy ways to get around these.
I will not be using it much for day to day expenses, more as a way to hold euros and be able to transfer between accounts. My US bank account has very high fees.
I am in europe for the next week or two (currently Italy) and hope to be able to get one before I leave.

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Does anyone know an accounting & remote company admin in Bulgaria?


in Bulgaria by @akisl | 4yr 3 years ago | 9 comments

Hey,

Iโ€™m looking for a remote accounting and company admin office in Bulgaria for handling a limited company fully remotely with 1-2 invoices per month max.

If you happen to know any, let me know.

Thank you!

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How do Ukrainians receive USD?


by @nealbozeman | 4yr 4 years ago | 7 comments

Iโ€™m finding it harder and harder to work with my friend from the Ukraine, to transfer money from the US, in USD to USD (he has an account that allows dollars).

  • I used to work with Western Union, which was a hefty fee around $60. They closed the account years ago on concerns I was operating a business (I am)
  • I opened an HSBC account to be able to wire internationally, with a $45 per wire fee, but they have stopped allowing transfers
  • Ria Money Transfer was great, but they stopped this week doing deposits in to UA

Arrgh! If a Ukrainian is on a freelancing site like UpWork, how do they get money from their accounts, especially US clients? It must be incredibly expensive by now?

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Where to easily open a personal/business account in SE Asia?


by @jakub | 4yr 4 years ago | 0 comments

Hey guysโ€ฆ Iโ€™m from a EU country but in the past 6 years I spent there just 3 weeks.

I have a bank account in Australia, since I spent there over 4 years. Now Iโ€™m mostly in Thailand or travelling around.

Because of my experiences

a) PayPal froze my account for several weeks until I was able to give them documents that are very difficult to get if Iโ€™m no longer in Australia

b) when applying for a tourist visa to Australia just to pick up rest of my stuff - itโ€™s supposed to be done within 48 hoursโ€ฆ well it took them 3 weeks just to ask me for additional details (that I already gave them with the application anyway) - I lost my tickets and bookings - of course no way to email them, call or whatever

This made me think about the fact that I have all my money in Australia. While Iโ€™m doing nothing illegal I canโ€™t risk that some โ€œofficerโ€ with a bad day decide to freeze my account to investigate whatever and Iโ€™ll be left with nothing for who knows how long. Not to mention they usually canโ€™t grasp the concept of perpetual travelling.

So my question - anyone has RECENT experience with opening a bank account in SE Asia? Either personal or business (thinking about UK LLP or US LLC)

It seems that

a) countries such Singapore has assumption that everyone and his dog is laundering moneyโ€ฆ $500 at a timeโ€ฆ

b) Thailand with lazy and incompetent staff where you ask to open non-resident bank account just to be told โ€œdonโ€™t haveโ€ โ€ฆ you point on the 3x3 metres huge board behind them listing interest for non-resident bank account - answer โ€œaaah, yes yes canโ€™t open, new rulesโ€ (even while having a Thai with me)

Thanks!

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Non US residents, can you share your testimonial about your US business bank account?


by @nouk | 4yr 4 years ago | 4 comments

I am looking for testimonials of non US resident nomads who incorporated their company in the US & have a business bank account at a US bank.
I would like to know if the process has been difficult if you have been denied a business bank account because of your status as a non resident alien. If you were successful i would like to know if you are able to do everything that a US resident could do with the business bank account. For instance, i would like to know if you are able to do international wire transfers to the country where you reside.

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Good Bank Account / Prepaid for travel?


by @dondizzler | 4yr 4 years ago | 5 comments

Hey guys, iโ€™m a Canadian resident. I have a corporation registered in Canada, and all of my income flows through this account and eventually into my personal account. Iโ€™m considering either opening a second Canadian account or an offshore bank account for the purpose of travel. My goal is not to change my business structure or avoid taxes, but simply to make it easier to make purchase worldwide.

Iโ€™m planning to do some travel in Asia and eventually South America. I know that in many countries, fraud can be a problem. Not only will I have to fight with my back to keep my account from being locked (they tend to be cautious when it comes accessing your account internationally) but iโ€™m also concerned about having my card duplicated and used illegally.

What iโ€™m looking for is some kind of bank account or prepaid card I can use to travel with. The idea is that I would transfer money to the account online, then withdraw the balance in cash to pay for my expenses. Because there will never be a balance on the card, I wonโ€™t have to worry about fraud. Iโ€™d also like to see if there is a way that I could reduce the fees I pay on currency exchanges or withdrawing in a foreign country.

Anybody have any suggestions?

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Hong Kong accounting costs


in Hong Kong by @mapiactravel | 4yr 4 years ago | 1 comment

I am looking into setting up an LTD in Hong Kong.

There would be 2 owners and around 250 invoices per month (no sales in HK).

What would be a realistic annual cost?

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Does anybody have experience with setting up an offshore company and bank account in Labuan (Malaysia)


in Malaysia by @nomads_and_drifters | 4yr 4 years ago | 4 comments

Hi there,
We are a husband and wife who travel a lot and have a small company set up in Fiji. We offer services to clients all over the world, but the Fijian banking system isnโ€™t very accommodating for a digital based business with a lot of overseas expenses.

To make our life easier we are planning to set up an offshore company and bank account in Labuan.
We have a Fijian, Belgium and Uk passport but have residency in Fiji.

Does anybody have experience with a situation like this? and any advice how to go about setting up an offshore company and bank account ideally in Labuan (or Singapore)?

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What are the best UK bank accounts for non UK residents?


by @theunisk | 5yr 4 years ago | 6 comments

Iโ€™m in the UK at the moment and will be here from time to time over the coming year. Iโ€™d like to setup a bank account for use in europe & to make funding my revolut card easier. Does anyone know which banks accept non UK residents? I do have a european passport/ID, though I am technically a resident of south africa. Proof of address might also be a sticky point - I have an address which I can use but have no proof that I โ€˜liveโ€™ there (besides my revolut card).

Another nice to have would be bitcoin friendly (eg Iโ€™ve read about barclays accounts being closed due to being used in connection with bitcoin, not sure whether that is a general thing).

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Heads up! Opening Charles Schwab account abroad


by @ahawkins | 5yr 4 years ago | 13 comments

I recently opened a Charles Schwab checking account because Iโ€™m sick of paying ATM fees abroad (been about 5 years now so it adds up). I did this online while I was in India. Everything went off fine opening the account online until a week or so later when I received a letter saying my account needed to be verified. No problem I thought, call the people up and answer a few questions. Wrong! Since I opened my account from a non-US IP, my SSN had been flagged. This requires in person verification! There is no way around this now. I asked if I VPNโ€™d with a US IP and tried to open a new account would it work. The CSR said no, my SSN is now flagged and the only way for me to get an account at Charles Schwab is to go branch and verify my identify in person.

So this is word of warning for any US people opening bank accounts while abroad. I suggest you VPN to get a US IP when opening any account. Probably with a less well known VPN as well.

Good luck out there!

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Can you recommend a digital nomad accountant?


by @jaemin_yi | 5yr 4 years ago | 8 comments

I know this is probably a long shot, but I wanted to ask my fellow entrepreneurial nomadsโ€ฆcan anyone recommend an accountant? Someone whoโ€™s affordable, communicative, comfortable working with remote clients, and really knows their shit!

Preferably one familiar with California tax law, but Iโ€™m open to any suggestions. If anyoneโ€™s happy with their current accountant (unlike me), Iโ€™d love to hear about them. Thanks guys!

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How to open up a business bank account in New Zealand from overseas?


in New Zealand by @panoramica | 5yr 5 years ago | 2 comments

For some reason I thought this would be straightforward. I am travelling and working freelance for NZ companies. I have existing accounts with ANZ bank in NZ and wanted to add a business account and attached Visa card to the stable so that I could keep my business related income and expenses separate for accounting purposes.

The bank is saying that I need to be present at a branch in NZ in order to activate the account. Obviously Iโ€™m not going to blow thousands of dollars to fly home so I can do a 2 minute face to face in a branch.

Has anyone else had any experience with doing this?

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How to get a bank account in Bali as a Canadian?


by @scottmcquin | 5yr 5 years ago | 0 comments

HI - I am doing a bit of research planning a potential trip to Bali, and I am trying to figure out the best way to get cash out there.

I am Canadian, and from my research using Bitcoin might be the best way (bitcoin.co.id) and buying with my Canadian credit card, and then transferring to a local bank account, and then withdrawing it when I need it.

My question is - can a Canadian with a tourist visa get a bank account with just my visa and my passort?

Thanks!

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