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US bank account for non US residents

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I am a resident of Canada and about a month ago I looked for a way to open an US bank account being a non US resident. So I searched the internet and found out number of site which offer US bank account for non US residents but most of them were scams.

The problem in opening a US bank account is due to the patriot act. It has made opening a US bank account by a non US resident almost impossible. But I found out one method to open an US bank account. Etrade financials offer complete investment account for international users. To open this account you don’t have to fly to USA.

  1. Opening this account is completely free.
  2. It can be opened by regular mail.
  3. Only document required is a valid passport photocopy. (Does not need to be certified)

This account is originally designed for brokerage purposes. But I don’t see anything wrong with using it as a normal bank account. This account offers a platinum visa debit card and free check writing. (First check book is also free) To apply visit Etrade website. Then download and print the complete investment account application and W-8BEN form. Then properly fill these forms and post them to the address specified. If you don’t want to download and print them you can apply for an account opening kit online. Then they will mail it to your home. This really works. (I have tried it. They have an excellent customer support service)


You can also use this account to withdraw Paypal funds. For any more information visit their website or contact the customer support service.

ETRADE WEB SITE : https://us.etrade.com/e/t/home

*Etrade logo and the Etrade name are registered trademaks of the Etrade financials.


9 comments:

Kevin Bing said...

Dear Yasitha, thanks for the article regarding how to open an account at etrade, i found the info very useful. It's true there are a lot of scam over the internet regarding this issue.

Just wondering, does your etrade account allow international wire transfer? and can you do transfers like ACH?

thanks very much!

Kevin

B. Upul N. Peiris (bunpeiris) said...

Dear Yasitha,
Thanks for the useful article.
Have you withdrawn money collected by PAYPAL from this account?
Are you based in India?
bunpeiris
Riolta Lanka Holidays (Pvt.) Ltd., Sri Lanka
www.mysrilankaholidays.com
www.rioltalankaholidays.com

Yasitha Tennakoon said...

thank you very much for your interest on my article.
I am a citizen of sri lanka and currentely resides in India.
I suggest you to contact the customer support service of etrade by email.
It is very efficient and they will reply any of your problems within 24 hours. Thank you.

B. Upul N. Peiris (bunpeiris) said...

Dear Yasitha
Thanks a ton for your kind reply. Very prompt
I already sent an email to the bank ---tellmemore@etrade.com
I have to fix a PAYPAL ACCOUNT for a CREDIT CARD PAYMENT ACCEPTANCE GATEWAY in my website www.mysrilankaholidays.com
So is the need for USA bank account
Also if you could spare some time make a visit to my website & let me know of your views
Thanks
Upul

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Scorpion™ a.k.a. Kaushal said...

Hi yasitha,
thanks for the article. I need a US account very much. i am from india. I just wanna ask you that do we have to pay any initial money for opening a brokerage account? Plz reply!

Kaushal

Ckoryom said...

Hi, Great article! I need to ask you a question, I read somewere else that I shouln't check the Debit Card option on the application form because they would charge me for it. Is this true?

satil said...

Etrade will NOT open an account if you do not intend to use it for investment purposes.If you start transferring money from other sources ( paypal etx.) it is guaranteed that they will bloack the account and you can say goodbye to your money. This was told to me personally by an EBANK employee from their LOondon branch last week (september 2009)and it is valid for ANY account ( US and Europe). SO forget this bank if you do not intend to use the account for investing purposes.