View Full Version : Bank account in Florida.
I stay in Florida for the winter with a short trip home for Christmas (helps with travel insurance). When in Florida I stay at my daughters house and I pay the bills so I need a US bank account. I have been to several local banks that do free banking but they will not open an account without a SSN. Larger banks want amounts around $1500 dollars left in the account but, I believe, will open an account with a form called W8.
How did those of you with an account go about it?
florida4sun
17-02-2015, 13:05
You need an ITIN number to use form W8. This is basically a tax ID. Form W8 is simply to prevent tax withholding. You need form W7 to apply for an ITIN. Here is a link http://www.irs.gov/pub/irs-pdf/fw7.pdf
E. Cosgrove
17-02-2015, 14:07
Some banks are more helpful than others! Our mortgage broker helped us to open our first account with Am South who were absolutely useless. When the villa was completed we went to a more local branch of Bank of America at Celebration, the manager told us that 70% of her customers were Brits ( it was more than 10 years ago and may well have changed now ) she was very helpful and although sometimes we do not always get the sme helpful service when using the call centre from the UK the branch staff are a
ways extremely helpful.
Be aware though the U.S. banking system seems to bear no resemblance to the British one!
florida4sun. Thanks for that. Is the form taken care of by the bank or do I have to post it somewhere?
E. Cosgrove.... I understand what you mean by "the U.S. banking system seems to bear no resemblance to the British one!" It seems very out of date!
The information I have collected so far indicates that there are two sets of regulation for banks! They can be either state controlled or Federal controlled. Small local banks are usually under state rules and the larger banks are under federal rules. State banking rules vary with each state but in Florida a SSN is required. This appears to rule out the local banks which offer cheap or free banking and leaves the Federal controlled banks, most of whom want varying sums of cash left in the account or make a monthly charge!
We too have an account with Bank of America, we use the one on the 27 near Cagan Crossings. Great staff and I find the banking system much better than here in the UK. We don't even need to go to the bank with a cheque, just photograph it on a special App and send it and it is immediately in our account. Would that my UK bank offered this service!
Andrena
steph_goodrum
17-02-2015, 21:40
I stay in Florida for the winter with a short trip home for Christmas (helps with travel insurance). When in Florida I stay at my daughters house and I pay the bills so I need a US bank account. I have been to several local banks that do free banking but they will not open an account without a SSN. Larger banks want amounts around $1500 dollars left in the account but, I believe, will open an account with a form called W8.
How did those of you with an account go about it?
Can you pay the bills with a credit card online or by phone. If so why not just use something like a Fairfx currency card. It is a Mastercard, there are other options. That way you can load it from your Sterling account as and when the rate is good or before you go and then if you need to top it up can do so online or by phone or text. You then aren't committed to keeping a certain amount in a bank account . Lots of stores dont take check so it is easy to pay for goods. Because you preload the card there is no issue with having a big bill , you can only spend what you load on and they offer good exchange rates, not far off bank rate. Saves any issue with opening accounts etc.
Can you pay the bills with a credit card online or by phone. If so why not just use something like a Fairfx currency card. It is a Mastercard, there are other options. That way you can load it from your Sterling account as and when the rate is good or before you go and then if you need to top it up can do so online or by phone or text. You then aren't committed to keeping a certain amount in a bank account . Lots of stores dont take check so it is easy to pay for goods. Because you preload the card there is no issue with having a big bill , you can only spend what you load on and they offer good exchange rates, not far off bank rate. Saves any issue with opening accounts etc.
I already have and use a Fairfx card and use this at many stores but it can only be used instore. Most online payments, cell phone, power company etc will not accept it as it uses my UK billing address which US companies are unable to recognise.