Visitors opening a US$ bank account ?

[blott]

<blockquote id="quote" class="ffs">quote:Originally posted by edlea
Blott - I never mentioned debit cards.[/quote]I think you did...<blockquote id="quote" class="ffs">quote:Originally posted by edlea
What I want to know is whether it's ok to visit a branch of (say) Wachovia and open a current account (with no charges), deposit $xxx, and then use the internet (or any card issued by that bank) to make payments in dollars once I'm back in the UK.[/quote]Yes, you can open a US bank account by appearing in person with your money in US$s and your passport, although it usually takes 2 weeks or so to get a proper check book and may take longer to get a debit card. Debit cards have to be activated before you can use them to purchase anything.

Usually no charges checking accounts apply to people over the age of 50 but you may be lucky to find one for younger persons that doesn't have charges.

What you can do is use internet banking to transfer money but it sometimes doesn't work the way it does in the UK and the bank mails a check out to the person you want to pay on your behalf. It still achieves the same aim however.

[Snapper]

<blockquote id="quote" class="ffs">quote:Originally posted by edlea
Like I posted before (twice) I as a British passport holder would like to walk into an American bank whilst I'm in Florida this summer, and open a current account which will give me a cheque book.
Do banks allow this ?

A simple yes or no and name of bank will do. [msnwink] [/quote]
Ed - I think the reason you (or we) are struggling with the answer to this is because it isn't a simple yes or no.

Yes, you can walk into a bank in Orlando and open an account. Probably! It likely depends on which bank and which staff are on that day. Get the wrong person on the wrong day and you'll waste time and energy that will feel like beating your head against a brick wall. (While you are there don't forget to tell them that you need to complete a W8-BEN form).

Also, don't forget that at some point you still need to buy the dollars. Having a US$ denominated account doesn't save you any currency charges, it just moves them. You then have the problem of getting the dollars into your US$ account. If you wire them over from the UK you just have all the same problems all over again. Assuming you don't intend doing this, are you intending to stock up your US$ account and then leave the dollars in there for a year until it comes time to pay for the villa. If you do, you are going to lose the interest, and 5% of, say, $2k is $100 which even at $2=£1 is £50 which means you are losing more than you are gaining.

It's a nice idea, but for what you are doing I would really recommend you not bother. I honestly can't see you saving anything significant over a period of time and I really do think it will end up being more trouble than it is worth ... however ... if you really want to, go for it.

[edlea]

Snapper - Thanks for that illuminating and concise reply. You're probably correct and it's probably easier (and as cheap as anything) just to pay my UK bank the charges for the two cheques.[:O]
Cheers.
Ed.

[andrewmckay5]

The good thing about the Citi Bank account ( if you are in a position to have £2000 in the savings account so no charges) is that you can change up any amount all during the year; when you have spare cash for example or when the rate is very attractive. Helps spread the cost of the holiday.
andrew

[mistert]

Edward,

It may be that a combination of Citibank (UK) + a US based bank is yyur 'cheapest' way. I have exactly that combination, although I am in fairness a villa owner.

We opened accounts with Wachovia while in US. They have very good on-line facilities as well. We also opened Current & Savings accounts with Citibank. Keep £2000 eqivalent across our Citibank accounts (you can get round this by having salary mandeated to them) - but most of it in the £ Savings account. When I need to move funds I convert from £ to $ online (you are told the conversion rate before you &lt;agree&gt. Then post a cheque to Wachovia. This way avoides all charges. However with a 'standard' depoit (in USA) account you get cr@p interset rates. So don't transfer the money too far in advance.

As far as our Wachovia current account goes we pay no regular charges, but we are over 50 and this may not be the case if you are younger. But - they do charge for things that in UK we take for granted. E.G.; I wanted cash out at Walmart, understanding that there is a withdrwal fee charged by the cash machine operator which gets added to your withdrawl. BUT to be on the safe side I first did a 'balance enquiry' - which Wachovia charged me for!! They did refund when I wrote to them, but this just illusterates the difference between US & UK.

Hope this helps. If you want any more info please feel free to DM me.

You will certainly need to check with the US banks in advance - in case they want more than just your passport as ID.

[andrewandcarole]

Ed
We opened an account with Mercantile Bank on the Highway 192 before we owned our villa - we walked in with our passports and it was done with no problem. We still have the account. It has no monthly charges.
Karen, the branch manager is very helpful indeed and has told me she has many British customers.
Carole

[edlea]

MisterT and AndrewandCarole - Many thanks for your valued advice. Much appreciated. Ed.

[gfplux]

Hello edlea
This is the simple answer to the simple question.
In May I visited Bank Atlantic. They were very friendly but I could not open an account as they required a utility bill showing my home address.
Next time I will have one with me.

[Ray9]

<blockquote id="quote" class="ffs">quote:Originally posted by edlea
Is it possible to open a US bank account as a tourist from England ?
[/quote]
Yes.. I took a Brit.. here for a weeks vacation into Wachovia..last week ...and opened a current account with ease ... the W9 form was even in the intro pack ..I got $25 for introducing them ..and they got $25 for opening the account

[mistert]

Actually the last two posts demonstrate that in fact there is NOT a 'simple answewr to a simple question'. Depends on the bank!