Hacks Non-Resident's Use to Open U.S Bank Accounts (Without Fail)
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- čas přidán 24. 04. 2024
- Learn the hacks non-residents use to open U.S bank accounts without travelling to the U.S. and without a US address. if you want to open a U.S bank account as a non-resident this video is for you.
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Check out James’ top recommended videos here - these are cornerstone videos that should answer many of your questions.
-----Longer videos that explain it all!
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-----And don’t forget to check out all of the “CALLS WITH JIM”
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Lawyer Disclaimer (Occupational Hazard): This is not legal advice. Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney for advice regarding any particular issue or problem.
Thank you so much for this video!
James, you're amazing. Your videos provide valuable information and are helpful in solving real-world problems.
super informative ❤❤❤
Love Your Videos ♥️
This is really high quality information, thank you for always helping non-US citizens!!
Great Info
1st 🤗 Thanks James
thanks sir you done your promise❤
A US bank where I already had an account sent me a notice saying CMRA is not accepted as a residential address. I changed my residential address at that bank to the address of an Extended Stay hotel where I had stayed for a month at that time. I changed the mailing address to the CMRA. So far, no issues. It has been almost a year. Was this a good workaround?
I don't understand how you get a proof of address from a prepaid phone. Do they send bills?
How do you get a SSN or ITIN, to begin creating a credit score for yourself?
Thank you for this video. Questions (single member LLC foreign owned):
1) US OPERATIONS: When Mercury asks for address they are also asking whether you have US OPERATIONS - and if you don't they will have to close your account in 2 months; the other option they give you is to say that you plan to have US operations in the next 6 months and they make you tick off boxes (employees, investors, customers, suppliers, locations). What this means for disregarded entities is that they are kinda forcing you to be liable for tax purposes in the US?!
2) PERSONAL US ADDRESS Providing an US proof of address (when you live abroad) - doesn't that provide proof that you are liable as an individual person to the IRS?
3) US ADDRESS AS DISREGARDED ENTITIES (i.e., single member LLC foreign owned with non US related activities). As disregarded entities we give the IRS our home/business address abroad, saying we have no US connected income/locations which would make you liable in the US (A virtual address does not figure as US connected income but a real one does). But then, if we send a personal US address to the bank, it seems to me this might be breaking the law, or have I interpreted this wrong? Like, telling the IRS "hey we have no business with the US, so we are not liable," but then telling the bank, "hey, we are living in the US/we have US operations"....
4) WHERE THE HECK DID THAT COME FROM?! These policies are very confusing. I wonder whether they were done out of some new law or smth that imposed this on neobanks/fintechs...
I hope to see that in the next videos! Thanks in advance!!!
This is such a great question
This all is what is on my mind as well. Have you managed to find any answers?
@@razaazmat6824 I've contacted Mercury with some questions, I'll reply here when they answer. I hope this channel makes a video as well. All the best.
MERCURY'S ANSWERS: Hi folks, I'm here to share the answers that I asked Mercury about US-based operations (I can't say anything about the IRS topic, I hope James will talk about Mercury + IRS issue for disregarded entities). I asked these things to Mercury in the context of a single member LLC disregarded entity (owner living and doing business abroad) that offers digital services and products, and considering that LLC won't have any US investors (one option as proof of US-based operations) and no suppliers of physical products (another option).
TRANSACTIONAL VOLUME: "We understand every business is unique.There is no threshold of transactional volume that determines US operations. However, transactions with US-based suppliers, clients, etc., will aid in establishing US operations. Supporting documents related to these transactions may be requested to validate their purpose."
US-CUSTOMER ADDRESS "Mercury will need enough address information to confirm your customer address and that the transaction matches the payments/payouts on the account." (folks, please be aware of privacy laws in the US and abroad when asking this, e.g., GDPR)
DIGITAL SUPPLIERS: (I asked: What does Mercury consider as "suppliers" for an online business in the content creation and online services sector? ) "The services should suffice for this request, although Mercury's internal teams reserve the right to request further information. Not all digital service vendors/suppliers may be accepted as they are digital in nature."
ARE US-BASED CONTRACTORS PROOF OR JUST EMPLOYEES? "US-based contractors and part-time or full-time employees will aid in establishing US operations. However, supporting documents will be requested to validate employment statuses and association with your company."
I hope this helps someone!! Cheers!
@@Gabistruwwelliese thank you for sharing this, I’m a little confused by their response. For US Customers Address, does this mean that having customers in the U.S. is considered U.S. operations? These customers are not exclusive to us. Personally, I do ecommerce and I have customers in the United States, and I work with US partners who don't work exclusively with me, like Shipbob, Shopify... this isn't considered a US operation, and having customers in the US can be considered a US operation? That’s really surprises me
Well, to confirm the information, please confirm it to me.
To solve the problem of opening a bank account, or for people who own a limited liability company, impose one and are not residents of America.
The solution is to provide my residential address or the address of the country where I live outside of the United States to Relay
Hello, im a non us resident and want to open a bank of america business account, I already have the llc do I need to be physicly in the us bank to open it or can i open it online ?
sir
if there is need to creat a business wise account practically
most people asking
😊
Please compile stepwise guide playlist for opening an LLC diy start to finish.
Thanks James.
on it
As a Non-Resident, you can obtain a bill proving your physical address in the USA, but at the same time, you will need to fill out not only the W8-BEN form but also explain on RUSA ( Reason for U.S. Address or Other U.S. Indicia ) form why you use or have a physical address and a phone number in the USA… one “solution” leads to a new problem… could you make a video explaining this? Thank you.
I haven't had to deal with this RUSA issue. You can fill out the W8ben as normal
Relay is no longer accepting Registered Agent address. I recently opened an LLc and now I am unable to open a account
We can help our clients fix this but yes you need a US address
Very funny question but how much does it takes to register an llc + consultation fee
Fair question
If you schedule a free call with my team you can get a discounted call with me and LLC's are cheap on their own but our service can help a lot www.jamesbakercpa.com/schedule
my llc and registered agent are set up in Wyoming , but I do have a residential address in Texas , can I use it as a proof of business address even tho in the articles of organizations it'S written in Wyoming?
prepare amended articles of organization and submit to secretay of state.....
Do you need an ITIN to open a physical personal bank account?
Yeah, otherwise you need to visit the bank in person.
How can I use a brother address as business or residential address for Mercury?
Get a Vonage bill if needed and use that 9.99 a month
@@JamesBakerCPA thank you for your reply James! Should I take Vonage on my first name with my brother address? Or for my company with company name if that’s possible? Or I have take Vonage on my brother’s first name?
Sorry for replying you here and not in email because some people may be in the same situation and this will help them too
I got my SSN when I was a student in the US. Lost my card and can’t remember my number is there a way to get back the number? . Should I forget about that and just apply for my ITIN. Can you offer assistance if I contact you?
I don’t know If you are still in the USA… But if you lost your SSN, you should immediatelly contact US Social Security Administration to report the loss of your card, and ask for replacement, if you need it. In case that someone else found your lost SS card, they could miss-use it, and maybe open some accounts in your name… than you could have a problem!!!
So i have question
If i have LLC, is only requirement utility to open Bank account as nin resident (i live in Uzbekistan, and i have LLC, but i have not opened Bank account, thats why im here), am i right
Or for me better to get physical address even i have LLC under my name?
If I get a physical address, do I still need utility bills to open a bank account?
Thanks in advance for your answers
And i need your advice and answers, plsss
You cant open a physical US bank, unless you visit US. Your option is to open Fintech bank accounts like Mercury or wise...
Thanks a lot sir, I am still waiting for incfile to get my EIN from IRS they told me I have to wait three months
You should wait for 3 months. There is a way to get within one or 2 weeks.
@@milionteshome7181 they applied for it and after two weeks I asked them if they can call and request for my EIN my saw my request turned down, In that case what should I do sir,
@@milionteshome7181 How do I do sir, because I asked them to give them a call but they turned down the option
Good sir, my EIN was sent to me yesterday instead of the time period they gave me, thanks a lot
Me too, I have been waiting for two months
Hey James, I have opened LLC in Texas state last month and got EIN also. I have tried to open Mercury and Relay account with my business address and my local bank account statement and got rejected. What I will do now?. Would you please help me to open a bank account to start business in your country? I don't have physical address in US.
Thanks in advance.
What is your passport? Maybe need more addresses and to try again. A new series is being recorded this week
Have you made a website for Mercury bank account? It's highly feasible to have a website , showcasing your products/services, that u intend to sell in US. Mercury requires that u should have a prior established business , setup in US.
Something, my friend, can you help me with how to obtain the EIN number as if you are not a resident of America?
Mercury screenshot which you showed it says: "specifically, we're looking for the address where you do most of your work-either US-based or international: -a personal residence, if you work from home." Why can't i just use my own home country address as they literally said that ?
I used my home country address. Works fine so far. I did not get one of those e-mails.
@@d-tech5338hey did you open mercury account lately?
You can for now but only mercury allows this and they could change their policies at any point. Relay just change the policies and if you try any other bank it will matter.
I think you can. But some countries would be disqualified based on that country’s fraud history data
Yes it works for now for sure. But it doesn't hurt to be ready in case the policy changes
can a family member who is a US citizen open a bank account on my behalf?
No
make him a partner of your company or a manger , then they can apply for bank account on company behalf....
@@salestaxllc1394 Question, my friend, can I open a bank account in Relay with the address of my original country in which I live outside the United States?
This will not work. You will need a verified USA phone. To use the internet banking, you will need to receive SMS for logon and 2FA
Tello and hushed app have worked fine for my clients but it may have changed