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Banking and Foreign Exchange

Open an American bank account without an American credit record?

Under the US Patriot Act, and due to recent money laundering legislation there are now very strict controls placed on Banks for opening new accounts, and particularly when combined with lack of a social security number problems can occur.

We have developed connections with one of Florida's major banks, Colonial Bank, which will assist you in opening accounts for overseas customers. There is a preliminary application contact form, which if you complete, the bank will contact you directly.

It is critical to take advice on the implications of foreign exchange to the overall process. Currency fluctuations can and do make enormous differences to the profitability of transactions and again we work closely with a major foreign exchange company. We have developed connections with Worldwide Currencies, headquartered in London, England, which will provide accounts for customers. There is a preliminary application contact form, which if you complete, a currency dealer will contact you directly.

When relocating to, investing and working in the United States, you will need to open a bank account in order to make payments to others, receive income, get paid from your employer and have access to cash. Banks require new customers to provide proof of identity and address in order to open a new account.

Opening a Personal Bank Account

The United States Patriot Act requires banks to collect the following information from their account holders:

• Name
• Physical Address (not a Post Office Box)
• Date of Birth
• Primary ID - government issued with a photo for individuals (address on ID must match the address given by the client. If not, further proof of address must be provided (i.e. phone installation, rental agreement, or receipt for establishing utility service).
• Secondary ID

This information is required from each individual on any account.

The primary and secondary IDs must be in the form of the following:

Primary (one of these)

• Driver's License
• Valid Passport
• State Identification Card
• Armed Forces Identification Card
• Alien Identification Card
• Matricula Consular
• Instituto Federal Electoral ID
• Identity Card
• Diplomatic ID
• Diplomatic Driver's License

Secondary (one of these)

• Employee Identification Card
• Student Identification Card
• Major Credit Card
• Mother's Maiden Name
• Trade License

In addition, non-residents must have a valid passport, must permanently reside outside the United States but may have a temporary transitional residence within this country

Non-residents with current visas are often given an TIN due to work or tax purposes but these clients still complete a W-7 and a W-8 BEN/ECI form.

Individuals who hold E and L visas and meet the IRS resident test are considered residents.

Opening a Business Bank Account

For business accounts, in addition to the personal documentation on each principal, the following materials must be provided:

• Verification through the Secretary of State website that the business is licensed to do business in the United States
• Valid Federal Tax ID number
• Copy of the Articles of Incorporation
• Original signed Signature Card
• Original signed Corporate Resolution