Which bank ?

Question

Hi Guys,

I'm just about to travel to the US to setup our LLC's bank account. Coming from New Zealand, I have the option of stopping at Hawaii, or continuing to the main USA to set the account up.

I'd be interested to know which banks are the most "Investor Friendly" especially in terms of foreign investors.

I've heard that the smaller banks may be better to work with in the long term. Would it be advisable or even possible to use a Hawaiian bank for our business account? Our business (at this stage) works primarily in Florida, and I have a personal account with BoA.

Not looking to borrow funds, the account will be used for basic transfer and withdrawals for the next few months, and beyond that - potentially for fix n' flip strategies.

Thanks

Daniel Lee · Answer

Hey @Steve G., I moved to Hawaii last year from the mainland and had to open a bank account here because the only physical ones that exist on the island are all local. The banks here are little outdated in terms of technology but the service is good.

I have accounts at BofA, Chase, and Wells Fargo and still use them regularly solely online. Looks like you would benefit most from an institution that offers the biggest ease of use online and with limited fees associated with it. Go with BofA or Chase, they have the largest daily/monthly transfer limits and lowest fees IMO if you have enough in your account to be a preferred member. Wells Fargo is one of the largest real estate lenders and they're awesome to work with so that's a solid option for down the line. Good luck.

Lumi Ispas · Answer

@Steve

Use Citibank! They have branches everywhere, and they fund purchases for out of country buyers. In addition to Citibank you can go to small banks, especially banks that support the country you are coming from!

Mick Mimnaugh · Answer

Steve,

I'm an American / Australian citizen living in Australia and invest in Arizona and Texas. I have two US bank accounts one with Chase and the other with Wells Fargo. We tend to use WF more as it is better for internet transactions. Chase want us to come to the branch which is difficult from Australian.

But we have found that for large transactions, actually anything over $2000 or USD account at the local Commonwealth Bank of Australia is more efficient and much easier. Our experience is that US banks are at least a decade behind servicing customers compared to Australian banks. Just our opinion.

So any US bank with good internet access and a credit or debit card would be workable.

cheers Mick

Steve G. · Answer

@Kevin Estey- I'll give Wells Fargo a call !

Thanks for the info.

Speak to you again soon I hope.

Kevin Estey · Answer

@Steve G., yes that is correct.  That's why I went ahead with them.  So far so good, we are still going through a lot of paperwork and requests from the underwriter, but it seems to be moving forward.

Steve G. · Answer

Hi everyone, and thanks for the information:

@John Turner - I've checked previously in NZ, the only bank we have here which is an international (i.e.: Outside of Australia & NZ), is HSBC. But they've been of little use and apparently cannot help - an HSBC account in the USA will have no relationship with a NZ account. Thanks for the suggestion.

@Kevin Estey - So to confirm - Wells Fargo didn't require you to be present in the USA to setup the account?

@Bill Hamilton - All of my banking will be online, so using a Hawaiian bank could be an option - if as @Daniel Lee mentions, their technology is up to the task. No American banks have branches here in NZ< though that may change with new regulations regarding trading which appear to be coming in, in the next few months. But I suspect it'll still take a couple of years for a new bank to setup it's business here.

Daniel - Thanks for the info - it'd be a much better solution to use a Hawaiian bank, I may call to make sure their online facilities are in line with our requirements. Your comments regarding BoA, Chase and Wells Fargo are correct - low fee's (especially for online transactions and wires etc), a great online site and 24/7 helpdesk are the features I'm looking for. I may call my Title Company to see how they'd react if I have an account in Hawaii !

Appreciate your comments as always, and if anyone else has additional information, I'd be grateful to receive it!

Thanks Guys.

Bill Hamilton · Answer

The last time I checked, Hawaii did not have branches of any national banks there. That doesn't matter if you are comfortable just doing business by internet and phone rather than walking into a branch. Otherwise I would go with Chase or US Bank etc. Or see if any American banks have branches in NZ.

Kevin Estey · Answer

Hey @Steve G., I'm not sure what help this will be to you, as I am a US Citizen, but I bank mostly with Chase, who has been incredibly helpful in their private banking division (ver personalized) and Well Fargo, with whom I am taking out a HELOC against our NYC apartment equity. Chase wanted to help with the HELOC, but their rules required my presence in the US, whereas Wells didn't have any issues with it.

John Turner · Answer

We have a US account at our bank here. I have talked to RBC and TD/CT which are Canadian banks that have US divisions. Check if your bank has a US division.

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