Opening a bank account

[Yaron H.]

Hello all, I sent a similar post a while ago but now I see that there is a more specific forum so I'll send it here as well. To all of you out of state investors, how are you dealing with a us bank account? Did you open one? If so , how? If not, how are you handling the cash flow from your properties? I have one rental so far in Riverdale, GA and so far the money stays in the property management trust account. If I want to make a wire transfer the fee is very high, around 75$. And after that I need to change the currency with cost an additional fee. (Meanwhile I'm saving the income to buy more properties in the us of course) Would appreciate your suggestions. P.s I saw someone wrote about HSBC, someone here familiar with them or their work? And I'm from Israel just in case someone wondered. Best regards, Yaron.

[Saul L.]

@Yaron H., If you intend building your investments in the US- I highly recommend opening a US bank account. As you have already realized doing it any other way is very  expensive and not practical.

Opening a US bank account for a foreigner such as yourself is not as simple as it sounds - but can be done. First of all you need a US entity that would hold your investments in the US. This can be an LLC or other entity and can be established long distance or online. The problem comes with opening the bank account - Only two ways I know of to do this:

1. Travel to the US- walk into a bank with the documentation verifying your US entity and your ID - (also preferably with your PM or someone else who already has a relationship with the particular bank and can vouch for you) and it can be done.

2.I have recently been informed that a US accounting firm- working from Israel can offer this service done long distance- but it can only be done at a bank in Nevada, and at a considerable cost  of $650- (still less than flying over yourself.) PM me if you want details.