Sunstate Bank

[scottfox]

Hello, fellows,

Searching for new banking alternatives for my foreign clients, I recently found "Sunstate Bank", a Miami based institution.
Had a (virtual) meeting with them and found it a little steep (200k minimum deposit) for their profile: you can get better options (like HSBC, UBS etc.) for the same "parked" amount.
Has anyone here heard of this bank before? Or has an account with them?

Thanks!

 

[clemens]

How did you find this bank and why did you approach them if you have options at HSBC and UBS?

 

[scottfox]

Hello, @clemens...
No, I said "you" (meaning "everybody") can easily open a very robust bank account in a prestigious bank with such initial deposit.
In the islands, Switzerland or Singapura we are very welcome to leave 200k in their institutions.
We are looking for "0 initial deposit" (or near that) and reasonable fees for the avarage company... that is why we are talking to these banks lately...
And hoping to find at least one good partner!

 

[daniels27]

Do you know how long you need to keep the 200k?

 

[scottfox]

Do you know how long you need to keep the 200k?

Well, I was told we have 60 days to effectively deposit that 200k... and I guess (learning from our conversation with the bank representative) that, from then on, we would either have to keep an avarage balance (of 200k) on our checking account or have this sum invested in one of their investment products.

Unless it were strictly necessary I, myself, would never bank in the USA - or even bank in the same jurisdiction where I operate. But...
Still looking for options...

 

[daniels27]

Unless it were strictly necessary I, myself, would never bank in the USA - or even bank in the same jurisdiction where I operate. But...
Still looking for options...

What do you need? US bank account for?

 

[EliasIT]

A bank requiring a minimum deposit of 200K and keeping that amount in investments is not usable for regular business, any business need liquidity and can't afford to have such amounts sticking in a bank.

 

[daniels27]

A bank requiring a minimum deposit of 200K and keeping that amount in investments is not usable for regular business, any business need liquidity and can't afford to have such amounts sticking in a bank.

To be honest, I know many businesses that pay you much earlier that required just because they have too much cash on hand. This is especially after the mains money print during COVID. I personally know many people who would have no issue in putting cash at a bank just to get an account.

 

[scottfox]

What do you need? US bank account for?

Our company co-manages a few hundred Latin American owned American companies - most of them influencers, dropshippers and amazon/shopify sellers. Currently, it seems Mercury, Relay, Wise, Airwallex and a few other EMIs are making things a little harder for our clients to have a stable account in USA (or at least one receiving ACH transfers).

So, in a nutshell, what we need is a bank/EMI account where our clients can plug their PayPal, Stripe, Hotmart etc..

 

[Forester]

A bank requiring a minimum deposit of 200K and keeping that amount in investments is not usable for regular business, any business need liquidity and can't afford to have such amounts sticking in a bank.

To be honest, I know many businesses that pay you much earlier that required just because they have too much cash on hand. This is especially after the mains money print during COVID. I personally know many people who would have no issue in putting cash at a bank just to get an account.

Yes, it really depends on the business. Many businesses can (and will) afford to have 200k in the bank account without hesitation, for many it is simply impossible.

Our company co-manages a few hundred Latin American owned American companies - most of them influencers, dropshippers and amazon/shopify sellers. Currently, it seems Mercury, Relay, Wise, Airwallex and a few other EMIs are making things a little harder for our clients to have a stable account in USA (or at least one receiving ACH transfers).

So, in a nutshell, what we need is a bank/EMI account where our clients can plug their PayPal, Stripe, Hotmart etc..

In such a case, I do think that you want to read this I tried opening a US business account in 18 EMIs, here's the result , this USA Expansion Packages (look for No Travel VIP Chase Bank Account - $2,500 and Enterprise: Looking For Something More? below...) and this Mentor Group Gold - AD Thread! - I can help you to open a real US Corporate Bank Account for your US LLC remotely. The last one can help you really easily, I guess.

 

[scottfox]

Yes, it really depends on the business. Many businesses can (and will) afford to have 200k in the bank account without hesitation, for many it is simply impossible.



In such a case, I do think that you want to read this I tried opening a US business account in 18 EMIs, here's the result , this USA Expansion Packages (look for No Travel VIP Chase Bank Account - $2,500 and Enterprise: Looking For Something More? below...) and this Mentor Group Gold - AD Thread! - I can help you to open a real US Corporate Bank Account for your US LLC remotely. The last one can help you really easily, I guess.

Fellow, thank you very much!
I will sure use @yngmind referred services... after so many participants vouched for him! Excellent!

And, yes, I have real the @janet25 's post (I tried opening a US business account in 18 EMIs, here's the result) - very helpful! Additionally, we keep a spreadsheet log with about 150-200 banks/EMIs that we track, visit and test regularly. We are considering making it public so more people could collaborate - just don't know how.

 

[Forester]

Fellow, thank you very much!

You are welcome

Additionally, we keep a spreadsheet log with about 150-200 banks/EMIs that we track, visit and test regularly. We are considering making it public so more people could collaborate - just don't know how.

Well, we can think about it...

UPDATE:
A new thread A list of about 150-200 banks/EMIs that are tracked, visited and tested regularly - how to make it public... was created for this discussion. All interested, please continue there; it is totally off-topic here, clearly hijacking the thread and in the same time, really worth discussion. Thanks!

 

[EliasIT]

To be honest, I know many businesses that pay you much earlier that required just because they have too much cash on hand. This is especially after the mains money print during COVID. I personally know many people who would have no issue in putting cash at a bank just to get an account.

Yes, it really depends on the business. Many businesses can (and will) afford to have 200k in the bank account without hesitation, for many it is simply impossible.

I know, if you are a huge business with an 20+ million $ turnover each year it is peanuts to put 200K in a bank account. But for people with only a few millions in profits and without troubles to get a bank account by walking into the bank from the street I would refuse to put 200K in there!

 

[icecold]

I will sure use @yngmind referred services... after so many participants vouched for him! Excellent!

let us know how it is going please.