USD Account / Personal / Remotely / No Foreign Fees

[FixieHartmann]

I would like to convert some of my EUR savings into USD.

Therefore I am looking for a bank that fulfills the following requirements:
- account can be opened remotely
- offers USD as currency
- no SSN necessary (but I do have an ITIN)
- no US citizenship nor proof of address necessary
- no foreign currency fees - e.g. I can spend €100 and wouldn't pay any additional currency conversion fees
- you'd feel comfortable moving a 6-digit amount there
- generally reasonable fees
- support for Apple Pay or at least a credit card
- doesn't need to be a US bank but would be preferred

My preferred solution would be a brick and mortar bank like Capital 360 or Charles Schwab, but I forgot to go there in person the last time I was in the US and they don't do remote opening AFAICT.

I do have a Wise account, but they do charge conversion fees and I don't feel comfortable having such a high amount there. Same with Revolut and the other EMIs.
I don't think I am interesting enough as customer to go with Barclays International or Lloyds International, as I don't want to invest in their products and just move some money there which I then spend on my living expenses in another currency.

Do you have any other ideas?

 

[fshore]

You won't find any bank that can fulfil all those. Especially no proof of address. If you travel to the US you can open without proof of address (at least this used to be easy).
You can open Schwab remotely, but require proof of address.

Another option is HSBC USA which can be opened remotely, but again they will need proof of address.

International Banking And Services | HSBC Bank USA

Explore your options for international banking in the US, including international checking accounts, credit cards, mortgages and more foreign banking services from HSBC.

www.us.hsbc.com

And, HSBC is shutting down in the USA, so the account might be transferred to another bank when they sell their US retail operations.

 

[GeneralGogol]

Interactive Brokers account will do what you want and their fees for exchange are extremely cheap.
They don't like being used only for currency so maybe buy some ETFs with some of the money.

 

[FixieHartmann]

You won't find any bank that can fulfil all those. Especially no proof of address. If you travel to the US you can open without proof of address (at least this used to be easy).
You can open Schwab remotely, but require proof of address.

Another option is HSBC USA which can be opened remotely, but again they will need proof of address.

International Banking And Services | HSBC Bank USA

Explore your options for international banking in the US, including international checking accounts, credit cards, mortgages and more foreign banking services from HSBC.

www.us.hsbc.com

And, HSBC is shutting down in the USA, so the account might be transferred to another bank when they sell their US retail operations.

Thanks! Do you think Charles Schwab would accept the address of my US tax consultant? I am pretty sure they wouldn't have a problem with me using it for this purpose.

Interactive Brokers account will do what you want and their fees for exchange are extremely cheap.
They don't like being used only for currency so maybe buy some ETFs with some of the money.

Okay, I actually have a IBKR account. However with them I wouldn't really have the possibility to spend the money, right?! In order to spend it I'd need to transfer it to another bank account?

 

[Martin Everson]

Where are you resident?

 

[FixieHartmann]

Where are you resident?

I currently don't have a tax residence (nor a real, permanent address really) but I can provide addresses from EU / US / Australia and tax numbers from each.

 

[JohnnyDoe]

You should better do the Fx transaction with a broker and then transfer the USD from it.
In Europe, Aion bank offers USD accounts.

 

[FixieHartmann]

You should better do the Fx transaction with a broker and then transfer the USD from it.
In Europe, Aion bank offers USD accounts.

Looks quite interesting. 20€ / month is not the cheapest option but at least it looks like they don't charge any foreign currency fees.

Do you have any personal experience with them?

You won't find any bank that can fulfil all those. Especially no proof of address. If you travel to the US you can open without proof of address (at least this used to be easy).
You can open Schwab remotely, but require proof of address.

Another option is HSBC USA which can be opened remotely, but again they will need proof of address.

International Banking And Services | HSBC Bank USA

Explore your options for international banking in the US, including international checking accounts, credit cards, mortgages and more foreign banking services from HSBC.

www.us.hsbc.com

And, HSBC is shutting down in the USA, so the account might be transferred to another bank when they sell their US retail operations.

I looked into HSBC (I actually had an account with them in another country) but heard so many horror stories about them flagging accounts and payments and how long it took to get the money back that I never used them for serious stuff.

 

[Martin Everson]

I currently don't have a tax residence (nor a real, permanent address really) but I can provide addresses from EU / US / Australia and tax numbers from each.

Why you think your not interesting for Barclays if you have more than £100k? They offer dollar reserve accounts where you can park money there and they leave you alone. US residency is also fine but not EU or Australia.

International Bank Account | Barclays International Bank

Manage your money wherever you are in the world with the Barclays International Bank Account. Speak to us today or apply online.

international.barclays.com

Reserve account rates:

https://international.barclays.com/content/dam/internationalbanking-barclays-com/en-gb/international-banking/documents/important-information/rates-and-fees/IBIM3705_OS.pdf

Dollar Account Fees:

https://international.barclays.com/content/dam/internationalbanking-barclays-com/en-gb/international-banking/documents/important-information/rates-and-fees/IBIM8743.pdf

 

[JohnnyDoe]

Looks quite interesting. 20€ / month is not the cheapest option but at least it looks like they don't charge any foreign currency fees.

Do you have any personal experience with them?

Yes I use them regularly and every time I make a transaction I buy their ETFs so they are happier. +4% so far
But don’t just look at fees, in Fx they make money on spread.

Why you think your not interesting for Barclays if you have more than £100k? They offer dollar reserve accounts where you can park money there and they leave you alone. US residency is also fine but not EU or Australia.

Barclays IOM kicked me out when I ceased to be IOM resident.

 

[Martin Everson]

Barclays IOM kicked me out when I ceased to be IOM resident.

Mr Johnny got kicked from every bank known to man Doe .

Barclays Jersey I am referring to anyway and there is no monthly charge. It's one of the few banks that actually encourage you to park money there for free in reserve accounts.

 

[JohnnyDoe]

Mr Johnny got kicked from every bank known to man Doe .

Except Bunq

Barclays Jersey I am referring to anyway and there is no monthly charge. It's one of the few banks that actually encourage you to park money there for free in reserve accounts.

I will apply straight away with them.

 

[FixieHartmann]

Why you think your not interesting for Barclays if you have more than £100k? They offer dollar reserve accounts where you can park money there and they leave you alone. US residency is also fine but not EU or Australia.

International Bank Account | Barclays International Bank

Manage your money wherever you are in the world with the Barclays International Bank Account. Speak to us today or apply online.

international.barclays.com

Reserve account rates:

https://international.barclays.com/content/dam/internationalbanking-barclays-com/en-gb/international-banking/documents/important-information/rates-and-fees/IBIM3705_OS.pdf

Dollar Account Fees:

https://international.barclays.com/content/dam/internationalbanking-barclays-com/en-gb/international-banking/documents/important-information/rates-and-fees/IBIM8743.pdf

Well, the issue is that I am not sure if I will be able to consistenly keep more than 100k in my account with them as I will need part of the money to cover living expenses and other investments. Unfortunately I am not *that* rich.

 

[Martin Everson]

Well, the issue is that I am not sure if I will be able to consistenly keep more than 100k in my account with them as I will need part of the money to cover living expenses and other investments. Unfortunately I am not *that* rich.

Ok I see.

Might as well use Revolut Bank then. You said your not comfortable using Revolut but if your not in UK and are in EU then you will be a client of Revolut Bank and not Revolut EMI and you will have 100k deposit protection. See below.

Which Revolut companies provide me with services? | Revolut United Kingdom

Get the answers you need for any issues or questions you may have

www.revolut.com

 

[JohnnyDoe]

Except Bunq

I will apply straight away with them.

I just tried with 5 different countries of residence, and the result was always:

Unfortunately, we can’t help you today​

Based on the country that you live in or are moving to we are unable to provide you with our International Banking services.

 

[Martin Everson]

I just tried with 5 different countries of residence, and the result was always:

Unfortunately, we can’t help you today​

Based on the country that you live in or are moving to we are unable to provide you with our International Banking services.

Yes no EU countries due to brexit and certain other countries that make no sense to them business wise. What country you tried to register with?

 

[FixieHartmann]

I just tried with 5 different countries of residence, and the result was always:

Unfortunately, we can’t help you today​

Based on the country that you live in or are moving to we are unable to provide you with our International Banking services.

Andorra or US works (if that helps..)

Ok I see.

Might as well use Revolut Bank then. You said your not comfortable using Revolut but if your not in UK and are in EU then you will be a client of Revolut Bank and not Revolut EMI and you will have 100k deposit protection. See below.

Which Revolut companies provide me with services? | Revolut United Kingdom

Get the answers you need for any issues or questions you may have

www.revolut.com

Interesting! I didn’t know that. I just checked and I am actually a customer of Revolut Bank. So that alleviates at least some of my concerns.

 

[Martin Everson]

Andorra or US works (if that helps..)

Yes you need to be from real countries where people have a need for a offshore reserve account such as Nigeria, Pakistan Egypt, Lebanon etc

 

[JohnnyDoe]

Yes no EU countries due to brexit and certain other countries that make no sense to them business wise. What country you tried to register with?

Bahamas, Dominican Republic, another Caribbean island, Italy, Georgia

Yes you need to be from real countries where people have a need for a offshore reserve account such as Nigeria, Pakistan Egypt, Lebanon etc

I just tried Guinea, no luck.

 

[Martin Everson]

Bahamas, Dominican Republic, another Caribbean island, Italy, Georgia

Should have tried Cayman Islands. Btw its not they don't accept those clients its that they no longer accept new clients from a lot of those regions .