US bank accounts for non-residents
Are you a non-US resident desperately wanting a US bank account so you can open a Paypal account and start selling online? Getting a US bank account is simple, easy, and yes, free. I see so many people on the Internet forums who need a bank account in the United States. I needed one.
Do you want to know how I did it?
Have you caught yourself saying this many times?I am here in South Africa (or in India) and nobody wants us. Especially not PayPal.Well, here’s the good news. I’m from India and got a US bank account, linked it to Paypal, got verified, got a VISA debit card, got a Paypal debit card and now happily withdraw my cash at an ATM anytime .
It’s no secret. Just a few simple steps. Follow them like this and soon you’ll have your own “US Bank Account.” and a “Paypal Account”.
Step 1: First, you’ll need a US mailing address. This is so that you can receive all your letters, cards, etc. It’s not very fast to send you mail, but it works.
These are some of the best mail services:
· http://www.usa2me.com – Highly recommended!
http://www.myus.com
Step 2: Next you will need a Paypal account. Paypal.com is the place, and it’s free. Sign up for free and use your mailing address provided by the US mail forwarding service.
If you have already signed up for Paypal, please sign up again with a different email or delete your account and start over with a new one.
Step 3 – Now is the time to get a US bank account. We will use e-commerce. http://www.etrade.com. I am attaching the forms that you must fill out and send.
Follow my instructions below and you’ll have an account with them sooner than you expected.
How to fill out the forms:
Download the form from here: [http://myimlab.com/uploads/emea_us_brokerage_application.pdf]
Note: A more recent version of the form can be downloaded from https://us.etrade.com/e/t/home/openanaccount
Fill in ONLY the things in the steps and NOTHING else.
1. Account Type: Check the box labeled Individual Account.
2. Enter your First Name, Middle Initial, and Last Name in the fields below “Primary Account Holder.” Leave the entire “Joint Account Owner” side of the form blank.
3. Put your “HOME” address below the address. NOT your US address.
4. Enter your home and business phone numbers in the field below. The format should be “+91(0)9910670401”. Copy the format.
5. Check the “no” boxes under the next three options on this side of the form and continue to the next page.
6. Write your passport number below the passport number field.
7. Put your country under the “country of passport issuance” and the “country of legal residence” and the “Country of Citizenship”
8. Go to “create your investment profile” just below this.
9. Check the boxes “capital preservation,” “none,” “your income,” “your approximate net worth,” and “your approximate net worth.” I would select a middle income for all of this to be safe.
10. Under (4) “Select your account features”, under “taxable income”, select the Etrade Financial sweep deposit account. It is the first option on the list.
11.Leave the “Tax-Exempt Income” field blank.
12. Cash management features, select “free check writing” and NOT the debit card option. This will come later and you will be charged if you select it now.
13.Leave the rest of the form blank and continue.
14. On page 3, under “Fund your account”, select the last option “I plan to transfer funds from another financial institution”.
15. Under “Sign and date your application”, select “I am not a US citizen”
16.Sign this page and go to page 4.
17. Leave page 4 blank, but sign and include it.
18. Under “Certificate of Alien Status of Beneficial Owner for United States Tax Withholding”
19. In “Name of the person or organization that is the beneficial owner” write your own name
20.Under “Country of incorporation or organization”, put your own country.
21.Under “Permanent Residence Address”, write your mailing address.
22. Under “City or town, state or province. Please include zip code where applicable.” Put your city, then the state/province, then the postal code
23. In “country”, put your country.
24. “Claim for tax treaty benefits (if applicable)” check box a) and enter your country.
25. Leave the rest of the form blank. Expect to put “I” in the “category under which you act.”
26. Sign and date the form.
Now you are done with the forms.
Next steps:
#1: PRINT ALL PAGES (5 pages total)
– 4 page application form – in JPEG format
– Non-US Resident Declaration Form 1 page – in PDF format
Note: You MUST use Adobe Reader to open the declaration form.
The latest version is recommended.
Adobe Reader is freely available at http://www.adobe.com
(If you are not using the latest version of Adobe Reader, your personal information (such as your name and address) may not display or print correctly.)
#2: VERIFY ALL PERSONAL DATA
Make sure your name, address, passport number, etc. is spelled correctly. are correct. Page 4 of 4 of the application form is completely blank. Leave it like that. But sign it.
#3: SIGNATURE; PRINT your name in CAPITAL LETTERS and today’s DATE on page 3 of the application form.
#4: SIGN and DATE today on the declaration form
#5: MAKE A PHOTOCOPY of the photo-page of your passport. Please make sure it is very clear! – Make two copies – you will need two.
#6: PUT THEM IN AN ENVELOPE AND MAIL TO THE ADDRESS ON THE TOP LEFT OF PAGE 1 OF THE APPLICATION FORM. DO NOT enclose a check or cash as an initial deposit. Wait for your account number to be issued first, then make your initial deposit by bank transfer or add it to your PayPal account.
Once you have your account number, you can immediately add it to your PayPal account for confirmation and verification.
When E*Trade Financial receives your application, your account will be opened within 1 week.
You will receive an email notification at the provided email address.
For FASTER service I recommend you use UPS or Fedex.
Once you’ve done that, sign in to your account and request a debit card. It arrives via FedEx in a couple of days. Download money from PayPal to your Etrade account and withdraw it at your local ATM.
Piece of cake!