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Subject:  Re: Banking from Abroad?? Date:  8/24/2002  12:13 AM
Author:  PhnxRising Number:  17422 of 24357

I'm not sure why you're having trouble with the reputability of banks. I assume you're happy with your own bank's performance and reputation (otherwise, why are you still banking with them?). Have you tried asking the bank you are currently with if they can open an account for your friend?


I guess I just wanted to examine all of the options and to compare relative fees and the like. I must confess to discriminating a bit against the larger banks due to preconceived notions about excessive fees (although I do have an account with one such bank). I do like my bank a lot and surprisingly do not get assessed many fees. Last year I did look into opening an account for him but at the time I was thinking of a joint account in which I would be the principal accountholder. I spoke to a representative on the phone who doubted the feasibility of opening an account for someone who wasn't in the U.S., which was a bit offputting. But with all of the information that I now know, I'm sure that I just wasn't asking the right questions, using the proper terminology, or speaking to the right person. Plus, I probably need to have a personal consultation with a bank representative rather than speak to telephone representatives.

I also lurk on this board a bit and knew that some posters do no reside in the U.S. and thought that they may have suggestions or ideas. And I thought that an online banks would be better equipped to handle such transactions but I now realize that I misunderstood the nature of the account. I really am glad that I asked these questions and that you all in turn have asked follow-up questions to help wade through the puddle of my confusion, so to speak.

And I can understand your question about my concern about the reputability of banks. It's just that for someone who is unfamiliar with the proper procedures and options, it oftentimes can be very easy to get confused or taken in by scams. Plus, popular buzz terms fall into the popular vernacular such as "offshore banking," which a consumer may think is one thing but actually is another bag entirely. In addition, as I am a U.S. resident, I underwent a different set of procedures to open my account so I was ignorant of what to expect with my boyfriend's account but knew that foreign nationals often open bank accounts in the U.S. I guess that I'm just starting to view bank accounts like investment vehicles and realize that I must conduct some sort of due diligence and didn't know how to do so.

Thanks for all the help!!
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