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Subject:  Re: Banking from Abroad?? Date:  8/25/2002  5:05 PM
Author:  PhnxRising Number:  17426 of 24357

Again, I must thank you all for both your on-board and off-board replies. You have been extremely helpful to an obviously confused poster. :) My bank itself did not have information about foreign national accounts but I called and spoke to a representative to inquire. I was transferred to their international office which explained the process.

Basically, for my particular bank (HSBC), after he establishes an account with them abroad in local currency, he can request that they also open an account here in U.S. Dollars and the bank takes care of everything for him. They cautioned me that he may need to open a minimum of 3 accounts with them: checking/savings account in Argentina and both a checking and savings account in the U.S. This is because as several of you have pointed out, he would only be able to withdraw money from the U.S. by using his ATM card but he it is possible that he will not be able to withdraw money directly from the U.S. savings account itself. But he can get over this hurdle by calling the international office, which will transfer funds from U.S. savings account to U.S. checking account or he can do the same transaction online.

While the process is not as seamless as I thought it would be in some regards (i.e. usage), it certainly is easier in others (i.e. opening). If he is able to open this account, his employer could just deposit U.S. Dollars into the U.S. account, which will simplify life greatly. :)

In case you were wondering, they also informed me that I would undergo a similar process if I wanted to open an account there.

As an aside, I would just like to add that I opened an ING account several months ago based on the comments and sometimes heated discussions posted here. Although the interest rate has dropped and the service is of the no-frills variety, I'm pleased at it meets my needs. While I have been tempted on various occasions to switch to Netbank or Stonebridge Bank, my bank never stops surprising me (in a good way). But I am glad to know that there are options available if ever needed.


(is it just me or are all my posts lengthy???)
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