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is there anyone who knows how to open a us bank account from australia
i need it to make auto payments to buy shares monthly
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Its hard enough even when you are over there standing at the counter with cash in your hand.
I suggest asking your US broker to give you the web address/email of their recommended local bank.
The forms you get will ask for Social Security No and Tax File No. I just put all zero's in until the IRS sent me the latter. Not having a SSN will flummox them for a while but they finally accepted I didnt have one and entered all zeros.
Their forms have trouble with 4-digit post codes and unknown 'States', and they take a bit of training to get the address right, regular mail takes 2 weeks each way by the way.
Telegraphic transfers are the fast way but cost around $20 per remittance, many of the smaller banks do not have internet banking. I bank with a small bank in the middle of Colorado, if you would like details/address let me know.
Ponsonby
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G'day Ponsonby, By having a US bank A/C I assume you trade via a US broker in the States. How do you go with the exchange rate factored in? Especially buying at the moment with the Oz $ so weak against the greenback. I guess if you are buying & holding long term it all evens out?? Educate me.
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Hello matie

This is not simple. Working with the banks in the US is complicated. I am/was an Aussie and have been over here 3 years. Living in NY state at the moment.
To open an account in this state you need a social security number. You can't get this unless you have a job here in the US.
However I strongly suggest you look in Florida. Many years ago when I was not socially securitised I went into Citiabnk in Miami and they gave me an account plus after a short time even a Visa card without a social security number. This was a secured Visa card, so I had to put down some money and this was my credit limit for 18 months I think. After that they gave me a normal unsecured visa card.
However bank acct - a lot of Latins visit Miami and bring with them lots of money to keep in Miami banks. Almost all economies are terrible in Latin America today and people want to have some security for their money and their future. So it was relatively easy to do it here some 3 years back. I came in person as I was working into Latin America at the time.
Hope this may give u a start.
How is Aussie haven't been there for 5 years?
Vernon0002
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Dear MarkusvanWell,
I opened the US bank a/c several years ago to purchase an apartment and despite following the Foolish wisdom for 6 months now have not yet invested in the US stock markets. I am currently doing the on-line Rulemaker investment seminar and plan to start soon. My attitude to the exchange rates is that as soon as you turn a $au into a $us you can forget the pain and your return becomes relative only to your $us holdings. I have yet to open an account with a US broker as I have struck snags filling out their on-line forms. The local fees to buy US stocks are high (Comsec $100 per trade) and I also would appreciate feedback on anyone's successful experience.
Regards,
Ponsonby
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i am looking to set up a 'drip account' and work through a us savings account.
is this the best way to go? or do you have a better way?
are there any us banks in australia that allow you to set up a bank account?

yes, what was the name of the bank that you use in the us
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i've looked at some options including openning an online trading acct and the cheapest i've come across is ameritrade.com ($US8 a trade), but wiring funds over costs $A25 (ANZ) then more is charge on their end when it gets over there so it can add up.

since i'm pretty new at this trading thing i decided to go with tdwaterhouse.com.au. no acct keeping fees, they open a US acct for you and transfer money over saving you some hassles and costs.

Trades costs $45 but i like the assurance of knowing that they have offices here that you can walk into if you have any problems which can't be solved through email.

I'm going down the buy and hold road so i don't plan to trade too often.

hope this helps
sione
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crazycollecter
Interest rates are so low and my balance likewise that I just use a cheque account which pays a pittance on funds held.
Your idea of checking a local US bank is a good one, I only know of Citibank, worth a try.
My bank over there is Vectra Bank of Colorado, 2155 Resort Drive, Steamboat Springs, Colorado,80487.
They are still in the process of setting up internet banking (pretty rustic place Steamboat Springs) and I checked for a website today but no joy, you'll have to use snail mail if you want to follow up. Phone No. is (970) 879 4949, lady who handles my a/c is Michelle Teachout, they are around 16 hours behind us, depending on daylight saving (theirs and/or ours).
Good luck
Peter Wheeler (Ponsonby)
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Hi all

I found a site some time ago called www.wallstreetoffshore.com . They deal mostly with mutual funds but they also have online trading at $30 per trade. They open an account with the Chase Manhatten bank for you. It is a money market account that is paying approx 1%/month interest which is not bad. Any profits from the mutual fund is free from US taxes but there is the usual taxes from trading US shares. There is the usual online forms to fill in but they gave me a bit of help filling them out. I have been with them since Feb and found the client services are very helpful. I think comsec would be less hassle free from the money side but wallstreetoffshore may be a better service overall.

Regards/Steve
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