Where Can I get a US bank account as a foreign WM?
 

I'm getting fucked over by the exchange rate, does anyone know of any US banks that I can bank w/ as a foreigner, or a solution that allows me to sit on the US funds until the $ rises again, and any possible tax implications etc..

thanks!

dude, contact YOUR bank and have them setup a dollar account.

Hi quantum-x,

I have a USD account with the ANZ here in New Zealand.. Pretty much any of your local banks ought to be able to hook you up.

With regards to tax I convert the dollar amount to my local currency (in the books) based on the average exchange rate for the month Inland Revenue provides this.. well to my accountant anyway..

I don't really know if holding USD is really the way to go, it's definitely one strategy.. I have currency options that offer some protection for what I have although only about a quarter protected, I got this through ANZ too, although I had to ask the right questions coz staff on the ground generally don't have a clue what you're talking about.

Another option is to catch a plane to Vanuatu and setup a USD account with ANZ there.. Less tax hassles.. If you chose that option let me know how you get on
:winkwink:

This is the faster and cheaper way :thumbsup

my bank, suncorp wont let me trade in US$ unless i pull in ~$50-100kUS a month

find yourself another local bank that will. Unless you live in
some distorted african country its not rocket science.

its really no big deal

Its an easy process.

I have one in the UK.

You may not find it any better, unless you leave the money in for a long time, as you may not get interest on it, plus you may have bank charges.

I am not sure that it makes much sense having a US dollar account, unless you plan to leave the cash in it until it increases (the dollar price) in some months time.

i have individual and company foreign currency accounts with ANZ.. starting balance minimum is 10k though..

im also interested in a $US account in australia, are there any options to avoid excessive fees?

www.tdwaterhouse.com


Located in NY.