Opening a Bank Account / Renting a Place upon arrival

[aarontcp]

I have been planning my move to San Francisco for a while now, and there's something (actually, two things) I can't get my head around:

How do I go about opening a US bank account?
I've been told that I don't need an address, but I do need a Tax ID/SSN... which I won't be able to get until I actually land in the US and find a place to rent. I actually tried to do this in advance online but all the banks want me to appear in person at a branch before they'll even discuss it.

Any suggestions / experiences from people who have done this before? I figure that opening a bank account would probably be one of the frirst things I want to do (apart from looking for a place to stay)...

... which brings me to my second thing. Renting seems really complicated and convoluted in San Francisco.

Most online listings and rental agencies I have looked at go something along the lines of "must have good credit and references". Well, I have diddly-squat in terms of credit history in the US, and definitely no family to provide references. I'm also self-employed so employer references are out of the question. I do have about 6 months worth of rent in funds however.

Does anyone know if this is going to be an issue in me finding somewhere to stay? Anyone have any idea as to how long I'll probably spend looking for a place to stay?

- Aaron

[Bevdeforges]

As far as getting that all-important SS number, you should have applied for a social security card when you applied for your visa. In that case, they are supposed to send you your card within a few days of your entry into the US. (OK, you're going to have to have them send it to wherever you plan on temporarily setting up to stay on arrival - probably a hotel of some sort.) The US Social Security website has more information on this process here: Social Security Online | Social Security Numbers and Immigrant Visas

Once you have the SSN, you can open a bank account. They have to establish your identity (i.e. to make sure you're not a terrorist), but you should walk out of the bank with some temporary checks you can use as soon as your initial deposit clears.

As far as references go for renting an apartment, your best bet may be to go through a real estate agency. (Fortunately, there is no charge for this in the US. It took me the longest time to get used to rental agency fees here in Europe.) They can help you get around the lack of references issue, because there are plenty of foreigners in San Francisco, and obviously they manage somehow.

You may need to post an extra deposit (which will be returned to you once you've paid a certain number of months' rent with no problems and "established your credit worthiness") or provide some form of proof of your income or the viability of your business.

Ahead of time, you can contact some of the big real estate chains online to ask about rentals, and ask them how they handle a newly arrived foreigner. (Century21, ReMax, Coldwell Banker - they all do rentals on the side.) The agencies take their money on rentals from the property owner, not from the renter, so you can contact as many agencies as you like to compare how they suggest you establish your credit. Larger property management companies may also be more willing than individual landlords to work with you in establishing credit. Just watch for the "Now Renting" banners displayed at big apartment complexes.

I've always managed to find a flat in a week dedicated to apartment hunting. Unless you're very picky or unrealistic about rents, you should be able to do the same.
Cheers,
Bev

[aarontcp]

Thanks for the reply and link Bev.

Looks like I had applied for a SSN without even knowing about it

I'll check out some of the larger real estate chains - I emailed a few smaller ones a couple of weeks ago and never received a reply.

Cheers,
- Aaron

[synthia]

You'll also need an ID when you open the account, but your passport should take care of that. They need to know you are who you say you are and make sure that if you deposit a whole lot of money and earn lots of interest, Uncle Same will get his cut. It's all about the money.

Did the sites you looked at say they needed local references? Do you rent now? Have you been in your place longer than a year? Your credit history should count for something, even if it isn't in the US. Paying bills is paying bills, everywhere.

Contacting one of the big agencies is a good idea. A rental agent can probably verify your foreign (to us) credit history once, and then provide assurances to the renter. That is what they are for, part of what they are paid for. An awful lot of people come to the US every year, and they don't all live on the streets, so their must be ways.

[Bevdeforges]

Aaron,
I was checking around on the Century21 site the other day and there appeared to be nothing about rentals. But, if you go to the FAQ section, you'll find something that states that they don't put rentals on the website, however if you contact the office directly, they are supposed to get back to you with rental information.

A couple of weeks ago you may have run into the holiday rush. Try again now and see if you can get a response. But try to go directly to the local agencies (try "find an office") and then contact the individual offices from there. Not all offices handle rentals - but most do.
Cheers,
Bev

[Bevdeforges]

>>Your credit history should count for something, even if it isn't in the US. Paying bills is paying bills, everywhere.<<

Unfortunately, that isn't normally the case - at least not in the US. What most landlords are looking for is a nice, neat credit report from one of the big three credit agencies. If your bill payment doesn't show up there, it often won't be considered.

It doesn't hurt to have a letter of reference from your former landlord and/or bank. But again, what many landlords are looking for is someone they can call and ask "off the record" about your payment history. Making overseas calls is usually not something an individual landlord wants to bother with. A large agency will often work out something with an extra deposit (for the first three or four months) or some sort of pre-paid rent arrangement.
Cheers,
Bev

[yankeeinasia]

Dear Aaron,

As far as a bank account goes, you may be able to open a global account with a bank such as HSBC and use the same account in both countries. This may also allow you to transfer funds back and forth between countries. I tried to do this when I moved from the US to Singapore with Citibank but then found that Citibank in Singapore is not connected directly to the US banks so I had to open a new account. From my reserch, HSBC would have been easier.

Good luck,
Kevin

[aarontcp]

An update:
I emailed some of the larger real estate agencies, no reply. I'm moving on to contacting individual offices and agents next.

RE banking I've been in touch with HSBC before, and from what I can tell their US banks have very little to do with their overseas branches. Probably the only 'global' account I found was between Bank of America and Bangkok bank here in Thailand.

I've heard from a friend that you can open a bank account without an SSN and then supply it later, provided you can reasonably prove who you are and that you have money to deposit. Looks like I'll go down this route until the SSA bureaucracy catches up

-Aaron

[Bevdeforges]

It's a pity the real estate agents didn't reply - but I've always been able to simply walk into a real estate office on arrival to set up a series of visits to properties available for rent.

The bank thing doesn't surprise me. The banking laws are so different between countries, I've never found any bank that can help you open an account in another country. But again, just go see the bank and ask about opening an account when you get there. They'll need documentation, but they're generally more than happy to open the account on the spot and let you bring in the paperwork later.
Cheers,
Bev

[synthia]

I read a book by an Italian journalist who was assigned to Washington DC. He reported that he went into the social security office with his passport containing his visa, and walked out a few minutes later with his SSN. Of course, he was also stunned to be able to get phone service after just a few minutes on the phone, set up biling for his electricity, and actually do much of anything without multiple trips to a government office.