Direct deposit options for nonresidents

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Direct deposit options for nonresidents


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Old 9th October 2019, 03:58 AM
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Default Direct deposit options for nonresidents

Hi all, we have a client who is a Chinese citizen who lives in China but receives a K-1 every year so we file a nonresident return for him to report it. Last year he had a big refund that was sent to him by check but he said he had a really difficult time finding a bank that would cash it.

This year he will be receiving a refund again so I was wondering, does anyone know if there's a way for a non-US taxpayer to have a refund direct deposited? He has an ITIN but I don't think he will be enough to open a online US savings/checking account. I know you can also have refunds deposited to a prepaid card but again, I don't know if that's an option available to non-US taxpayers.

Any suggestions would be greatly appreciated!

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Old 9th October 2019, 07:40 AM
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The main thing your client is up against is the "know your customer" rules and laws, which generally mean that a bank has to have met a new customer face to face at least once before they can open an account. Not sure about online accounts in the US, but here in Europe you need to have a "bricks and mortar" bank account in the country (or in Europe) in order to open an online account - evidently so that the online bank can base their "know your customer" protocol on that of your bricks and mortar bank.

If your client ever visits the US (for personal or business reasons) perhaps you could help him to open an account with whatever bank your company/organization uses, which could then be used to handle transactions based in US dollars. It often helps to have a "sponsor" for opening a new account.

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Old 9th October 2019, 07:50 PM
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Thanks for the reply. Doesn't look there is any easy way to get it accomplished. Now that I think about it, we just had a UK client who's UK bank was able to set up some sort of intermediary US bank account for him and we used the account number and routing number on his return. I need to reach out to him to see if that ever went through since I had my doubts it would at that time. That could be an option for this China client.

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