Opening US bank accout from outside

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Opening US bank accout from outside


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Old 23rd January 2020, 05:04 AM
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Default Opening US bank accout from outside

I retired to the Philippines and no longer have a US address or phone number. I have been trying to open a new US bank account and neither traditional banks nor online banks will let me open an account. All I am trying to do is put some money into CDs in an FDIC bank.

Does anyone know how to work around this?

Thanks

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Old 23rd January 2020, 11:19 AM
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What you are up against is most likely the KYC rules (Know Your Customer - nothing to do with Colonel Sanders and fried chicken) - and actually these rules are pretty much international these days.

Banks almost anywhere have to verify the identity and residence (tax residence, especially) of their customers, particularly new customers. There are also different laws concerning residents with bank accounts vs. "foreigners" (or non-residents) with bank accounts. In most cases, if you want to open a bank account in the US, you'll need to go to the bank in person to open the account (say, during a visit or vacation trip there).

Otherwise, you may need to work through a large international bank (like, say, HSBC), though that may require a large minimum balance in their bank in your country of residence.

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