How to Open your own US Bank Account
Welcome,
Here you can view all the information and details
you need to know to open your own US Bank account
as a non resident.
Ok. First things first.
First, you'll need to know the name of the bank. Your U.S. bank account will be open in:
E*TRADE Financial
E*TRADE Financial owns E*Trade Bank and E*Trade Securities.
This bank is one of the most respected banks around the world. It provides excellent customer service.
You can visit their web site in www.etradebank.com, BUT WAIT, don't try to open your account yet.
You have to fill the right forms and do all the process correctly for your account to be open.
The first "secret" you should know is that for opening your account you will not have to contact E*Trade Bank but E*Trade Securities, LLC.
e*Trade Securities
E*TRADE Securities, LLC is a member of the SIPC. They are a separate company but affiliated with E*TRADE Bank.
By working with E*Trade Securities you will be able to have banking services with all the benefits.
First, you don’t have to ask for a checking or saving account. This types of accounts can not be opened as non-resident.
So, you will have to ask for a brokerage account.
A brokerage account can be used as a checking account, you will not received interest on your balance, but you will have the choice to make stock investments and other normal checking accounts actions (like checks, make transfer, etc.)
Here is a sample of the welcome pack you will receive (The VISA card as to be requested after you open your account).
The bank will send you the welcome pack along with your bank account number and password for on line banking via normal mail service.
Your bank account will be open 2 to 3 days after the bank received your application. The welcome pack will arrive in around 2 to 7 weeks after the bank receive your applications.
You can always contact the bank to see if your bank account has been open without receiving the welcome pack. More information on this later.
Fill your forms
As a non-US resident you will need to fill out the following forms:
#1 Your bank account application
* Please note it's necessary to print out and fill in / sign the last page of this form ( the form will be sent to your email after registeration ) . click here now to start applying for Etrade Brokerage account .
#2 Your withholding tax form
* You are required to include this form with your application form above.
- You can download the forms from our servers here .
- You can download the forms from the bank web site here, and
Here you have the sample forms to guide yourself.
Be aware that tax will not be withheld from your deposits. Tax is only withheld if you make a profit on an investment made through E*Trade.
Now lets see were you have to send the forms...
Send your forms
Mail both forms along with a photocopy of your passport or national photo ID to the address below:
E*TRADE Securities LLC
P.O. Box 1542
Merrifield, VA 22116-1542
USA
If you want to use Fedex or DHL service, you will probably need to use this address (without a P.O. Box):
E*Trade Securities LLC
671, N. Glebe Road,
11th Floor,
Arlington, VA - 22203
USA
You can confirm this information from the bank web site here . Europe, Middle East and Africa (EMEA) Residents May send their application to ..
US Account Applications
E*TRADE Securities Limited
42nd Floor
One Canada Square
London E14 5AA, UK
Lets continue...
Your checkbook
2 to 3 days after the bank as received your forms, you can call or email E*Trade and request your checkbook before you receive your welcome kit.
You can even request it before any funds have been deposited into your account. Simply call E*Trade on 1-916-636-2510. The mail for customer service is service@etrade.com
Or you can wait to request a check book after you receive your welcome pack.
Remember that you are opening a "E*trade Securities Brokerage Account". If you simply ask for a bank account they are not going to help you.
You can ask for your account details at this time and login to your bank account on line.
There is no need to wait for your welcome pack to access your account and deposit funds.
Ok, keep going...
Your initial deposit
The bank will open your account even if you don't send any deposit with your forms. However you can fund your account by including a $1,000 US check or US money order with your applications.
Or...
After you have received your account number, you can fund it in any amount via your PayPal, 2Checkout.com or any other account that can send ACH transfers (direct deposits).
The minimum deposit needed to open a cash brokerage account is $1,000 while the minimum to open a margin account and begin trading is $2,000.
You can also wire funds from your home bank account, in any amount.
Instructions on wire transfers can be found updated in the bank web site. (Remember you have to follow the instructions on how to wire money to your E*TRADE Securities account)
Your VISA Platinum Debit card
Remember that you will need to have at least US$ 1000 in your account to ask for your debit card.
You can send the application included in your welcome pack, or you can order it from the bank web site.
Next is a example of the actual VISA Platinum debit card and checkbook.
If you need to take money from Paypal, Adsense, 2Checkout or other similar system and don't have $1000 to make a deposit, I suggest you to visit our Debit & Virtual Cards Section
Anyway, now you can see how to send money from your Paypal account (or a similar system) to your Bank Account.....
How to send money from Paypal
To receive ACH transfers (direct deposits) from Paypal, 2Checkout or any other service. Just use the following details.
Bank name: ETRADE BANK
Routing number: 056073573
Account number: This is your personal account number
Account type: Checking Account
*Remember that doing an ACH (direct transfer) is different than a wire transfer. A wire transfer (usually used for International Transfers) has a different routing number. You can see this number updated in your bank's web site.
You can always confirm the direct deposit information from the bank web site.
That's it. You have done it.
Enjoy banking in the US!!!
19 comments:
Thanks for the advise ...
paypgold
The same info will be free here !
or www.etrade.com that issues platinum gold debit card but requires $1K deposit to have card and if you dont want card it min deposit is NILL ! thats cool !
E-TRADE is the best,I opened mine after months of research and got everything that associated with the account,Platinum visa debit card that I have used in Europe and Africa,a 75 page check booklet,all free without the
1k deposit.
I forgot,the daily limit withdrawal is now $1,000 and not $500
Beside there is no charge for using the ATM Debit card.
Please Sir,
explain me about E-TRADE.
I cannnot pm because i have not got 25 posts.
Thank you in advantage. Best regards.
Go on E-Trade Website an ckeck it out or read the other Threads about this Thing or maybe your friend Google can help
Reply With Quote
So it is a suprising case if all can be free without the 1K deposit.
It would be great if it described here, so we can discuss it.
is Etrade even a legal banking institution?
Check the website of the central bank/financial authorities of the country where E-trade has its registered office...If it does not appear as a licencee in these website then it is not a bank...
oh great,will try
i dont have passport , but i want to create a bank account at E*TRADE , can i use the photo of my ID card ?
yes you can
thank you , i will try .
but my id card is not in english , can i use it ?
or i have to use the id card which in english ?
is this a id Card from you govement ? Where are you from ?
im from vietnam , so my id card is in vietnamese . i dont know i can open with this id card or not .
Well the best would be to have your ID card translated into English by a court traducer/translator then notarised and finally sent to the bank with both texts (vietnamese + english).. This could cost you some money..
thank you , i will try . may be i will send them a photo of my ID card and translate it so they can understand .
Can anyone please share his recent experience with adding Etrade to PP? Any response will be highly appreciated. Thanks.
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