I am a non-US resident, looking to open a US bank account and do all the banking with US banks.. Basically I'm going to receive payments from networks based in the states and wire the money back to where I live when I have $$$$$ in the account. Will the US government chase me down for the taxes?
Do I need to pay taxes if I bank in the states?
- Thread starter RichieN
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I live in Asia and every international would cost me around $35 bucks or more, I receive around 10 wires a month so that's $350+... I could collect the money with a US bank account then wire all the money to my local account at the end of each month, which is gonna save me $350-$35=$315 each month if not more... It's not a lot of money but every little bit adds up...
I could also deposit checks instantly other than waiting for like 45 days for them to clear if I had a US account... So these two are the main points I'm thinking about... Not sure if it's wise though. Totally have no clue about how taxes work in the states as I've never dealt with taxes in my whole life! Yeah people don't pay taxes in Asia!
Paying $350 a month to avoid the USA possibly seizing your account for tax fraud sounds like a good idea to me! I just have a US funds account. Works for me. Talk to your bank if legit it prob has business accounts where you would not pay for international wire or negotiate a lower fee. As for waiting for checks to clear good luck. Now and then I will get a new teller that tells me they have to hold my checks. I straight up tell them no. The look on the faces is priceless, but they end up getting there manager and it is not held. Not sure your banking rules but if you have enough money to cover the check in cash mine will not hold it. Also if I have received a check from them before or for a while on a monthly basis mine does not hold them. But each bank/credit union is different.
I would make an appointment and go see a business account rep! If they want your business you will prob get your fee's waived
I would make an appointment and go see a business account rep! If they want your business you will prob get your fee's waived
I was referring to the networks not the banks, my bank doesn't charge me most of the time for incoming banks but networks do... Wire transfers cost money while direct deposits are free. Sorry I wasn't as specific in my first post.
In regards to checks, this is the first time I've heard about "holding checks".
Not sure if checks are handled the same way around the world but in my case - every time I receive a check, I need to take it to a local bank and pay some fees, then I get the money after 30 days. I could scan the checks with my iPhone and have the money deposited in a few days if I had a Chase account, no? Definitely much better than waiting for a month and going to the bank back and forth.
Thanks for your help so far!
In regards to checks, this is the first time I've heard about "holding checks".
Not sure if checks are handled the same way around the world but in my case - every time I receive a check, I need to take it to a local bank and pay some fees, then I get the money after 30 days. I could scan the checks with my iPhone and have the money deposited in a few days if I had a Chase account, no? Definitely much better than waiting for a month and going to the bank back and forth.
Thanks for your help so far!
Who told you that US banks will NOT charge for incoming wire like international banks (yep, mine do not too, but withdrawal rate usually 1%) ?
Also there is a solution to switch yourself to net 30 (or even net 60 in case of your big trust to them) instead of net 7 if you have cash flow, sounds crazy but it will save you on fees !
Also there is a solution to switch yourself to net 30 (or even net 60 in case of your big trust to them) instead of net 7 if you have cash flow, sounds crazy but it will save you on fees !
I didn't say there was no fees for receiving wire transfers with US banks, I just thought that with a US account, most US networks could pay me via direct deposit which is free, correct me if I am wrong.
Net30 is definitely not an option, not worth the risk
If anything you get from this thread is that all banks are different and while you may be at the same bank as someone else. You can bet the other guy is getting a better deal then you. You gotta talk to you bank and fee's and stuff. If you do high volume then they will most likely charge you less. The want your money with them.
As for networks charging for wires. I don't charge when I do them. But I usually won't send anything less the 1k. I do get charged on my end but $20 to send you money that I made 15% and up on I am ok with. Always ask of they will wave the few. I would assume most would if they want your business!
As for networks charging for wires. I don't charge when I do them. But I usually won't send anything less the 1k. I do get charged on my end but $20 to send you money that I made 15% and up on I am ok with. Always ask of they will wave the few. I would assume most would if they want your business!
Depends on your volume, if all profit is few grands a month $350 could be a lot of savings! IF you work for long, why not ?
Direct deposit is cheaper, not free, it's like $10 or so, could be $5 or $15.
I did the following, made tons of bank accounts and received money there, but network covered outgoing wire partly, so I paid -$10 or so each time for middleman bank fees. But they couldn't keep up with my country policy to state that money is material aid or salary in order for me to keep geting it for that rates with no taxes.
So I used middleman who charged $25 for incoming and $30 for outgoing and did for a while, making weekly payments from there, but sorry $65 each time is a lot, so I accumulate money for a month and then only send it there, I trust them, they operate with 6 figures payments which I see in undiscovered payments menu (other people money to be certain). So .... decide
Direct deposit is cheaper, not free, it's like $10 or so, could be $5 or $15.
I did the following, made tons of bank accounts and received money there, but network covered outgoing wire partly, so I paid -$10 or so each time for middleman bank fees. But they couldn't keep up with my country policy to state that money is material aid or salary in order for me to keep geting it for that rates with no taxes.
So I used middleman who charged $25 for incoming and $30 for outgoing and did for a while, making weekly payments from there, but sorry $65 each time is a lot, so I accumulate money for a month and then only send it there, I trust them, they operate with 6 figures payments which I see in undiscovered payments menu (other people money to be certain). So .... decide
Wow, you really hit the motherlode of financial advice here. Just do whatever you are told here, these guys are all expert financial advisers, you can't go wrong.
Good luck, zipperhead.
Good luck, zipperhead.
If you want to setup a US bank account for your business you're going to have to have documentation of your business if you are a business not based in that state you'll have to file as a foreign entity. You could then have your foreign company(LLC, Corporation, No S-Corp as they cannot have foreign shareholders) pay a small management fee to that US company and just pay taxes on that. Probably a bitch though. You might just want to eat the wire fees if you're at a large enough scale. Its just a cost of doing business, write it against income. The best advice seems to be to use payoneer. I get advice from lawyers I pay who know their shit so dont take my word for it. On a side note, Central Pacific Bank(based in hawaii) has free incoming wires. Hope that helps.