This Closes 90% of Non-Resident's U.S. Bank Accounts

Рет қаралды 86,729

3 ай бұрын

Did you know that non-residents could be at risk of having their U.S. bank accounts closed? In this video, we'll discuss the steps you can take to protect your account and avoid this situation. Don't miss out on this important information for non-residents with U.S. bank accounts.
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Check out James’ top recommended videos here - these are cornerstone videos that should answer many of your questions.
-----Longer videos that explain it all!
How to Legally Pay NO US Taxes - • IRS Secrets: How to LE...
How to Legally Pay NO US Taxes (part 2) - • Are you a Non Resident...
-----Guides and How tos
Annual reporting for a foreign owned multi member LLC (Masterguide) - • Tax Laws for Foreign-O...
What is Form W-BEN and why do I need it • How to Fill Out W-8BEN...
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How to complete Form W-8BEN - • 🧾🔍 HOW TO complete Fo...
How to complete Form W-8BEN-E - • How to Complete Form W...
How to get an ITIN - • Get an ITIN Number for...
-----And don’t forget to check out all of the “CALLS WITH JIM”
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How to get a Florida Resale Certificate, Part 2 - • Get Your Florida Resal...
How to file a DR-15 Florida Sales and Use Tax with 0 Sales - • How to File Your Flori...
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Lawyer Disclaimer (Occupational Hazard): This is not legal advice. Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney for advice regarding any particular issue or problem.

Пікірлер: 134

@JamesBakerCPA 3 ай бұрын

Looking for a new U.S. bank account? Relayfi is currently my number-one choice! If you want to join them, you can increase the likelihood of being accepted through my partnership link - bit.ly/3uwbB1W

@vonGrundherr 3 ай бұрын

ok but why you lyin though that link has 0 impact

@JamesBakerCPA 3 ай бұрын

Hey there, thanks for your comment. Here’s a quick video where I interviewed the guys from Relay. - kzfaq.info/get/bejne/jZ2Uls-V2rO9m5c.htmlsi=uW9Et79X6d49gCAu If you skip to 8:30 you’ll see they mention that if you use our link, likelihood of you being accepted is higher. Thanks 👍🏻

@frenchwannaloseweight 3 ай бұрын

Non 🇺🇸 citizen can open a bank account there?

@TheJamesBakerCPA 3 ай бұрын

@@vonGrundherr watch the interview video I did with the bank manager man! He told me it does

@lalierabe Ай бұрын

A hassle for non US residents. Discriminatory for many African citizens

@chizzlemo3094 3 ай бұрын

I have loads of credit card debt, they are never closing me lol

@AppleiOSGenius 3 ай бұрын

Open a synochny bank or related bank to them will cancel with 2 missed payment in one year had three closed on me

@lovly2cu725 3 ай бұрын

the 2 arent connected

@mrleafbeef634 3 ай бұрын

Buying precious metals outside the bank also helps ❤

@ElisaAvigayil 3 ай бұрын

USAA has closed the accounts of multiple US Government employees serving abroad on US Government orders with their Government salaries direct deposited into their USAA account. It's insane how this happened. This is why I always have multiple bank accounts with multiple banks.

@JamesBakerCPA 3 ай бұрын

Crazy story. But yes this is it big banks are just algorithms not relationships

@DrDolan Ай бұрын

LOL😂

@HaggisMuncher-69-420 3 ай бұрын

Shame we can't close the banks.

@lovly2cu725 3 ай бұрын

there will be closings & have been

@jedclampett6466 3 ай бұрын

That's gonna happen soon enough....

@HaggisMuncher-69-420 3 ай бұрын

@@jedclampett6466 Nah. The government wil just continue bailing them out.

@stephanieellison7834 3 ай бұрын

This happens partly because you are not the legal owner of your bank accounts, but the beneficial owner.

@ElisaAvigayil 3 ай бұрын

Another workaround is to bring cash when traveling internationally. Just check the laws in both countries.

@user-oe5ey3ex8b 3 ай бұрын

Join your local credit union.

@robinsattahip2376 3 ай бұрын

America just gets worse and worse.

@automanvw 3 ай бұрын

Quit your whining and do something with your life

@wepmo 3 ай бұрын

Great info James !!

@mikecrowley7486 3 ай бұрын

Thank for the information.

@user-ow7py1qy2v 3 ай бұрын

This was really helpful. Love to see more

@Gabistruwwelliese 24 күн бұрын

Life saver!! Thanks

@Cursix Ай бұрын

thank you for the advice

@earlyray8495 3 ай бұрын

nice one thanks

@user-nr7jm1so5j 3 ай бұрын

Same reason I never give a bank the reason I fire them. It always muffs em .. with a sqeeky, confused grimace. Bounce. Money talks, mine hikes.

@mohammadhussein3923 2 ай бұрын

Great videos. Just an fyi, mercury charges $15 for wire transfer to overseas as opposed to Wise who charge the double $32. Keep up the good work. Your channel is by fast the best on KZfaq!

@itsMaz1n 3 ай бұрын

YOU ARE BEST ONE TALKING ABOUT US COMPANIES

@JamesBakerCPA 3 ай бұрын

Thaaaaanks you are the best one at leaving comments!

@format6 Ай бұрын

Very helpful thanks James. Once I am making real money I will come over.

@LeandroLiptak 3 ай бұрын

This is key. Thanks from Argentina.

@kenwill1995 3 ай бұрын

Your videos helps so much and you always keep things simple I love that about your channel

@JamesBakerCPA 3 ай бұрын

Glad you like them!

@michaelstephen735 3 ай бұрын

As a US expat living abroad Wise is my go to transfer and multiple currency card/bank. The key to remember with wise, have a us address on that card, some countries I have lived in wise will not send you a new card. FYI

@danebrammage4330 3 ай бұрын

love the painting in the background...

@JamesBakerCPA 3 ай бұрын

Me too.... It's not the original... Wink wink haha

@BeyondGraphx 3 ай бұрын

This actually happened to me earlier this morning, thanks for the timely video James

@petersevcik8412 3 ай бұрын

Man, it's sad, have you been warned or they just did suddenly?

@JamesBakerCPA 3 ай бұрын

Sorry to hear this, it happens to a lot of poeple (including me). I hope this video has helped you!

@quran5997 3 ай бұрын

I like your style brother

@javaskull88 3 ай бұрын

Join a credit union thats owned by its members and operates for its members.

@mrbabyhugh 3 ай бұрын

3:39 i have no problem using Mercury. Stripe payments goes directly to them. Then, savings would go to BoA. Then that BoA account is used to get loans etc. All BoA see is MONEY IN. All expenses paid via Mercury, and I would do transfer and debit transactions in counntries they are favourable with.

@JamesBakerCPA 3 ай бұрын

Perfect! Yes this is the way

@maitreya1906 3 ай бұрын

Very useful information. I had an account with Mercury i thought they were great, better than the physical bank i have here in Africa. No problem paying myself. Still have another one though. Thanks

@FrankWu 3 ай бұрын

I believe it’s cubby a anti-money, laundry, procedure, which banks have threat internal procedure and etc.

@MrEagle2050 Ай бұрын

The majority of banks in the UK require the actual presence in the country. They don't even bother to open a bank account for nonresidents, even for business owners , so the only option is online or digital banks, but they become more difficult now

@alexstone7594 3 ай бұрын

How can we get our money back ?

@holyearth 3 ай бұрын

Suntrust did this to me...AVOID them

@pures1n 3 ай бұрын

Imagine having restrictions on your own hard earned money lol

@roberthaupt8664 3 ай бұрын

Can imagine that but it's really not funny..

@SimonSozzi7258 3 ай бұрын

Were tgese closings before you became certified?

@franszwaan2632 3 ай бұрын

I do the same with costa rica too. Skrill is a good provider as well

@JamesBakerCPA 3 ай бұрын

I'll check out skrill

@stefaniacharitou 25 күн бұрын

@franszwaan2632 Hi there, I'm interested in sending money from Mercury to a Costa Rican BN account. Do you use Wise? Any info would be appreciated as I just started to set up my LLC banking. Thanks!

@zhangyi674 3 ай бұрын

You look genuine despite the self promo don't get me wrong go ahead i see you just tryna share info and provide values international banking is something i am really interested in, fo sure subscribing my man 🤝

@desdemipuntodevista_analista Ай бұрын

My second question James? How a non resident with a banking account in the US (Chase) can establish some credit score.. and benefit from it some day (mortgage, etc) if you don't have the social security number, since you are a non resident. All you can provide is a ITIN as member of an LLC.. Thanks much in advance for your insights here ;)

@daleparkes1570 3 ай бұрын

Perhaps Old Glory Bank?

@navinadv 3 ай бұрын

What about flywire?

@user-tk6um7mo5h 3 ай бұрын

What if I use a Credit Card from one of these banks such as Bank of America abroad and then pay the balance through main checking? Will it still trigger some risk?

@bamideletijani8683 3 ай бұрын

Brooo.. your videos are super fire. I have been searching months for US checking account. I found a solution with your video with High Beam. Thanks a lot for your insights

@truthteller6932 3 ай бұрын

What about retiring overseas and taking all your money with you?

@mohammadhussein3923 2 ай бұрын

The best idea. Im doing it now. Depending on the country you're planning on retiring in, Open a Wise account and a Mercury as well as Payoneer accounts. Gradually transfer from your lical bank account to Wise, mercury and/or payoneer. From there, you can easily transfer money to your overseas accounts. Just make sure to do it in smaller amounts on the first let's say 3 months so that your accounts dont get closed, and then increase the transfer out amounts. Best of luck

@truthteller6932 2 ай бұрын

@@mohammadhussein3923 that sounds a bit shady…

@desdemipuntodevista_analista Ай бұрын

Great pieces of advice as always ! Thanks for that. Personally I had great difficulty moving money (25 K USD) from my Chase account to a well-known broker in the UK (eToro), and no criptos buying by the way... The transaction was blocked 5 times...and that was possibly because I was in Spain... Do you advise having a VPN to simulate presence in the US when you want to wire money out?

@rebageorgiadis3861 3 күн бұрын

Same here with different countries. Chase would or could not remove Xfer block. But no account issues.

@headstockllc7807 3 ай бұрын

They dont have to in the UAE either. Ours was closed without any reason.

@alexstone7594 3 ай бұрын

How can we get our money back ? I know of one way, but it involves prison time. “LOL” 🤣🤣🤣

@kpopbutlofi 29 күн бұрын

Is the money safe in wise? Is it covered by any insurance?

@JamesBakerCPA 28 күн бұрын

No FDIC insurance in wise. But check their platform

@KittyMama61 3 ай бұрын

At the bank I used to work for, they'd close accounts all the time. And if one account closed, they'd always always close the rest.

@chinosachi8908 3 ай бұрын

Oh yes I did that with fifth third. I used to ask all my friends to zelle me money in fifth third. Then I withdrew it all and theynclosed my account

@JamesBakerCPA 3 ай бұрын

Classic.. zelle is another thing they hate

@TruthOpinion 3 ай бұрын

Once account is closed have you tried reopening account? Does that work?

@AceGod7 3 ай бұрын

a new banking is coming avsbanking

@floatinsun 3 ай бұрын

They can sanction any country at will, closing any account is a small thing 😅

@CarlosEBernal 3 ай бұрын

My question is how do I keep my bank acct in the US (Schwab) open and Credit Card accts without having a residential physical address in the US. I am retired and want to move to Panama or somewhere in South America and just withdraw money from my US acct as need it, and continue to use my Credit Cards abroad?

@mrkcur 3 ай бұрын

You should keep an address in the US and make sure all your banks are using it. I was withdrawing lots of cash from my Schwab account and they threatened to close it. They said the reason for the closure was that it seemed like my primary residence was no longer in the United States. I think the real reason was the excessive ATM usage. I chatted with their customer support and said that soon I will go back to my primary residence in America. I stopped using my ATM card, and they let me keep my accounts. But it does seem that Schwab has a policy that you need an address in the US. Hopefully someone in your family would be willing to help you with this.

@CarlosEBernal 3 ай бұрын

@@mrkcur thank you for the reply, unfortunately I don't anyone who I would feel comfortable using their address. It's the one issue that is keeping me here in the US. Thanks

@VittoShulman 3 ай бұрын

There are many mail forwarding companies - just search online. You can rent an address box and they will check your mail and scan it for you. It only cost $10-20 per months. Look up old youtube video called: mail forwarding for nomads. Another thing you should worry - most banks require you have US phone number to access online. Solution: set up all automated that you don't have to access your bank account from abroad at all and don't use your bank cards overseas either. Only use money transfer services and their cards - which are mentioned in the vid. PS: just make sure don't tell your bank your address is a PO Box. When you change address at the bank - write it as its a apartment number. Its also good idea to change new address to your DL so you could use it as proof of address if ever needed.

@contingencywoman8550 3 ай бұрын

@@CarlosEBernalI haven't tried this myself yet, but have been looking into an option some of the expats in Ecuador have recommended: "Traveling mailbox". It reportedly gives you an actual physical US address to use. They dump any junk mail, scan the rest, and email you a link. If you don't want to keep it after 30 days they shred it. If you do want something they'll store it, and send it to you physically for an additional fee. I'm also told if you use a Charles Schwab account it needs to be an investor account. Hope this info helps.

@contingencywoman8550 3 ай бұрын

@@CarlosEBernal I understand Traveling Mailbox gives you a physical US address, you may want to look into it. Also, a Charles Schwab investor type account is recommended by those who expatriate. Hope this helps.

@brettlaw4346 3 ай бұрын

What stops a criminal 3rd party actor from triggering an account closure by manipulating known triggers and then stealing the funds?

@JamesBakerCPA 3 ай бұрын

The banks won't just release the funds to anyone. Criminal would need to know your bank details too. If your account gets hacked they will send the funds to themselves but banks have a lot of safeguards to protect this. Stay safe!

@truthteller6932 3 ай бұрын

Don’t give them ideas…

@stephenharvey5932 3 ай бұрын

I have had this happen. I figured they did not tell me anything to cover their ass and not to be sued over their imaginary problems.

@camilomoreno2400 3 ай бұрын

How do you keep a US phone number. VoIP numbers are usually tracked and flagged. Banks like chase need to send 2 mehthod authentication. Any tips?

@mohammadhussein3923 2 ай бұрын

I use iplum to get my voip numbers. They work just fine with banks and authentications.

@Joelstarr 3 ай бұрын

I am using mercury at the moment but just receive email that they don't accept PO box and and now they ask me to send proof I have customers in the US... I opened an account on relay and it was not so easy because they needed a proof of address in english (I live in spain)... In the end I solved it, so If mercury closes my account I will move to relay :)

@josenaranjo1851 6 күн бұрын

How did you solve it if you don't mind me asking?

@Joelstarr 5 күн бұрын

@@josenaranjo1851 i had to send proof I had customers in the us, i was lucky i had 1 invoice. Fiverr is great for this because there is a lot of us people there if you offer services

@Not_So_Weird_in_Austin 3 ай бұрын

Ya put a dollar in a bank you are lending the bank money and they owe you. Ya take your money the bank has to pay and there are rules designed to make it hard for you to get your money. They take your money and transfer to the Federal Reserve and get short term T Bills making money on their debt. The bank gets to take their debt off their books....

@AhmedAli44490 2 ай бұрын

In Your videos you mentioned that Relayfi allows Pakistani Citizenship but I'm checking right now .Its not allowing Pakistani Citizenship . Could you please guide me about this?

@user-ok8wl3mm8o 3 ай бұрын

Hi I had an account of Chase bank but now they had said that they are closing my account. I'm from Pakistan. Please suggest what to do. I was doing FBA on Anazon with single person LLC

@Randomthoughts.-fl8go Ай бұрын

Hi. Were you sending too many wires from US to Pakistan? that might be the reason. Bank of America recently closed my account without telling me the reason, but I think it was because I was paying to a company in Pakistan and sent high amount of wires. I am planning to open new account and use Wise and other ways to transfer in smaller amounts. If you want to partner with me please let me know. I have an LLC here in US and I am based in USA.

@incaseofemergency6051 3 ай бұрын

Wells will not accept cash deposits of any amount. If you have a friend who owes you $20, they will make them purchase a Money Order to deposit it. It's all just a fee scam.

@androidbox3571 3 ай бұрын

So what closes 90% of non res US bank accounts?

@JamesBakerCPA 3 ай бұрын

The stuff I mention in the video.. But it's obviously all my opinion and speculation I don't work for the banks or know why they close accounts but I've hand many accounts and accounts closed. Just sharing my experience thanks for watching

@withpikachu2402 3 ай бұрын

Problem for Europeans who work there as carpenters and builders. We got to keep our talent at home.

@Gridlock047 3 ай бұрын

When you know how money works you simply use crypto to transfer money. Banks are just transfer points.

@JamesBakerCPA 3 ай бұрын

Just had your account closed or looking for a backup account? Relayfi is currently my number one choice for a U.S. bank account! If you want to join them, you can increase the likelihood of being accepted and get priority support through my partnership link - bit.ly/3uwbB1W

@vistagraphsnet 20 күн бұрын

@vistagraphsnet 9 days ago Bank of America is by far the worst. On April 24, 2024 I received an email from BofA saying i successfully activated Face ID. I am 83 and would never use face ID because I use a password and my family knows how to get into my account upon my demise. So I tried to access my account and was not able to so I called Bank of America and was informed that an IP address from outside of the US used my account and I was responsible. They claimed I had to have given someone my password outside of the US. They immediately closed my account. I have been a BofA customer since 1987 with never a bounced check or other problem. I have had two direct deposits with them since I retired in 2004. Because they would not let me access the account, I could not get the bill pay information who I pay, phones and addresses. Both direct deposits were returned and in the case of Social Security it will be six weeks before they can direct it to my credit union account. The CALPERS retirement check was returned and it will take three weeks to receive it at my credit union account. I know no one outside the US so have no idea who could have changed to face ID. Today I received a letter from BofA stating my information has been entered into a database all banks use and I will not be able to open another account with any other bank for five years. Please put BofA on top of your list. Everyone should be warned that this could happen to them.

@Ryansanvy 3 ай бұрын

Thanks G

@ccfmfg 3 ай бұрын

Is Coinbase a Bank?

@roberthaupt8664 3 ай бұрын

Nope, it's a crypto dealer but also can some fiat money so you have a kind of bank account

@ccfmfg 3 ай бұрын

@@roberthaupt8664 Thank You for Your reply, but can You spellcheck, rephrase and or elaborate a little on Your answer? I appreciate it.

@robryan751 3 ай бұрын

Bitcoin IS the answer to all this mess.

@ochenhetree 3 ай бұрын

Could of sent bitcoin

@worldlife9834 3 ай бұрын

A bank account and passport are a right.

@roberthaupt8664 3 ай бұрын

Sure, but how to get your right as early as needed ?

@ToboeKey309 3 ай бұрын

Paypal sucks ass 🙄

@vnsminerlimited1585 3 ай бұрын

Sir I need you to help me fill tax return documents for my waymiong company. Can you give me your email address that I send you information and also give me cost. I need a tax return for my mercury bank. I hope you answer me as soon as possible

@JamesBakerCPA 3 ай бұрын

Hi, Thank you for reaching out! We usually reply to all your questions during our calls, if it wouldn’t be an issue for you, you could set up a meeting following this link: jamesbakercpa.com/schedule It’s a free consultation!