For those Australians that see the US house market as an opportunity for a successful investment, opening US bank account is probably one of the most important steps. However, to open US bank account from overseas is not as easy as you think. There are two options you can choose from to set up US bank account.
The first one is to travel to the US and do the job yourself. If you have previous US experience, then go for it. However, if you are a newbie, it is not such a good idea. Note that if you decide to set up US bank account yourself, you will spend a lot of money. You will have to pay your travel expenses, hotel, public transport, food and other costs associated with your stay. Also, you may be forced to extend your stay in case a document is missing or other similar situation. And not to mention the fact that you will be swamped with documents that need to be filled out, signed and delivered to the bank. To open a bank account overseas is a more complicated procedure than you may expect.
The second option and probably the best one, is to open Us bank account from overseas through a company that deals with this kind of situations. You will not need to apply for an electronic travel authorization nor spend extra money on travel accommodations. All you need to open US bank account from overseas is an experienced real estate agent that specializes in the US housing market. With a real estate agent you will not have to travel to the US and set up US bank account in person. Instead, you will have your account set without leaving Australia and be able to enjoy some of the benefits.
- If you set up US bank account in a certain bank through a reliable real estate agency, you will be FDIC insured. This means that in case the bank goes bankrupt, the US Federal Government will reimburse a balance up to $250,000.
- A good Australian real estate agency will be in constant contact with the US bank, and will keep you up to date with all the details. Once you set up US bank account, you will be able to follow your account balances online, through the internet banking option.
- If you open US bank account from overseas through a reputable real estate agency, you will be able to enjoy some of the benefit American citizens do, such as have a check book and own a debit card that can be used everywhere.