Opening an American bank account

Bah

Not quite a Business/Economy/Finance topic... but it didn't seem to fit in under any of the other headings. I posted on boards.us (seems a little dead) and googled, but couldn't find any answers. Anyway:

I'm an Irish student, going to New York for the summer on a J1 working holiday visa - and I'm trying to find out about opening a bank account. I'm not going until May 30th, so it's not urgent or anything, but I just want to find out what I'll need to open an account and what I'm elligible for (ATM card, etc). Since we need a utility bill here and two forms of photo ID - I'll have the ID - passport and drivers licence, but the only kind of utility bill I have is for an Irish address, O'd imagine it's pretty similar over there?

Any recommendations for a good bank in the New York area for a student-account?

Thanks in advance for your help.

BuffyBot

Well, a Google gave me the following.

http://www.us.hsbc.com/personal/deposits/appinfo_online.html

Seems strict enough, but I'm sure others may have done it.

Bah

BuffyBot wrote:

Well, a Google gave me the following.

http://www.us.hsbc.com/personal/deposits/appinfo_online.html

Seems strict enough, but I'm sure others may have done it.

Thanks for that - few problems so far:

Social Security Number - wont be able to get one for at least 3-4 weeks
Current Driver's License information - I assume my Irish licence will probably do...

Information about your current loans or credit accounts (for authentication purposes) - Might bring over a bank/credit card statement?

Your current bank account and routing number (to fund the new account online - I doubt an Irish account would be compatible (or at least easy/cheap to transfer funds)

So I suppose I'll just have to wait for a few weeks to open one up.

Jim Kernsey

Bah wrote:

Social Security Number - wont be able to get one for at least 3-4 weeks

I was there last year on j1
Social Security Number takes everyone I met 6 - 8 weeks and AFAIK, this is a must for a US bank account.

Bah wrote:

Current Driver's License information - I assume my Irish licence will probably do...

I think it will, anyway you can get a similar State ID on the spot once you have a Social Security Number.

You can use the letter that comes with the Social Security Number instead of a utility bill.

IMO there's no benefit in opening a US bank account unless, you want to stay past your Visa period.

Irish Issued Credit cards are accepted virtually everywhere and an ATM card from one of the larger Irish banks will work most places. If you do make a fotune over there wire the money home and get someone at home to lodge it to your Irish bank account.

anyway good luck and enjoy the summer

Jim

Ste.phen

Jim Kernsey wrote:

IMO there's no benefit in opening a US bank account unless, you want to stay past your Visa period.

I'm gonig to Boston in June and was wondering much the same;
Surely some employers will want to pay directly into a bank account?
Presumably a US bank account?

dermot_sheehan

I was in chicago a couple of summers ago. I opened an account with bank one, and all they required was my Irish Passport and a credit card as ID. I got a temporary ATM card and temporary check book on the spot, a permanent cheque book and a visa debit card in the post in a week.

The advantages are you can have your employer pay you by direct deposit, or you can lodge your pay cheques without paying fees. Also you can use any of the banks atms for free and use the debit card without paying a 1.5% currency conversion fee on each transaction.

They asked for a social security number, and I told them it would be a couple of weeks. They had no problem with that, the branch in town was used to dealing with forgein students apparently. They need the social security number if you want to apply for credit, and to declare your interest earnings to the IRS at the end of the year. I never told them mine as I only got my number a month after I came, the only problem was they witheld a dollar or two in interest.

Jim Kernsey

gabhain7 wrote:

I was in chicago a couple of summers ago. I opened an account with bank one, and all they required was my Irish Passport and a credit card as ID. I got a temporary ATM card and temporary check book on the spot, a permanent cheque book and a visa debit card in the post in a week.

The advantages are you can have your employer pay you by direct deposit, or you can lodge your pay cheques without paying fees. Also you can use any of the banks atms for free and use the debit card without paying a 1.5% currency conversion fee on each transaction.

They asked for a social security number, and I told them it would be a couple of weeks. They had no problem with that, the branch in town was used to dealing with forgein students apparently. They need the social security number if you want to apply for credit, and to declare your interest earnings to the IRS at the end of the year. I never told them mine as I only got my number a month after I came, the only problem was they witheld a dollar or two in interest.

That sounds fairly straight forward.

I never bothered opening an account as I was paid by cheque which i could cash there for free. plus the fact that i earned so little it wasn't worth opening an account :rolleyes:

Bah

Thanks for the replies - the main reason I wanted it was to get a Visa debit card, and to avoid paying the currency conversion fee on my mastercard when using ATMs/buying things.
Plus being able to cash cheques for free and having the option of being able to get paid directly into my account wouldn't hurt either.

Can anybody recommend a good bank? There seems to be a few major ones and hundreds of smaller ones... A lot harder to chose between than over here.

Victor

Get a reference from you bank manager here. If you have an AIB account try to get an account with there (part) subsidiary in the US.

Can you set up the account and SS no. now?

Bah

Victor wrote:

Get a reference from you bank manager here. If you have an AIB account try to get an account with there (part) subsidiary in the US.

Are references from managers common? My branch is a college student branch, so I don't really know the manager at all - do I just go into customer services and say I need a reference for opening an american bank account? Anything specific I should ask for?

Can you set up the account and SS no. now?

I don't think I can do either yet... SSN definetly not until I arrive - and I doubt I can open an account yet either.

Victor

Bah wrote:

Are references from managers common?

Perfectly common. Some student branches issue them automaticly to students when they graduate. Just ask the student officer in your branch.