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Author Topic: US bank account  (Read 14079 times)

Road Runner

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US bank account
« on: October 08, 2006, 08:48:01 AM »
I wish to have banking account if Florida so I can do the odd bit off business with a RV friend I have there.

Now up until 10 month ago this was easy but when my friend introduced me to his bank last week the law has changed and I now need residency.

Is there any ways round this?
John (UK member)
95 Sellers Wakeechee 34 ft with ford 460 engine
Jeep Grand Cherokee 5.7
Kia Cerato 1.6 (Toad)
Kawasaki 1100 & 500 bikes

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Tom

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Re: US bank account
« Reply #1 on: October 08, 2006, 08:54:42 AM »
If you merely need to send your friend money occasionally or he needs to send you money, you could just wire the money between the accounts. All you'll need is the routing number of the bank you're transferring the money to. If you're transferring small amounts of money, you could both use PayPal accounts.
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Road Runner

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Re: US bank account
« Reply #2 on: October 08, 2006, 09:09:04 AM »
Thanks Tom

I have just bought my 1st RV from him but he buy from the auctions so always a grey area as to how much I need.

We used World First this time who were very efficient but the trouble seems to be I was unsure how much I needed to transfer before the auction so would have been easier to transfer into my account rather than his direct as amount unknown before hand.

Trouble is we need to get the amount right first time into his business account or that becomes the taxation figure when shipping back to the UK.

I feel a bit thick here but cant quite get my head into the right gear.

It was very exciting buying my first RV and used it for my second week in Florida doing a 1000 miles along the coast around Datona beach.  We hope to have the RV in UK by the end of this month ;D ;D ;D
John (UK member)
95 Sellers Wakeechee 34 ft with ford 460 engine
Jeep Grand Cherokee 5.7
Kia Cerato 1.6 (Toad)
Kawasaki 1100 & 500 bikes

www.caravanning4u.co.uk

www.motorhomefun.co.uk

www.rvfulltiming.com

Tom

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Re: US bank account
« Reply #3 on: October 08, 2006, 09:20:39 AM »
Hi John,

I can see why it would be preferable to have your own account here. I had no problem obtaining an account here in the late 70's while we still lived in the UK, but obviously things have changed a lot since then.

Irrespective of the bank/transfer arrangements, be advised that the U.S. requires notification of any amount over $10,000 transferred in either direction. If transferring out of the U.S., the bank will take care of the reporting (they are required to), but I don't know about reporting for transfers into the U.S.

BTW are you aware of the issue surrounding registration of 'over width' RVs in the UK? The DVLA apparently tightened down within the last year and has been measuring 'American RVs' on arrival in the UK and have refused to register some because they were too wide. Use the Search feature above and the term DVLA  to find some prior discussions on this subject.
« Last Edit: October 08, 2006, 09:31:10 AM by Tom »
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JohnSandyWhite

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Re: US bank account
« Reply #4 on: October 08, 2006, 10:18:20 AM »
BTW are you aware of the issue surrounding registration of 'over width' RVs in the UK? The DVLA apparently tightened down within the last year and has been measuring 'American RVs' on arrival in the UK and have refused to register some because they were too wide. Use the Search feature above and the term DVLA  to find some prior discussions on this subject.

 ;D John is more than well aware of ALL the pitfalls ecnountered when importing an RV to the UK Tom.  ;D
Been there, done that. But I never stop learning

Tom

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Re: US bank account
« Reply #5 on: October 08, 2006, 10:24:04 AM »
John is more than well aware of ALL the pitfalls..

OK thanks John.
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Road Runner

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Re: US bank account
« Reply #6 on: October 08, 2006, 11:42:09 AM »
Just a total bu**er that by 10 month I lost out on a useful account >:( >:(

I can only presume it's because the wrong people transferring money around the world for evil reasons that stops ordinary people trying to live a normal life.

Must admit trying to open a new account in the UK has been more difficult for years now. >:( >:(

Tom thanks for the tip re the DVLA but it's the main reason why I have bought an older non slide RV ( 96 incher)for my first purchase.  My wife Irina really wants a slide as we have 2 great Danes leaving us permanently short of space ::) ::)
John (UK member)
95 Sellers Wakeechee 34 ft with ford 460 engine
Jeep Grand Cherokee 5.7
Kia Cerato 1.6 (Toad)
Kawasaki 1100 & 500 bikes

www.caravanning4u.co.uk

www.motorhomefun.co.uk

www.rvfulltiming.com

JohnSandyWhite

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Re: US bank account
« Reply #7 on: October 08, 2006, 11:47:49 AM »
 :) I will be able to give an update soon about registering an RV in the UK. My Newmar is now MOT'd and I am going to DVLA in Sheffield on Monday (all being well). I have been reading up on the DVLA website. It appears that the size problem is relevant to RV's less than 10 years old. Another importer of his RV from the US recently had to have a check with DVLA. ALL they checked was that it WAS in fact a Motorhome (RV).  ???

Sorry to change the thread John (RR).  ;D
Been there, done that. But I never stop learning

Tom

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Re: US bank account
« Reply #8 on: October 08, 2006, 11:53:34 AM »
I can only presume it's because the wrong people transferring money around the world for evil reasons that ...

I suspect it has something to do with money laundering. At one time our German-born VP of sales was returning to HQ in California after a visit to his homeland. One of our German salesmen  gave him a bunch of cash to bring here so he could exercise some stock options and pay for them. On arrival in San Francisco the VP declared the cash, as you're required to do for any amount over $10,000. He told us they had him against a wall in a 'private' room and he swore he'd never do someone a favour again  ;D

Quote
... it's the main reason why I have bought an older non slide RV ( 96 incher)for my first purchase.

Ah, thanks for the clarification.

BTW here's the secret to getting a motorhome with slideouts registered in the UK.
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UK-RV

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Re: US bank account
« Reply #9 on: October 08, 2006, 01:40:04 PM »

Tom - Im aware of the requirement to declare "cash" of over $10k on entry to the US, but wasn't aware of money transfers. When we transfered our funds to Lazydays in January, I can only assume their bank registered the transfer with the Govt dept.

John - I thought it was the Purchase Invoice or Bill of Sale that HMRC want in the UK, not the bank transfer amount. Otherwise, I would get all your family to fly out there with $9,999 cash each and then bank transfer say $20k - now THAT would save you some VAT and Duty if they did just use the bank transfer figure.  ;D

Paul

Tom

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Re: US bank account
« Reply #10 on: October 08, 2006, 07:41:58 PM »
When we transfered our funds to Lazydays in January, I can only assume their bank registered the transfer with the Govt dept.

That would probably be a safe assumption Paul. OTOH they might be waiting for you when you leave and have a special place for you to stay - free room and board at the U.S. government's expense  :o
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UK-RV

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Re: US bank account
« Reply #11 on: October 08, 2006, 09:16:02 PM »

Tom - it's nice to see the US have the room to spare.

It's a pity the UK can't build a few extra lodgings, especially given the latest headlines

Paul

Shayne

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Re: US bank account
« Reply #12 on: October 08, 2006, 11:08:11 PM »
This doesn't make a lot of sense to me cause we do business with banks in (3) in ILLINOIS, 1 in Missouri, and 2 here in Arizona.  Unless this is someting new, I don't understand cause some Canadians that have places here deal with banks here.  Maybe it's a situation where they are grandfathered in prior to new rules and regulations.
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Steve, CDN

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Re: US bank account
« Reply #13 on: October 09, 2006, 08:56:31 AM »
Quote
This doesn't make a lot of sense to me cause we do business with banks


What part of the discussion doesn't make sense to you...several points have been made and I was wondering which point you were referring to ???
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Shayne

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Re: US bank account
« Reply #14 on: October 09, 2006, 10:11:26 AM »
What part of the discussion doesn't make sense to you...several points have been made and I was wondering which point you were referring to
   


Why you have to be a resident
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Steve, CDN

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Re: US bank account
« Reply #15 on: October 09, 2006, 03:35:00 PM »
Quote
Why you have to be a resident

Ah, OK Shayne!  Good question and I suspect it has to do with one of two issues:

• money laundering
• terrorist funding

There may be regulations that have taken effect in the last year to require a bank account holder needs to show residency.

Perhaps someone with banking experience will comment further
[edit]spelling[/edit]
« Last Edit: October 09, 2006, 03:53:46 PM by Steve, CDN »
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Tom

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Re: US bank account
« Reply #16 on: October 09, 2006, 03:47:37 PM »
...it has to do with one of two issues

Ah, the potential for terrorist funding makes sense, given the relatively recent change in legislation Steve.
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Shayne

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Re: US bank account
« Reply #17 on: October 09, 2006, 07:50:40 PM »
But no one asked me here in AZ where I was from.  I went to the bank and told them I had a 50K check I wanted to open an account and my address was at the PEM.  I put 2500 in checking and the rest in a savings account.   No further Questions were asked.  Why would it be any different anywhere else.  Then again if you let them know you are from o/s the country that could make a difference.  I would think it's none of their Dang business.
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woodartist

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Re: US bank account
« Reply #18 on: October 09, 2006, 08:37:52 PM »
Cash is reported, but not checks...go figure.

Tom

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Re: US bank account
« Reply #19 on: October 09, 2006, 08:56:33 PM »
Cash is reported, but not checks...go figure.

I'm not sure that's right. e.g. any inter-bank transfer such as a wire transfer in excess of $10K is reported.
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Wendy

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Re: US bank account
« Reply #20 on: October 09, 2006, 09:01:39 PM »
But no one asked me here in AZ where I was from.  I went to the bank and told them I had a 50K check I wanted to open an account and my address was at the PEM.  I put 2500 in checking and the rest in a savings account.   No further Questions were asked.  Why would it be any different anywhere else.  Then again if you let them know you are from o/s the country that could make a difference.  I would think it's none of their Dang business.

You deposited the money where 'they' could keep an eye on it. Big difference.
Wendy, Mike, and Gordon
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woodartist

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Re: US bank account
« Reply #21 on: October 09, 2006, 09:03:47 PM »
Well, wire transfers being put directly into an account, except for cash, are OK. Any cash transaction, 10K and up has to be reported. Wife was a professional banker and giving me the info...me?? No idea ;)

Tom

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Re: US bank account
« Reply #22 on: October 09, 2006, 09:11:45 PM »
Well, wire transfers being put directly into an account, except for cash, are OK.

Try wiring more than $10K internationally and you'll find out what the rules are. I've been doing it for 30 years (both directions), but I'm not a "professional banker". Next time, I'll let my bank know they don't need to report it  ;D
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woodartist

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Re: US bank account
« Reply #23 on: October 09, 2006, 09:13:35 PM »
Talking US only Tom. Have no idea about international. I'll be sure to tell my wife she is an idiot...when she gets back :o

Tom

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Re: US bank account
« Reply #24 on: October 09, 2006, 09:17:24 PM »
Talking US only Tom.

This discussion was about foreign nationals opening bank accounts in the U.S. and international transfers to/from those accounts. I'm not aware of any such domestic (within-U.S.) transfers.

Apologies if my comments suggested otherwise.
« Last Edit: October 09, 2006, 09:21:36 PM by Tom »
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woodartist

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Re: US bank account
« Reply #25 on: October 09, 2006, 09:34:10 PM »
No problem Tom....I guess I misread things. Haven't told the wife she is an idiot yet, so I think we are OK ;)

Tom

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Re: US bank account
« Reply #26 on: October 09, 2006, 10:09:56 PM »
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Wendy

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Re: US bank account
« Reply #27 on: October 09, 2006, 10:11:21 PM »
Never, ever, ever, ever tell the wife she's an idiot....unless you're ready to hit the road solo.
Wendy, Mike, and Gordon
~We can't be lost because we don't care where we're going~
Here's where we are http://map.datastormusers.com/user2.cfm?user=2276
2015 Allegro Ooen Road
1973 Sunshine Yellow VW Bug

woodartist

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Re: US bank account
« Reply #28 on: October 09, 2006, 10:14:38 PM »
Good advice Wendy ;)

Road Runner

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Re: US bank account
« Reply #29 on: October 10, 2006, 09:22:26 AM »
But if you have provable UK banking connection why should it be an issue? ???

Couldn't care less if it's investigated I am buying an RV with my hard earnt. ::)

Would that mean a non us multi national chairman would get refused?
John (UK member)
95 Sellers Wakeechee 34 ft with ford 460 engine
Jeep Grand Cherokee 5.7
Kia Cerato 1.6 (Toad)
Kawasaki 1100 & 500 bikes

www.caravanning4u.co.uk

www.motorhomefun.co.uk

www.rvfulltiming.com

 

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