USA Business Bank Account for UK Company ?

UKExporter

I work for a successful UK company, working in the financial sector.

Although most of our business takes place in the UK and EU, we are approached by and deal with customers around the world. Many would like to trade in US Dollars (USD), as it is the global currency.

Our company banks with HSBC in the UK, and every USD payment we receive gets hit with a $10 incoming surcharge, and every payment out with a $30 surcharge. These fees make our service uncompetitive when dealing is USD. Other banks based outside the USA charge similar fees (sometimes lower, but never significantly enough to make a difference).

If we open a basic business bank account with HSBC USA in the USA, we could receive and make payments without any surcharge, as we do in the UK (HSBC USA deals with tens of thousands of US businesses in this way). We have done something similar with Euros with a French bank in France.

However, because we are a UK corporation, incorporated in the UK outside the USA, HSBC USA and other USA banks we have approached will not open a basic bank account for our business.

We have written confirmation from the US Department of Treasury (FinCEN) and also from US State banking regulators that our activities and operation of a USA bank account would be fine, legal and within all rules, and they have no problem with us operating such a bank account. The failure to open an account is not legally based - it is simply that the USA banks do not wish to open an account for us, even though they legally and operationally are able to, probably because they do not want the hassle of dealing with an entity that does not have a US TIN (Tax Identity Number).

Can anyone suggest a USA bank that may be sympathetic to our problem. Alternatively, can anyone suggest a contact within a US bank who may be sympathetic to our problem, and able to convince their bank to grant us a simple business bank account.

Our account would always be significantly in credit, never in debit (we do not want or require an overdraft), and we do not deal in cash or cheques (only bank transfers in and bank transfers out from OECD countries).

Thanks in advance for your help.

fawinds

I bank with Citibank in London. They offer fee free personal USD and EUR accounts. You might approach them and ask if they can offer a similar product for companies.

UKExporter

fawinds wrote: »

I bank with Citibank in London. They offer fee free personal USD and EUR accounts. You might approach them and ask if they can offer a similar product for companies.

I've gone one better, and I actually have a personal account with Citibank in the USA, and have had a business account with them previously for a previous business, so they know me well.

But their business side will not open a business account for our business, even with all the above.

Any other ideas ?

Fiddlestick

UKExporter wrote: »

probably because they do not want the hassle of dealing with an entity that does not have a US TIN (Tax Identity Number).

So apply for one?

You don't need to be a US Resident to ask the IRS for one