BankINTRODUCTIONS.com
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OPEN A BANK ACCOUNT
IN THE
UNITED STATES
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Open a bank account in the United States from anywhere on EARTH?
ABSOLUTELY!
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BI.C does not support tax evasion. What you file for taxes in your home country is up to you, not BI.C. It is your responsibility to comply with your own specific country laws. BI.C does not support any illegal activity and we do not wish to refer any clients who are involved with any illegal activities of any kind. BI.C are not tax consultants, but we are an independent research firm and bank introductions company. Our goal is to help guide you to safe banks and diversify your wealth within sound banking regions.
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Key Vital Statistics
Currency: US-dollar ('USD')
GDP: $13.0 trillion USD
GDP/Capita: $43,000 USD
GDP growth: 1 to 3 percent
CPI Inflation: 2.5 percent
Unemployment Rate: 4.8 percent
Economy: inflation & interest rate risks (energy, debt)
Stock Market: flat/declining/bear market risk
Military Budget: $440 billion USD (2005)
Population: 301 million
Nation: currently at war against terrorism
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Open a bank account in the United States from anywhere on EARTH?
ABSOLUTELY!
The United States of America is an economic and military superpower retaining the title as the wealthiest nation on earth. The United States is a democracy that supports freedom and individual rights for its citizens and free-market capitalism. The U.S. is a unique country in that its economic and political structure encourages its citizens to develop whatever skills or talents they may have. America is a country that creates many brilliant entrepreneurs, it is also a nation that is providing this global leadership into the knowledge industries of the 21st century. It is this ideology of ‘entrepreneuralism’ that is the backbone of the U.S. economy that fosters innovation resulting in a strong economic environment which then provides wealth and soundness to the U.S. currency and banking system.
For the majority of the last 100 years, the United States has been at the forefront of the world stage with its consumer products, pop culture and military leadership. In short, the 20th century was America’s century, from landing on the moon to its nuclear warhead inventory to the unprecedented economic growth from the industrial revolution to the present computer information era. History has provided us with many examples of specific nations dominating certain time frames although quite often resulting in the eventual crash of the currency as the dominant nation falls from power. This happened during the Roman Empire as its own version of the modern day euro currency for Europe at that time crashed in value. France in the 1700’s debased their currency, the ‘assignats’ which too collapsed in value. Both Britain and Germany over the last 200 years have had currency crashes as they fell from the climax of their global power.
Will the United States continue to dominate into the 21st century as the only economic and military superpower? China will rise to be the world’s next great superpower along with a revitalized Russian economy.
Today, many countries use the US-dollar (‘USD’) as their currency (‘dollarization’) and/or as a reserve currency. The US-dollar is the unit for which most of the world’s assets and liabilities are denominated in. The US-dollar is fiat money, that is, the market determines the value based upon the level of strength and confidence investors view the United States economy. The US-dollar is no longer backed by gold. A closer look at a US-dollar banknote reveals the words, “In God We Trust”, a simple slogan that expresses that value is determined by confidence. Once a nation for that matter loses its confidence, so goes down the economy and currency. But for the moment, the US-dollar is being challenged to some degree as the world’s only safe haven currency. At present, many international investors are taking a second close look at the USD and some are diversifying their portfolios to other currencies including gold. Investor confidence can always change in a moments notice perhaps from another large more devestating terrorist attack or natural disaster (ie. hurricane impacting U.S. energy producers in the Gulf of Mexico), a major decline in the U.S. stock market indexes, an energy crisis, etc.
Currently, the United States economy for the most part is vibrant although some analsyst feel the recent prosperity over the last couple of years is attributed to the national real estate bubble (2003-05) as the American consumer is highly in debt coupled with deteriorating public finances at all levels of government. The potential for a prolonged energy crisis dampening American consumer demand may hurt certain industries such as the U.S. auto industry where both GM and Ford have experienced weakening financial statements with their bond portfolios being downgraded by major rating agencies. Or will rising interest rates that are now well underway derail the U.S. housing market?
The concern some leading economists believe is whether a second more severe economic contraction will take hold resulting in a deflationary asset liquidation phase similar to the events that have taken place in Japan over the last decade. Is a U.S. real estate bust ahead? Unlike Europe, the United States is a nation built on debt & credit from mortgages to credit cards, car leases and investment loans to name just a few. Corporate America is saddled in high- risk derivative instruments, particularly in the financial sector.
Further economic risk to America is its misaligned chronic structural massive trade deficit now at over six percent of GDP, this figure will inevitably lead to a weaker US-dollar. If foreign investors lose their appetite for U.S. investments and if positive international capital inflows into the United States reverse direction, the risk is high for the credit bubble in both the U.S real estate and financial markets to correct significantly. A falling stock market will provide for lower capital gains revenues only to worsen America’s fiscal deficit now at 3 percent of GDP. This dire scenario could create real vulnerabilities for the U.S. economy and the US-dollar.
America for the most part has been a very stable and sound banking system since the great depression of the 1930’s when a large percentage of the nation’s banks became insolvent. However, one major banking crisis did occur in the 1980’s, the collapse of the Savings & Loan (S&L) institutions. Many have argued that it was the lack of government regulation that brought about this financial difficulty. The basic structure of the U.S. banking system is very different to many countries. Unlike Canada or the United Kingdom which have only a few very large banks that deploy a centralized branch network-banking system. The United States banking system is decentralized consisting of the majority of banking institutions being independent and small in size. The U.S. has literally thousands of individual banks and S&L’s operating, although banking industry consolidation is now taking place among the large banking institutions including New York based Citigroup which is now the world’s largest bank as measured by assets.
Banks in the United States are not the safest or most conservatively managed banks in the world today. Again, caveat emptor, some U.S. banks have to be researched closely with respect to precarious investments such as hedge funds, derivatives, and not to mention the credibility of accounting methods. Depositors are somewhat protected with the existence of the government owned Federal Deposit Insurance Corporation (FDIC). FDIC insured deposits are backed by the full faith and credit of the United States. The basic insured amount of a depositor is $100,000 USD. It is this existence of substantial deposit insurance by the government that puts further pressure on U.S. banks to compete with excessive interest on deposits or savings accounts. This policy may lead some U.S. banks to make high-risk investments that are not warranted ultimately exposing themselves to greater risk of non-payment. American banks tend to be very highly leveraged with reserves that are extremely low compared to their obligations to depositors. With these cautions adhered to, bank failures today in modern day America are still rare events. It should also be noted that the U.S. Bank Secrecy Act requires a transaction report to be filed for any transaction over $10,000 US-dollars.
The majority of U.S. banks do not allow for non-residents to open a bank account as they require customers to have a U.S. social security number. However, there are a few U.S. banks, mostly the larger global banking institutions that do welcome foreigners. Of the ten largest banks in the world today, America currently has three on this list. Several of the largest U.S. banks are quite global in operations as they conduct business and have branch offices in many countries throughout the world today. U.S. banks are technically advanced as most do offer some form of Internet banking. A handful of U.S. banks now exclusively exist only on the Internet. These virtual banks pass on the overhead savings in the form of preferred interest rates to their customers. Unlike Switzerland, only a handful of banks in the United States do offer multi-currency accounts. Bank accounts are easy to open with U.S. banks as minimum deposits are quite low.
The United States economic system of relatively low taxation and fairly loose regulations have created an environment for entrepreneurs and industry innovation to prosper. America will remain an economic powerhouse. The next few years will most likely see a continued modest adjustment in value in global purchasing power for the US-dollar and other U.S. markets. However, over the long term, it is a very safe bet that the United States will NOT fall from power like so many other nations have had happened to them throughout history. The U.S. has had a long successful history of financial stability and has provided a wonderful standard of living for millions of U.S citizens. No economic system is perfect, and America has its vulnerabilities, with that said, the US-dollar will most likely remain as a popular currency going forward but with new company such as China’s renminbi, the Indian rupee, gold bullion and the Euroland euro to name just a handful.
WHAT’S REQUIRED TO OPEN A BANK ACCOUNT IN THE UNITED STATES?
Foreign bank accounts in the United States for non-resident and citizens of other countries are available if the laws of your locality allow it. Our worldwide clientele are attracted to the stability and relative strength of the US-dollar. Bank accounts in the United States may work well for your personal requirements as part of your diversification strategy to achieve a sound wealth protection global banking strategy for you and your family. If you have relatives living in America, a bank account in your name may provide a convenient way to transfer monies to relatives or even for business matters. BankINTRO.com welcomes to provide you with the very best information and financial services and products available for all of your banking needs.
It is very simple to establish a U.S. bank account of which most of the information can be submitted via online over the Internet. A photostat of your passport, name, home country, mailing address and present bank references if available. Other personal information maybe requested along with contact numbers such as telephone, email or facsimile.
FOR UNITED STATES BANKING, BankINTRO.com RECOMMENDS:
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J.P. MORGAN CHASE & CO
J.P. Morgan Chase & Co based out of New York, New York is the 4th largest bank in the world today based on asset size. As of December 31, 2000 the merger between The Chase Manhattan Corporation and J.P. Morgan & Co. Incorporated was completed. Today, the consumer banking group operates under the CHASE brand with over 30 million consumer and small business accounts. CHASE is truly a global financial powerhouse with offices in over 48 countries. CHASE international banking offers a wide array of financial services of which they can easily accommodate your banking needs via the Internet from anywhere in the world. If you are interested in establishing yourself with a bank account in the United States even if you’re a non-national, please click the CHASE icon below for further information.
CHASE
For U.S. CITIZENS ONLY:
Everbank Financial Corp. is a private holding company headquartered in Jacksonville, Florida. Everbank’s National Banking Group (Everbank.com) is the largest private held branchless banking offering in the United States and has become a recognized leader in consumer direct banking with over $1 billion USD equivalent in deposits from across America. Everbank.com provides world class service mixed in with low banking fees. But more importantly, their financial products are second to none in the United States. Everbank.com is one of the very few U.S. financial institutions that offers multi-currency bank accounts (ie. WorldCurrency Deposit Accounts) and multi-currency Certificates of Deposit (CDs) such as their new ‘Asian CD’ highlighting stable currencies from Singapore, New Zealand, Japan and Thailand. For more information on banking with Everbank.com, please click below.
EVERBANK
DISCLAIMER
DISCLAIMER: the information presented within this banking section is believed to be accurate and correct to the best of BankINTRODUCTIONS.com's 'BI.C' independent research abilities. BankINTRO.com is not liable for any out of date or not knowing inaccurate statements presented. BI.C recommends the Internet reader seek out other sources of offshore banking information to verify the text within this BankINTRODUCTIONS.com web site.
