Opening a US Bank Account

When you are buying a property in the USA, you will need to open a US bank account. This is because ultimately your household bills, etc., will have to be paid locally in dollars. Opening the account is fairly easy and we will take you to the bank and introduce you to a bank official who will make the whole process straightforward.

Although you are perfectly free to open an account with any bank you choose, we warmly recommend Wachovia Bank, one of the largest in the USA. Frequent travellers to the USA may remember this bank by its former name; First Union Bank.

We usually make an appointment with the bank before we do anything else on your viewing trip.

The person you will see will be one of the Assistant Vice Presidents of the Bank

You will need to bring suitable ID with you, such as your passport and/or UK driving license. Often when couples visit Florida, only one will drive. Please note that if you are opening a bank account jointly, you should both bring your driving licenses or any other suitable photo ID, in addition to your passports.

It is sensible bring details of your UK bank with you to ensure that you have the relevant phone numbers, fax numbers and perhaps a contact name at your UK bank to make the process easier, should you need to transfer funds, perhaps. The branch we tend to use is;

Wachovia Bank

3201 West Vine Street,

Kissimmee, Florida 34741

Tel: 407-518-2643  - Fax: 407-943-7284

When you travel to the US with the serious intention of buying a property, it is sensible to ensure that before you leave the UK, you have sufficient funds with you to cover the initial deposit on the property of (typically) $1,000-$2,000, and perhaps a further $1,000 to cover other expenses, such as a property inspection and appraisal, which we will cover elsewhere on this site. Consequently, although you can open a US bank account with just $100, it is sensible to plan to open the account with $2,000/$3,000. You should also be able to access additional funds back in the UK, if needed. New homes, for example will almost certainly require a deposit of $5,000. UK Credit cards are useful at this time as usually cash can be drawn on them. It is often more appropriate to draw this over the counter at a bank, as ATMs (Cash Dispersers) will restrict the amount available, to perhaps $250 a day, or similar. If you do need to use an ATM, make sure you remember your PIN! Also, and very importantly, if this is your preferred method of obtaining cash in the US, please advise your credit or debit card provider in the UK before you leave that you may be withdrawing large amounts of cash, otherwise they may block the transaction.

Wachovia operate a very simple, easy to use internet banking system. They will set it up for you at the first interview and demonstrate how to access it both here and when back home. For this you will need a user access number, which they will supply and you will be asked to provide a code word, such as your mother’s maiden name, pet’s name, favourite football team or whatever. You will also need a four figure personal identification number (PIN).

If you are staying here for two weeks, your debit cards and cheque books will be ready before you leave.

Please note that you will also need your passports/driving licenses if meeting a mortgage broker here.

Check out Wachovia Bank on www.wachovia.com