US Bank Account

podge87

Does anyone have any advice on what bank to go with in the US, I am going on a J1 to Boston, and go4less have an offer with taxback.com where I can set up an account before I go. Has anyone had any experience with this? Would I be better off setting up an account when I get there?

I would like to have online banking with the option to transfer to/from my Irish account so exchange rates would be important I guess.

Wisco

I don't know if you can open the account from over here, but US Bank has good online facilties and you can link your Irish bank so you can do electronic bank transfers. They'd also have branches in a lot of places in the US and have a good reputation.
I'd stay away from smaller local or regional banks.

lil_lisa

When I took my first J1 visa, I tried to get the bank account set up before leaving Ireland and it was impossible (through our J1 company). We emailed all our identifications and required documents and never got a response or anything. We had no point of contact except for an email address and it didn't go anywhere.

International transfers are extremely tricky. Your irish bank may charge you a fee and your US bank may charge you a fee. I thought it was going to be very little after consulting with both banks, only to be charged $30 because the money went through a middle man bank. Neither bank told me about this. I would suggest, if you have a credit card, to just transfer all funds onto that and use it here in the atms (don't go negative on your cc). You will get charged $6 or less usually for most transactions.

As for which bank to choose, most of them charge to have a current account. There's always an offer going on with some bank for a free account so you should look into what bank has it when you arrive and take that one. Online banking will be set up almost immediately.

With the exchange rates, you can't choose based on that. Exchange rates can fluctuate randomly at any time that its anyone's guess.

podge87

Grand, I reckon I'll wait until I get over there so, didn't think there would be a charge to transfer money, or at least a high one. I've read somewhere that the cheapest way is to transfer money to Paypal first and then into the other bank account, anyone else heard this? I've heard of some horror stories with Paypal too though.

spideog7

Unlike at home you normally have to pay a fee here to take money out of an ATM if the ATM belongs to a bank other than the one you have your account with. So your best bet is to make sure whatever bank you go with has plenty of ATMs around the area where you're going to be.

lonestargirl

I would look for an account with no charges and good online banking. I have to say I don't know when the last time I used an ATM was, both my accounts have visa debit cards and I put everything on them - on the rare occasion I need cash I just get cashback from my card at the store.

Ruu_Old

lonestargirl wrote: »

I would look for an account with no charges and good online banking. I have to say I don't know when the last time I used an ATM was, both my accounts have visa debit cards and I put everything on them - on the rare occasion I need cash I just get cashback from my card at the store.

Write yourself a check! The stupidest thing I ever heard of once I came here! I thought my wife was joking.

rockonollie

best to wait until you get here to set up an account.......and check with a few banks before you open one to find out their fees and also if they've dealt with international transfers. Just because a bank says they are available, doesn't mean that they'll be easy and if the bank branch where ever you settle isn't familiar with them, then it will cause you alot of trouble.

Paypal is also a good option if you'll only be transferring smaller amounts, although you may have to set up a second account. I had an existing paypal account before i moved but i couldn't add a US account to it because my home country was listed as ireland.....bottom line is that I now have an irish paypal account and a us one and occasionally move money from one to the other (when the bank of mom and dad puts something nice in my account back home)

ianhobo

Find out as much as you can BEFORE you go. Email some local branches and ask what their requirements are for opening a new account.

In my experience, some backs have required that I had my social security card in hand, other have said they don't need it. Some banks have said I need a letter from my bank in Ireland saying my account is in "good standing" i.e not in arrears or overdrawn, however banks in Ireland will not comment on a customers account to a third party.

Typically international money transfers will have a fee from both the sending and receiving bank, somewhere between $10-$20, or a percentage depending on amount.

Make sure you have your irish account number, sort code, and the banks international transfer code (SWIFT code I think?)

It'll cost you little to email some banks in advance to ask what doc etc you will need in order to open an account

SonicC

QUOTE*International transfers are extremely tricky. Your irish bank may charge you a fee and your US bank may charge you a fee. I thought it was going to be very little after consulting with both banks, only to be charged $30*

Does this $30 charge apply to any amount being transfered ? like if you
transferring between 5 & 10 k from your irish acc to american what would be average fee on that ?

Killer Wench

I am with USAA which has a great reputation for customer service, international support, and reasonable rates; unfortunately, their services are only available to veterans and their dependants (including former).

I do also have a checking account with a credit union and I would strongly suggest looking into whether or not you can join a local credit union.

theosayers

I lived in Florida never heard of J1...

FreudianSlippers

Probably too late on this, but from experience you'll want to go with one of the larger banks. I'd recommend Bank of America - great online services and transfers are quick and easy.