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It's not easy to open bank accounts online unless you are rich (250k deposit) or know a private banker, although due to corona it has gotten easier for American

by 55555 6y ago

It's not easy to open bank accounts online unless you are rich (250k deposit) or know a private banker, although due to corona it has gotten easier for Americans and probably others. However a TW Borderless account is good enough for Shopify Payments. Source: I have opened at least 5 bank accounts via private bankers over the years and multiple TW accounts and have used many processors with many types of accounts.

rwmurrayVT 6y ago
PNC virtual wallet. Capital One 360 checking. Navy Federal, Chase, Bank of America, etc. etc. There are hundreds of banks across the USA and you would be surprised how easy it is at a minority of them.
kube-system 6y ago
Any national or large regional US bank likely allows people to open accounts online. With the advent of branchless banks, there are more than a few where you can only open an account online. The last 3 bank accounts I’ve opened have been online.
- Scoundreller 6y ago
  At least in my Canadian experience, they’ll have one way or another of validating against an existing account that you have there or elsewhere. Basically outsourcing the physical KYC to someone else. Maybe things have changed though.
  - kube-system 6y ago
    I didn’t have existing accounts at any of them. The last one I opened ran my application through one of those identity verification services that ask me questions about what prior addresses I had, other accounts on my credit report, etc.
    - 55555 6y ago
      Which bank is this?
- 55555 6y ago
  During covid, in my experience, it was very difficult to actually get it done as the banks I talked to all had an influx of requests and couldn't keep up. Also, I'm not counting it as "opening online" if you need to do any KYC anywhere physical. I'm talking about opening while abroad which requires showing your passport on a Zoom call. I am also not counting banks that I consider to be not real banks, such as Mercury among others, altho they will be fine for many people. But it's not a real bank when you have a 5,000 or 20,000 USD daily spend limits and if sending a wire to China and getting one wire returned gets your account shut down (my experience). Any upstart bank which doesnt have it's own banking license but instead used a partner bank is so scared of losing their partnership and so purely focused on growth that they dont want any "difficult" clients. When did you open your last 3 accounts and which banks were they and how did you do the KYC? I would love to be wrong.
wdb 6y ago
Long time ago I tried to open a bank account in the UK as I was moving to there. Main problem was proof of address, I couldn't proof it because I didn't receive the utility bills and/or contract as my employer was paying it. Even having money outside UK didn't count at the end my employer had to write a letter to proof I had a job, and lived at address X and then I got a shitty bank account were I could only use the bank's ATMs. Luckily a half year later I could upgrade to a normal account once I was able to get a mobile phone plan (similar proof of address issue)

by 55555 6y ago

rwmurrayVT 6y ago

PNC virtual wallet. Capital One 360 checking. Navy Federal, Chase, Bank of America, etc. etc. There are hundreds of banks across the USA and you would be surprised how easy it is at a minority of them.

kube-system 6y ago

Any national or large regional US bank likely allows people to open accounts online. With the advent of branchless banks, there are more than a few where you can only open an account online. The last 3 bank accounts I’ve opened have been online.

Scoundreller 6y ago
At least in my Canadian experience, they’ll have one way or another of validating against an existing account that you have there or elsewhere. Basically outsourcing the physical KYC to someone else. Maybe things have changed though.
- kube-system 6y ago
  I didn’t have existing accounts at any of them. The last one I opened ran my application through one of those identity verification services that ask me questions about what prior addresses I had, other accounts on my credit report, etc.
  - 55555 6y ago
    Which bank is this?
55555 6y ago
During covid, in my experience, it was very difficult to actually get it done as the banks I talked to all had an influx of requests and couldn't keep up. Also, I'm not counting it as "opening online" if you need to do any KYC anywhere physical. I'm talking about opening while abroad which requires showing your passport on a Zoom call. I am also not counting banks that I consider to be not real banks, such as Mercury among others, altho they will be fine for many people. But it's not a real bank when you have a 5,000 or 20,000 USD daily spend limits and if sending a wire to China and getting one wire returned gets your account shut down (my experience). Any upstart bank which doesnt have it's own banking license but instead used a partner bank is so scared of losing their partnership and so purely focused on growth that they dont want any "difficult" clients. When did you open your last 3 accounts and which banks were they and how did you do the KYC? I would love to be wrong.

wdb 6y ago

Long time ago I tried to open a bank account in the UK as I was moving to there. Main problem was proof of address, I couldn't proof it because I didn't receive the utility bills and/or contract as my employer was paying it. Even having money outside UK didn't count at the end my employer had to write a letter to proof I had a job, and lived at address X and then I got a shitty bank account were I could only use the bank's ATMs. Luckily a half year later I could upgrade to a normal account once I was able to get a mobile phone plan (similar proof of address issue)