Off Topic » Open an International Bank Account

Hey folks, can anyone provide info/advice on SHARED/JOINT international bank accounts? Is it possible? Is it best to do it in the USA or in France?

The situation
Resident A: France (non-resident of USA)
Resident B: USA (non-resident of France) (also US banks don't seem to use IBAN)

Objective
Open a joint/shared accessible international joint bank account in which both parties can credit or debit said bank account from their respective locations OR online.

Initial thoughts/plans
HSBC, or an online bank (?), TransferWise or PayPal.
Purpose
Share/split coShare/splitor travel, purchases, share finances, etc.

Thoughts?

BCFirst of all, what is the nationality of the two potential holders of the account? If either one of them is a US citizen, it won't matter where they are resident, the "foreign" account (i.e. anything held outside the US) will have to be reported on the annual FinCen 114 reports (if the balance in the account - or in all accounts outside the US - exceeds $10,000). And for the French resident, ALL foreign accounts must be reported annually as part of the regular income tax filings. Not really all that difficult, but something to remember each year.

Secondly, you may get some "resistance" from the banks on opening a joint account for a resident and a non-resident. It should be possible, but it does complicate things a bit regarding whether or not (at least if you're going to do this in France) to open a "resident" account or a "non-resident" account. There are a host of KYC (know your customer) rules and regulations that need to be followed to make sure this isn't a money-laundering account or some such nefarious operation. You would both need to present yourselves in person to the bank to open the account.

Just an idea - but it might be easier for each partner to set up their own account in their country of residence. You could potentially agree to a simple accounting between you and your partner. Not sure if you could use an FX company to do the transfers between the two accounts or not. Perhaps someone here who is familiar with how the FX companies work could comment. But an FX company would do the exchange, and eliminate the charges on both ends of the transaction for a "traditional" bank wire transfer.

There's a bank in Atlanta called EverBank.com. They provide accounts in both Dollars and other currencies, including Euro. Using Ever Bank would mean not having to use Exchange Services to transfer Dollars to Euro or vice versa nor to deliver the money between banks. Ever Bank takes care of all of that for you at a rate almost as good as the Exchange Services (such as WorldFirst.com or XE.com). Included in each exchange of currency is a free wire transfer, which may make up for the minor rate difference.

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i would even suggest you to open a new international bank account it will be very helpful

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