Amazing video! If you are a foreign, having multiple accounts is mandatory. The risk of one bank close the account exist, and is better to have a plan B or C.
It’s interesting because the three major banks (Bank of America, Chase, Wells Fargo) all charge fees but it clearly states in their website how to avoid them. As such, it really depends on the individual or entrepreneur on where they like to open bank accounts. Best advice is usually to avoid major banks unless you are a high earner or wanting to have a brick-and-mortar bank to interact with. The same could be said about fintech banking institutions since they are being heavily noncompliant with federal regulations. Best case scenario is to always know what you are getting into. 🤷🏼♀️
Hey James I really appreciate the value you are giving here for free, I just want to ask if I have a shopify dropshipping store which is registered in usa and i sell to usa but i live in uae which country do i have to pay taxes for and which country's lawys apply to my store ?
Thanks for the info ! One question, you said if youre doing big business, Relay isnt for us. How big are we talking in terms of transactions. What is the limit in your opinion ? 100-200k $ a month or ? And what about Wise Business ? I heard that Wise currently canot opet accounts for US business. Is that true and is there any workaround to make it work ? Thanks in advance !
In the video I reference sending hundreds of thousands a month to China. Receiving money isn't a problem but you can see the limits they have on the relay accounts here. There are limits but you can request increases. I've had a great experience with them but some clients have had issues sending money to China
You should make a video advising people tricks to get an itin number and not pay tax the next year. Most payment gateways are requesting for it instead. Soon online banks like mercury and relay too .
Great video James. I am a disabled US veteran and I live overseas. I receive my disability pension in my US bank account. What bank do you recommend for transferring money out of the US? I currently have USAA and I must admit it is a bit of a nightmare.
Jaimes what bank account you recommend for 90% ecommerce 10% in person transactions, and for payrolls, Im a canadian and we opening a business in texas this month, your channel is a big help i successfully open LLC and EIN with no sweat Thank you
Hey james and everyone If im a dual citizen ( not a us person) and i came to US with a passport and i have an LLC under another passport , according to you since an LLC doesn't have any effective income to US it doesn't have to pay US taxes, so that mean when im in the US i dont pay taxes even though as the founder i should pay but since i came to US with the passport that doesn't own the LLC technically the LLC still doesn't have a US income therefore it should not pay , Correct or am i wrong? thanks
Bank of America treated us badly. We were struggling after an illness and got stuck in their overdraft scam. It's fine if you recover quickly, but we didn't. After making payments of 25.00 per month for a while to a P.0. box address, they changed the address!!! So, all of a sudden, our checks got returned, we fell into default and had to start that whole cycle over again. I would rank BOA as YIKES. Chase was was good, US bank isn't so great. I may try one of the online banks like Ally.
ANY THOUGHTS ON US BANK? I AM CONSIDERING CLOSING MY BOA ACCOUNTS AND TRANSFERING TO ANOTHER BANK. ONE THAT PAYS FOR A MODERATE TO HIGHER YIELDING ACCOUNT(S). I GO TO THE BANK MORE OFTEN THAN I THOUGHT. NO CITI BANK NEAR ME. ONLY BOA AND US BANK. AND A BUNCH OF LITTLE ONES, NO RECOGNIZEABLE NAMES. THANK YOU. THIS HAS BEEN WONDERFULLY KNOWLEDGEABLE.
Some problems in your channel..SEO score of your youtube channel is also low. Doing SEO of your channel will increase the growth of the channel. Channel views will increase, subscribers will increase.
CHASE is the worst bank they even closed my account without telling me terrible customers went to 2 to 3 locations none can help me with my funds had to wait nearly a month terrible bank Dont know why u said its good
I know people that have had bad experiences with literally every bank. I personally had funds there held for months. But most people dont have problems and I like their online interface the best
This is literally why I am watching the video.😂😂 They closed my account. They didn't call or email me, about it, I'm thinking about going to another bank.
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Amazing video! If you are a foreign, having multiple accounts is mandatory. The risk of one bank close the account exist, and is better to have a plan B or C.
You are correct! Thanks for watching!
Thank you James and a special thanks Joshua from your team, straight to point help, all the best
Thank you James for your top quality content as usual
Great video! Your rankings of U.S. bank accounts are super helpful. Thanks for the insights!
It’s interesting because the three major banks (Bank of America, Chase, Wells Fargo) all charge fees but it clearly states in their website how to avoid them. As such, it really depends on the individual or entrepreneur on where they like to open bank accounts.
Best advice is usually to avoid major banks unless you are a high earner or wanting to have a brick-and-mortar bank to interact with. The same could be said about fintech banking institutions since they are being heavily noncompliant with federal regulations. Best case scenario is to always know what you are getting into. 🤷🏼♀️
Missing Wise and Airwallex.. maybe others? Revolut as well.. unless you consider them multi currency accounts!?
Hey James I really appreciate the value you are giving here for free, I just want to ask if I have a shopify dropshipping store which is registered in usa and i sell to usa but i live in uae which country do i have to pay taxes for and which country's lawys apply to my store ?
Thanks for the info ! One question, you said if youre doing big business, Relay isnt for us. How big are we talking in terms of transactions. What is the limit in your opinion ? 100-200k $ a month or ? And what about Wise Business ? I heard that Wise currently canot opet accounts for US business. Is that true and is there any workaround to make it work ? Thanks in advance !
In the video I reference sending hundreds of thousands a month to China. Receiving money isn't a problem but you can see the limits they have on the relay accounts here. There are limits but you can request increases. I've had a great experience with them but some clients have had issues sending money to China
Wise isn’t opening account for US businesses?
What about the revolut and wise in this ranking?
Well revolut isn't available in the US or for US companies. And technically Wise isn't a bank, but I would rank it GOOD. It's really useful.
Apparently revolut has become allowable
@@jimbaker It has to be a good option
You should make a video advising people tricks to get an itin number and not pay tax the next year. Most payment gateways are requesting for it instead. Soon online banks like mercury and relay too .
Great video James. I am a disabled US veteran and I live overseas. I receive my disability pension in my US bank account. What bank do you recommend for transferring money out of the US? I currently have USAA and I must admit it is a bit of a nightmare.
Very helpful!
No Capital One?
what are your thoughts on Wise?
Jaimes what bank account you recommend for 90% ecommerce 10% in person transactions, and for payrolls,
Im a canadian and we opening a business in texas this month, your channel is a big help i successfully open LLC and EIN with no sweat
Thank you
Is it relatively easy to open an account with Mercury being a US citizen and having a LLC, but living in Europe?
Yes it is!
Does this apply for international students as well?
Hey james and everyone
If im a dual citizen ( not a us person) and i came to US with a passport and i have an LLC under another passport , according to you since an LLC doesn't have any effective income to US it doesn't have to pay US taxes, so that mean when im in the US i dont pay taxes even though as the founder i should pay but since i came to US with the passport that doesn't own the LLC technically the LLC still doesn't have a US income therefore it should not pay , Correct or am i wrong?
thanks
Can you give some more tips for non citizens requirements for opening US bank account through CITI Bank please
Can you build credit score with those online banks though?
What about US Bank?
Hi dear James I have a problem.
Can we make pyoneer account without having a physical bank account?
If yes , how?
Can you help me to get a physical bank account
Citi or Chase gus
Bank of America treated us badly. We were struggling after an illness and got stuck in their overdraft scam. It's fine if you recover quickly, but we didn't. After making payments of 25.00 per month for a while to a P.0. box address, they changed the address!!! So, all of a sudden, our checks got returned, we fell into default and had to start that whole cycle over again. I would rank BOA as YIKES. Chase was was good, US bank isn't so great. I may try one of the online banks like Ally.
Chase is horrible
Where do you rate US Bank?
Never used them
bro you also play games?😮😮 great vid btw
Not during tax season, but YES of course man PC gaming
what games?@@JamesBakerCPA
Relay is terrible. Every transfer you make freezes the assets over and over again. Even if the transfer is under 100usd and from yourself
Nah the meter is crazyyyyy😂😂😂😂😭😭😭😭💥💥💥 #ShoutOut2PNC
ANY THOUGHTS ON US BANK? I AM CONSIDERING CLOSING MY BOA ACCOUNTS AND TRANSFERING TO ANOTHER BANK. ONE THAT PAYS FOR A MODERATE TO HIGHER YIELDING ACCOUNT(S). I GO TO THE BANK MORE OFTEN THAN I THOUGHT. NO CITI BANK NEAR ME. ONLY BOA AND US BANK. AND A BUNCH OF LITTLE ONES, NO RECOGNIZEABLE NAMES. THANK YOU. THIS HAS BEEN WONDERFULLY KNOWLEDGEABLE.
US Bank is great. I opened an account specifically for my business.
@Liz-ic6jb did you do it online?
I must be unlucky because I went to around 10 banks around 2018 and PNC was the only one who opened an account for me 😂
Pnc sucks
3:50
Hi james I have sent you an email, please reply as I would like to apply for an LLC
Some problems in your channel..SEO score of your youtube channel is also low. Doing SEO of your channel will increase the growth of the channel. Channel views will increase, subscribers will increase.
CHASE is the worst bank they even closed my account without telling me terrible customers went to 2 to 3 locations none can help me with my funds had to wait nearly a month terrible bank Dont know why u said its good
I know people that have had bad experiences with literally every bank. I personally had funds there held for months. But most people dont have problems and I like their online interface the best
@@JamesBakerCPA may as well use chime then
This is literally why I am watching the video.😂😂 They closed my account. They didn't call or email me, about it, I'm thinking about going to another bank.
Ahhh nah its not true 😭😂😂😂😂😂🤯 #IWasBlownAway 💨
Chase website and app are soooo poor, c'mon.
4:57 that's me! lol
Dear, I am analyzing your channel. you can do UA-cam channel SEO or Video SEO and organic Promotion. Your channel will grow very fast. Because your video content idea is so good. As a UA-cam SEO expert, let me offer you some advice.
If you allow, I may recommend that you expand your channel!