I'm an Australian looking to get into buy and hold in the US market. How do people handle cash over in the states with bank accounts being so hard to get for foreigners? Should I bite the bullet and fly over just to open a bank account?
I've heard of others having trouble transferring funds out of their US bank accounts because they haven't set everything up properly and the bank wants them to come back into the branch to increase transfer limits, etc.
Has anyone had experience with https://afex.com/australia/
Apparently you can have your rent paid directly into the account, held in US dollars, can make payments out of the account and you only get hit with the spread on the foreign exchange when converting back into AUD. Sounds just like having a US bank without any fees, but based in Australia. Sounds too good to be true. Anyone have any experience?
HMM; Bigger question is how will you operate from AU? Lots of management issues and the bank account is just a nit. Will you use a local PM? It would be possible to use Western Union or wire transfers to move funds.
Thanks @J Beard. I was looking at going with a turnkey outfit, including local property management etc.
I was hoping to get away without a bank account due to the hassles I've seen others have, but I will be in the US late September, so if I need a US bank account, I need to get it happening now. On the other hand if I don't actually need it, I'd rather not open an account at all.
AFEX looks promising, I was hoping to see if others had any experience with them.
@Peter F. We provide management and turn key solutions in Indianapolis (and several other markets) for many remote investors. Please IM if you would like to have a market discussion ahead of your October visit.
Hi @Peter F.
Welcome to BiggerPockets!
We have many foreign national clients who set up holding entities and bank accounts here in the U.S. I'm not an attorney so I can't give you specific advice, but one of our Investment Counselors can connect you with a CPA firm we work with that can help you get set up.
AFEX is the best. I use them personally and all of my Australian clients use them. I can hook you up with my AFEX dealer in Melbourne if you want an intro.
Thanks @John Carney . I've actually already started the process to open the AFEX account. They have told me that I can have my property manager deposit into the account, and that I can make outgoing payments without fees for either me or the property manager. Sounds a bit too good, is it for real? I only end up paying the spread on the FEX transfer with them?
Hi @Peter F, just wondering if you've ended up using AFEX and if so, how you've found them?
I am from Melbourne. I have AFEX account and we already had few transactions going through. I dealt with the team from Sydney, all very helpful, very experienced and very efficient. Highly recommended.
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