I found Standard Bank International(Stanbic), Optimum Account, recommended on some news articles about overseas banking. Citibank, HSBC, Lloyds also provide the same service but require huge opening account balances ($50,000, $100,000)... while Stanbic Optimum Account requires $4000, and charges $35 if quarterly balance drops below $4000.
Stanbic is the Isle of Jersey/Isle of Man division of Standard Bank, a major bank in South Africa. Stanbic deposits are protected by Isle of Man Deposit Compensation Scheme, even for non-UK citizens/residents:
https://international.standardbank.com/blog/fast-facts-about-the-isle-of-man-depositors-compensation-scheme Stanbic sounds pretty great, safe, confidence inspiring.
I want an account I can use for Wire or SEPA transfers of USD between exchanges. Any payment service will likely violate the standard 'Third-Party Transfer' rule, while my own bank account shouldn't.
At least part of Stanbic is interested in Bitcoins:
https://bitcointalk.org/index.php?topic=461933.msg5105981 so if they noticed that I'm using this account to trade BitCoins, they should be ok with it, while other banks may have a problem (HSBC told me that Bitcoins are an unacceptable use, and then told me to get out ... HSBC kept pressing me for more info about what the account would be used for).
Stanbic's terms state it supports unlimited free electronic funds transfers...
Does anyone know if they support SEPA or Wire transfers??
Stanbic accounts can be registered online by anyone except US-residents.
https://international.standardbank.com/assets/Uploads/Documents/Terms-and-conditions/General-Terms-and-Conditions-for-Personal-Accounts.pdfhttps://international.standardbank.com/assets/Uploads/Documents/Terms-and-conditions/Account-specific-Terms-and-Conditions-for-Personal-Accounts.pdfWhat verification documents would I need?
Found this:
https://blog.standardbank.com/node/64782 for South African customers. I don't know what is needed for international online customers. Maybe same. Standard govt photo ID and proof of residence.
Since they won't serve US-residents, but will serve US-citizens living outside the US, will they file a FATCA report about me with the US IRS? I think they'd need a TIN or SSN or other unique number to report me, otherwise first/last names are too common. If they don't have that, they couldn't file a FATCA report even if they wanted to?
If they don't file a FATCA report for this account, then do I need to file an FBAR report for this account?
FBAR reporting penalties are something I'm afraid of.
What other experience do you have with Stanbic??
