USD account – non major bank?

[MickB]

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Hi guys, we use a supplier in the USA, we want to keep funds in USD here to when we pay them we aren’t subject to a fluctuating (falling!!!) AUD. Our plan is to charge in USD for a new site, and then buy our goods in USD, this way we know our exact margins.

The banks in Australia – they don’t get it. Its like it is 1980. NAB sent me a novel of an email outlining their merchant account facility and its grand amount of fees. Morons. Also has to have 20k USD in it or an additional $40 a month fee applies. Last time I spoke to ANZ they just couldn’t understand the concept.

We will be using BrainTree as the payment gateway. All we need in a USD account and they can keep the funds in USD when they process them and roll them into a USD account. Non USD account gets converted to AUD when it lands, which is no good. Braintree are the only ones who can do it, Stripe only convert into AUD accounts. Could use PayPal and hold in the PayPal but they slog more fees because we are in Australia and we don’t want to use our crap currency.

Anyone know a workaround? Cant use prepaid Post cards – they have to BSB / Acc numbers. Need an actual USD account. Surely something exists online?

[James Millar]

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I recall about two years ago NAB were the only Australian bank offering a USD merchant facility here in Australia. Their fees for this facility were were significant. Paypal merchant facilities are probably the best option. They can operate in any currency without the red tape.

Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900

[Ryinth]

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I have a US bank account thanks to using Payoneer – could that possibly help out?

[Chris H]

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I have a USD and EURO account with the ANZ.
Whether it is worthwhile depends on the number and size of your transactions. Normally with foreign currency accounts you will have a monthly account fee and a per transaction fee.
I managed to get these fees waived due to the volumes that were passing through the accounts.
Some of the accounts you will evaluate are fee free but will sting you with poor exchange rates.

I haven’t investigated it myself, but holding a USD Paypal account may meet your requirements without incurring large expenses.

[trudatmak]

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Hey Mick. I’m in the EXACT same situation. Did you find a solution?

I’m using the Shopify platform for my store, which has now introduced their own payment gateway powered by Stripe, and they now issue a transaction fee to any transactions made via any other gateways, like BrainTree. Pretty much black mailing you to use their service, which is fine if if you can make it work.

Like you, I absolutely need to price in USD (99% of my customers are based there), and maintain USD to pay for supplies (to eliminate any AUD-USD currency fee nightmares). But Like you said, Australian Stripes policy is to convert any non-AUD to AUD on payout.

I have a UK Stripe Account which allows for GBP, USD, and Euro, however the account numbers etc you provide for these currencies MUST be based in the country of currency origin. I.e. USD? Needs an account physically based in USA (I’m not even sure how that’s quantified), or Canada is accepted.

Contemplating going into Citibank, I have an account with them I know theyre international, to see if they can worm a way around to set me up a USD account. I doubt it, though.

I wondered have you actually found a work around yet? If so I’d really appreciate any info you’ve discovered. You’re probably all too familiar with how difficult this can be.

Thanks so much Mick.

[Sus2k]

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I would suggest PayPal for your USD transaction. You could also look into 28 Degrees card as they don’t have any fee’s for international payments and the exchange-rate are updated to reflect current (MasterCard rates)

[Petemac]

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Hi Mick, found a link to a previous post on Flying Solo with some interesting information. Not sure if it is still current bit would be worth looking at http://www.flyingsolo.com.au/forums/index.php?threads/how-to-setup-a-us-bank-account-from-australia.24247/

Cheers
Pete

[eWAY]

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Hi all,

We can help you out with this scenario. It’s still true that NAB are the only bank that can charge cards in currencies other than AUD (they’ve got somewhat of a monopoly on this) but we can handle USD payments as well as settle in USD via our NAB merchant account connection.

Please get in touch if you’re looking for a solution.

Maclean

[Author]

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