How can I get money into my US bank account? \ stacker news ~bitcoin

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How can I get money into my US bank account?

423 sats \ 44 comments \ @handsome_latino 9 Aug bitcoin

I work contracts as a software developer and was reminded by my US bank that I need to get US-based customers (I am not based in the US) by the end of the year.

I am currently on a semi-retirement from work and don't plan to get back to it in the near future.

I had an idea of selling someone bitcoin, and in exchange I get some dirty fiat money into my bank account. I would create an invoice for let's say $300 or $500 US and then said person deposits that money through ACH to my account, and I send them a PDF invoice for "Web development and SEO improvements".

I would send the BTC first (provided they are a reputable user here on SN), then get the fiat.

The biggest issue is that there is some doxxing in the middle, but I would also doxx my company info. I'm (somewhat) an old reputable user here so hopefully that also helps.

Any ideas, tips on who could help me, or alternatives are welcome! As always I tip big on everyone who can help.

5,000 sats paid 2 times

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121 sats \ 15 replies \ @freetx 9 Aug

was reminded by my US bank that I need to get US-based customers (I am not based in the US) by the end of the year.

Out of interest, how would they know your customer is US-based? I suppose they mean a transfer from another US bank account constitutes proof?

42 sats \ 13 replies \ @handsome_latino OP 9 Aug

correct yes. I mean I would imagine so. Meaning if I were to get a SWIFT transaction in they wouldn't count it as a US based person.

BTW it's not a tiny weird shady unknown bank. It's Mercury (they're not the bank but whatever).

521 sats \ 12 replies \ @freetx 9 Aug

Open Account #2 with a different bank and invoice between them?

21 sats \ 11 replies \ @handsome_latino OP 9 Aug

It's not that easy for me to open a bank account if I'm not in the US.

Also, the account would be under my name and it's a direct violation of their ToS. As mentioned a friend's account got closed for a similar reason.

I guess the alternative would be to open another LLC so that my name is not revealed, then transfer from that one. What's supposed to happen with tax declarations and such with that I really have no clue

121 sats \ 10 replies \ @supratic 9 Aug

you may be over complicating things, if you have a US business with EIN you can open as many account with any bank you want.

What’s the need to stay with mercury?

0 sats \ 9 replies \ @handsome_latino OP 9 Aug

Not really any need to stay with them.

But as far as we've tried, only Relai and another smaller one allowed to open it online only. We've tried plenty of them. Relai is missing many things that Mercury has (for example Relai's debit card often doesn't work withdrawing on ATMs, and they don't allow ACH transfers to most banks).

I visited the US once and was denied by Wells Fargo. I had all the documents, EIN, and all. They told me to visit another branch like a million miles away. My friend succeeded with BoA and WF but only going there physically, and because he had friends who worked at the bank. I'm not planning to go anytime soon.

I'm kind of out of ideas and wishing not to complicate it, hence why I'm looking for options.

BTW appreciate your time and energy to reply

5021 sats \ 7 replies \ @supratic 10 Aug

Wise and Revolut don’t need you to be there for example, not sure about the cons

21 sats \ 6 replies \ @handsome_latino OP 10 Aug

When I tried Wise they didn't allow people who are residents from the country I am from (even if you have an EIN). That might have changed so I'll take a look.

Wise I believe does work. I just wanted to keep my account as I've been using.

Thanks, I think your answers are the best. Enjoy the bounty 💰

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0 sats \ 0 replies \ @Bell_curve 11 Aug

Is this their website?

https://mercury.com/how-mercury-works

14 sats \ 0 replies \ @Natalia 10 Aug

Out of interest, how would they know your customer is US-based?

Because the fiat bank cards have location tags, but the more interesting thing is if you use Stripe in the middle, how would Mercury know anything then? Or there could be more data sharing in between.

1024 sats \ 0 replies \ @DarthCoin 10 Aug

Use Bitwage https://darthcoin.substack.com/p/be-paid-in-bitcoin-using-bitwage

500 sats \ 3 replies \ @Natalia 10 Aug

why not ask friends to help? Not sure stackers are willing to dox anything with their fiat name here.

another solution sell your sats in Robosats or HODLHODL, and find a buyer from the US, but ACH would take time to arrive, better inform that in advance. ( then you can even share the link to here, so stackers can see it and go there to do the trade without needing to dox their SN nym. )

111 sats \ 2 replies \ @handsome_latino OP 10 Aug

Hi Natalia.

Because I don't really have any friends in the US, and if I do they're not really into bitcoin. They'd think I'm running some kind of black market scam.

You're right. I could create the offer and post it here, with a good % commission for anyone who accepts. I don't post it on HH or Robosats right away because I don't think anyone would agree since I don't have a reputation and said problem with ACH.

0 sats \ 0 replies \ @Natalia 10 Aug

with a good % commission for anyone who accepts.

dis.

I don't post it on HH or Robosats right away because I don't think anyone would agree since I don't have a reputation and said problem with ACH.

deposit the intended selling sats and set the rate more beneficial for the buyer, and naming the condition sending with ACH ahead should be good:)!

0 sats \ 0 replies \ @justanumber 10 Aug

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100 sats \ 5 replies \ @supratic 9 Aug

You don't need anyone... apart to yourself.

You can sell your sats in your preferred platform (ideally not exchanges) and receive fiat in your personal bank account.
Then, you do an invoice to your NAME SURNAME for the services the company supposedly provide to yourself.
You pay the invoice from your personal bank account to your business account.

Voila

0 sats \ 4 replies \ @handsome_latino OP 9 Aug

Nope they kick you out for that. They explicitly said so.

Two peers did this, in two different ways, and the bank closed their accounts.

Also I'm not a resident or US-based person

Also: FUCK banks

But for now I need it in order to use other platforms. Sigh.

I hate the corniness of it but bitcoin REALLY fixes this.

500 sats \ 3 replies \ @supratic 9 Aug

open a businees account with stike or cashapp maybe better option? You could connect there the bank account, do the trick with a friend or ideally someone that already knows you, and sell them some sats.

0 sats \ 2 replies \ @handsome_latino OP 9 Aug

I don't live in the US and have no friends there.

Also if cashapp or strike were connected they could tie it to cRyPto and ban me no?

0 sats \ 0 replies \ @Zenul_Abidin 10 Aug

You mean connected to your bank?

I don't think that the bank has access to any info inside the apps except for the wire transfers they make between them.

0 sats \ 0 replies \ @supratic 9 Aug

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100 sats \ 3 replies \ @meduzot 10 Aug

Where in their terms of use does it say this? I also started using Mercury and have only non-US clients but haven't heard anything from them.

12 sats \ 0 replies \ @handsome_latino OP 12 Aug

Check this reply: #643182

You should be really careful with Mercury. Don't keep too much money there (I don't)

100 sats \ 1 reply \ @handsome_latino OP 10 Aug

Not sure, but they are rolling out this change (maybe not to all users, who knows).

First two fellow developers got said email requiring that. Recently I got it. Their accounts got closed when they tried to transact between their LLC and personal account.

I have a screenshot somewhere but just giving you a heads up that it might happen.

After Silicon Valley Bank they seem more strict, or maybe it's regulations who knows.

10 sats \ 0 replies \ @meduzot 10 Aug

Thanks. I just searched on Reddit and saw posts describing the same thing. When I was signing up a few months ago I vaguely remember answering the question whether I would have US operations. I answered yes, because it's possible not thinking much of it.

But this is fucking annoying as Wise don't offer cards anymore (I think because Evolve, who they used, got nervous and suspended it). Seriously, fuck banks.

0 sats \ 4 replies \ @justanumber 10 Aug

Just for clarity, is this a business bank account for a US LLC that you have set up? And they are saying you need some deposits from US-based clients/customers?

5000 sats \ 2 replies \ @justanumber 10 Aug

wait... it's Mercury bank? That rings a bell for me, something happened recently involving that bank.

check this vid out (if you haven't already seen it) it explains a lot! https://www.youtube.com/watch?v=PejnjvC0J8Y

Is there another US bank you can open remotely? I know it's very difficult opening a US bank acc when you are not resident and especially if you are not there, as I started looking into this a bit recently.

I guess that's not your only bank and you have other banks in other countries for making withdrawals and card payments? But you are wanting to try and keep the Mercury account open if you can?

Man, this banking situation is so precarious! I empathise as I have been nomad for the past 3 years and just moved to a country but don't have the residence card and tax ID to open accounts yet. I want to open accounts (other than my home country, which is a banking nightmare) but finding ones that will do it remotely is tricky.

I have been considering opening a Xapo account (based in Gibraltar) as you can open that remotely but 2 points stand out for me..

it would only be temporary for me (1 year) as you have to open an account by mid Sept to get the current yearly fee of $125 per yr. After that is $1000 per year! I'm not paying that.
It's a bitcoin/crypto bank as well as fiat (I would only use it for fiat) so anyone who knows you have that account (government or other banks) you are basically doxxing yourself as a "crypto person" even if you only use it for fiat and a fiat payment card, like I would. You'd be guilty by association. I'm still tempted though... just to have it in the back pocket as another banking solution.

Hope the video is helpful!

36 sats \ 1 reply \ @handsome_latino OP 12 Aug

Finally someone who gets it. This is exactly what happened. Many friends had their accounts closed after the Trust Evolve thing. Thank you!

0 sats \ 0 replies \ @justanumber 12 Aug

You are welcome and thank you for the sats :)

What are your thoughts on the Xapo account, which you can open remotely, (at least just for the next year) for general use and card transactions?

0 sats \ 0 replies \ @handsome_latino OP 10 Aug

Yes a business account for an LLC. And yes they are saying I need to have proof of US-based customers.

0 sats \ 4 replies \ @Satosora 10 Aug

Just buy things off amazon.

0 sats \ 3 replies \ @handsome_latino OP 10 Aug

I have the opposite problem. I need to get fiat, not spend it.

0 sats \ 2 replies \ @Satosora 10 Aug

I see. Just send money around. You can transfer money from your account to the usa account. might cost a bit in fees, but if that is your objective, its fine. You use wells fargo?

20 sats \ 1 reply \ @handsome_latino OP 10 Aug

I can't, people I know got kicked out of the platform because of this.

0 sats \ 0 replies \ @Satosora 10 Aug

I would just talk to your bank. Usually they can understand your situation or help you change accounts.

0 sats \ 2 replies \ @Vupaleno 10 Aug freebie

why not make a new bank account in your name then tell them to pay to that new account which will not doxx your company info. then after getting the fund you send it to your main one aka the one you wanted to receive it on.