Foreign Perspectives

Archive for the ‘Places’ Category

DIY is one of the most popular activities in France if the constant flow of traffic into the DIY (bricolage) shops is anything to go by.

One reason for this is that it’s next to impossible to get anyone to do odd-jobs here so many more people are forced down the DIY route than would otherwise be the case. The range of items for sale is much larger than that in the equivalent places in the UK. Electical equipment runs right up to professional gear in the larger stores and you can buy everything required to build a house from scratch which is also a fairly popular activity. I well remember one old couple wheeling out everything that they needed to floor a room in their house from the floorboards to the tools required.

The popularity of the activity is most noticeable just prior to public holidays when it’s best to avoid these places unless you’ve a considerable amount of time to spare as the queues are just unbelieveable.

Naturally, whilst it might be a popular activity, that doesn’t mean that the work is necessarily done terribly well. Not that the workmanship of the professionals is always better of course as you can see from the not quite perfect sign from this DIY store.

So what are your options if you find yourself in need of an American bank account yet don’t actually want to visit America to open one?

There are three basic options that are known to work:

1. Form an American company and then open the account for it. This option is obviously a bit over the top if you’re only making $50 a month from your online empire although it’s probably the best way to go if you’re making a living online.

2. Try opening an account with a bank that operates both in America and your own country. The two most common options for this are HSBC and Citibank as they seem to operate in more countries than most.

3. Open a brokerage account with one of the brokers catering to non-residents.

In practice, the third option is by far the simplest for most people. Most American brokerage firms operating overseas cater exclusively for high net-worth clients (ie assets of $100,000 and more) but two offer accounts for the masses. Schwab has a minimum of $10,000, Etrade has a minimum of $1,000 although you can open it with zero cash upfront. How come the brokers can manage to give you a bank account when nobody else seems to be able to? Simply because the brokerage outfits operate as integrated international organisations whereas the banks don’t (eg Citibank USA isn’t the same as Citibank UK).

The etrade account is free for the first 12 months. After that, it costs $40 per quarter unless you meet their requirements which are either 1) $10,000 balance or 2) $1000 in automated credits per month or 3) one share trade during the period. If you don’t have the $10k and don’t have the $1k going in, then it is cheaper to buy or sell some shares than pay the $40. Our American bank account kit contains all the information you need to do this.

The second option isn’t quite so popular mainly because it isn’t as well known. The easiest way is if you have a premium account with either Citibank or HSBC in your own country as your relationship manager will be able to do it for you. These services are CitiGold and HSBC Premier but the downside is that the rough requirements for them is that you have $50,000 on deposit with them, or have an income of $75,000 or have a mortgage of $200,000 with them (roughly; the requirements vary depending on the country). It has recently become a good deal more difficult to persue this option.

Next easiest (and more economical) is to phone Citibank or HSBC in America and they’ll open an ordinary account for you on presentation of the appropriate ID and, sometimes, a bank reference. Citibank seems more geared up for this: call their International Personal Banking people on 001-813-604-3000. The latest information is that the banks are making this option almost impossible to use.

That’s just saved you between $5 and $250 which is about the going rate to buy the relevant information as above. Swiss bank accounts are slightly more difficult but definitely not worth paying the $1000 or more that I’ve seen quoted to provide you with the information. I’ll be covering Swiss banks in a later article, but if you can’t wait, pop a comment on this post and I’ll pass the information on to you (free!), likewise for other countries.

Don’t forget though that the first question you should ask yourself is: why do I need an American bank account? Google will only make payments into an American account if you live there and Citibank offers a US$ account in the UK (and other countries) which will let you deposit US$ cheques free of charge. It’s really only Paypal that requires such an account and even then that’s only if you live in one of the countries for which they don’t support withdrawals direct to your bank account.

This is part of our series on international banking which covers how to open and use accounts in various jurisdictions around the world including France, Switzerland and various offshore banking centers such as the Channel Islands, Isle of Mann and Bermuda.

An updated version of this article is on our expat banking site which also includes access to the detailed opening instructions that many people have asked for.

At first glance, the shopping district in Perpignan seems to be quite small and compact. It’s mostly a pedestrian area and even those areas where it isn’t, the streets are narrow enough to really slow down both the speed and the volume of the traffic considerably so it ends up with a very calm feel to it.

After a while though, you realise that there are a whole lot more shops than you first saw because many are set back from the street in little courtyards like the one you can see here. In fact, we’ve only really started to discover the true size of the shopping area recently as many of these little courtyards contain not one but often four or five of the little shops.

They’re all different too. This one is relatively ordinary in that it’s effectively just got a longer than normal entrance hall but others come with statues, waterfalls, and the like. The range of shops is much greater than those directly on the main street where you’ll generally find the international shop brands. It’s in these little courtyards that you find the more unique shops.

Of course, the biggest plus point of this arrangement is that in the Summer, the courtyards are a good deal cooler than the street. Airconditioning isn’t that widespread here at the moment so these little courtyard shops and restaurants provide a welcome break from the intense July and August heat.

Anyway, if you’re here on a visit, keep an eye out for them and explore some of the courtyard shops of Perpignan.

It’s been a while since I’ve been on one of the grand-scale holidays that I used to go on quite regularly but the point is coming up when it’ll be time for another one so I’ve started looking round the places that I went to in the past.

The landscape around us has remained stark since the last of the grape bushes were prunned at the end of the year but it’s all about to change.

As you can see the first shoots have started to appear on the grape bushes just beside us but already the landscape has taken a greener appearance. The various types of grape start growing at different times so we’ve been watching as the greenery has been sweeping towards us over the last week or so and we noticed the first signs of growth in the plants beside us just a few days ago.

What’s very surprising is the sheer speed at which the plants grow. Once they get started, you can find a small bush appearing within just a few days of rain. The climate locally is pretty dry so most of the growth happens in very short bursts after each day that we get rain.