$147.50 is the monthly administrative and compliance fee.

This fee is debited on 1st of every month directly from your bank account. This fee covers all due diligence and compliance work that we have to do to keep the accounts opened and running.

Opening a bank account in the USA for non residents is not an easy process and when the account is opened there is still a lot of compliance work to do to make sure that the account is not going to be closed.

The banks are asking us to make sure that we keep at all time a copy of a valid passport and a copy of a valid second identity card. When these documents are expired then we need to obtain some new ones from the clients. The banks request us also to verify every month the validity of your local address and to inform them in case of any moving or relocation. We are also requested to assume many other verification routine activities. For example, their compliance officers call us very frequently to verify some card transactions or bank transfers.  They also verify with us the business activity, the source of some funds, etc... This compliance work is really time consuming and costs us a lot of money. It would simply be impossible to provide a banking service without this monthly $147.50 compliance fee.

We are now the only company to be able to provide you with a real and complete banking service in the USA. It is mainly because this service is so costly to provide that most of our competitors have preferred to stop their banking service to do not lose more money and even be in bankrupcy! The paperwork that must be done for the opening process but also for the monthly routine verifications is really huge and time consuming. It is purely impossible to provide such service without a monthly fee to be paid by the clients. The amount of $147.50 represents an average of the costs that we have to spend monthly to cover the compliance work for every account that we are opening.

This fee of $147.50 not only covers the compliance work that must be done to avoid the closure of the account but allow us to provide you with some services such as domestic and international bank transfers executed on the same day and a check deposit service.

If you have more than one account opened at the same bank (a checking account and a savings for example) then we will charge you only one compliance fee.