Most U.S. banks only allow residents to open accounts. However, if you’re a non-resident, you still have options, and it pays to find the right U.S. bank account for your needs.
There are several viable options for opening a U.S. bank account as a non-resident. This post will cover every choice and the most pressing questions on the topic, to give you a clear idea of what each person says.
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With the intelligent account, it is made easier to obtain details of the U.S. account as a non-resident. Avoid bank appointments, and start spending as soon as you arrive!
Can a non-citizen open a bank account in the US?
It can be difficult to open a bank account as a non-resident in the US.
However, this is not impossible, so don’t be discouraged!
Many U.S. banks ask for proof of address and a Social Security number to set up an account. Given that you will not have these as a non-resident, you will need to consider options.
There are a few options, and you can learn about them during this post.
How to Open a Bank Account in the United States as a Non-Resident
Apply in person
If you are already living in the U.S. and you have a proof of address, but do not yet have resident status, you can personally apply for a bank account. The terms are subject to change, depending on the state and bank with which you are working.
Always check with the specific bank in advance, to make sure you don’t miss anything.
To open a bank account as a non-resident, you will usually need the following documents:
- Proof of address with contact information and personal details
- Two forms of ID – passport and government-issued ID or valid driver’s license
- Social Security Number or Personal Taxpayer Identification Number
- Be sure to take the original documents with you, as photocopies will not be accepted.
Most banks will need 18 or above to open an account. You may also need to provide a minimum deposit.
How to open us bank account without ssn
Usually, the bank will ask for a social security number. Fortunately, there is an option called ITIN.
With the Personal Taxpayer Identification Number (ITIN) you can set up a bank account. To get your hands on one, fill out the IRS Form W-7, IRS application for the individual taxpayer identification number. You can find it on the IRS website.
Using a correspondent bank
A correspondent bank is a financial institution that is attached to a bank in another country.
If you are a customer of a bank that has this type of relationship with a US-based bank, you can use it to your advantage. However, it’s worth keeping in mind that it won’t always guarantee that you can set up a U.S. bank account.
To confirm if this is a possibility for you, reach out to your bank and submit a query.
Open an international account
One of the advantages of living in a globalized world is that it is easy to access international services.
It’s easier than before to set up an international bank account.
Such an account can be useful if you don’t have a U.S. address, although there’s a caveat – it can be a significant investment.
If you want to go down this road, you’ll need to invest a lot of cash to get the ball rolling. Depending on the bank in question, the initial deposit can be $35,000 ⁴, or even more.
Open a Wise multi-currency account
As a financially savvy person, you will know that you have limited options to set up a U.S. bank account as a non-resident.
With that in mind, why not consider doing something different?
Intelligent account helps you manage your money wherever you are. You can get a U.S. routing number and account number, and anyone can use these to pay you — just like a local.
If you travel internationally or do business, you will know how important it is to convert money at a reasonable exchange rate. The intelligent account lets you convert at the real exchange rate, the same as what you get on Google.
You can also avoid swift network charges and hold more than 50 currencies.
Can I open an online U.S. bank account from abroad?
It’s possible to set up a U.S. bank account online from abroad – but there’s a catch. With some banks, you can start the online process, but you’ll have to go in person to verify your documentation.
So unfortunately you’ll have to set aside any expectations of opening an online U.S. bank account from your local coffee shop.
Types of US bank account
There are two main types of U.S. bank accounts, and each serves a different type of customer. The first type of account focuses on individual and other target businesses.
The first type of bank account is a personal account.
A personal account is meant to reach your personal financial goals. For example saving for a large purchase like a house or depositing interest on your earnings. Both checking and saving accounts fall in this category.
The checking account is the most common bank account, and this is the first account you want to set up. This should be the account of your main income and expenses.
You can deposit money with a savings account that you don’t plan to spend right away. The money in this account receives interest over time, although it is not free money because the interest is taxable income.
The other main type of account is a corporate account.
As the name suggests, the corporate account is for businesses. With this, you can keep your transactions under wraps and keep your business information private.
Privacy adds a layer of security to your business’s finances, making things more secure. It also allows you to give someone else the power to complete the transaction on your behalf.
You can read this post on how to open a business bank account in the U.S. to learn more, or check out our comparison of the best business check accounts to find the right one for you.
Which bank should I choose to open a bank account in the US?
If you’re down the line looking to become a U.S. resident, you can ask yourself which bank to open an account with.
Once you have an address proof and a valid Social Security or ITIN number, your options are multiple.
As the largest bank in the United States, ‘Chase‘, as it is known to its customers, has bank accounts for every need and every customer. Whether it’s a checking account without the fees you want, or a corporate account for your business, you can find it with Chase.
Bank of America
Bank of America is an interesting option with three types of accounts. The three bank accounts cover everything from everyday banking to company checking accounts.
Citibank is an excellent option if you don’t like the sound of depositing the initial amount to kick things up. You won’t even have to deal with monthly service charges unless you hit a certain amount of money to come in and go out.
Wells Fargo is a popular choice among students and young clients. It has great offers for students, such as no monthly service fees and low for minimum initial deposits.
What should I do to open a U.S. bank account?
Once you’re a U.S. resident it’s easy to set up a bank account, provided you have the necessary documents.
The documents you’ll need may vary, but make sure you have the following:
- At least two forms of government-issued photo identification, such as a valid driver’s license or passport.
- Social Security number or personal taxpayer identification number.
- Utility bill with current address information.
- Complete contact information of the applicant, such as name, address and phone number.
- Proof of enrollment in a qualified school may be required to check students’ accounts such as student ID or acceptance letter.
- If the bank has a minimum deposit requirement, you may need to provide the deposit when applying.
It’s also worth having some cash easy as you may need to make an initial deposit to set up an account.
You can also check out this guide on how to open a bank account in the United States for more information about the process.
Wise – an easy way for non-residents to get U.S. account details
Opening a bank account in the US can be a bit of a nightmare for non-residents. It may not be possible to travel in person, and international bank accounts require a huge financial commitment.
If your local bank has a correspondent banking relationship, this may be a good solution for you – but it may take some time to establish it. It’s worth calling your bank and seeing how they can help.
If you need a fast and low-cost way to send and receive USD, try wise. After fast registration, you need to verify your identity, you have a government ID. Then you can top-up your account and start spending around the world!
How to open a U.S bank account ?
You can open a bank account through some of the following steps:
- Choose a bank: You may want to consider the types of accounts offered by the facilities, benefits, allowances, ATM locations and your choice of bank as well as any applicable monthly fee before opening the account.
- Confirm eligibility requirements: Confirm eligibility and age requirements of a bank or credit union to open savings or check an account.
- For example, you usually need at least 18 years of age to open a checking account and some banks may need a parent or guardian to be part of the student check account opening process. If you are applying for a joint check account with another person, some banks require both people to be present with their necessary documents.
- Start applying at your bank: Once you have chosen a bank or credit union, visit their local branch or online site to learn more about their application process and access their application.
- Choose the right account for yourself: During the application process, you can usually specify what type of product you want, such as a checking account, a savings account, or both.
- Read on to the contents of your account: Once you are approved and your bank account is open, you can request a debit card.
Account Opening Link – Click Here
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