How to open a bank account in USA As a non-resident: Do you want to open a bank account in the United States?

Banking in the USA is not as simple as it once was. The Patriot Act was enacted in the United States to prevent the use of the financial system for criminal purposes. Despite its far-reaching consequences, one of the most significant changes it brought was increased verification requirements.

Open a Bank Account in the USA As a Non-Resident

Whether you plan to move to America or simply want a bank account in US dollars, opening a US bank account online as a non-resident is likely to be a difficult process filled with varying requirements and lengthy bureaucratic procedures.

However, while it can be difficult, it is not impossible. In this guide, we will look at the main options you have for opening a non-resident US bank account, regardless of your personal needs and preferences!

In short, many non-residents find it difficult to open a bank account in the United States for one simple reason: most US banks require you to be an American citizen or resident in order to approve your application.

You might be wondering, "Can a non-citizen open a bank account in the United States?"

Yes, you can. Non-citizens may find the process complicated, but it is not impossible. Setting up a US bank account will be worthwhile whether for business, travel, or personal reasons.

Banking in the United States has numerous benefits. For starters, you can avoid exorbitant bank and card fees when spending money in the country. Even if you are not a resident, you can have deposits of up to $250,000 insured by the Federal Deposit Insurance Corporation (FDIC).

Continue reading to learn how to open a bank account in the United States.

How to Open a Bank Account in USA As a Non-Resident

In short, many non-residents find it difficult to open a bank account in the USA for one simple reason: most US banks require you to be an American citizen or resident in order to approve your application.

This usually entails submitting a Social Security Number (SSN), an Individual Taxpayer Identification Number (ITIN), and proof of address in the United States (although these details vary from bank to bank). You'll also need to bring an identity document, such as a passport, driver's license, government-issued photo ID, or, if applicable, immigration documents.

Overall, there are four main ways for non-residents to open a US bank account, and the best one for you will depend heavily on your needs and preferences. These are the pathways:

#1. Big banks in the US

This path usually necessitates residence in the United States (though it does not have to be your primary residence) and requires you to travel to the United States to visit a bank branch and open an account in person. You'll need specific documentation, so call ahead to check the requirements before you go, as they can vary from bank to bank.

#2. International US Banks

This route does not necessitate US residency or local documentation, but it usually comes with a large initial deposit, high fees, and minimum balance requirements.

#3. Online Accounts

You will not need an SSN/ITIN to open an account here, but you will need to be a US resident. It's the best option for US residents who want low-cost, digital banking services but don't mind having a little less banking coverage.

#4. Wise Account

This is the simplest and cheapest way for a non-resident to open a bank account online in the United States, and it is ideal for those who want to open an American bank account online from abroad (as its checking accounts are held by CFSB and EVOLVE).

Documents Needed To Open a US Bank Account

In addition to a completed application form, the following documents are frequently requested by US banks:

Proof of identity: A valid government-issued identification document, such as an ID card, passport, or driver's license, can be used as proof of identity.
Social service number: This is typically a Social Security Number (SSN) or a Taxpayer Identification Number (TIN) (ITIN).
Proof of address: Utility bills, bank or credit card statements, lease agreements, or mortgage statements that list the address of a US residence are usually sufficient proof of address.
Immigration documents

While many US banks will require you to have both an SSN or ITIN and proof of address in order to open an account, the exact documents required to open an account vary significantly from state to state and branch to branch.

You must apply for an SSN/ITIN through the IRS's website. To obtain temporary proof of address, however, ask your bank if they will accept a letter from your university, employer, or prospective landlord stating your place of residence.

It's also worth noting that most US banks will require an initial deposit as well. This amount (usually between $25 and $150 or more) can be transferred into your new account via debit card, cash, or ACH transfer.

How To Open an Account With a USA Bank

To open an account with a US bank follow the steps below:

Gather Your Documents: First and foremost, you must organize your documents. As previously stated, in order to open an account with a major bank in the United States, you will typically require:
Proof of identity
Proof of address
SSN/ITIN (This is not always necessary)
Make an Appointment: The next step is to schedule an appointment to open a checking account. Some banks let you do this online, but it's usually best to call.
Open Your Account: You will be able to discuss your banking needs at the appointment. Your eligibility will be verified, and an account will be created for you.
Types of US Bank Accounts

The majority of bank accounts in the United States are either 'checking' or 'savings' accounts. Checking accounts function similarly to current accounts in other countries and offer services such as:

Internet banking;
Direct debits;
Bills and other payments;
ACH and wire transfers;
A debit card;
ACH and wire transfers;
ATM withdrawals.

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