Immigrants
•
6 mins read
•
August 06, 2021
Opening a US Bank Account as a Non-US Citizen
Your one-stop-shop for answering your questions on opening a US bank account as a non-citizen or non-resident — and the other options available to you, too.
For most people, a bank account is a vital tool for financial wellness. In the US,
use a bank, enjoying FDIC insurance protection on their cash and benefiting from interest rates to help grow their wealth.
What about non-citizens, though? Do they have banking options in the United States?
Can a Non-US Citizen Open a Bank Account in the US?
The good news is that a non-US citizen c
an
open a bank account in America.
While it’s possible to open a bank account, though, you will need multiple documents on hand, including:
- Personal ID, such as a passport or foreign driver’s license;
- A utility bill like your gas or electric bill that has your current name and address;
- Funds for your initial deposit (typically $25);
- An Individual Taxpayer Identification Number (ITIN). Every traditional bank will require that you have an ITIN or a
. As a non-citizen, it is much easier to
. While the ITIN does not authorize you to
, you do need it for tax-reporting needs. You can apply for one by
and mailing the completed form with proof of identity and foreign status documents to the IRS.
Can a Non-US Resident Open a Bank Account in the US?
Given that proof of
is needed to apply for a bank account, this begs the question of whether or not a non-US resident can open a bank account in America. And while
yes
, a non-resident can open a bank account in the US, their options are a little more limited.
One of the easiest options is to use a correspondent bank, which is where a bank in your home country has a relationship with a bank in the US and helps you open a bank account there. But, not all banks have these relationships so an international account might be another option.
While it’s easy to set up an international account, and you don’t need an American address to open one, the drawback is that you will need to deposit a significant amount to open the bank account and maintain a high balance, too. (The initial deposit here can be up to $35K or more.)
You can also open an
. The former allows you to open an entirely online American bank account without providing a SSN. The latter does require a SSN and your passport, but those are the only two documents you need, making it a great option for a number of immigrants. It only takes five minutes to create an account and it has the added option of being able to
at real
with
. Other options include a
, which gets you a US routing and account number.
While many banks require the documents outlined above, some will simply want a mailing address, like a P.O. box, versus a residential address, and are happy to help you open those accounts in person — even though it seems impossible to do so online. You will need to call ahead of time and ensure that a bank will do this for you, though, since you are a non-resident.
Types of US Bank Accounts Available
As a non-resident or a non-citizen of the United States, you can apply for either a personal account or a corporate account.
A personal account is for reaching your own, individual financial goals and includes both a checking account and a savings account. Your checking account will be used for day-to-day transactions and come with a debit card for ATM withdrawals, too.
A savings account, on the other hand, is primarily for storing funds for an emergency or setting cash aside for financial goals such as
or
The
on a savings account are typically higher than that of a checking account. A corporate account is used for business transactions and is typically extremely secure due to added layers of protection. You will need proof of your business address, your Federal Employee Identification Number (EIN), and articles of incorporation of your business in order to open a corporate account (in addition to the documents needed for a personal account).
Ultimately, it is absolutely possible to open a bank account in the United States if you aren’t a citizen or a resident of the country. While it can be a bit more challenging, there are options available, especially if you prefer banking online.
