Are you a non-resident staying in the USA? Or are you a business looking to expand in US jurisdictions? If so, you must open a US bank account. Opening bank account in USA for foreigners is a challenging nut to crack for everyone else. Be you living, moving, or expanding to the US, nobody denies that opening bank account in USA for foreigners is tough.
Yes, it is tough but not impossible. Most of the banks allow only US residents to open accounts but some of them do allow opening bank account in USA for foreigners. The non-resident needs to search for internet sources or see whether the bank which allows opening accounts, has a branch in the region where they reside.
How To Open Bank Account In USA For Non-Residents?
As mentioned already, opening bank account in USA for foreigners is a challenging task, it needs to follow a few steps. Thousands of individuals from all around the world move to the United States each year. Some come here for employment, while others come as foreign students captivated by the excellent educational possibilities the US offers. Having a bank account is the perfect way to manage your finances. However, only a few people know how foreigners can open bank accounts in the US.
In terms of opening a bank account, foreigners are left with three major alternatives.
- Open a U.S. Business Bank Account online using Neobanks like Walcybank.
- Visit the branch of an international bank in your home country and open an account there.
- Visit a bank in the United States to open an account.
We will know everything about opening bank account in USA for foreigners in this blog. Let’s start by discussing the steps involved in opening bank account in USA for foreigners.
Step 1: Choosing The Type Of Account To Open
The initial step in opening bank account in USA for foreigners is to choose the type of account to open. For instance, one might love to open a business account or a multicurrency account, while another would love to stick with normal savings accounts.
Step 2: Research About The Available Providers Online
The second step is to gather information about the available alternatives for your chosen account types. For example, if you decide to open a global account or a foreign currency account you might have several alternatives like Walcybank, Revolut, Wise, etc. while opening normal traditional bank accounts might let you have fewer alternatives.
Step 3: Check For The Requirements
After choosing the provider, it is time for you to find out the eligibility requirements. You should know what documents you need to submit, what are the costs, minimum balances, and many more. We will discuss more about it below.
Step 4: Open The Account
After all the necessary documents are identified and collected, one needs to visit the bank and apply for the opening of the bank account. In the case of neobank, you are not required to visit a bank, instead, you can easily apply online. Once the bank or the financial institution verifies all the information, you will be provided with the account number.
Step 5: Start Managing The Account
Once you receive the bank account number, you can easily manage your funds online. You can also use different services offered by tour chosen financial institutions.
Requirements For Opening Bank Account In USA For Foreigners
The requirements for opening bank account in USA for foreigners differ from the type of account you are trying to open and the organization you choose. Let’s find out the requirements for every alternative available for foreigners to open bank accounts in the USA.
Requirements For Opening U.S. Business Bank Account Online Using Neobanks
Opening a business account with Neobank is one of the easiest options to have an American bank account. Though the actual requirements might differ from the individual service provider, the most common requirements include:
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- You must have a business.
- You must submit your details like name, contact no, address, identity documents, etc
- You must submit business incorporation documents.
- There must be some minimum account in the account.
- You must pay a small amount of the account opening charge. (Know more about opening a business account with Walcybank)
Requirements For Opening A Bank Account In The United States By Visiting To The Nearest Branch Of An Overseas Bank
The number of international banks having branches in multiple countries has increased a lot. In this scenario, choosing a bank that has branches in both the US and in your home country and opening an account in it would be the better option. HSBC, Wells Fargo, Chase, Bank of America, Citibank, etc are a few examples of such banks which has multiple branches in several countries. Since you will be opening an account from your own country the requirement for opening a bank account is easy-peasy. Some of the basic requirements include:
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- business incorporation documents.
- Address verification document.
- Personal details such as name, contact no, email.
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Requirements For Opening A Bank Account By Visiting A Bank In The USA.
Not everyone has a business and opening a bank account from the home country is not feasible for all. The only option left is to visit the bank physically in the USA and open an account there. However, opening bank account in USA for foreigners by visiting a bank also comes with a hectic document requirement. This option is best for international students and normal individuals who need US bank accounts for personal use. The following are a few requirements that must be met for opening a bank account by visiting a bank in the USA:
- Personal information:
It includes your name, permanent address, current address, Home country, Source of income, etc.
- Primary ID:
Usually, you will need to present your foreign passport with a photo, either with or without a visa; alternatively, you can use your non-immigrant U.S. visa and border crossing card (DSP-150) with a picture.
- Secondary ID:
Furthermore, the bank could want another type of identification, such as a foreign driver’s license, voter card, student ID card, debit card, credit card, etc. with the Mastercard logo.
Some banks may even ask for a Social Security Number (SSN) or Individual Tax Identification Number (ITIN)
Note: Different banking institutions may accept different forms of identification for identity verification. As a result, what one financial institution considers to be a primary ID could not be recognized by another.
Things To Consider While Opening Bank Account In USA For Foreigners.
There are several things that every individual should consider while opening a bank account in the United States. Some of them are:
- Minimum opening deposit (ranges between $25 to $100).
- minimum balance to keep the account open.
- Monthly and annual maintenance fees, ATM fees, and other fees.
- Provided services such as online bill pay and mobile banking.
- Interest rates.
What Are The Advantages Of Having An US Bank account?
The US account has significant global influence since the US dollar is the principal financial currency. Additionally, US banking is extensively easy and efficient and won’t be scrutinized as much as bank accounts from other nations because there is a high level of confidence for transfers originating from US accounts. This leads to the security of your finances along with secured transactions.
You may also enjoy an incredible amount of privacy with a US bank account, as the US does not share any information on its taxpayers with other nations. The irony is that, because of the US dollar’s strong negotiating position, the US expects other nations to provide sensitive information about US taxpayers residing overseas. Moreover, you can also save on foreign transaction fees.
Alternatives For Opening Traditional Bank Account For Foreigners.
You already know how hassling the bank account opening process in traditional banks is for non-residents. Alternatively, you can use, Neobanks or digital banks which provide cheaper and better service. Neither you need to deal with the hassling process of opening an account nor do you need to pay high fees.
It is way more convenient and efficient. Some of the best neobanks include Walcy, Revolut, Wise, Volopay, etc. With a neobank account, you can not only in the US but in most countries worldwide. You need not have to worry about the foreign exchange rates and hidden costs.
Conclusion
To sum up, if you are living, working, studying, traveling, or have a business in the US and want to open a bank account, you can open it there. However, the procedures you are required to go through might be a little hassling. Also, you shall need to submit extra documents as compared to opening a bank account in your home country. Having a Multicurrency account / Global account or Foreign currency account is the best alternative to having a bank account in several countries.
You can consider having a Walcy’s Global account.
Know about the cheapest way to transfer money abroad.
Know about the costs associated with international payments.
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