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How to open a Bank Account in the US as a Non-Resident? Are you hoping to open a US bank account as a non-resident? Banking in the US isn’t as easy as it used to be as before. The US passed the Patriot Act to prevent the use of the financial system for criminal activities. Although it has far-reaching effects, one of the biggest changes it brought was increased verification requirements.
Possibly, you might be wondering, “Can a non-citizen open a bank account in the US?
Well, I will affirm that it is very possible. Thought the process might be a bit complicated for non-citizens, but it’s not impossible. Whether it’s for business, travel, or personal reasons, setting up a US bank account will be worth the trouble.
Banking in the US has many advantages. For starters, you can avoid exorbitant bank and card fees when you’re spending money in the country. Even as a non-resident, you can get deposits worth up to $250,000 insured by the Federal Deposit Insurance Corporation (FDIC).
Before we proceed I will like you to visit this, you might find this interesting as well.
Opening Personal Bank Account Without Social Security Number or ITIN
A foreigner can open a bank account in the US. Most small banks only allow US citizens and permanent residents to open up bank accounts. These banks require a social security number, which non-citizens don’t have. This is the most common problem that foreigners realize.
However, larger banks such as US Bank, TD Bank, Bank of America, Chase, and Wells Fargo will allow non-residents to set up a checking account and a savings account. Instead of your SSN, they’ll ask for an Individual Taxpayer Identification Number (ITIN) and other documents. As long as the necessary requirements are met, you’ll be able to set up an account with these banks.
As a non-resident, you can apply for a personal account. Checking and savings accounts are types of personal accounts. Let me explain these various types to you…
