How to Open a US Bank Account as a Non-Resident

Opening a US bank account as a non-resident simplifies financial transactions within the United States. This is particularly beneficial for individuals who frequently visit the country, manage US-based business interests, or receive payments in US dollars. While the process may seem complex, various pathways exist for non-residents to establish a banking relationship. A local account allows for direct payment reception, smoother bill payments, and convenient access to debit cards and ATMs, which can help avoid foreign transaction fees associated with international cards.

Understanding Bank Requirements

Policies for opening a US bank account vary significantly among financial institutions. Many traditional banks typically require an in-person application for non-residents. While some initial steps might be completed online, a physical visit to a branch is often necessary to finalize account opening and verify identity.

A consistent requirement across most US banks is a physical US address for correspondence, needed for mailing statements and official documents. The necessity of a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) is another common point of inquiry. An SSN is issued to US citizens and eligible residents, while an ITIN is a tax processing number provided by the IRS for non-residents who need to file US taxes. Many major banks accept an ITIN in place of an SSN for account opening. Some banks may even allow account opening without an SSN or ITIN, though choices might be more limited.

Banks generally offer standard account types such as checking and savings accounts. A checking account facilitates daily transactions like bill payments and purchases, typically providing ATM access and debit card usage. Savings accounts are designed for accumulating funds and may earn a small amount of interest. It is important to inquire about minimum deposit requirements, which can range from a small amount to several thousand dollars, depending on the bank and account type.

Gathering Necessary Documents

Preparing the correct documentation is a significant step for non-residents. Banks require specific documents to verify identity and comply with federal regulations, such as the Patriot Act. Applicants generally need a valid government-issued photo identification. An unexpired foreign passport is often accepted as primary identification. A US-issued visa or an Employment Authorization Card can serve as a secondary form. Some banks may require two forms of identification.

Proving a US address is frequently a non-negotiable requirement. Various documents can serve as proof of a US address:
A current utility bill (electricity, gas, water, or internet) dated within the last 60 days, showing the applicant’s name and address.
A signed lease agreement or rental contract.
A bank statement or credit card bill.
An official letter from an employer or school on letterhead confirming the address.
Government correspondence like tax return documents.

An Individual Taxpayer Identification Number (ITIN) may be required if the applicant does not have a Social Security Number (SSN). While not always strictly necessary for account opening, having an ITIN can simplify the process, as many major banks accept it. Some banks may also request proof of a foreign address, such as a utility bill or bank statement from the home country.

Navigating the Application Process

Once all necessary documents are gathered, non-residents typically proceed with an in-person application at a bank branch. During this visit, applicants should be prepared to speak with a banker, explain their financial needs, and specify the type of account they wish to open. The banker will then review the submitted documentation.

The application involves filling out forms provided by the bank, which include personal details, contact information, and potentially employment or income information. An initial deposit is almost always required to activate the account, typically ranging from a small amount to several hundred dollars. This deposit amount can vary widely depending on the bank and account type. Funding the account can usually be done via:
Cash
A debit card from the home country
An Automated Clearing House (ACH) electronic fund transfer
A wire transfer

While in-person applications are standard, limited online application options exist, primarily through neobanks or digital-only platforms that cater specifically to non-residents. These platforms often allow account opening without needing a US address or SSN, providing an online-only process. However, traditional banks generally do not offer full online account opening for non-residents without an existing US presence or SSN, and a branch visit is often still required for identity verification.

Initial Account Management

After a US bank account is successfully opened, several actions are important for effective management. Setting up online banking access is a primary step, allowing for convenient management of funds, bill payments, and transfers. Banks typically provide access through their websites and mobile applications.

Understanding debit card usage is also important. While a US debit card simplifies domestic transactions, non-residents should be aware of potential fees when using the card internationally. Foreign transaction fees typically range from 1% to 3% of the purchase amount, and international ATM withdrawal fees can include a flat fee plus a percentage of the amount withdrawn. Some banks may also charge monthly maintenance fees for accounts, though these fees are often waivable by maintaining a minimum balance or meeting other criteria.

Non-residents holding US bank accounts also need to be aware of US tax reporting obligations. The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to report information about US account holders to the IRS. US persons, including non-residents with financial interests in foreign accounts, may have to report those accounts to the Treasury Department if the aggregate value exceeds certain thresholds, known as Foreign Bank and Financial Accounts (FBAR) reporting. These regulations ensure transparency in international financial dealings.