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How to Open A Bank Account In the United States

step-by-step guide to opening a bank account in the U.S. for non-residents
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How to Open A Bank Account In the United States

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Opening a bank account in the United States for residents is easy and can be done with your SSN (Social Security Number). However, for non-residents or non-citizens, opening a bank account is a bit trickier.

This post will explore what you need to open a bank account in the United States and what papers to gather to be able to open a bank account.

If you are a citizen or a resident, it is much simpler – you are required to apply to a bank of your choice with your SSN, and the bank handles the rest for you.

But if you are a non-resident, you need to follow a different path – especially if you are planning to form a business in the US – for which a bank account is crucial.

Usually, many banks will ask for an SSN at first. Still, most non-residents do not have an SSN, and this causes difficulty in working with most US banks. It is known that banks do also accept people with no SSN to open a bank account but compared to the rest of the banks in America, those banks are not very common and less in number. With these banks, it is possible for a non-resident /non-citizen person to open up a personal or corporate bank account in the US.

How Can Non-US-Citizens Open A Bank Account in the United States?

If you are a non-resident, the best course of action is to focus on international banks for opening your account. National banks usually require your physical presence for you to be able to open an account. The two most important names are JP Morgan Chase and TD. Ameritrade.

Individuals without an SSN can obtain a personal tax number, named ITIN (Individual Taxpayer Identification Number), and can open a bank account in America. ITIN is a processing number given to non-residents/ non-citizens by the IRS for individuals who are ineligible for an SSN.

In addition to the above, opening a bank account with SSN or ITIN number is easier if you also have a rental contract. To have a rental agreement, you can rent a virtual office with low prices within that period in America. This will be a helpful asset while opening a bank account, even from the national banks.

If you have a company in America and want to open an account directly for your company, you can apply with these papers;

  • Incorporation certificate
  • EIN
  • Address of the company
  • Passport number/ passport copy of the undersigned and ultimate beneficial owner of the company

While it may require some time and a great deal of patience on your part, following these steps will ensure that you have a bank account for your business in America.

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