Are you living overseas and thinking about opening a U.S. bank account without moving to the States? You’ve come to the right place.
Not many people know this, but the U.S. allows foreign nationals with a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN) to open a bank account in the U.S. Yes, you read that right. You don’t need to move to the U.S.; you can open the account remotely.
In this article, we will take you through the process of opening a U.S. bank account for those who don’t have an SSN or ITIN, as well as non-U.S. residents who, along with some key factors that you must keep in mind while banking in the U.S.
Why Open a U.S. Bank Account?
So you are thinking about opening a U.S. bank account while living overseas. It is a smart move. After all, opening a U.S. bank account has some great advantages, especially if you are looking to enter the real estate market in the U.S.
- With a U.S. bank account, you won’t incur any international transfer fees or exchange rate fluctuations.
- The doors of investment opportunity open up—especially the ones in the real estate sector.
- You get access to a wide range of financial services and credit facilities, which are unavailable otherwise.
Documents Required for Opening a U.S. Bank Account for Non-Citizens
But before you go ahead, note down the list of documents required when opening a U.S. bank account. The specific requirements vary, but, most will ask for the following list:
- Copy of your valid passport.
- Driver’s licence or national ID card.
- A utility bill, lease agreement, or bank statement from your home country to verify your address.
- If you don’t have an SSN, some banks may require an ITIN.
- Completed application form provided by the bank.
What is the process for opening a bank account in the U.S. as a non-citizen or a non-resident foreign national?
If you’re looking to open a U.S. bank account as a non-resident, here’s some good news! Some international banks help you open an account. Here’s what you need to know:
- Working in the U.S.: If you’ve spent a significant amount of time working in the U.S.
- Existing Customer: If you’re already a customer of the international bank in your home country or another country where the bank operates.
- Property in the U.S.: If you’re buying property in the U.S. or already own a home here.
If you tick any of these boxes, you might be able to open a U.S. bank account as a non-resident. This is a great first step in managing your financial commitments in the U.S. without actually having to live there!
- Find banks that offer accounts to non-U.S. residents without an SSN.
- Gather all the necessary documents.
- Fill out the application form, submit documents and pay online.
- The bank will review your application and documents.
- Once your application is approved, you will receive your account details. Some banks send a debit card to your overseas address.
Banks That Cater to Foreign Residents
Several U.S. banks that help open an account for foreign residents without an SSN:
- HSBC: Known worldwide for its international banking services, HSBC offers accounts to non-U.S. residents.
- Citibank: They provide a range of services for international clients.
- Wells Fargo: Open an account as a non-resident with an ITIN.
- Wise: A great option to open a bank account and send money to the U.S. as a non-citizen.
Now, there are two kinds of accounts that one can open – Checking & Savings. Here’s what each of them means:
A checking account is ideal for day-to-day transactions. These accounts don’t have any limits on withdrawals & they offer minimal interest.
A savings account, as the name suggests, is ideal for saving money over time. They have limited withdrawals and incur a good interest rate on your stored money.
What Are Checking Account Fees in the U.S.?
If you’re a foreign national opening a checking account in the U.S., here are some common fees to look out for:
- Monthly Maintenance Fee: Many banks charge a monthly account maintenance fee of up to $15 per month.
- Overdraft Fee: This fee is incurred when you spend more than what’s in your account and is usually up to $35 per transaction.
- ATM Fee: If you use another bank’s ATM that could cost you $3 to $5 per transaction.
- Foreign Transaction Fees: When you use your debit card abroad or withdraw money from an international ATM, you incur a fee per transaction.
Ready to open your U.S. bank account and explore the financial benefits that come with it? While opening a bank account is a great start, we say take it further! At America Mortgages, we specialize in helping non-resident foreign nationals like you secure mortgages for U.S. real estate. Reach out to us at [email protected] or schedule a meeting with us using our 24/7 calendar link.
