How to Open a U.S. Bank Account while Living Overseas

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:

1. Working in the U.S.: If you’ve spent a significant amount of time working in the U.S.
2. Existing Customer: If you’re already a customer of the international bank in your home country or another country where the bank operates.
3. 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!

1. Find banks that offer accounts to non-U.S. residents without an SSN.
2. Gather all the necessary documents.
3. Fill out the application form, submit documents and pay online.
4. The bank will review your application and documents.
5. 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:

1. Monthly Maintenance Fee: Many banks charge a monthly account maintenance fee of up to $15 per month. 
2. Overdraft Fee: This fee is incurred when you spend more than what’s in your account and is usually up to $35 per transaction. 
3. ATM Fee: If you use another bank’s  ATM that could cost you $3 to $5 per transaction. 
4. 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.