In this article, we’re going to help you open a bank account without an SSN or ITIN. Yes, it’s 100% possible. Plus, if you’re a member of GlobalBanks USA or GlobalBanks IQ, you can even open a bank account remotely at real banks without ever visiting the United States.
To be clear, we are NOT talking about fintech, EMIs, or payment platforms.
We are talking about banking in the USA by opening personal accounts, business accounts, and even premier bank accounts at some of the top brick-and-mortar banks.
- Not every bank requires proof of a social security number (SSN)
- Remote account opening is 100% possible
- Specific account opening requirements need to be met
- Deposit levels will vary from bank to bank
Many people will tell you that it’s impossible to open a bank account remotely in the United States. They’ll say that financial institutions here don’t accept foreign entities. They’ll even tell you that you must have an ITIN to open a bank account. But, that’s not true.
If this is your first time visiting GlobalBanks, download your free copy of the US Banking Starter Guide. It’s designed to help non-residents and foreigners successfully open bank accounts in the United States 100% headache-free and 100% remote.
Now, if you want immediate assistance opening an account 100% remotely in the United States, you can click here to access GlobalBanks USA and start opening bank accounts today (ITIN & SSN are not required).
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Who Can Open a Bank Account Without an SSN or an ITIN?
- What Is an SSN and an ITIN?
- What Is Needed to Open US Bank Accounts Without SSN or ITINs?
- What Should I Know Before Opening a Bank Account in the US?
- How Much Do I Need to Deposit to Open a US Account Without an SSN or an ITIN?
- What Is the Step-by-Step Process for Opening Accounts in the US?
- What About Mercury, Wise, Payoneer, and Similar Services?
- Warning Before Opening Bank Accounts Without SSNs or ITINs
- Frequently Asked Banking Questions
- Do You Want Help Opening Bank Accounts?
Who Can Open a Bank Account Without an SSN or an ITIN?
First, you need to know which banks, branches, and bankers cater to your specific client profile, know how to reach them (or how to get a direct introduction), know their account opening policies, and use the correct account opening strategies. If you follow these guidelines, you can open a bank account at various financial institutions and situations.
In other words, finding the right contacts and knowing which financial institutions have compliance protocols and onboarding procedures that allow them to accept clients who don’t have an SSN and ITIN is critical.
The reason this is so important is that bank policies are constantly changing. While one bank might be willing to open an account for a non-resident who doesn’t have a social security number or ITIN at one point in time, they might not allow it six months later.
That’s why our team constantly analyzes account opening procedures, account opening compliance practices, and tax ID requirements at banks in the United States and around the globe. We keep track of account-opening practices, and compliance quirks, maintain a constant dialogue with institutions, and track account-opening successes (and failures) around the world.
Thanks to this constant monitoring of banking in the United States, we know that a select number of financial institutions here allow foreigners to open bank accounts even if they don’t have a social security number or an identification number.
Here’s a list of eight different groups that GlobalBanks can help open a bank account 100% remotely in the United States.
Eligible Client Groups for US Banking
- Foreign individuals from most countries around the world
- Foreign companies with zero ties to the United States
- Offshore companies with zero ties to the United States
- Foreign-owned American LLCs
- Non-resident individuals with no American address
- American LLCs with zero operations in the United States
- Foreign businesses that need access to USD banking
- Offshore entities that need an account in the United States
In case you didn’t notice, the above list casts a very broad net. By our calculation, it should represent around 98% of all people and companies looking to open an account in the United States without proof of an SSN or ITIN.
In fact, the only real exclusions are people or companies from sanctioned countries or that appear on specific watch lists. And yes, some people in the Unlucky Passport Club will be impacted by this. Otherwise, most people and companies can access banking in the United States through GlobalBanks, including remote options.
It’s important to note that each bank’s willingness to open an account for a person who does not have an SSN or an ITIN does vary. In fact, if you do not go to the right banker or branch, it’s almost guaranteed that you will not be able to open a bank account.
We discuss this in much more detail, show you how to deal with it, and give you specific banking options, strategies, and direct introductions through GlobalBanks USA and GlobalBanks Insider.
So, rest assured, solid banking options do exist for each of the above clients. In some cases, the best financial institutions in the United States will even accept you with a minimal deposit.
What Is an SSN and an ITIN?
An SSN and an ITIN are numbers issued by the United States Internal Revenue Service (IRS). Naturally, you won’t have either of these numbers if you’re not an American citizen, have not spent considerable time in the United States, or never had a reason to obtain one of them before.
Financial institutions often use an SSN and ITIN to check creditworthiness and verify your identity for compliance purposes.
However, as you’ll see below, an SSN and ITIN are not always required to open a bank account for foreigners and non-American residents.
What Is Needed to Open US Bank Accounts Without SSN or ITINs?
Obviously, if you want to open an account and don’t have an SSN or ITIN, this is a requirement that we’re going to skip. That said, there is a list of four other items banks in the US require applicants to meet.
- Two forms of government-issued identification (non-American issued)
- Proof of your personal (or business) address (non-American address)
- Proof of source of income and/or wealth (within 3 months)
- Completed account application documents
Certain financial institutions will request additional documents depending on the type of account being opened. But, generally speaking, most non-resident individuals who don’t have an SSN or an ITIN can still open a bank account in the United States by meeting the above requirements.
Of course, you still need to meet the required deposit level and navigate a few other account opening considerations. With this in mind, let’s take a look at the special considerations that apply to both personal and business accounts below.
What Should I Know Before Opening a Bank Account in the US?
If you plan on visiting a bank in person, the number of banking options available to you will increase.
But, since this article is focusing on opening an online bank account, the most important factor you need to know is how to find an experienced banker. More specifically, an experienced banker who has clearance and authority from the bank to open a bank account 100% remotely. Unfortunately, this isn’t an easy task.
The important considerations that will impact your ability to open an account with a given bank and banker are listed below.
Personal Bank Account Opening Considerations
- Tax residency
- Source of funds
- Source of income
- Industry of employment
- Political exposure
- And more…
Business Bank Account Opening Considerations
- Country of incorporation
- Country of operation
- Countries served
- Industry and business activities
- Where incoming transfers originate
- Where are outgoing transfers sent
- And more…
If you are applying for a business account, the personal account opening considerations still apply. Each shareholder, director, or member of the company will need to provide this information. This is standard practice when opening an account anywhere in the world.
How Much Do I Need to Deposit to Open a US Account Without an SSN or an ITIN?
Like all account opening situations, different financial institutions have different deposit requirements. This can range from US $3,000 to US $250,000.
If you want to open a bank account in person, you can expect the initial deposit level to be significantly less. In some instances, you can open an account with only US $500.
Alternatively, if you’re opening an account for a business, you should expect the account opening deposit to be at least US $1,500 to avoid monthly fees. However, the amount to avoid the monthly fee will fluctuate from bank to bank.
What Is the Step-by-Step Process for Opening Accounts in the US?
If you don’t know what you’re doing, opening an account in the United States can be painfully time-consuming and extremely expensive. This is especially true if you don’t know which financial institutions are likely to open a bank account for you.
In fact, depending on your risk profile and how difficult it is for you to obtain authenticated documents, applying to a single bank can cost up to a thousand dollars. And, if you get rejected and have to apply to multiple banks, costs and additional fees can skyrocket fast.
What you need is clear instructions on how to open an account remotely. You need a list of institutions that accept non-resident individuals, foreign companies, and even offshore entities. And, you need to know which branches and bankers can make it happen (not all of them can, will, or even know it’s possible). What most people ultimately want is their own team of banking experts to help them open an account–and they want that team available to answer questions and provide guidance as needed.
With this in mind, our team has prepared three banking-specific reports, focusing entirely on the United States. They are designed to help our members navigate banking in the United States and unlock all the benefits of the most sophisticated financial system in the world.
With our reports, you will be able to quickly identify the best financial institutions, identify the most suitable account opening strategies for your situation, understand the risks and nuances associated with your client profile, and choose how and when to approach banks based on your objectives.
Additionally, when you become a member of GlobalBanks USA, you will get direct support from our team of banking experts. We answer your most difficult banking questions, suggest specific institutions that match your client profile, and make direct introductions to bankers in the United States to start the process of opening your account.
You get access to all three of these reports in addition to all of the other benefits locked inside GlobalBanks USA as soon as you sign up to become a member.
What About Mercury, Wise, Payoneer, and Similar Services?
There is nothing wrong with using services like Mercury, Wise, or Payoneer. These services are supplementary to your brick-and-mortar bank account. That’s because these platforms support transactional banking. In other words, you shouldn’t use them for storing deposits.
Additionally, these platforms increasingly focus on servicing clients with a presence in the United States, with American operations. Some platforms will even ask for proof that your business is operating in America before they open the account.
It’s also important to remember that many fintech providers are not banks–not yet at least. While certain platforms, such as Revolut, have acquired actual banking licenses, this is an exception, not the rule.
Instead, most platforms here will simply partner with a licensed bank (usually in some obscure corner of the United States). Essentially, they offer a pretty interface with a few extra services tailored to a certain niche market.
Make no mistake, better customer service, integration with other business support services (e.g. accounting software), and services tailored to your client type do offer value. But, these platforms also have shortcomings, limitations, and risks.
We’ll dig into this in another article where we’ll break down fintech, EMI, and payment platforms. For now, just know that fintech and neo banks are important tools that you can use in combination with, not as a replacement for, a traditional bank account. Especially if you have a sizable or growing business.
Warning Before Opening Bank Accounts Without SSNs or ITINs
Many service providers say they can help non-resident individuals who don’t have an SSN or an ITIN open bank accounts. In reality, they use low-quality financial institutions, improper methods, charge unnecessary fees, and in many cases, simply open bank accounts at EMIs.
Instead, when you join GlobalBanks USA, we give you everything you need to solve your biggest banking problems and achieve your banking goals. Of course, if your goals include opening an account in the United States, we’ll give you all the tools, information, strategies, support, and direct bank introductions you need to do it on your own.
Frequently Asked Banking Questions
Below are a few of the most common questions we receive from people exploring how to open a bank account without an SSN or ITIN. If you have further questions you would like answered, don’t hesitate to get in touch.
Can I Open a Bank Account Without an SSN or ITIN?
Yes, you can open a bank account without an SSN or ITIN. The application process for a foreign non-resident without a US tax identification number is similar to applying as a US person. However, deposit requirements for foreign non-residents are higher than for US persons.
What Bank Account Can I Open Online Without ID?
It is not possible to open a bank account online without an ID. In fact, it is not possible to open a bank account anywhere without identification. Proof of identification is one of the most basic account opening requirements and most banks will require two forms of identification. The most common forms of identification include a driver’s license and a passport.
Do You Want Help Opening Bank Accounts?
If so, you can get access to GlobalBanks USA (our dedicated US account opening service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate US account opening.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new US bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about opening accounts with GlobalBanks USA, just click here now. Or, contact us directly with any questions!