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 have the option to 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.
KEY TAKEAWAYS
- Not every bank requires proof of a social security number (SSN)
- Remote opening is 100% possible
- Specific requirements need to be met when opening accounts
- Deposit levels will vary from bank to bank
Many people 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 even tell you that you must have an ITIN to open a bank account. But, that’s not true.
Download your free copy of the US Banking Starter Guide If this is your first time visiting GlobalBanks. 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 Should I Know Before Opening an Account in the US?
- What Is the Process for Opening an Account in the US?
- What About Mercury, Wise, Payoneer, and Similar Services?
- Warning Before Opening an Account Without an SSN or ITIN
- Frequently Asked Banking Questions
- Do You Want Help Opening Bank Accounts?
Who Can Open a Bank Account Without an SSN or an ITIN?
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. Some financial institutions open accounts for non-residents who don’t have an SSN or ITIN, but in six months, this might not be the case.
That’s why our team constantly analyzes opening procedures, compliance practices, and tax ID requirements at banks in the United States and around the globe. We keep track of opening practices and compliance quirks, maintain a constant dialogue with institutions, and track 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 allow foreigners to open bank accounts even if they don’t have an SSN or an ITIN.
Here’s a list of eight different groups that GlobalBanks helps open bank accounts 100% remotely in the United States.
- 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
- Offshore entities that need an account in the United States
The above list casts a very broad net and by our calculation, it represents around 98% of all people and companies looking to open an account in the United States without proof of an SSN or ITIN. 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 are impacted by this.
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. This is why bank selection is an important factor to consider. Choosing the right banker or branch almost guarantees an open bank account.
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.
Please note, that an SSN and ITIN are not always required to open a bank account for foreigners and non-American residents.
What Is Needed to Open an Account Without an SSN or ITIN?
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 opening considerations. Here’s a look at the special considerations that apply to both personal and business accounts below.
What Should I Know Before Opening an Account in the US?
Individuals who are planning on visiting a bank in person have more options to choose from.
Since however this article focuses 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 impact your ability to open an account with a given bank and banker are listed below.
Personal Bank Account Opening Considerations
- Nationality
- 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 are incoming transfers being sent from
- Where are outgoing transfers being sent to
- And more…
Individuals looking to apply for a business account need to know that the personal opening considerations still apply. Each shareholder, director, or member of the company needs to provide this information. This is standard practice when opening a bank account anywhere in the world.
How Much Do I Need to Open a Bank Account Without SSN?
Different financial institutions have different deposit requirements. This doesn’t only apply to financial institutions in the US, but everywhere in the world. Opening a bank account as a non-resident in the US typically ranges from USD 3,000 to USD 250,000.
The initial deposit amount for opening an account in person is often significantly less. Some financial institutions allow non-residents to open bank accounts with only USD 500.
Alternatively, if you’re opening an account for a business, you need to expect the opening deposit to be at least USD 1,500 to avoid monthly fees. The amount to avoid the monthly fee however will fluctuate from bank to bank.
What Is the Process for Opening an Account in the US?
Opening an account in the United States is a challenging process, not to mention, time-consuming and expensive if you don’t know which banks to approach.
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 Do I Need to Know?
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. You also 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.
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.
Our reports help you quickly identify the best financial institutions, identify the most suitable 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 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, however, we recommend using them as a supplement to your brick-and-mortar bank account. That’s because these platforms are better suited to transactional banking.
Additionally, these platforms are increasingly focused on servicing clients with a presence in the United States, with American operations, and who are classified as American businesses. Some platforms even ask for proof that your business is operating in America before they open the account.
Are Fintech Providers Consider Banks?
Many fintech providers are not banks–not yet at least. Certain platforms, such as Revolut, have acquired actual banking licenses, this is an exception, not the rule.
Most platforms instead have simply partnered 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. These platforms, however, also have shortcomings, limitations, and risks.
We dig into this in another article where we break down fintech, EMI, and payment platforms. For now, just know that fintech and neo banks are important tools that are used in combination with, not as a replacement for, a traditional bank account, especially if you have a sizable or growing business.
Warning Before Opening an Account Without an SSN or ITIN
Many service providers say they 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.
Individuals who join GlobalBanks USA receive access to 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 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 an Account Without an SSN or ITIN?
Yes, you can open a bank account without an SSN or an ITIN. That said, not all banks in the US allow you to do so. So, bank selection will be an important factor to consider when choosing where to open a bank account.
What Bank Account Can I Open Online Without ID?
Opening a bank account online will require proof of identification. Some banks even require two forms of identification. These forms of identification can include a driver’s license or 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!