If you’re looking for the best bank for foreigners in the USA, you’ve come to the right place.
We’ve published tons of resources to help foreigners, non-residents, and businesses find and open US bank accounts, from a traditional bank account in the US to an online USD bank account.
Plus, we have a dedicated US account opening service for anyone who wants help navigating their options.
In this article, we’re going to help you start your search for the best US bank for foreigners by outlining some key considerations and answering some of the most common questions we receive.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- USA Bank Account Opening 101
- Is It Safe to Bank in the USA?
- Benefits of Opening an Account in the USA as a Foreigner
- Frequently Asked Questions
USA Bank Account Opening 101
First, let’s bust one of the biggest myths in the banking industry:
Foreigners can open US bank accounts 100% remotely. This is true whether you’re looking for the best US bank accounts for expats or just looking to open an account to save in USD.
In fact, our team helps foreign non-residents open US bank accounts remotely on a regular basis. And, in most cases, these foreigners do not have a US tax identification number, such as an SSN or ITIN.
Instead, they open without ever visiting the United States and with their personal information from their country of residence.
Now, it’s important to remember that not all US banks offer this sort of account opening service.
And, not all banks will open accounts for foreign non-residents since they are considered higher risk than domestic customers.
But, there are banks that actively accept foreign non-resident clients, especially when they are introduced to the bank by a trusted third party like GlobalBanks.
As an added bonus, unlike other countries, there are typically no restrictions on accounts opened by foreign non-residents in the US. So, as a foreigner, you can unlock the same banking benefits and capabilities that are available to US citizens in the US.
Is It Safe to Bank in the USA?
When banking in the United States, deposits are protected by the Federal Deposit Insurance Corporation (FDIC) up to US $250,000. So, if your deposits stay below that threshold, your money is theoretically protected.
Benefits of Opening an Account in the USA as a Foreigner
It’s no secret that the USA is one of the most advanced financial markets in the world, home to some of the largest banks, and most sophisticated banking services.
But, most people aren’t looking to access sophisticated banking services like investing in derivatives, asset backed lending, or investment platforms.
Instead, we typically see people looking for the following capabilities:
- US checking account to pay US based expenses
- US savings account to hold funds in a stable currency
- US credit cards to access travel rewards & lower fees
- US mortgages to purchase second homes or investment properties
Fortunately, all of these benefits are available to foreign non-residents. You just need to know which banks (and bankers) to contact, where the sensitivities and quirks are, and which account opening strategies to use in order to get started.
Frequently Asked Questions
Below are two of the most common questions that we receive from foreigners looking to open US bank accounts. If you have further questions, don’t hesitate to get in touch with us directly.
What is the Best Bank in the USA?
The best bank in the USA is the bank that best matches your banking goals, has account opening requirements and deposits that you can realistically meet, and is willing to accept you as a client. With this in mind, it’s important to consider all of the available options in order to find the bank that best suits your needs.
Can Foreigners Open a Bank Account Online in the USA?
Yes, foreigners can open a bank account online in the USA. To do this, you need to choose banks that are able accept foreign non-resident clients 100% remotely. If you would like assistance with the process, our team can help you open accounts via GlobalBanks USA – our 100% personalized US account opening service.
Ready to Unlock US Banking?
If you would like assistance navigating your banking options in the United States, we can help.
You can access GlobalBanks USA, our dedicated US account opening service, in just a few clicks.
GlobalBanks USA involves 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions.
Of course, if you have any questions before deciding whether you would like to move forward, don’t hesitate to contact us directly!