Finding the best banks for real estate investors is (sometimes) a challenge. This is especially true when investing in real estate outside of your home country.
We’ve recently seen an increase in interest in real estate investing in the United States by foreign non-residents. This uptick is accompanied by an increased demand for new accounts to facilitate USD transactions, ideally with remote opening.
In this article, we’re going to discuss the best banks for US real estate investing and share how you can start opening accounts remotely.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- USA Banking for Real Estate Investors
- Banking Services for Real Estate Investing
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
USA Banking for Real Estate Investors
Opening a bank account in the US 100% remotely is possible for both individuals, businesses, and foreign entities. However, there are some nuances when it comes to opening accounts for real estate investors.
Even as a foreign non-resident, you can open brick-and-mortar bank accounts remotely without an SSN, though US-resident options like Venmo, Cashapp, and similar platforms will not be accessible to you.
Additionally, because buying and selling real estate is considered a local activity, it can often result in foreigners (or their entities) being considered “local” from a banking perspective. This can mean that the applicant ends up dealing with local account officers instead of teams that cater to international clients, which has both pros and cons.
As a result of dealing with “local” or “domestic” banking teams, many foreign applicants encounter problems. For example, domestic banking teams may require you to show up in person, ask you to provide documents that (as a foreigner or non-resident) you don’t have (or aren’t able to obtain), or be forced to deal with bankers that are not familiar with foreign clients.
But, as mentioned, this can also increase your account opening options since you have both local and international banking options to choose from. However, you will need to focus on traditional banks since online US banking platforms don’t generally serve foreign non-residents without an SSN.
With this in mind, we’ll discuss some of the challenges (and nuances) when banking as a foreign real estate investor below. But for now, let’s take a look at the specific services that real estate investors typically require from banks.
Before diving in any further, if this is your first time visiting GlobalBanks, don’t forget to download your FREE US Banking Starter Guide. It’s designed to help non-residents with opening bank accounts at top financial institutions in the US.
Banking Services for Real Estate Investing
In most cases, when someone is looking to open a bank account in order to support their real estate investing activities, they require a few unique services. These often include access to credit, check deposits, and (if they are foreign) support for international wires, and low fees.
Now, in most countries, these features are all easily accessible for local real estate investors who have a local tax identification number, local credit history, and banking relationships. Plus, it’s easy for locals to show up in person to deposit checks.
But, what if you’re a foreigner living on the other side of the world? You can’t fly to the US every time you need to cash a check. That’s expensive and unprofitable.
Instead, you need a bank that can provide all the services you require and allow you to open an account from the comfort of your own home country.
But, do banks like this exist?
In short, yes you can access these services as a foreigner investing in real estate in the United States. But in some cases, it might take time to establish yourself with the bank (or obtain a sufficient credit history) to access all of the services mentioned above, including access to credit and financing.
Frequently Asked Questions
Below are two of the most common questions we receive from people looking to open a bank account for real estate investing in the US. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Do Real Estate Investors Need a Business Bank Account?
Whether a real estate investor needs a business bank account depends on whether they own and transact as an individual or as a registered company. If they are engaging in transactions through a company, then it is important to have a bank account for the company and not use personal accounts.
How to Open a Bank Account for a Real Estate Investment Company?
To open a bank account for a real estate investment company, you should consider where is the company registered, where the business buys, sells, or services real estate, and which specific banking services are required. This gives you an initial shortlist of banks to consider before applying.
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking 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 opening US bank accounts.
+ 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 bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
