The best US bank account for expats is one you can open, maintain, and use fully remotely while living abroad. Yes, that may seem like a no-brainer, however, finding a suitable banking option that meets the financial needs of US non-residents, expats, and even foreigners, is difficult to find and open.
This article is relevant to expats looking for more information on finding the best bank accounts in the US and overcoming the unique and challenging requirements, such as maintaining a US address, providing the necessary documents, and making a qualified deposit.
Feel free to use the table of contents to explore more information on the best US bank account for expats.
Table of Contents
- Can Expats Open Bank Accounts in the US?
- How Do You Choose the Best US Bank Account?
- Frequently Asked Expat Banking Questions
- Ready to Open Accounts With Banks in the USA?
Can Expats Open Bank Accounts in the US?
Yes, expats can open bank accounts in the US. Banks in the US are, in fact, more accepting of expat applicants than banks in almost any other banking jurisdiction in the world. This makes the US an attractive banking option for many non-US residents.
Banks in the US that cater to expats often accept foreign IDs, don’t always require SSNs or ITINs, have more lenient support document requirements, and even allow expat individuals to open accounts from overseas. Certain banks will even offer unsecured non-resident debt to qualifying individuals without an SSN or ITIN.
Additionally, certain US financial institutions even give expats the ability to get US credit cards, build US credit history, and tap into the world’s most lucrative credit card rewards programs.
It’s important to note that although expats are eligible to bank in the US, finding a financial institution that accepts them is often a challenge. Knowing which bank, branch, and even banker to approach is critical in the account opening process.
There are also some expat-specific considerations you need to be aware of as an expat individual before applying and selecting a bank. We share ten of these considerations below.
Factors to Consider When Choosing the Best US Banks
- Monthly fees for maintaining accounts
- Initial deposit & minimum account balances
- Transaction fees on domestic & foreign wires
- Minimum domestic & foreign ATM fees
- Types of bank accounts available
- Option to open an account remotely
- Banks’ specific requirements
- Restrictions on executing international transfers remotely
- Costs of maintaining a US phone number & US address
- Types of financial services & products available to your client profile
These factors impact which banks and accounts are available to you. They also dramatically increase the cost of opening and maintaining bank accounts in the US.
Remember, each financial institution has different opening requirements, due diligence processes, required proof of documents, deposit levels, financial services, and additional quirks.
These items also vary depending on the person applying. This is why it’s important to understand these factors before applying to ensure you don’t waste your time opening a bank account with the wrong financial institution.
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Don’t forget to download your FREE USA Banking Starter Guide. It’s designed to help non-residents open accounts with top financial institutions in the US.
How Do You Choose the Best US Bank Account?
Certain banks in the US don’t require proof of US ties or US residency to open a bank account, however, most banks do require proof of a US address.
There are still some ways to apply for accounts in the US for those who don’t have a US address. Essentially, you need to either a) acquire a US address before applying or b) find a financial institution that doesn’t require a US address to open an account.
Now, identifying the best banks for you depends on your banking profile (eg. citizenship/residency), which supporting documents you have, and your particular banking needs.
Can Expats Open a Checking or Savings Account in the US?
Some banks in the US only allow expats to apply for a basic savings account or checking account.
Expats applying for financing with a US financial institution without an SSN or ITIN, on the other hand, need to look for banks that specifically offer loans to foreign nationals and non-residents.
Unfortunately, only a handful of banks in the United States offer loans to expats without SSNs (and even fewer banks consider those without ITINs). It is, however, still possible.
Frequently Asked Banking Questions
Below are two of the most common questions we receive from expats exploring how to open the best US bank account as an expat. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can Expats Have USA Bank Accounts?
Yes, expats can have US bank accounts. Banks in the US are actually more accepting of expats than most other banking jurisdictions. You just need to know which banks to target. GlobalBanks USA helps you choose the right bank for your banking needs, objectives, and profile. It also gives you direct introductions to bankers at financial institutions who are ready to open accounts for you.
Which US Bank is Best for Foreigners?
The best US bank for foreigners depends on your client profile, the documents you have, and what financial services and features you are after. Some foreign non-residents want the lowest account and transaction fees and a minimal deposit balance. Others prioritize solid online banking services, debit or credit cards with certain features, or the ability to open accounts remotely.
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!
