The best US bank account for expats is one that is accessible to foreigners and individuals living abroad. While that might seem like a no-brainer, US bank accounts that meet these criteria are not easy to find (or open).
In this article, we’ll help you navigate your options and help you find the best US banks for non-residents and expats.
Feel free to use the table of contents to jump ahead to the sections that are most relevant to your search.
Table of Contents
- Can Expats Open Bank Accounts in the US?
- Which Bank Account Should You Open?
- Frequently Asked Expat Banking Questions
- Do You Want Help Opening US Bank Accounts?
Can Expats Open Bank Accounts in the US?
Yes, expats can open bank accounts in the US. In fact, banks in the US are more accepting of expat applicants than those in almost any other banking jurisdiction in the world. This makes the US an attractive banking option for many non-US residents and foreigners.
In fact, with the right information, expats can even open US bank accounts 100% remotely.
Importantly, US banks that cater to expats often accept foreign IDs, don’t always require SSNs or ITINs, have more lenient support document requirements, and may even allow expats to open accounts from overseas.
Additionally, certain US banks 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.
That said, although expats can bank in the US, finding a bank that will accept you can be a challenge. Requirements vary between banks, so you need to know which bank, branch, and even banker to approach.
But, like banking anywhere in the world, there are some expat-specific considerations you need to be aware of before applying and selecting a bank to open an expat bank account with.
Factors to Consider Before Opening an Expat Bank Account in the US
Here are eight factors expats may want to consider before applying to open a bank account in the US.
- Monthly fees for maintaining accounts
- Initial deposit and minimum balance requirements
- Transaction fees on domestic & foreign wires
- Minimum domestic & foreign ATM fees
- Types of bank accounts available to expats
- Remote account opening options for expats
- Banks’ specific requirements (e.g. required documents, proof of address, etc.)
- Restrictions on executing international transfers remotely (some banks require a visit to the branch in person)
- Costs of maintaining a US phone number and US address (if the bank requires it)
These factors can impact which banks and bank accounts you choose. They also can dramatically increase the cost of opening and maintaining accounts in the US.
Of course, each bank has its unique account opening requirements, due diligence processes, and additional quirks. So, it’s important to understand these factors before applying to open a bank account to ensure you don’t waste your time, open a bank account with the wrong bank, or get yourself an expensive account that you can’t maintain.
How Do You Choose Where to Deposit Your Money?
While certain US banks don’t require proof of US ties or US residency to open a bank account, most require proof of a US address. If you’re a US expat maintaining a US address, this won’t be a problem. But if you’re not, this can be tricky. If you don’t already have a US address, there are still ways to open accounts. Essentially you’ll just need to either a) acquire a US address before applying or b) find a bank that doesn’t require a US address to open a bank account.
As you can see, identifying the best banks for you will depend on your banking profile (eg. citizenship/residency), which supporting documents you have (or can acquire), and your particular bank account needs.
Which Bank Account Should You Open?
Checking vs Savings Account
Some US banks will only allow expats to open a basic savings account or checking account.
If you are applying for a loan with a US bank without an SSN or ITIN, you should look for banks that specifically offer loans and financing options to foreign nationals and non-residents.
Unfortunately, only a handful of banks in the United States are willing to give loans to foreigners and expats without SSNs (and even fewer banks will consider those without ITINs). That said, it is still possible.
Frequently Asked Expat Banking Questions
​​Below are a few 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.
Can an Expat Have a US Bank Account?
Yes, an expat can have a US bank account. In fact, US banks are more accepting of foreign non-residents and expats than most other banking jurisdictions. You just need to know which US banks to target. GlobalBanks USA will help you choose the right bank for your banking needs, objectives, and profile and give you direct introductions to bankers at the bank who are ready to open bank accounts for you.
Which US Bank is Best for Foreigners?
The best US bank for foreigners depends on your banking profile, the documents you have, and what banking services and features you are after. For example, some foreigners want the lowest account and transaction fees and minimal account opening deposit balance, while others might prioritize solid online banking, debit or credit cards with certain features, or the ability to open bank accounts remotely.
Do You Want Help Opening US 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 USA 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!