Opening accounts with the best US banks for non-residents has its perks.
First and foremost, the US banking system is stable and banks are protected by deposit guarantees.
But on top of that, opening accounts in the USA and having US bank accounts for non-residents also gives you access to several lucrative investment options and benefits. Including US investment products, US crypto platforms, and US credit cards.
Of course, not all US banks are the same. A lot have hidden fees and requirements that can trap you if you’re not careful. So it’s important to do your research before you open an account with any bank.
Read on to learn what to look for when picking the best US bank for you. And how you can get started opening a US bank account today.
KEY TAKEAWAYS
- Foreign non-residents can open bank accounts with some of the best US banks 100% remotely
- Non-residents can benefit from building US credit to unlock attractive travel rewards
- There are many important factors non-residents should consider before applying to open bank accounts in the US
- Account opening requirements, including deposit amounts, will vary between banks
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What Are the Best US Banks for Non-Residents?
- Benefits of Opening the Best US Banks for non-Residents
- What Makes the Best Bank in the US for Non-Residents?
- How to Find the Best Bank in the United States
- Do You Want Help Opening Bank Accounts?
What Are the Best US Banks for Non-Residents?
The best US banks offer fantastic benefits to non-residents. To unlock these benefits, you need to know which bank, branch, and even banker will open an account for you. Read on to learn how to find the best bank for your needs and client profile and how to successfully open a bank account today.
Before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE USA Banking Starter Guide. It’s designed to help non-residents open accounts with the best banks in the US.
Benefits of Opening the Best US Banks for Non-Residents
Banking in the US is an attractive option for many non-residents because of the benefits it has to offer.
Here are some of the top benefits you can unlock with a US bank account, even as a foreign non-resident…
Benefits of Opening a Bank Account in the USA:
- Remote account opening is available (varies by bank)
- Ability to open multi-currency accounts
- Access to US investment products
- $250,000 deposit guarantee
- Accessible online banking platforms that you can operate remotely
- Access to US crypto exchanges
- Ability to bank in a safer & more stable banking jurisdiction
- Ability to hold US dollars instead of more volatile currencies
- Establish US credit to access attractive US credit cards & travel rewards
- And much, much, more…
As you can see, many opportunities come from a non-resident US bank account, but knowing how to open an American bank account as a foreign non-resident is critical.
The last point is by far one of the top benefits you can unlock when choosing the best US banks for non-residents.
That’s because US credit cards have the most attractive and profitable rewards in the world. No other country even comes close.
If you’re curious about the perks you can unlock with US credit cards, you’re in luck. We have an article specifically dedicated to US credit cards: “US Credit Card Opportunities & Strategies For Foreigners and Non-Residents”. It uncovers step-by-step instructions on unlocking the benefits of US credit cards, which cards are suitable for your client profile, and a detailed guide on applying for one today.
You can access this report immediately when you join GlobalBanks USA.
Now, to access US credit cards or any of the other mentioned benefits, you need to understand what makes the best US banks for non-residents. And, how to find the right bank for your client profile and banking needs.
So with that in mind, let’s first look at the features you should consider when choosing a US bank to apply with, including how to choose an American bank to open a USD bank account online with.
What Makes the Best Bank in the US for Non-Residents?
The best US banks for non-residents will vary based on your client type. But also, on the banking services you’re looking for and the deposit amount you’re able to put down.
Nonetheless, there are still a few important features that all non-residents should consider before applying to open a US bank, especially if you’re planning on moving to the USA and require an expat US mortgage.
Knowing these key features can help to ensure you choose the best US bank suitable to your desired banking needs.
Let’s look at each feature one by one…
Monthly Fees
The best US banks for non-residents have no monthly fees. These fees are often referred to as maintenance fees. And, most banks in the US will charge a fixed amount each month.
However, depending on the bank you choose to open with, these fees can be completely waived if you can meet certain bank requirements.
For instance, most monthly fees can be avoided by holding a minimum account balance. In other words, you avoid being charged a monthly fee if your account balance remains above the required minimum.
If avoiding monthly fees is important to you, take the time to do your research to find the banks with this option.
Account Opening Deposit Required
Like banking almost everywhere, most banks in the US require an initial deposit upon opening an account. And, depending on your client profile and banking needs, the deposit amount can vary dramatically.
For instance, some banks may require an initial deposit between US $100 and $1,000. Whereas other banks may require between US $50,000 and $250,000 to open an account.
Most people don’t know this, but there are even some excellent banking options for non-residents who don’t require any deposit to open an account.
In all cases, it’s important to know what the initial deposit requirements are for a bank before applying. This way, you don’t risk having your application rejected.
Deposit Insurance
Another thing you might want to consider when choosing the right bank for you is one that offers deposit insurance.
This way, you can guarantee your money is insured in the case of a bank failure. Especially, if you’re making a higher deposit.
The best US banks for non-residents will insure your deposit for up to USD 250,000.
Transaction Fees
Many variables can impact where and how you use your US bank account. For instance, many US banks charge foreign transaction fees when sending or receiving money from outside of the US.
But, in our opinion, the best US banks for non-residents are the ones that do not charge any fees on foreign transactions. It’s not common to find, but possible if you know which bank and which particular type of account to open.
Note, that sometimes the fees will only be exempt up to a certain number of transactions. But for most people, this will be sufficient.
So, if you expect to make regular foreign transactions whether to send money back to your home country, for business purposes, or for other reasons, choosing a bank with an allowance for free foreign transactions can save you hundreds of dollars each year.
Type of Accounts Available
The best US banks for non-residents will also offer a variety of account types to choose from.
These include checking, savings, and other accounts such as business bank accounts, multi-currency accounts, and investment accounts.
Note that, not all US banks have all of these options or will offer them to non-residents. For instance, some banks may only allow non-residents to open everyday checking accounts. Whereas some banks may only offer savings accounts to non-residents.
So, depending on your banking needs, it’s important to choose a bank that offers the type of account that you need and where you are eligible to open it.
Remote Opening Option
In most cases, a physical visit to the bank is a requirement to open a US bank account as a non-resident.
But for many foreign non-residents, traveling to the US just to open a bank account can be very time-consuming and costly.
There’s no guarantee that you’ll be able to open an account successfully on the first day. So, you’ll have to plan to spend a few days or a week just for bank visits. Between flights, accommodation, and transportation, this can really add up.
Fortunately, the best US banks for non-residents will enable you to open an account without having to come physically to the bank to start it. It’s not common. But, if you know which bank, branch, and banker to contact, it’s 100% possible to open an account remotely.
Read on to uncover how to find the best US banks for non-residents that offer these features and more.
How to Find the Best Bank in the United States
The features mentioned above should all be taken into consideration when it comes to picking the best US bank for you.
Once you’ve narrowed down your list of the best banks that offer what you’re looking for, the next step is to see which of the banks on the list will accept your client profile. To do so, you need to know which account opening requirements you will need to meet.
Of course, all US banks have different account opening requirements for non-residents and will request different types of documentation.
But to give you an idea of what you will need, here are the general requirements you’ll typically need to meet when opening accounts with the best US banks for non-residents.
Requirements for Opening Non-Resident Accounts With US Banks:
- Completed bank-specific account application
- Two forms of government-issued identification
- Proof of income
- Source of wealth
- Tax identification number (SSN or ITIN)
- Account opening deposit (varies by bank)
- Proof of US address & mailing address
- Proof of US phone number
If you don’t have either a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN), you’ll be very limited in where you can open an account. As it is general practice for US banks to require one of the two.
That said, some US banks will open a US bank account for non-residents without them. But, you really have to know specifically who to contact in order to do so.
Fortunately, we share some insight on how non-residents can do so in our free article Open a US Bank Account Without an SSN or ITIN. So, if you fall into this category, you definitely will want to check that article out.
As mentioned, all banks in the US have different account opening processes, due diligence procedures, and opening requirements for non-residents need to follow.
So, before applying, you must know which requirements you can meet, the documents you can support, and your deposit level. This way, you can identify the best US banks for non-residents that meet your client profile and banking needs.
Now, if you’re already a GlobalBanks USA member and you’re ready to open accounts with the best US banks as a non-resident, you just need to fill out the onboarding form to receive personalized suggestions on which banks to consider in the US. Once you’ve made your selection, you’ll receive one-on-one account opening support and direct introductions to the banks of your choice.
Of course, you can also follow the step-by-step guide in our premium members-only US banking report “US Banking for Non-Residents Foreigners and International Businesses” and start opening yourself right now.
With that in mind, if you’re not a member of GlobalBanks USA, continue to learn how you can start opening accounts with the best US Banks for non-residents today…
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 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!
