Are you wondering, “Can a foreigner open a bank account in the US”? Well, the answer is, yes!
In fact, the US is an accessible place for foreigners to open bank accounts and reap a wide range of benefits and advantages that aren’t available in their home countries. We’ll share more below.
That said, there are challenges to opening US bank accounts as a foreigner. And if you don’t know where to apply (only certain banks and branches accept foreigners), which strategies to use to open an account, how to acquire the right documents, or what to watch out for–it can be a costly experience.
If you’d like to get a head start on account opening in the US as a non-resident then download our FREE Non-Resident Banking Starter Guide right now!
The goal of this article is to help foreigners open US bank accounts as fast and as cheaply as possible…
Below, we’ll walk you through the most important considerations that will ultimately determine where you should open a bank account.
We will also share the most important questions that bankers are going to ask you as a foreigner opening a bank account in the US.
And lastly, we’ll share some of the most useful and lucrative benefits that foreigners just like you can tap into in the US. These opportunities are accessible to all foreigners and non-US residents if done right and will earn you thousands of dollars per year in cash bonuses and free flights from the same banks that you’ll be opening accounts at.
This is the step-by-step overview that you’ve been looking for to answer “Can a foreigner open a bank account in the US?” — read on to start the process of opening bank accounts in the US today.
The question of where can a foreigner open a bank account in the US can be broken down into two parts. The first being where can you physically open (city or state) and the second being what types of banks will accept you.
Where can you physically open an account is a location-based question. It is determined by the specific city or states that foreigners are visiting at the time of applying.
Since the city and state where you choose to open will be different for each person, let’s focus on the second consideration. What types of banks that foreigners can open accounts with.
Now, no matter what anyone tells you, every single bank in the US can accept foreigners as clients according to US banking law–but that doesn’t mean they have to.
You see, each bank in the US sets its own internal policies. And those policies dictate the types of customers that the bank is allowed to accept.
Needless to say, it’s important to know which banks actually accept foreigners before wasting time contacting bankers, collecting paperwork, visiting the branch, filling out forms, and going through the application process.
Knowing this one piece of information can save you countless hours and thousands of dollars.
When it comes to opening a bank account as a foreigner, you will likely open an account at one of the larger US retail banks, or “big box” banks–but that doesn’t mean they’re your only option.
In fact, smaller regional banks and credit unions can offer additional benefits like secured credit cards, starter loans, lower fees, or special perks that might not be available elsewhere.
Of course, bigger banks do offer benefits as well, such as larger branch networks across multiple states. And while not true in all instances, most of the bigger banks cater to a wider and more diverse customer base.
Big or small, it’s important to know that not all US banks accept foreigners without an Individual Tax Payer Identification Number (ITIN), a Social Security Number (SSN), or proof of US residential address. It all depends on the bank, branch, and specific banker you are dealing with.
There are other account opening differences that you need to be aware of as well. Some banks won’t accept foreign non-residents, will require local ID numbers, or want special local documentation.
Other banks require an initial deposit of US $10,000 and have very high fees. So choosing the wrong US bank can get very expensive.
But, choosing the right bank can earn you serious benefits, including a US credit card, low-cost USD transactional banking, excellent online banking, solid customer service, a low opening deposit (between US $500 to $1,500), and much more.
Ultimately, foreigners can profit and reap the benefits of the US financial system if they choose the right US banking setup from the beginning.
Like any banking jurisdiction, account opening in the US comes with its own set of challenges. Doing your research beforehand (like reading this article) will go a long way to helping you succeed.
As a foreigner, you need to be prepared to provide the right information. You also need to provide supporting documentation and you should be prepared with the right answers to meet each bank’s unique requirements.
This might mean bringing a mountain of paperwork with you on your next trip. But if that’s what it takes to gain access to the many benefits of the US banking system (more on these below), it’s well worth the trouble.
Now, the big question that you’re trying to answer is “Can a foreigner open a bank account in the US?” And as we’ve already shown you, they definitely can… but now it’s the bank’s turn to ask some questions. And this is where you need to pay attention.
Generally speaking, when a foreigner is interested in opening a bank account in the US, the most important questions that they will be asked include:
After answering these questions and getting through the initial phase of scrutiny, you’ll still be expected to provide all of the necessary supporting information, identification documents, and proof of funds — as you would when opening a bank account anywhere else in the world.
There are many reasons why you, as a foreigner, might want to open a bank account in the US.
Whether you’re wondering “Can a foreigner open a bank account in the US?” because you want a USD savings account, low-cost USD transactional banking, to buy US real estate, access US investment products or anything in between doesn’t really matter.
Ultimately, regardless of your reasons, opening a bank account in the US as a foreigner is a profitable way for anyone to benefit from their banking relationships.
And because there is such a wide range of banking services in the US, you can benefit almost immediately.
The US banking system is the most advanced in the world, and that means that US credit cards, financial services, and banking products offer enormous benefits.
And while everyone’s reasons are different, there are a few benefits that almost all foreigners look for when opening bank accounts in the US, these include…
While the above isn’t an exhaustive list, it will hopefully get your wheels turning. There are many opportunities that come from having a US bank account, this is just the beginning.
More importantly, while you’ve answered the question “Can a foreigner open a bank account in the US?”, you’ve also learned why it can be so valuable.
And all of the benefits and advantages that are listed above are accessible to anyone, from anywhere. In fact, it’s possible to access them by simply opening the right bank account at the right US bank.
To profit the most from your US bank account, you must choose the right bank. That also means you need to know which banking setup is optimal for you.
This is one of the most frequently asked questions that we receive. So, we decided to create the most comprehensive US banking guide for foreigners available EVER.
Our US banking guide not only answers “Can a foreigner open a bank account in the US?” but also gives you all the tools to open US bank accounts yourself.
All US banking reports are accessible right now for all our GlobalBanks Insiders but if you’re not yet a GlobalBanks Insider and would like to learn more about the reports and the benefits you can receive, click through below.
This is the most comprehensive guide that we have ever created.
Here’s what you’ll receive from our US Banking Report…
But, opening a US bank account as a foreigner is only the first step. Doing so will give you access to even more lucrative benefits of the US banking system. So, we also created this…
One of the biggest benefits of opening bank accounts in the US as a foreigner comes after your account is successfully opened.
After you have a US bank account, you can start gaining access to US credit cards which offer the largest (and most attractive) signup bonuses and travel rewards in the world.
These benefits can include thousands of dollars in bonuses each year (or around six free international round trips!), and much more.
All of these benefits are accessible to anyone who has the right information, follows the right strategies, and the right Insider knowledge.
Here’s what you’ll receive from our US Credit Card Report…
Both of these reports, the US banking report and US credit card report, are included for FREE when you join our premium flagship service, GlobalBanks Insider.
The benefits that you will receive from these two reports alone are worth over $2,000, or 10x the price of the membership.
That’s a 1,000% return if you only received these two reports.
But when you join GlobalBanks, you also get instant access to our entire archive of Banking Intelligence Reports including proven strategies for opening accounts, contact information for specific banks and bankers, details on bank preferences and sensitivities, customer case studies, and information on what not to do.
You will also get access to the GlobalBanks Database which includes easy-to-digest bank profiles, analyst insights, account opening contacts, and unique opportunities for the top banks in over 50 countries.
Plus, you’ll get real-time analyst support through chat and email, and get answers to your most pressing banking questions.
GlobalBanks Insider is the most comprehensive international banking resource you’ll find anywhere. Click through below to learn more…