If you’re looking to diversify your wealth outside of your home country in a stable currency, a USD bank account might just be what you’re looking for.
While there are many US banks that offer the option to open bank accounts online, this is typically not available to non-resident foreigners. Fortunately, there are a few ways for non-residents to be able to open a USD bank account online.
So if you know what to do and where to go, you can actually open a US bank account without having to fly to the US in person.
- Most foreign non-residents can open USD bank accounts 100% online
- The US is not the only banking jurisdiction that offers USD accounts
- The requirements for non-resident individuals vary depending on the bank
- USD bank accounts can reduce foreign exchange fees
- Deposit amounts vary from bank to bank
Read on for everything you need to know about where to open a USD bank account online, how you can use your account to access US credit cards, and how to get started.
Can You Open a USD Bank Account Online?
Yes, you can open a USD bank account online as a non-resident. But, you need to know which banks offer these types of accounts and whether or not they accept non-residents as clients. Read on to uncover the benefits of USD accounts and where to open a USD bank account online.
But, 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 top banks in the US.
Here’s a look at everything we’ll cover in this article…
Table of Contents:
- Why Should You Open a USD Bank Account Online?
- Open a USD Bank Account Online in the US
- BONUS: Open a USD Bank Account Online in Panama
Why Should You Open a USD Bank Account Online?
There are many reasons why foreign non-residents are interested in opening USD accounts online. Here are some of the main perks that you can access with one.
With an online USD bank account, you can…
- Access a stable currency
- Grow your wealth outside of your home country
- Easily pay suppliers, contractors, & employees in USD
- Have immediate access to USD when traveling
- Hold US dollars instead of more volatiles currencies
- Save money on foreign exchange fees
- Save time & money by opening an account 100% remotely
- And more…
As a foreign non-resident, you might open a USD bank account online because…
- Your family lives in the US
- You frequently travel to the US
- Your business has US operations
- Your foreign company employs US citizens or residents
- You want to invest in the US market
- Your offshore company contracts US suppliers
As you can see, there are many benefits you can unlock as a non-resident when you open a USD account online.
The best part is that you can even open a USD bank account as a foreign non-resident from the comfort of your own home. Meaning that you don’t need to spend money or waste time traveling to open a USD bank account in person.
Not every bank offers this option, so it’s key to know where to go.
Read on as we’ll share where you can open a USD bank account online as a foreign non-resident.
Open a USD Bank Account Online in the US
There are a few different ways to open a USD bank account online. But the most straightforward is to open an account with a US bank that accepts remote opening.
Though banks in the US do have some unique barriers to entry, they are typically more accepting of non-residents, expats, and foreign businesses than many other jurisdictions.
In fact, most non-residents can open USD bank accounts online without needing to provide proof of US ties or US residency.
That said, there are other hurdles that you’ll have to cross in order to be eligible for a US bank account.
To help you get started, we’ll break down the challenges you’ll need to navigate during the account opening process below. But first, so you see why it’s worth the hassle to open a bank account in the US, here are some of the excellent benefits of banking in the US.
Benefits of Opening a USD Bank Account Online in the US
- Highly-reputable banking jurisdiction
- Competitive fee structures
- Deposit insurance up to $250,000 (varies by bank)
- Access to US investment products
- Access to US crypto exchanges
- The ability to establish US credit to access US credit cards & lucrative travel rewards
- And much more…
As you can see, you can unlock several benefits when you open a USD bank account online.
One of the most desirable benefits is the ability to establish US credit history to access US credit cards. This is because US credit cards have the most attractive and profitable rewards in the world.
With a US credit card, you can unlock very lucrative sign-up bonuses and earn rewards for free flights, hotel accommodations, and more.
Of course, which US credit cards you will be eligible for will depend on your client profile. Specifically, your residency, citizenship, and the amount you are able to deposit.
The benefits you’re able to access will also depend on the bank you choose and the type of account that you open.
So, it’s important to first determine the benefits that are most important to you before applying for any bank accounts. That way, you can ensure you’re choosing a bank that matches your banking needs.
Additionally, before applying, you’ll want to also be aware of the common challenges you’re likely to face during the process.
Challenges of Opening a USD Bank Account Online in the US
- Finding a US bank that accepts foreign non-residents
- Finding a US bank that offers online account opening
- Choosing a US bank that offers the products & services you are after
- Not being able to meet account opening requirements
- Being denied due to inaccurate documentation
By far the trickiest part of opening USD accounts online is knowing which bank to open accounts with. If you apply to a bank that doesn’t accept your client profile, you’ll face challenges every step of the way. But with the right bank, the whole process can be much smoother.
So, the key to successfully opening USD bank accounts online is first to do your research to find the best bank to open accounts with. From there, it’s wise to familiarize yourself with the application process, so that you can navigate it with ease.
How to Open a USD Bank Account Online in the US
A big part of finding the best USD bank account to open is knowing what the requirements are to open an account. This helps you to know before applying if you’re even eligible for an account.
The requirements will vary from bank to bank. But, to help give you an idea of what you’ll need, here’s a look at some of the requirements foreign non-residents typically need to meet when applying to open a USD bank account online in the US.
- Completed bank account application
- Two forms of government identification
- Proof of address
- Proof of income & source of wealth
- Initial account opening deposit (varies by bank)
Knowing ahead of time what specific requirements you’ll need to meet to open an account will help save you time and money. It will also significantly reduce your chances of being denied.
This is important because in some cases, once you’ve been denied by a bank, it can be very difficult—if not impossible—to reapply for an account with the same bank.
If you’re interested in learning how you can open a USD bank account online in the US, look no further.
We share everything you need to know about banking in the US as a foreign non-resident. Including the specific client groups that can bank here, the benefits you can unlock, and how to navigate the online account opening process in our premium members-only report “US Banking for Non-Residents, Foreigners, & Int’l Businesses”.
BONUS: Open a USD Bank Account Online in Panama
Another excellent option for non-residents looking to open USD bank accounts online is Panama.
Panama is an accessible banking hub with a stable economy and political environment. And, best of all, Panama uses the US dollar.
Now, despite the bad press Panama received from the Panama Papers, the fact is that banks in Panama are highly reputable. Contrary to common belief, it’s actually rather difficult to open a bank account here. Especially as a non-resident.
This is because not all banks here accept foreign non-resident clients. And, the ones that do, require non-residents to pass through strict due diligence processes.
But, despite the challenges, it is 100% possible for non-residents to open USD bank accounts online. You just have to have the right information, know which Panamanian banks accept non-residents, and understand the requirements your client profile needs to meet.
If you want to learn more about how you can open a USD bank account online in Panama, you’re in luck.
We share everything you need to know about how to successfully open accounts with banks in Panama in our premium members-only report “Panama Offshore Banking: Ultimate Guide to Account Opening”.
This report uncovers which banks accept foreign non-residents, how to navigate the online account opening process, and which banks are best suited to different client groups.
Ready to Start Opening Accounts?
Whether you’re ready to open a USD bank account online in the US today or you’re just starting to explore your options, we can help.
GlobalBanks USA is our dedicated US bank account opening service.
GlobalBanks USA gives you everything you need to start finding and opening US bank accounts for you and your business.
When you join GlobalBanks USA, you receive a dedicated account manager to help you navigate your US account opening options.
Plus, you receive access to our library of premium (members-only) US banking reports. This includes proven account opening strategies, client-specific lists of banks, and successful tactics to make the most of US banking.
Of course, you’ll receive direct introductions to US bankers who are ready to help you navigate the account opening process at top US banks.