Opening a USD bank account online is possible if you know how to successfully navigate opening as a foreign and non-resident applicant, even if you can’t meet strict US onboarding demands like a US SSN or ITIN, US address, or US phone number.
Of course, finding a US bank that accepts non-resident individuals remotely is challenging. However, if you can overcome the challenge of finding an acceptable bank, then you can open a bank account in the US as a foreigner.
You need to what to do, where to go, and who to contact to successfully open a USD bank account without having to physically visit the USA.
KEY TAKEAWAYS
- Most non-resident individuals are eligible to open USD accounts online
- The US is not the only banking jurisdiction that offers accounts in the US dollar
- The requirements for non-resident individuals vary depending on the bank
- US dollar accounts reduce foreign exchange fees (for certain clients)
- Deposits vary from bank to bank
We cover everything you need to know about where to open a US dollar bank account online, how to use your account to access US credit cards, and how to get started applying for accounts 100% remotely in this article.
Use the table of contents to continue exploring more information on how to open a USD bank account online.
Table of Contents
- Can You Open a USD Bank Account Online?
- Why Should You Open a USD Account Remotely?
- Is It Possible to Open USD Bank Accounts Online in the US?
- How Do You Open Accounts in the US Remotely?
- BONUS: Are USD Accounts Available in Panama?
- Frequently Asked USA Banking Questions
- Do You Want Help Opening US Bank Accounts?
Can You Open a USD Bank Account Online?
Yes, you can open a USD bank account online as a non-resident as long as you know which financial institutions offer these types of accounts and whether or not they accept your specific client profile.
We’re going to explain why non-resident individuals are interested in opening USD accounts remotely, where USD accounts are accessible, and what to expect when applying for a US dollar bank account online as a non-resident.
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Why Should You Open a USD Account Remotely?
There are many reasons why non-resident individuals are interested in opening USD accounts remotely. We share these reasons below, but first, let’s look at the perks opening USD accounts has to offer.
Perks of Opening a US Dollar Account Remotely
- Access a stable currency
- Grow your wealth outside of your home country
- Easily pay suppliers, contractors, & employees in US dollars
- Have immediate access to the US dollar when traveling
- Hold US dollars instead of more volatiles currencies
- Save money on foreign currency exchange fees
- Save time & money by opening accounts remotely
Listed below are the six common reasons why non-resident individuals choose to open a US dollar bank account remotely instead of in person.
Reasons to Open US Dollar Accounts Remotely
- Your family lives in the US
- You frequently travel to the US
- Your business has US operations
- Your foreign small business employs US citizens or residents
- You want to invest in the US market
- Your offshore company contracts US suppliers
There are many perks to opening USD accounts remotely, including the option to apply for an account from the comfort of your own home.
It’s important to note that not every bank offers this option and it sometimes depends on your client profile. More specifically, your citizenship, residency, banking needs, and deposit level.
Continue reading as we share where non-resident individuals need to look to successfully unlock USD accounts remotely.
Is It Possible to Open USD Bank Accounts Online in the US?
Yes, it is 100% possible to open a USD bank account online in the US as long as you choose the right bank, meet the opening requirements, and have a suitable profile.
We share exactly how to apply for a US dollar bank account remotely below, but first, let’s dive into the benefits of banking in the United States.
Benefits of Banking in the United States
- Highly-reputable banking jurisdiction
- Cost-efficient
- 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
There are several advantages to banking in the USA as a non-resident. The exact benefits available to you depend on your client profile, banking needs, and ultimately the bank you choose to apply to.
One of the most desirable perks 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.
US credit cards offer very lucrative sign-up bonuses and the chance to earn rewards for free flights, hotel accommodations, and much more. The US credit cards available to you, however, depend on your client profile.
Before applying, it’s important to first determine the benefits most important to you. This way, you ensure you’re choosing a bank that matches your banking needs and financial goals.
Additionally, you also want to be aware of the common challenges you’re likely to face during the remote opening process. We share five of these challenges below.
Challenges of Opening US Accounts Remotely
- Finding a US bank that accepts non-resident clients
- Finding a US bank that offers remote opening
- Choosing a US bank that offers the banking products & services you are after
- Not being able to meet remote opening requirements
- Being denied due to inaccurate documentation
The trickiest part of remote opening is knowing which bank is best suited for you and your financial goals.
Applying to a bank that doesn’t accept your client profile results in facing challenges every step of the way. Applying to the right bank, however, is much more of a smoother process.
We explain in more detail below how to successfully open a US dollar account remotely in the US as a non-resident, including the opening requirements you need to expect.
How Do You Open Accounts in the US Remotely?
Opening US accounts remotely involves careful consideration and preparation. Understanding the requirements and documents your specific client profile needs to meet and submit before starting the application process is important.
The onboarding procedures vary from bank to bank, however, to help give you an idea of what to expect, here’s a look at the five common opening requirements non-resident individuals need to meet when opening an account in the US.
US Account Opening Requirements
- Completed application
- Two forms of government identification
- Proof of address
- Proof of income & source of wealth
- Qualifying deposit (varies by bank)
Knowing the exact requirements your client profile needs to meet saves you time and money and it also reduces your chances of being rejected.
This is important because in some cases if the bank denies your application, it is very difficult—if not impossible—to reapply for an account with the same bank.
Are you interested in learning how to apply for a US bank account today from the comfort of your home? Look no further.
We share everything you need to know about personal banking in the USA as a foreign non-resident. This includes the specific client groups that are eligible to bank here, the advantages to look for, and how to navigate the process of opening an account remotely in our premium members-only report “US Banking for Non-Residents, Foreigners, & Int’l Businesses”.
Access this report immediately when you join GlobalBanks USA.
BONUS: Are USD Accounts Available in Panama?
Yes, USD bank accounts are available in Panama. Panama, in fact, is another excellent banking option for non-resident individuals looking to open a US-dollar bank account.
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 banking in Panama is highly reputable. Contrary to common belief, it’s rather difficult for non-resident individuals to apply for accounts here.
This is because not all financial institutions here accept foreign non-resident clients. The ones that do, however, require non-resident individuals to pass through strict due diligence processes.
Despite the challenges, it is 100% possible for non-resident individuals to open a US-dollar bank account remotely in Panama. You just have to have the right information, know which Panamanian banks accept your profile, and understand the requirements you need to meet.
Learn more about how to start opening USD accounts 100% remotely in Panama by accessing our premium members-only report “Panama Offshore Banking: Ultimate Guide to Account Opening”.
We share everything you need to know about banking in Panama, including which financial institutions accept non-resident clients, how to navigate the process of opening an international account remotely, and which financial institutions are best suited to different client groups.
Frequently Asked USA Banking Questions
Below are two of the most common questions we receive from people exploring how to open a USD bank account online. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can I Open a US Bank Account Remotely?
Yes, you can open a US bank account remotely as long as you choose the right bank, meet the bank’s opening requirements, and have a suitable client profile. It’s important to note that not all US financial institutions offer remote opening. This is why bank selection is an important factor to consider when choosing where to apply for a US bank account.
Where Can I Open a US Dollar Bank Account?
Most non-resident individuals can open a USD bank account in the US and sometimes, in Panama. The exact financial institutions available to you, as an expat, non-resident, or foreigner, depend on your citizenship, residency, deposit level, banking needs, and much more. It’s important to choose financial institutions that accept similar client types, match your banking needs, and offer the banking services you need.
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!
