Most people are unaware of the powerful benefits a US bank account for non-residents can offer, whether you’re looking for basic personal banking through a USD account or business banking for a US LLC.
The fact is, that US banks and financial service providers are affordable and easy to access banking options for international clients from around the world.
In this article, we help you explore non-resident banking in the United States, and decide if this overlooked banking haven could benefit you too.
KEY TAKEAWAYS
- Non-residents can open US bank accounts 100% remotely
- Choosing the wrong US bank can lead to many account-opening challenges
- Non-residents can access lucrative US credit cards
- Account opening requirements can be challenging to meet as a non-resident
Before diving in any further, if this is your first time visiting GlobalBanks, don’t forget to download your FREE US Banking Starter Guide. It’s designed to help non-residents with opening bank accounts at top financial institutions in the US.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Can a Non-Resident Open a US Personal Bank Account?
- Can Non-Resident Foreigners Open a US Account Remotely?
- What Are the Benefits of US Bank Accounts for Non-Residents?
- What Are the Challenges of Opening US Bank Accounts for Non-Residents?
- Can a Non-Resident Company Open a US Bank Account?
- How to Open a US Bank Account for Non-Residents
- Do You Want Help Opening Bank Accounts?
Can a Non-Resident Open a US Personal Bank Account?
US bank accounts for non-residents are 100% possible to open. In fact, non-residents can even open US bank accounts remotely. This includes foreign non-resident individuals, US companies, and foreign companies. But, without the right information, most non-residents end up being denied. So, it’s important to be prepared before applying for an account.
In this article, we’re going to help you open a bank account in the US. We’ll share who can open accounts, the challenges, and some of the lesser-known benefits that come with banking in the US as a non-resident.
Of course, you do need to know which banks will actually accept you, which branches accept non-residents, how to avoid application-ending mistakes, and what to do if you run into a banker who tells you they can’t open an account as a non-resident.
Plus, the process of opening US bank accounts for non-residents can be time-consuming. And, if you go about it the wrong way it can be very expensive. That’s why our team of experts has identified all of the non-resident banking options in the US, to save you time, frustration, and money.
In fact, if you’re a GlobalBanks USA member, you can start opening US bank accounts remotely right now at real, brick-and-mortar banks without ever visiting the United States. If you’re not a GlobalBanks USA member, keep reading to learn how you can start opening US bank accounts for non-residents on your own.
Can Non-Resident Foreigners Open a US Account Remotely?
Although most banks in the US require you to show up in person for account opening, there are certain banks that will allow non-residents to open an online bank account remotely.
Of course, if you’re planning on physically traveling to the US and visiting the bank in person, the number of US banking options available to you will increase.
That said, a visit to the US is not required.
Important Note: You can start opening a US bank account for yourself (or your business) today 100% remotely, without an ITIN or SSN, from the comfort of your home.
To get started, you just need to join GlobalBanks USA. After you join, our team will assess your case, present all of the available banks for you to consider, and help you navigate the account opening process along with a direct introduction to an account opening representative at the bank of your choosing.
We designed GlobalBanks USA to be the most comprehensive, streamlined, and affordable US bank account opening solution available.
Who Can Open an Online Bank Account in the USA?
When it comes to banking in the USA, several non-resident customer groups can open accounts.
Who Can Open a US Bank Account as a Non-Resident:
- Foreign individuals (with or without an ITIN or SSN)
- US citizens living outside the US
- US companies with no US operations
- Foreign companies with no US operations
- Offshore companies with no US operations
As you can see, many types of non-residents can open a bank account here as a non-resident. But, knowing where to start and which banks to approach isn’t easy.
And, the fact that there are countless articles on the internet telling you non-resident account opening in the USA is impossible doesn’t help. But, most of these articles are totally inaccurate, written by sources that don’t specialize in banking and aren’t well-versed with non-resident banking options.
Of course, there’s always a chance that a bank may not accept you. Typically, this is because the applicant contacted the wrong bank, chose a bank that doesn’t match their profile, provided incomplete or incorrect documentation, didn’t understand the bank’s specific requirements, or made another completely avoidable mistake.
In most cases, US accounts can be opened by all types of non-residents as long as they contact the right banks, have the right information and know-how to successfully apply for accounts.
So, with that in mind, let’s explore the specific benefits and advantages of opening a US account as a non-resident.
What Are the Benefits of US Bank Accounts for Non-Residents?
If you fall into one of the categories above, you have a chance of opening a US account. And, you might be wondering what the benefits of US bank accounts are for non-residents.
Well, whether you want to open a USD account, low-cost US payment processing, access to US marketplaces, US brokerages or investment products, or just want to acquire a US credit card to earn travel rewards, banking in the US as a non-resident does have its perks.
So, let’s take a look at some of the benefits US bank accounts offer non-residents:
- Low-cost USD account with low fees and low minimum deposit requirements
- Build US credit history, access US credit cards & travel rewards
- Low-cost payment processors & other financial service providers (Stripe, Paypal, etc.)
- Access to US marketplaces and related services that require a US account for payment, payout, or membership (e.g. Amazon, Apple, Google Ads, etc.)
- Access to the US banking system without being a US taxpayer
- Access to US investment & brokerage products
- Send and receive payments to and from US customers and vendors
- Low (or fee-free) international withdrawals at ATMs
- Access to US crypto exchanges
- Establish US credit to access premium credit cards & low-interest mortgages
- Credible & safe banking system
- Strong online banking platforms
- Privacy, since the US is a non-CRS country
- $250,000 deposit guarantee
As you can see, there are many benefits that non-residents can unlock when they open a bank account here.
In fact, one of the top benefits that is worth reiterating is this: US credit cards. US credit cards are sought after because they have the most attractive and profitable rewards in the world. And, non-US residents can access them if they have the right information.
If you‘re interested in learning more about US credit cards, you can read our article dedicated to US credit cards by clicking here. Or, you can uncover the step-by-step instructions on how to unlock the benefits of US credit cards in our premium report “US Credit Card Opportunities & Strategies For Foreigners and Non-Residents” when you join GlobalBanks USA.
For now, let’s look at the US bank account opening challenges and pitfalls non-residents frequently face and need to overcome.
What are the Challenges of Opening US Bank Accounts for Non-Residents?
It’s true, a non-resident can open a US bank account. However, there are some major stumbling blocks that consistently trip up non-residents and ruin applications.
Knowing where the biggest challenges are and what the most common mistakes are before applying is extremely important. You can increase your likelihood of account opening success, save time, and avoid application-killing mistakes.
Challenges of Opening US bank accounts for non-residents:
- Strict account opening document requirements
- SSNs & ITINs can sometimes be required
- Providing the wrong proof of address (or address type)
- In-person bank account opening
- Frequent bank account opening application denials
- Service providers overcharging for single bank applications
- Local phone number for verification & activation
Let’s explore these challenges in further detail:
1. Strict Account Opening Document Requirements
When it comes to opening an account for non-residents, US banks have strict account opening document requirements. From an intense identification process to an overload of paperwork, opening a US bank account for non-residents can be overwhelming and time-consuming. That’s why it’s important to open with US banks that are familiar with non-resident clients, understand foreign documents, and (if possible) accept foreign language documents as well.
2. SSN & ITIN Required
Opening a US bank account for non-residents without an SSN or ITIN is a common stumbling block. In fact, not all US banks and branches will open a bank account for a non-resident without an SSN or ITIN. So, account opening can be difficult if you don’t know what you’re doing or which banks accept non-residents without SSNs or ITINs. That means bank selection is critical and knowing how to open accounts without an ITIN is important.
3. Providing the Wrong Proof of Address (or Type of Address)
Providing proof of a US address is a bank-specific requirement when opening a US bank account for non-residents. Again, the specific type of proof required and supporting documents that are acceptable may vary from bank to bank. But, US banks are very particular about having a US address. In fact, some US banks will reject virtual office and mail forwarding addresses, while others happily accept them.
4. In-Person Bank Account Opening
While physical presence is not required at all US banks, many banks do have strict requirements about showing up in person to open an account or verify your identity. In fact, if your account becomes locked or frozen, some banks may require you to show up in person to unlock your bank account. That said, there are usually ways to avoid this.
5. Frequent Bank Account Opening Denials
US banks are not afraid to deny an application. Especially non-residents. If information is missing, your identity can’t be verified, or if something is submitted incorrectly, you may be denied. And, banks won’t even take a second look at your application. For this reason, it’s important to be prepared with the right documents, ensure you’re providing the proper information and nothing is missing – the first time.
6. Service Providers Overcharging for a Single Bank Application
Many service providers overcharge for bank introductions and only provide you with one banking option. This is problematic as most non-US applicants cannot require a different approach to bank selection and different account opening strategies. In other words, you need to know which bank matches your specific client profile. On the other hand, GlobalBanks USA gives you everything you need to start finding and opening US bank accounts on day one, with a wide range of US banking options for you or your business.
7. Local Phone Number for Verification and Activation
Some US banks require not only a US address but also a US phone number. You may need this number to activate your account, verify your identity, or use the account. In some cases, without a US phone number, you can’t access online banking, unlock frozen accounts, or even confirm transfers. And, this can be a major stumbling block for non-US residents.
Needless to say, there are challenges to overcome when opening a US bank account for non-residents. Of course, these obstacles will vary depending on your banking needs, profile, and where you decide to open accounts.
With this in mind, let’s take a look at whether or not a non-resident company can open a US bank account.
Can a Non-Resident Company Open a US Bank Account?
For reference, a non-resident company can be either a domestic or a foreign company, so long as it does not operate locally. In other words, a US LLC that does not operate in the US is a non-resident company. Similarly, a foreign company that does not operate in the US is a non-resident company.
In many countries, opening bank accounts for a non-resident company is nearly impossible. But, in the US, it is still an option. As long as you know which banks to approach.
So, the simple answer is yes, a non-resident company can open a US business bank account. In fact, even foreign and offshore companies can open US business bank accounts with the right information.
Of course, like opening a personal account, you need to provide supporting documents when opening a US business bank account for a non-resident company. Again, these documents vary from bank to bank and some are more difficult document requirements than others.
The following is a list of several documents that the bank may request from non-resident companies when opening accounts:
- Proof of business address
- Proof of US address
- Government-issued ID (passport)
- Articles of Incorporation/ Association
- Business Number & License
Of course, this is not a complete list. For that, you need to know which specific bank you want to open with and what type of company you have. You also need to consider the country of registration of your company and the particulars of the directors and shareholders. These factors and more will ultimately determine which documents you will need to provide when opening US business bank accounts for a non-resident company.
How to Open a US Bank Account for Non-Residents
Like other countries, account opening in the US isn’t an easy process for non-residents. But, it’s still possible. With that said, if you think a US bank account is the right fit for you, this is what you’ll need to open a US bank account as a non-resident:
What You Need to Open a US Bank Account for Non-Residents:
- Choose a bank that accepts non-residents
- Choose a bank that allows remote opening
- Passport
- Proof of US address & mailing address
- US phone number
- Minimum deposit
- Tax Identification Number (US or foreign)
It’s important to note that most non-residents don’t have either an SSN or ITIN, which some banks require in order to open a US bank account.
However, SSNs and ITINs aren’t always a requirement. So, if you know which banks, branches, and bankers to contact you won’t have to provide them.
In fact, if you’re interested in learning more about this topic, you can check out our article Open a US Bank Account Without an SSN or ITIN for more information.
Of course, the specific requirements listed above may differ from bank to bank. And, some banks may in fact refuse non-residents altogether.
More specifically, you need to identify which banks and branches actually accept non-residents, analyze their opening requirements, and identify specifically what their account opening (and activation) process entails. This includes the specific documents, identity, and address requirements -but also the particular challenges and quirks you’ll face before and after applying.
If you’re already a member of GlobalBanks USA and you’re interested in opening a US bank account for non-residents, you can fill out an onboarding form to receive personalized suggestions on which banks to consider in the US. Then, 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 instructions in our premium US Banking report “US Banking for Non-Residents Foreigners and International Businesses” and start opening for yourself right now.
If you’re not already a member of GlobalBanks USA, continue reading to learn how you can start opening US bank accounts 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!
