Opening a virtual bank account without an SSN might sound like an easy task, but there are both challenges and limitations you’ll need to navigate to be successful.
This may seem odd if you’re coming from overseas, where virtual banking is widely accessible. Unfortunately, in the United States, foreign non-residents without an SSN (or ITIN) might need to consider alternative options instead.
In this article, we’ll share the challenges that you’ll face when opening an online USD bank account without an SSN along with some alternatives you might want to consider.
Feel free to use the table of contents to jump ahead to the sections that are most relevant to you.
Table of Contents
How to Open a Virtual Bank Account Without an SSN
To open a virtual bank account without an SSN, you first need to know which banks offer virtual accounts, are willing to open accounts for foreign non-residents, and have account opening requirements that you can realistically meet.
Of course, your reason for wanting to bank in the United States will also play a role. For example, if you are looking to acquire US property, receive payments from a US employer, or make payments for an international dependent, different banks will almost always be relevant.
Let’s take a look at each of these variables in greater detail.
Which US Banks Offer Virtual Accounts
The vast majority of US banks do not offer virtual accounts to foreign non-resident individuals without an SSN or ITIN. Likewise, obtaining an account with a virtual payment card through e-wallets or app-based platforms is almost exclusively reserved for US residents.
For this reason, the US tends to be a popular choice for foreigners and non-residents seeking traditional brick-and-mortar bank accounts, business accounts, or investment accounts.
On the other hand, there are several virtual banking options for US LLCs and US companies, which are a popular choice for entrepreneurs and business owners looking to quickly open US bank accounts.
Which US Banks Open Accounts for Foreign Non-Residents
While there are very few virtual bank accounts available to foreign non-residents without an SSN, there are certain US banks that foreign non-residents can still open accounts with. In fact, our team helps members of GlobalBanks USA (our dedicated US bank account opening service) successfully open accounts all the time.
Where Can You Meet the Account Opening Requirements
Importantly, foreigners and non-US residents typically face stricter requirements when opening US bank accounts, both in terms of supporting documentation and financial requirements.
For example, while the account opening deposit for a resident individual could be $100 at a given bank, that same bank may require a non-resident without an SSN to deposit between $5,000 and $25,000. And sometimes even more.
Why are the account opening requirements stricter for foreigners, non-residents, and those with limited ties to the US? Because there’s more risk for the bank. Identity verification is more difficult, address verification isn’t as straightforward, and servicing non-resident accounts is often considered riskier from a banking perspective.
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Where to Open a Virtual Account Without an SSN
As mentioned, there are limited options available if you want to open a virtual bank account without an SSN. So, if this is your ultimate goal, we suggest considering one of the following options:
Get an ITIN
Qualifying non-resident (or resident) aliens can obtain a US Individual Taxpayer Identification Number (ITIN). This is a tax processing number similar to an SSN, expect it’s only for people who can’t qualify for an SSN. There are a few ways that foreigners and non-US residents can qualify for an ITIN, which we cover in the advanced banking reports available in GlobalBanks USA.
After obtaining an ITIN, you will be able to apply for many of the same banks and virtual accounts that are available to US citizens. However, there are other local requirements that applicants also need to meet, including address and phone verifications.
Consider Alternatives
If you’re willing to consider alternative banking options, you may find that there are better (and more accessible) options for foreign non-residents available elsewhere. For example, while virtual accounts are rare in the US, the UK and European Union have a wide range of virtual banking options.
On the other hand, if you require US banking (or USD banking) you might find that an account with a brick-and-mortar bank in the US meets your needs and is much easier to open. This, of course, requires you to first find a bank that is willing to entertain your application, analyze the bank’s specific requirements, provide supporting documents, and navigate the account opening and activation process.
How to Choose the Right Banks
To choose the right bank in the United States, you need to know which banks match your client profile, accept clients from your country of citizenship and residency, cater to your source of income and transaction activity, accept the specific types of supporting documents you have, and much more.
That said, in most cases, even when foreigners, non-residents, and companies find US banks that perfectly align with their profile, they still struggle to get answers and successfully open accounts.
Sometimes, banks will stop communicating with the applicant after discovering they live abroad, are a non-resident, or have a foreign company. Other banks will flat-out refuse to accept applications from foreign non-residents, while others will simply reject applications after it is submitted.
That’s why our team makes direct introductions to bankers who handle applications for non-residents (and their companies) every day through GlobalBanks USA. This ensures that the person you’re speaking with both understands your application and is willing to open accounts for clients with your specific profile.
Frequently Asked Questions
Below are two of the most common questions we receive from foreigners looking to open virtual bank accounts in the US without an SSN. If you have further questions, don’t hesitate to get in touch with us directly.
Can I Open a Virtual Account Without a Social Security Number?
It is possible to open a virtual account without a Social Security Number (SSN). However, in most cases, the applicant will be required to have an Individual Taxpayer Identification Number (ITIN). Some may also require applicants to have a valid US visa or meet other requirements.
Can I Open a Business Bank Account Virtually Without an SSN?
Business bank accounts can be opened virtually without an SSN via several US financial institutions. Additionally, there are traditional brick-and-mortar banks in the United States that will open accounts for both US and foreign companies without an SSN.
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking 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 opening US bank accounts.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new US bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
