Can a Foreigner Open a Bank Account in the U.S.?

Can a foreigner open a bank account in the U.S.? The short answer is yes! Having a U.S. bank account as a foreigner lets you make payments and avoid international transaction fees. It also makes accessing money, paying bills, and applying for loans easier. 

But, there’s a lot more you must know, which this article covers in depth. Keep reading to learn what documents you need to have a U.S. bank account as a foreigner.

How To Open a Bank Account in the U.S. as a Foreigner

Here’s a simple breakdown of opening a bank account in the U.S. as a foreigner:

1. Apply for an individual tax identification number (ITIN): Banks will ask you for your ITIN when opening a bank account. 
2. Research about banks: Banks in the U.S. have different policies for monthly fees and minimum branch requirements. Their branch and ATM locations vary and offer different features. Moreover, some banks may already have programs that make it easier for foreigners to open accounts. You must research these differences and pick the best one that meets all your requirements.
3. Get your documents ready: These financial institutions will ask you for multiple documents to verify your identity and address. You must ensure these documents are in English, the official language of the U.S. If they aren’t in English, you must translate financial documents.
4. Go to the bank: After you have the necessary documents, go to your chosen bank. You’ll need to complete an application form, which asks for your details and documents. Provide the necessary information and submit the form. 
5. Deposit the minimum amount: Banks will ask you to deposit the minimum balance you need to maintain in your account. When you deposit this amount, the financial institution will activate your account.

Once your account is active, you’ll receive the accounting number and debit card to access your money.

What Does a Foreigner Need To Open a Bank Account in the U.S.?

Here are all the things you need as a foreigner to open a bank account in the U.S.

Documents Needed To Open a Bank Account in the U.S.

Make sure you have the following documents to ensure you have a smooth experience while opening a bank account:

Proof of address:

• A utility bill containing your name and current address that’s not more than 60 days old
• Rental or lease agreement
• Government photo ID
• A letter with your name and address
• Employer’s paycheck or pay stub

ID:

• A foreign passport with your photo and with or without your visa
• Border crossing card
• Permanent Residence Card
• A driver’s license with your photo

If your passport is in a language other than English, you need to use a passport translation service.

Alternative ID Options for U.S. Bank Account Opening

If you don’t have the above documents to verify your ID, you can use the following alternative options:

• Mastercard or Visa debit or credit card
• A retail credit card from a popular organization
• Passport number and the country that issued this document
• Your school ID with your photo
• Visa or other immigration documents
• Alien Registration Number
• A Mexican voter registration card that includes your photo

Ask the bank if you have to use certified translation services before submitting your documents.

Can Immigrants Open a U.S. Bank Account Without an SSN?

Yes, you can open your U.S. bank account without a social security number (SSN). You must apply for an ITIN with the Internal Revenue Service (IRS). Fill out the Form W-7 and submit it online or visit any IRS office. 

Another option is to approach an acceptance agent who will complete your Form W-7 and submit it to the IRS. As usual, use a document translation service if your records are in another language.

Banks and Credit Unions That Accept Alternative IDs

Here is a list of all the banks that accept alternative IDs in the U.S.:

• Bank of America
• Chase
• Citibank
• PNC Bank
• Santander Bank
• Wells Fargo

You can also approach these credit unions if you have an alternative ID:

• DC Credit Union
• Hope Credit Union
• Juntos Avanzamos credit unions
• MERCO Credit Union

Always check if you can open an account with a bank or credit union before submitting your application. Furthermore, use birth certificate translation services if your birth certificate is in a foreign language.

Why You Should Open a U.S. Bank Account: Key Benefits

Opening a U.S. bank account is a wonderful idea, especially for a foreigner, because of the following benefits:

• Access your money quickly: With a U.S. bank account, it’s straightforward to access your money. You can use your card to make payments and withdraw money from ATMs. Moreover, you can use digital wallets and online banking services without issues.
• Receive payments: You can receive payments directly from your bank account. There are no additional steps or hoops you have to jump through to get your money.
• Reduces the fees: You no longer have to worry about various fees you need to pay for every transaction and withdrawal you make. 
• Build your credit history: When you use your U.S. bank account, you are building your banking history. This is handy when you want to apply for financing to make large purchases in the country.

How can a foreigner open a bank account in the U.S.? Well, now you have the answer and know what to do.

When opening a bank account in the U.S. for non-residents, you need various documents to verify your identity and address. For example, you may have to submit your passport as part of this process. You’ll need to translate it if it’s in a foreign language.

Rapid Translate offers all types of translation services, including immigration translation services. Our experts can easily translate over 60 languages into English and vice versa. We only work with certified translators to ensure every translation is accurate, word-for-word. Moreover, we also provide same-day translation services.

FAQs

If you have any questions regarding opening bank accounts as a non-resident or foreigner, check out the following section.