You might have migrated to the United States to work or even study. For you to have a regular life like every other person out there, you will need to have a U.S. bank account that you can use to carry out your daily transactions as well as build a credit score for yourself. If you are wondering How To Open a USA Bank Account as a non-US citizen, make sure you read this entire guide to the end as I will be revealing some important things you need to know regarding how to open a US bank account as a non-citizen.
Bank accounts have proven to be a must-have for anyone who intends to live in the United. this account serves as a tool that can help you have financial security. Gone are the days when keeping money at home in the safe was a reliable way of saving money for everyday use. With the type of cutting-edge technologies being introduced by banks and financial institutions out there, you can easily carry millions of dollars in your pocket using ATM cards and mobile phones that are compatible with running the apps for these banks.
As someone living in the U.S., social security number is quite a challenge to have since you’re not a citizen of the country and this SSN is one of the prerequisites demanded by banks if you want to open a bank account. Without a Social Security Number, you will likely face a lot of challenges when it comes to performing financial activities.
The good news about everything is that you don’t have to worry anymore as this guide will provide you with the solution you’ve been looking for on how to open a bank account as a non-U.S. citizen living in the country. With this solution, you can easily open either a checking account or a savings account depending on what you intend to use the account for.
So the big question still remains “How Do I Open a USA Bank Account as a Non-US Citizen”
What Are the Chances Of Opening a U.S. Bank Account as a Non-U.S Citizen?
The first question most newcomers in the U.S. usually ask is “Can a foreigner open a bank account in the U.S.?”. As I have mentioned earlier, the answer is YES!. However, the entire process of opening a U.S. bank account as a non-U.S. citizen can be cumbersome and complex when compared to that of a U.S. citizen opening an account. Since the possibility is 100 percent, I guess it is worth the shot.
Before I go straight to how you can go about opening your U.S. bank account as a non-citizen, let me discuss some important things so you can have a vivid understanding of the entire process and the challenges you may encounter. One of the first things you need to be aware of is the challenge of legal status which is one of the requirements.
When you have the intention of opening a traditional checking or savings account, you’re expected to have a valid U.S. visa or permanent residency permit. I believe you must have that by now that is why you picked the interest of opening a U.S bank account as a non-citizen of the country. Most financial institution makes this a prerequisite in other to make sure that the account holder has the legal right to be in the United State. However, being a non-U.S. citizen or without a permanent residency, you can still go ahead to open your account. The only challenge with that is the fact that the account will not work to its full potential and you may likely miss some of the interesting things that come with having an upgraded U.S. bank account. The account will have some limitations while requiring you to submit some extra forms of documentation. Some of the financial institutions will even invite you for a one-on-one interview, and request you to provide proof of your current address or even evidence that you have friends or relatives currently living in the country. When the bank has all of that information and verifies it, they may likely send important notices and correspondence to the people who know you in person.
What Are The Documents Required To Open a U.S Bank Account As a Non-Citizen Of the United States Of America?
For you to open a U.S. bank account as a non-citizen of the country, the bank or credit union will need to have a better understanding of who you are as a person. This is not personal or a form of profiling, they do all of this to ensure that they are opening an account for the right person and for the right reason. This entire process is part of the U.S. government’s customer identification program that is put in place to set a standard for how financial institutions in the country confirm their customer identities. If it’s your first time of passing through this process, it can be frustrating and annoying at the same time, but I bet you, it’s worth your time.
The verification process for customer identity varies based on the bank you’re working with. However, there are standard documents that a financial institution is required to get from you.
Below are some of the major documents
- Photo ID
- Proof of address
- Initial deposit
- Individual Taxpayer Identification Number (ITIN)
Photo ID
This photo I.D. should be a valid means of identification that has your name, and date of birth that includes an unexpired passport, an alien registration card, and a foreign driver’s license.
Proof of address
You can use documents like a recent utility bill, a formal letter with your name and address, or an employer paycheck that can serve as proof of your current address.
Initial deposit
Most of the banks in the U.S. require you to make an initial deposit when opening an account. These banks require you to make an initial deposit of $25 when you’re opening an account. However, the initial deposit is not mandatory because some of the banks may not require that.
Individual Taxpayer Identification Number (ITIN)
It is believed that you’re paying taxes already. This TIN that you supply to the bank will be used for supplying information to the IRS for tax-reporting purposes. I believe by now you’ll be saying, “Why the hell do I have to pass through all this tedious process” Right? You might be thinking of other alternatives such as online accounts. The truth is, opening a bank account online usually doesn’t work well when you don’t have a Social Security number. The reason is that this number helps financial institutions easily identify the person opening the account. So the only solution is for you to drive to any of the branches of these traditional banks to open an account.
Are there Alternative Documentations That Can Be Used By a Non-U.S Citizen Who Intents To Open a U.S. Bank Account?
If you’re facing the challenge that comes with opening a U.S. bank account without an SSN, then you can also consider looking at using these alternative documents to prove and verify your identity. These documents are
- A passport number and country of issuance
- An alien identification number
- Visa or other U.S. immigration documents
- Driver’s license with photo
- School ID with photo
- U.S. Employment Authorization Card with photo.
Non-U.S. citizens can apply for an ITIN, which is one of the most commonly used alternative forms of identification.
How To Go About Getting an ITIN In the U.S as a Non-U.S Citizen
If you don’t have an ITIN as a non-U.S. citizen, you can apply for one through the IRS. Once you get your own ITIN you can easily file your taxes. this doesn’t mean that you have gotten an automatic pass to work in the U.S. You can use it for tax reporting purposes. Want to do that now? Fill in the Form W-7. Once you’re done with filling out Form W-7, you can forward the form with your means of identity and foreign status to the mail below:
Internal Revenue Service
Austin Service Center
ITIN Operation
P.O. Box 149342
Austin, TX 78714-9342
For any reason, if you are unable to use the mailing process, you can take the form to an IRS-authorized certifying acceptance agent. Once all of that is done, the IRS will send your ITIN through the mail. One thing you need to be aware of is that the process is usually slow. This is why you’ll need to make for like 7 weeks or even more before you get the approval notice.
What Are The Benefits Of Opening a U.S Bank Account as a Non-U.S Citizen?
Having a U.S bank account as a non-citizen comes with several benefits which are:
- Lower fees
- Extra protection
- Saving for the future
- Build a good credit
Conclusion
If you don’t have a bank account, you can take your time and do research on some of the banks in the United States and pick the one that fits your financial needs. This entire process might look hectic but can be easy if you follow the instructions highlighted in this guide. Just make sure you have all documentation ready and visit any branch of your choice to begin the account opening process.
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