As one of the world’s largest economies, the United States is an attractive hub for entrepreneurs and investors. However, for non-residents, opening a bank account in the US requires specific documentation and procedures. For those engaged in e-commerce, freelancing, or investing, having a US bank account offers easier transactions and improved financial credibility.
Benefits of Opening a US Bank Account as a Non-Resident
-
Prestige in international trade: Conducting business via a US bank builds trust.
-
Easier payments: Lower fees for domestic US transfers.
-
E-commerce integration: Faster payouts from platforms like Amazon and Shopify.
-
Investment opportunities: Direct access to US markets.
Account Types
-
Checking Account: For daily transactions and receiving payments.
-
Savings Account: For savings with interest earnings.
-
Business Account: Required for company operations.
Required Documents
Commonly requested documents include:
-
Valid passport
-
Secondary ID (driver’s license or national ID)
-
US address or registered agent address
-
Company incorporation documents (for business accounts)
-
EIN from the IRS (for businesses)
-
Some banks may request an ITIN (Individual Taxpayer Identification Number)
Ways to Open an Account
1. Visiting the US
The most reliable method. Visit the chosen bank with your documents; the process is often completed the same day.
2. Online
Some banks and fintech companies (Wise, Mercury, Payoneer) accept online applications. Not all banks offer this option.
3. Through International Banking Partnerships
Global banks like HSBC and Citibank may help you open a US account via an existing account in another country.
Step-by-Step Process
-
Choose your bank (Bank of America, Chase, Wells Fargo, Citi, etc.)
-
Prepare the required documents.
-
Complete the application form.
-
Go through identity verification.
-
Make the initial deposit.
-
Activate your online banking.
Tips for Non-Residents
-
Consider fintech solutions like Wise and Mercury.
-
Prepare English translations of documents.
-
Check in advance if the bank serves foreign clients.
-
For business accounts, ensure you have your EIN ready.
Potential Challenges
-
Some banks do not open accounts for non-residents.
-
High minimum balance requirements.
-
Lack of ITIN or SSN may delay the process.