How to Open a US Bank Account as a Non-USA Citizen?
Now we are presenting here the process “How to Open a US Bank Account as a Non-USA Citizen”.
To open a bank account in the USA is so tuff for nonresident i.e. Non-USA citizen. Frequent travelers to the USA, businessmen, Overseas students.
Opening a bank account in the USA as a foreigner may be a bit difficult to do particularly within us – laws were tightened because of varied concealment and therefore the needs became additionally advanced. Opening a bank account in the U.S. is quite difficult, mainly because of tough laws to prevent money laundering. However fret not, opening a USA bank account as a foreigner still possible with preparation, correct documentation and to a small degree the little bit of patience.
If you want to make the move to work, to study or simply to pursue the American dream, at some point you’re going to need a bank account.
What can you do if you have a US Bank Account?
- US bank accounts basically earn more interest.
- Shopping or getting paid online is a lot easier with a US bank account.
- With a US Bank Account, you can access your money freely and avoid huge international fees while you’re in the US.
- If you work with a US company, then you won’t have trouble getting your salary being directly deposited into your account.
The Requirements In opening an account in USA?
It is mentionable here that not all banks have the same set of documents requirements, it sometimes varies depending on which state you are residing/moving to. We mentioned below the common requirements by most banks:
- Your passport for your identity
- Proof of Address or where you live (such as billing statement/utility bill)
- Debit/Credit Card from your country
- Social Security Number (here’s a tutorial on how to obtain an SSN as a noncitizen)
- Initial Deposit
Other supporting documents to open a USA Bank account:
- Immigration Documents
- Bank statement from your local bank
- Credit history report
- Secondary identification card such as driver’s license, work visa or student ID ( if you are a student).
- Certification of employment from your US employer(If you are a worker or employee)
- Enrollment Form (if you’re a student)
Requirements For Corporate / Business Account
- Proof of Address (such as billing statement/utility bill)
- Passport + Secondary ID
- Articles of incorporation/ organization
- Employer Identification Number
- Legit business address
- Initial Deposit
- Expected Cash Flow Figures
The procedure of Account Opening in USA:
After taking the above documents and initial deposit amount you have to go to a bank branch where you intend to open your account. The bank official may take some interview to justify your submitting documents.
As a non-resident Can I open a U.S. bank account online?
As a non-resident, your online application will probably be refused, for two reasons. If you’re already residing in the U.S., you can open a bank account either in branch or online.
Due to you’re new to the country, you’ll have no or a very limited credit history. This makes it difficult for the bank to verify your identity, which is a legal requirement.
Wells Fargo, Capital One, Bank of America, JP Morgan Chase & Suntrust shall open online services to open the bank account.
If you go to open the online account and to face the problem you may talk with to a customer representative before setting an appointment. It will help you to take the idea of documents and information you will need to provide for your application easy.
Costs and fees a bank account in the U.S
There are a number of costs you need to consider when opening a bank account in the U.S.
- Monthly maintenance fees
- ATM and human bank teller fees
- Early closure fees
- International transfer fees
Finally, don’t forget the cost of international transfer fees.
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