Are Foreigners Able To Open U.S. Bank Accounts?

A bank account can create a solid foundation for your financial security. The good news is that non-U.S. citizens can open a bank account inside the U.S. However, they will require distinct identification from U.S. citizens trying to get a bank account.

Understanding the complex U.S. banking regulations is imperative for navigating them. This article is an informative guide for those seeking clarification. One intriguing option explored here is a US Bank account for foreigners; these solutions aim to meet non-residents’ unique needs and challenges while being accessible, convenient, and efficient for anyone interested in starting a banking journey confidently and efficiently in the U.S. 

From documentation requirements to choosing an institution, this post seeks to demystify it all – providing invaluable insights that enable individuals to start their banking journey efficiently with confidence and efficiency!

The USA PATRIOT Act, banks, credit unions, and other financial institutions have to verify the identity of any person who wishes to open accounts with banks. Federal lawmakers passed this law after the events of Sept. 11th, 2001, to fight the financing of terrorist acts. Foreign terrorists responsible for the 9/11 attacks accessed U.S. bank accounts to finance their missions.

If you want to start a savings or checking account at a credit or bank institution in the U.S., the financial institution will require verification of your name and date of birth, addresses, and I.D. numbers. If you’re not a non-U.S. resident, the I.D. requirements may differ from those of the U.S. citizen.

Requirements for Opening a Bank Account

The requirements of a credit union or bank’s general requirements for opening an account can comprise:

Your contact details, like address, name, and telephone number

There are two types of identification: one issued by the government, like the valid passport or driver’s license of a person in good standing.

Social Security number or Individual Taxpayer Identification Number (ITIN) (If you’re not a citizen but don’t have a Social Security number, you’ll require an ITIN.)

Utility bill with the current address

Cash deposit (normally $25-$100)

There may be different requirements based on the state of the financial institution.

Whether you’re a U.S. citizen or non-U.S. citizen, you must be 18 years old to set up an account for a savings or checking account and generally possess a U.S. address. It’s also possible for an illegal immigrant – a foreign national who doesn’t have the legal right to reside and remain within the U.S.–to establish an account with a bank within the U.S. Key requirements include having an ITIN and having a U.S. address.

In most cases, a non-U.S. citizen can’t establish an online bank account. You’ll need to go to a branch of an institution like a credit union or bank to create an account. Santander Bank, for example, accepts online applications by U.S. residents or resident foreigners with an ITIN or Social Security Number or an ITIN.

Zilbank makes U.S. banking accessible and efficient for foreigners, offering unique features and benefits tailored to foreign individuals looking to open bank accounts in America. Through Zilbank, financial integration becomes possible and is also user-friendly and efficient.

Alternatives for Identification

Credit unions and banks typically accept other types of I.D. for non-U.S. citizens.

For instance, if you do not have a Social Security number, you could be eligible to get an ITIN, which you can use to create an account. The Social Security Administration issues nine-digit Social Security numbers in the United States, while the IRS issues individual ITINs. ITINs are only available to a select group of residents and non-resident immigrants, as well as their spouses and dependents who aren’t eligible for a Social Security number.

Some financial institutions will not accept an ITIN as a substitute for the Social Security number.

Other types of I.D.s from non-U.S. citizens may differ between credit unions and banks. Bank of America, for instance, clarifies these requirements for identification.

Some credit unions and banks might take an alien registration card issued by a non-U.S. citizen attempting to create an account. The seven to nine-digit alien registration number is located on many documents, including green cards, issued by the U.S. Citizenship and Immigration Services.