How to open a bank account in the USA for Non-Residents?

Opening a bank account in the USA is possible even as a non-resident, although it requires due process and certain requirements. Non-resident Americans open United States bank accounts for a variety of reasons: businesses, investments, or traveling frequently. Appreciating the critical prerequisites will help simplify how to open one.

Read more: U.S. Company formation for non resident with bank account

Requirements for Non-Residents to Open a U.S. Bank Account

1. Valid Identification: The non-resident should be able to provide a valid passport. Other banks would require a secondary ID, such as identification card or driver's license provided by a foreign government. Some banks need a Social Security Number or Individual Taxpayer Identification Number. If it is ITIN, then it can be acquired from the IRS, mainly for the purposes of identification with regard to events related to taxation.
2. Proof of Address: Most banks will require some form of proof of address, and most international addresses will be acceptable. Appropriate documents may include a recent utility bill, bank statement, or a lease agreement. Some banks may request correspondence in-country utilizing a U.S.-based address through a U.S. business or contact.
3. Deposit Requirements: Most banks in the United States require minimum deposits to open accounts. These amounts vary from bank to bank and also from account type to account type, so one is best calling the particular bank for its policy.
4. In-person or online: Traditionally, most banks in the United States have required non-residents to appear in person at a branch to open any type of account. A few banks and online banking service providers may be in a position to extend online account opening to non-residents, although these will be limited in both their requirements and available services.

Summary

Opening a U.S. bank account as a non-resident requires valid identification, proof of an address, and fulfillment of deposit requirements. While some banks will necessitate visiting one of its branches in person, many financial institutions are able to handle this process online. Your direct communication with the bank ensures that all requirements are appropriately and thoroughly met to support the successful opening of the account.