How to Open a Bank Account in the US as a Foreigner

Are you wondering, “Can a foreigner open a bank account in the US”? Well, the answer is, yes!

In fact, the US is an accessible place for foreigners to open bank accounts and reap a wide range of benefits and advantages that aren’t available in their home countries. We’ll share more below.

That said, there are challenges to opening US bank accounts as a foreigner. And if you don’t know where to apply (only certain banks and branches accept foreigners), which strategies to use to open an account, how to acquire the right documents, or what to watch out for–it can be a costly experience.

If you’d like to get a head start on account opening in the US as a non-resident then download our FREE Non-Resident Banking Starter Guide right now!

The goal of this article is to help foreigners open US bank accounts as fast and as cheaply as possible…

What You’re About to Get From This Article

Below, we’ll walk you through the most important considerations that will ultimately determine where you should open a bank account.

We will also share the most important questions that bankers are going to ask you as a foreigner opening a bank account in the US.

And lastly, we’ll share some of the most useful and lucrative benefits that foreigners just like you can tap into in the US. These opportunities are accessible to all foreigners and non-US residents if done right and will earn you thousands of dollars per year in cash bonuses and free flights from the same banks that you’ll be opening accounts at.

This is the step-by-step overview that you’ve been looking for to answer “Can a foreigner open a bank account in the US?” — read on to start the process of opening bank accounts in the US today.

Where Can a Foreigner Open a Bank Account in the US?

The question of where can a foreigner open a bank account in the US can be broken down into two parts. The first being where can you physically open (city or state) and the second being what types of banks will accept you.

Where can you physically open an account is a location-based question. It is determined by the specific city or states that foreigners are visiting at the time of applying.

Since the city and state where you choose to open will be different for each person, let’s focus on the second consideration. What types of banks that foreigners can open accounts with. 

Now, no matter what anyone tells you, every single bank in the US can accept foreigners as clients according to US banking law–but that doesn’t mean they have to.

You see, each bank in the US sets its own internal policies. And those policies dictate the types of customers that the bank is allowed to accept.

Needless to say, it’s important to know which banks actually accept foreigners before wasting time contacting bankers, collecting paperwork, visiting the branch, filling out forms, and going through the application process.

Knowing this one piece of information can save you countless hours and thousands of dollars.

Big Banks vs Small Banks: Can a Foreigner Open a Bank Account in the US

When it comes to opening a bank account as a foreigner, you will likely open an account at one of the larger US retail banks, or “big box” banks–but that doesn’t mean they’re your only option.

In fact, smaller regional banks and credit unions can offer additional benefits like secured credit cards, starter loans, lower fees, or special perks that might not be available elsewhere.

Of course, bigger banks do offer benefits as well, such as larger branch networks across multiple states. And while not true in all instances, most of the bigger banks cater to a wider and more diverse customer base.

Big or small, it’s important to know that not all US banks accept foreigners without an Individual Tax Payer Identification Number (ITIN), a Social Security Number (SSN), or proof of US residential address. It all depends on the bank, branch, and specific banker you are dealing with.

There are other account opening differences that you need to be aware of as well. Some banks won’t accept foreign non-residents, will require local ID numbers, or want special local documentation.

Other banks require an initial deposit of US $10,000 and have very high fees. So choosing the wrong US bank can get very expensive.

But, choosing the right bank can earn you serious benefits, including a US credit card, low-cost USD transactional banking, excellent online banking, solid customer service, a low opening deposit (between US $500 to $1,500), and much more.

Ultimately, foreigners can profit and reap the benefits of the US financial system if they choose the right US banking setup from the beginning.

Important Questions For Foreigners Opening US Bank Accounts

Like any banking jurisdiction, account opening in the US comes with its own set of challenges. Doing your research beforehand (like reading this article) will go a long way to helping you succeed.

As a foreigner, you need to be prepared to provide the right information. You also need to provide supporting documentation and you should be prepared with the right answers to meet each bank’s unique requirements.

This might mean bringing a mountain of paperwork with you on your next trip. But if that’s what it takes to gain access to the many benefits of the US banking system (more on these below), it’s well worth the trouble.

Now, the big question that you’re trying to answer is “Can a foreigner open a bank account in the US?” And as we’ve already shown you, they definitely can… but now it’s the bank’s turn to ask some questions. And this is where you need to pay attention.

Generally speaking, when a foreigner is interested in opening a bank account in the US, the most important questions that they will be asked include:

• What is your nationality?
• Where is your place of residence?
• What is your primary source of income?
• Why do you want to open a US bank account as a foreigner?
• What are your ties to the US?
• Do you have a US address?
• How much time do you spend in the US?

After answering these questions and getting through the initial phase of scrutiny, you’ll still be expected to provide all of the necessary supporting information, identification documents, and proof of funds — as you would when opening a bank account anywhere else in the world.

What Are The Benefits of Banking in the US as a Foreigner?

There are many reasons why you, as a foreigner, might want to open a bank account in the US.

Whether you’re wondering “Can a foreigner open a bank account in the US?” because you want a USD savings account, low-cost USD transactional banking, to buy US real estate, access US investment products or anything in between doesn’t really matter.

Ultimately, regardless of your reasons, opening a bank account in the US as a foreigner is a profitable way for anyone to benefit from their banking relationships.

And because there is such a wide range of banking services in the US, you can benefit almost immediately.

How Foreigners Can Benefit from Banking in the US

The US banking system is the most advanced in the world, and that means that US credit cards, financial services, and banking products offer enormous benefits.

And while everyone’s reasons are different, there are a few benefits that almost all foreigners look for when opening bank accounts in the US, these include…

• US credit cards and the lucrative travel rewards they offer
• Access to low-cost payment processors like Stripe or PayPal for their business
• Send and receive payments to and from US customers and vendors
• Bank in a country that is safer and more stable than their home country
• Holding US dollars instead of more volatile currencies
• Build US credit history to access low-interest mortgages to buy US real estate
• Increase their banking privacy since the US is a non-CRS country
• Access low-cost transactional banking in US dollars
• Excellent online banking that you can operate remotely
• And much, much, more…

While the above isn’t an exhaustive list, it will hopefully get your wheels turning. There are many opportunities that come from having a US bank account, this is just the beginning.

More importantly, while you’ve answered the question “Can a foreigner open a bank account in the US?”, you’ve also learned why it can be so valuable.

And all of the benefits and advantages that are listed above are accessible to anyone, from anywhere. In fact, it’s possible to access them by simply opening the right bank account at the right US bank.

To profit the most from your US bank account, you must choose the right bank. That also means you need to know which banking setup is optimal for you.

Get Started: How Can a Foreigner Open a Bank Account in the US Right Now?

This is one of the most frequently asked questions that we receive. So, we decided to create GlobalBanks USA, our dedicated US bank account opening service.

GlobalBanks USA gives you everything you need to start finding and opening US bank accounts for you or your business today.

Plus, you receive access to our library of premium (members only) US banking reports, including…

US Banking – A Comprehensive Guide for Non-Residents, Foreigners, & Businesses

This is the most comprehensive US banking guide that we have ever created.

• US bank account opening strategies for every customer type
• Customer reviews and real-life experiences from people just like you
• Specific account opening hacks and strategies to access the best US banks
• Easy to digest US bank profiles for pre-vetted banks
• Little-known services, perks, and benefits that only Insiders know to ask for
• And you also get real-time analyst support to answer your questions. Get the help you need opening accounts
• And much more…

But, opening a US bank account as a foreigner is only the first step. Doing so will give you access to even more lucrative benefits of the US banking system. So, we also created this…

US Credit Card Report: How Foreigners & Non-Residents Can Get US Credit Cards

One of the biggest benefits of opening bank accounts in the US as a foreigner comes after your account is successfully opened.

After you have a US bank account, you can start gaining access to US credit cards which offer the largest (and most attractive) signup bonuses and travel rewards in the world.

These benefits can include thousands of dollars in bonuses each year (or around six free international round trips!), and much more.

All of these benefits are accessible to anyone who has the right information, follows the right strategies, and the right information.

Here’s what you’ll receive from our US Credit Card Report…

• The optimal US credit card set up to earn the most bonuses possible every year
• Customer-specific cheat sheets to choose your path to get the best US cards
• Fail-proof strategies to establish and build US credit history quickly
• The most lucrative US credit cards for you and your specific situation
• The biggest mistakes that foreigners make when applying for US credit cards
• The exact step-by-step instructions to implement US credit card strategies immediately
• How to earn over $2,000+ in free flights and travel rewards every year, forever.
• And more!

Both of these reports, the US banking report and US credit card report, are included for FREE when you join our premium US bank account opening service, GlobalBanks USA.

Plus, when you join GlobalBanks USA, you receive a dedicated account manager to help you navigate your US account opening options. 

This also includes direct introductions to US bankers who are ready to help you navigate the account opening process at top US banks.

To get started, click here to see if GlobalBanks USA is the right choice for you to start accessing the benefits of US banking today.

You can also view all of the account opening solutions offered by GlobalBanks on our products page.