{"id":684,"date":"2018-04-10T07:29:46","date_gmt":"2018-04-10T07:29:46","guid":{"rendered":"https:\/\/www.postscanmail.com\/how-foreigner-have-us-bank-account.html\/"},"modified":"2023-07-10T08:45:31","modified_gmt":"2023-07-10T15:45:31","slug":"how-foreigner-have-us-bank-account","status":"publish","type":"post","link":"https:\/\/www.postscanmail.com\/blog\/how-foreigner-have-us-bank-account.html","title":{"rendered":"How Can Foreigner Have a US Bank Account?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Maybe you ask yourself, &#8220;Can a foreigner open a bank account in the US?&#8221; Actually, Yes, a foreigner, non-resident, expat, or traveler <strong>can open a bank account in the US<\/strong>. However, the process is not as easy as it used to be and requires patience and planning.<\/span><\/p>\n<p><!--more--><\/p>\n<p><span style=\"font-weight: 400;\">According to the <\/span><strong>Civil Rights Act of 1964<\/strong><span style=\"font-weight: 400;\">, banks and private institutions can contract with foreigners but unfortunately, many banks rule it an unsafe option and avoid it while only a few banks have this as a valid option.<\/span><\/p>\n<p>Also read:\u00a0<a href=\"\/blog\/reasons-small-business-needs-mail-forwarding.html\" rel=\"noopener\">10 Reasons Your Small Business Needs Mail Forwarding<\/a><\/p>\n<p><span style=\"font-weight: 400;\">After 9\/11, the Patriot Act set strict regulations for foreigners opening accounts in the US banks to avoid money laundering and terrorism problems. All banks must follow these guidelines to verify the individual\u2019s identity. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless, the requirements change slightly from one bank to another. Some banks rule that you must have a <strong>US-based address<\/strong>, online banks rule you must have an SSN (or an ITIN for a foreigner), and so on.<\/span><\/p>\n<p>&nbsp;<\/p>\n<div id=\"fifteenbanner\" style=\"display:flex;justify-content:center\"><style>form {display: flex;justify-content: center;}.fifteenbanner {position:relative;text-decoration:none;display:inline-block;vertical-align:middle;width:360px;height:270px;border-radius:10px;border-width:0;-webkit-box-shadow: 2px 2px 2px 1px #d3d3d3;-moz-box-shadow:2px 2px 2px 1px #d3d3d3;box-shadow: 2px 2px 2px 1px #d3d3d3;background-image:url(https:\/\/www.postscanmail.com\/wp-content\/uploads\/2022\/10\/10-dollars-360x270-1.png);background-repeat:no-repeat;}.fifteenbanner{cursor:pointer}<\/style><form id=\"fifteenbanner\" action=\"https:\/\/www.postscanmail.com\/locations.html\" method=\"get\"><button class=\"fifteenbanner\" type=\"submit\"><\/button><input type=\"hidden\" name=\"utm_source\" value=\"blog\"\/><input type=\"hidden\" name=\"utm_medium\" value=\"banner\"\/><input type=\"hidden\" name=\"utm_campaign\" value=\"10-dollars\"\/><\/form><\/div>\n<p>&nbsp;<\/p>\n<h3><strong>But first, who would need a US bank account?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">A US bank account can do wonders for businesses! Especially small or medium sized businesses abroad, looking to expand their business. If you have US-based clients or partners, you probably know by now that international transfers can be very expensive. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most US businesses prefer using local methods for their easiness and speed like <\/span><strong>ACH<\/strong><span style=\"font-weight: 400;\"> transfers (direct deposits) or sending checks, so having it would definitely give you a smoother workflow with partners or businesses you deal with in the US.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Others that would benefit from it are international students that need quick funding access, tourists, frequent travelers to the US, and even online shoppers. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many online stores only accept US bank options, shopping online with a US bank account is a lot easier than using an international account to avoid extra fees and currency exchange problems.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Read:\u00a0<a href=\"\/blog\/benefits-having-virtual-office-for-home-business.html\" rel=\"noopener\">7 Benefits Of Having A Virtual Office For Home Business<\/a><\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>How to open a US bank online account <\/strong><b>as a Non-Resident<\/b> <b>(<\/b><b>Non-U.S. Citizen)?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A non-resident can open a US bank account. However, most small banks allow only citizens and residents of the United States to create an account with them. This is because these banks require you to use a social security number which isn&#8217;t given to non-residents.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, large banks like CITI bank, Chase, Wells Fargo, and Bank of America allow foreigners to create a savings account or a checking account using their Individual Taxpayer Identification Number (ITIN) rather than their social security number (SSN).\u00a0 As long as you can provide your ITIN and other necessary documents, you&#8217;ll be able to create an account with these banks as a foreigner ex: bank of America nonresident account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even with this, non-residents can still find it hard to create a traditional bank account; as such, they&#8217;re provided with easier options like correspondent accounts and international accounts that you can set up from your home country.\u00a0<\/span><\/p>\n<p><strong>Here are some ways you can set up a US bank account:\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n<h3><strong>1. Set up a bank account online :<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">This is probably the least used solution because it is the longest process and your account may still be disapproved insufficient identity verification.\u00a0<\/span><span style=\"background-color: transparent;\"><strong>Banks like Citibank, Chase, Bank of America and Silicon Valley Bank offer online bank accounts or online banking services<\/strong>. <\/span><\/p>\n<p><span style=\"background-color: transparent;\">However, each bank has its own set of conditions so it will be best to contact the bank and find out what documents need to be submitted then you can email or fax them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is one common factor when setting up bank accounts online, and that is having an <strong>ITIN<\/strong> (<strong>Individual Taxpayer Identification Number<\/strong>). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This, in addition to other identification (like your passport, proof of residency\u2026etc.) will boost your chances of getting accepted. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">None of these banks are guaranteed to have you open a bank account in the <strong>US<\/strong>, but it\u2019s worth a try. If the bank has a branch in your country, going directly to the bank is your second-best option.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><strong>2. Go to an international bank\u2019s branch: \u00a0<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">These banks have branches inside and outside of the US like HSBC or Barclays. If possible, head to your local branch and inquire what needs to be done. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You will either need to verify your identification and funds with the local branch if the US branch approves this, if not, you may be required to go to the US to get it done.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many businessmen seek this option to get their accounts open before traveling to the US. In the end, going to the US to get your bank set up is your best option.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><strong>3. Travel to the US:<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">This is the third and most common option to get your US bank account. It\u2019s common because it is the easiest and the most guaranteed to get approved and running. If you have the funds to travel and have US-based clients, moving to the US is what you need to do.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Certain banks can get this done for you quickly without much trouble and are well known for their foreign policy, like Wells <strong>Fargo<\/strong> or <strong>Citibank<\/strong>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s go through the common requirements you should follow to open your account as soon as possible.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>What Do I Need to Open a US Bank Account?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Banks have increased security measures to ensure a trusted person creates every account. Some banks can even request a background check before approving your account.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">It would help to verify your identity, reliability, residency, and business. For business people, it is easier to set up a bank account for your business if you have the required documents and approval. Below is a list of what is required to open a US account as a foreigner:\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><b>Requirements for Opening a Bank Account as a Foreigner (noncitizen<\/b><b> \/ nonresident) :<\/b><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Two forms of valid photo ID:<\/strong> Your passport is a <strong>must<\/strong> + secondary form of ID like your student ID, driver\u2019s license\u2026 etc.<\/li>\n<li><strong> Immigration documents:<\/strong> All legal documents, including your work or visit visa<\/li>\n<li><strong> EIN (Employer Identification Number):<\/strong> This is a number assigned to you (foreign business) by the IRS, you need it to open a business in the US or open a bank account.<\/li>\n<li><strong> US address:<\/strong> Most, if not all, banks require a physical US address to open a bank account; we\u2019ll later discuss how to get one without necessarily being a US resident.<\/li>\n<li><strong> Initial Deposit:<\/strong> Every bank requires you to have a minimum deposit in your account (the amount varies from one bank to another), it can be as low as $10 or as high as $100.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><b>How to Apply in Person<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If you&#8217;re not a Citizen of the US, but you&#8217;re living there and have proof of address but don&#8217;t have residence status, you can apply for a US bank account in person.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The conditions depend on the state you reside in and the banking you want to use. Consider contacting the bank before going to ensure you didn&#8217;t miss anything.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To open a US bank account as a non-resident, here are the things that are required:\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Proof of address together with your personal details and contact information.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Two forms of photo ID &#8211; a Passport, a driving license, or a government-issued ID.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">An Individual Taxpayer Identification Number (ITIN) and a Social Security number (SSN)<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Ensure you have the original copies of these documents, as banks don&#8217;t accept photocopies. You should know that most banks will only allow you to create an account when you&#8217;re 18 or older. Also, most banks have a minimum deposit that each customer must make when they first open an account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><b>How to Apply without a Security Number (Opening a Personal Bank Account Without an SSN)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Most banks will require you to provide your Social Security number (SSN) when opening an account; unfortunately non, residents don&#8217;t have this number. Nonetheless, most banks accept Individual Taxpayer Identification Number (ITIN) as an alternative.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can easily get one by filling out the IRS Form W-7 and IRS Application for Individual Taxpayer Identification Number,which can be gotten on the IRS website.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><b>Use a Correspondent Bank<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">A correspondent bank is a financial institution that provides services on behalf of another bank, usually located in another country.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you have a bank account with a financial ] that serves as a correspondent to a U.S bank account, you can contact them to see if they can help you set up an account. However, you should know that not all correspondent banks offer this service.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Open an international account.<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">One of the advantages that living in a digital world is that accessing International services has never been easier. Thus making it very easy to set up an international bank account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An international account can be used as a substitute if you don&#8217;t have a residential address in the united states; however, It usually costs a lot.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">If you want to get an international account, you&#8217;ll need to be able to invest an initial deposit of not less than $50,000, depending on the bank you&#8217;re using. You&#8217;ll also be required to keep a certain amount all the time in your account.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><b>Types of US bank accounts<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There are generally two types of US bank accounts, each with its purpose. Individuals use one while businesses use the other.\u00a0<\/span><\/p>\n<ul>\n<li><b>Personal Account<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Individuals use a personal account to reach their financial goals, either saving to buy a new ride, a new home, or to earn interest.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This bank account is very common as most people use it for their daily income and expenses. Two bank accounts are under this category &#8211; the checking account and the savings account.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Checking account<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A checking account is used for everyday expenses, from buying groceries and getting fuel and gas to another petty spending. This type of account usually offers services, such as ATM withdrawals, debit cards, direct debit, ACH and wire transfers, internet banking, account transfers, and more.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>Savings account<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A savings account, on the other hand, is an account used for keeping funds that will be used on rainy days. These types of accounts usually have high-interest rates compared to checking accounts. Thus enabling you to earn as you save. Also, saving accounts usually restrict how frequently you can withdraw money.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Both checking and savings accounts come with:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 A routing number (that identifies your bank).<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 \u00a0 An account number (that identifies your account).<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li><b>Corporate Account<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The other common type of account in the U.S is the corporate account. As the name suggests, businesses mostly use it to keep their transactions and business information private.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Corporate accounts provide your businesses with privacy that keeps your finances more secure. These accounts also allow the owner to give someone the power to perform transactions on their behalf.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><b>Which bank should I choose to open a bank account in the US?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If you&#8217;ve got your social security number or Individual Taxpayer Identification Number (ITIN), your next line of action is choosing the bank to partner with. There are a lot of options for you, but here are some of the most popular banks in the United States:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><b>JPMorgan Chase<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Founded on 31st December 2000, JP Morgan Chase is one of the biggest banks in the United States. With over 4700 branches, Chase has bank accounts for all your needs. Whether it&#8217;s a savings account to earn interest or a corporate account for your business, JP Morgan Chase got you covered.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Bank of America<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The Bank of America was founded in 1998 and is headquartered in Charlotte, NC. With a minimum deposit of $100, you can create an account with this popular bank. They also offer all three types of accounts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><b>Citi Bank<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you&#8217;re looking for a bank to create an account without an initial deposit, then Citi Bank is your ideal option. Founded as far back as 1812, Citi bank is known for offering the best services to its customers.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Wells Fargo<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Wells Fargo is another popular bank that was founded in 1852 and had over 7000 branches. Students and young customers love the bank because of its low initial deposit and monthly charges.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><b>Alternate Bank Accounts for Non-US citizens<\/b><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Rely on a bank in your home country: If getting a US citizen is too hard, you can resolve to use a bank in your home country. Because the charges for International transfers are high, you can decide to offer a discount to your customers on orders of a certain amount.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">\u00a0 <\/span><span style=\"font-weight: 400;\">Open an Offshore Account: If you can&#8217;t get a US bank account, you can open an offshore account to manage your investments and businesses internationally. However, this type of account is avoided because it has been linked to allowing customers to save funds they don&#8217;t want to pay tax for and funds acquired illicitly.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><b>How to Apply for an ITIN?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Individual Taxpayer Identification Number (ITIN) is like a social security number to non-US residents. Those that aren&#8217;t qualified to work in the US as well as their spouses can file for an ITIN.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It consists of 9 digits with the first starting with 9. To apply for an ITIN, simply fill out the IRS <\/span><a href=\"https:\/\/www.irs.gov\/individuals\/international-taxpayers\/taxpayer-identification-numbers-tin\"><span style=\"font-weight: 400;\">Form W-7<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You&#8217;ll also be required to submit documentation that validates your identity and foreign status. The form and documents can be mailed to this address<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Internal Revenue Service<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Austin Service Center<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">ITIN Operation<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">P.O. Box 149342<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Austin, TX 78714-9342<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">You can also submit it to the nearest IRS walk-in office or to a credible acceptance agent.<\/span><\/p>\n<h2><strong>How to get a US street address?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Not having a <strong>permanent US address<\/strong> is the biggest problem you\u2019ll face when setting a bank account in the US. Banks insist on this term as proof of residency and identity; they need a stable address to use as a mailing and billing address. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But if you\u2019re only on a short visit or don\u2019t have a business set up in the US, getting a street address can be expensive.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unfortunately, banks don\u2019t recognize a PO Box address as proof of residency so it must be a <strong>street address<\/strong>. Now what? The solution to this dilemma would be getting a <\/span><a href=\"\/services\/virtual-business-address.html\" rel=\"noopener\"><strong>virtual street address<\/strong><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This means you get an actual street address and all its benefits without necessarily needing to be at the address.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Read more: <a href=\"\/how-it-works.html\" rel=\"noopener\">How Virtual Street Address Works<\/a><\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Confused? Let me try to explain this further.<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You get to choose from a variety of <\/span><a href=\"\/locations.html\" rel=\"noopener\"><strong>addresses available nationwide<\/strong><\/a><span style=\"font-weight: 400;\">, it can be used as your personal address or business address. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You\u2019ll not only have a street address but a mailbox too for all your mail within the US. All your US clients, investors, partners, and the bank will be able to send all your mail to your virtual mailbox.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Your mail will arrive at a secure mail facility; the envelopes will be scanned and uploaded to your online mailbox. You can log into your mailbox through your phone or computer, wherever you are in the world.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Have ultimate control over your mailbox; you\u2019ll easily be able to sort and organize all your business mail. With just a few clicks, you can open &amp; scan, shred, recycle, archive, or download any mail piece. <\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"\/pricing.html\">Sign up<\/a> for your <\/span><span style=\"font-weight: 400;\">US street address<\/span><span style=\"font-weight: 400;\"> today, get your bank account set up, and enjoy multiple mail benefits too!<\/span><\/p>\n<p><span class=\"hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_text\" style=\"font-size: 12px;\" data-hs-cos-general-type=\"meta_field\" data-hs-cos-type=\"text\">Photo by\u00a0<a href=\"https:\/\/unsplash.com\/photos\/H9NpnvyxYbk?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Aditya Vyas<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a><\/span><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p><img src=\"https:\/\/www.postscanmail.com\/hubfs\/US-Bank-Account.jpg\" alt=\"US bank account\" width=\"750\" style=\"width: 750px;\"><\/p>\n<p><span style=\"font-weight: 400;\">Yes, a foreigner, non resident, expat, or traveler <strong>can open a bank account in the US<\/strong>. However, the process is not as easy as it used to be and requires patience and planning.<\/span><\/p>\n<p> <!--more--> <\/p>\n<p><span style=\"font-weight: 400;\">According to the <\/span><strong>Civil Rights Act of 1964<\/strong><span style=\"font-weight: 400;\">, banks and private institutions can contract with foreigners but unfortunately, many banks rule it an unsafe option and avoid it while only a few banks have this as a valid option.<\/span><\/p>\n<p>Also read:&nbsp;<a href=\"\/blog\/reasons-small-business-needs-mail-forwarding.html\" rel=\"noopener noreferrer\" target=\"_blank\"><span>10 Reasons Your Small Business Needs Mail Forwarding<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">After 9\/11, the Patriot Act set strict regulations for foreigners opening accounts in the US banks to avoid money laundering and terrorism problems. All banks must follow these guidelines to verify the individual\u2019s identity. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless, the requirements change slightly from one bank to another. Some banks rule that you must have a <strong>US-based address<\/strong>, online banks rule you must have an SSN (or an ITIN for a foreigner), and so on.<\/span><\/p>\n<h3><strong>But first, who would need a US bank account?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">A US bank account can do wonders for businesses! Especially small or medium sized businesses abroad, looking to expand their business. If you have US-based clients or partners, you probably know by now that international transfers can be very expensive. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most US businesses prefer using local methods for their easiness and speed like <\/span><strong>ACH<\/strong><span style=\"font-weight: 400;\"> transfers (direct deposits) or sending checks, so having it would definitely give you a smoother workflow with partners or businesses you deal with in the US.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Others that would benefit from it are international students that need quick funding access, tourists, frequent travelers to the US, and even online shoppers. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many online stores only accept US bank options, shopping online with a US bank account is a lot easier than using an international account to avoid extra fees and currency exchange problems.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read:&nbsp;<span><a href=\"\/blog\/benefits-having-virtual-office-for-home-business.html\" rel=\"noopener noreferrer\" target=\"_blank\">7 Benefits Of Having A Virtual Office For Home Business<\/a><\/span><\/span><\/p>\n<h2><strong>How to open a US bank online account? &nbsp;<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">There is more than one way to get this done, each has its set of pros and cons. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">These options are opening a US bank online account, going to the US to open an account, or trying to open an account with an international bank that has a branch in your country.<\/span><\/p>\n<h3><strong>1. Set up bank account online :<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">This is probably the least used solution because it is the longest process and your account may still be disapproved insufficient identity verification.&nbsp;<\/span><span style=\"background-color: transparent;\"><strong>Banks like Citibank, Chase, Bank of America and Silicon Valley Bank offer online bank accounts or online banking services<\/strong>. <\/span><\/p>\n<p><span style=\"background-color: transparent;\">However, each bank has their own set of conditions so it will be best to contact the bank and find out what documents need to be submitted then you can possibly email or fax them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is one common factor when setting up bank accounts online, and that is having an <strong>ITIN<\/strong> (<strong>Individual Taxpayer Identification Number<\/strong>). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This, in addition to other identification (like your passport, proof of residency\u2026etc.) will boost your chances of getting accepted. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">None of these banks are guaranteed to have you open a bank account in the <strong>US<\/strong> but it\u2019s worth a try. If the bank has a branch in your country, going directly to the bank is your second best option.<\/span><\/p>\n<h3><strong>2. Go to an international bank\u2019s branch: &nbsp;<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">These banks have branches inside and outside of the US like HSBC or Barclays. If possible, head to your local branch and inquire what needs to be done. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You will either need to verify your identification and funds with the local branch if the US branch approves this, if not, you may be required to go to the US to get it done.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many businessmen seek this option to get their accounts open before traveling to the US. In the end, going to the US to get your bank set up is your best option.<\/span><\/p>\n<h3><strong>3. Travel to the US:<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">This is the third and most common option to get your US bank account. It\u2019s common because it is the easiest and the most guaranteed to get approved and running. If you have the funds to travel and have US-based clients, traveling to the US is what you need to do.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Certain banks can get this done for you quickly without much trouble and are well known for their foreign policy, like Wells <strong>Fargo<\/strong> or <strong>Citibank<\/strong>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s go through the common requirements you should follow to open your account as soon as possible.<\/span><\/p>\n<h2><strong>What requirements do you need?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">In order for the bank to be able to trust you, security measures have been heightened. Some banks will even require a background check before approving your account. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You will need to verify your identity, reliability, residency, and business. For businessmen, it is easier to set a bank account for your business if you have the required documents and approval. Please find below a list of all the requirements needed to open an account. <\/span><\/p>\n<p> <span style=\"font-weight: 400;\"> <\/span> <\/p>\n<ul>\n<li><strong>Two forms of valid photo ID:<\/strong> Your passport is a <strong>must<\/strong> + secondary form of ID like your student ID, driver\u2019s license\u2026 etc.<\/li>\n<li><strong> Immigration documents:<\/strong> All legal documents, including your work or visit visa<\/li>\n<li><strong> EIN (Employer Identification Number):<\/strong> This is a number assigned to you (foreign business) by the IRS, you need it to open a business in the US or open a bank account.<\/li>\n<li><strong> US address:<\/strong> Most, if not all, banks require a physical US address to open a bank account, we\u2019ll later discuss how to get one without necessarily being a US resident.<\/li>\n<li><strong> Initial Deposit:<\/strong> Every bank requires you to have a minimum deposit in your account (the amount varies from one bank to another), it can be as low as $10 or as high as $100.<\/li>\n<\/ul>\n<p> <\/p>\n<h2><strong>How to get a US street address?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Not having a <strong>permanent US address<\/strong> is the biggest problem you\u2019ll face when setting a bank account in the US. Banks insist on this term as proof of residency and identity, they need a stable address to use as a mailing and billing address. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But if you\u2019re only on a short visit or don\u2019t have a business set up in the US, getting a street address can be expensive.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unfortunately, banks don\u2019t recognize a PO Box address as proof of residency so it must be a <strong>street address<\/strong>. Now what? The solution to this dilemma would be getting a <\/span><a href=\"\/services\/virtual-business-address.html\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>virtual street address<\/strong><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This means you get an actual street address and all its benefits without necessarily needing to be at the address. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read more: <a href=\"\/how_it_works.html\" rel=\"noopener noreferrer\" target=\"_blank\">How Virtual Street Address Works<\/a><\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Confused? Let me try to explain this further.<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You get to choose from a variety of <\/span><a href=\"\/locations.html\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>addresses available nationwide<\/strong><\/a><span style=\"font-weight: 400;\">, it can be used as your personal address or business address. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You\u2019ll not only have a street address but a mailbox too for all your mail within the US. All your US clients, investors, partners, and the bank will be able to send all your mail to your virtual mailbox.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Your mail will arrive at a secure mail facility; the envelopes will be scanned and uploaded to your online mailbox. You can log into your mailbox through your phone or computer, wherever you are in the world.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Have ultimate control over your mailbox, you\u2019ll easily be able to sort and organize all your business mail. With just a few clicks, you can open &amp; scan, shred, recycle, archive, or download any mail piece. <\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"\/pricing.html\">Sign up<\/a> for your <\/span><span style=\"font-weight: 400;\">US street address<\/span><span style=\"font-weight: 400;\"> today, get your bank account set up, and enjoy multiple mail benefits too!<\/span><\/p>\n<p><span class=\"hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_text\" data-hs-cos-general-type=\"meta_field\" data-hs-cos-type=\"text\" style=\"font-size: 12px;\">Photo by&nbsp;<a href=\"https:\/\/unsplash.com\/photos\/H9NpnvyxYbk?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Aditya Vyas<\/a>&nbsp;on&nbsp;<a href=\"https:\/\/unsplash.com\/?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Unsplash<\/a><\/span><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":6,"featured_media":685,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"acf":[],"amp_enabled":true,"gt_translate_keys":[{"key":"link","format":"url"}],"_links":{"self":[{"href":"https:\/\/www.postscanmail.com\/wp-json\/wp\/v2\/posts\/684"}],"collection":[{"href":"https:\/\/www.postscanmail.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.postscanmail.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.postscanmail.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.postscanmail.com\/wp-json\/wp\/v2\/comments?post=684"}],"version-history":[{"count":5,"href":"https:\/\/www.postscanmail.com\/wp-json\/wp\/v2\/posts\/684\/revisions"}],"predecessor-version":[{"id":17284,"href":"https:\/\/www.postscanmail.com\/wp-json\/wp\/v2\/posts\/684\/revisions\/17284"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.postscanmail.com\/wp-json\/wp\/v2\/media\/685"}],"wp:attachment":[{"href":"https:\/\/www.postscanmail.com\/wp-json\/wp\/v2\/media?parent=684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.postscanmail.com\/wp-json\/wp\/v2\/categories?post=684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.postscanmail.com\/wp-json\/wp\/v2\/tags?post=684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}