Open bank account as foreigner in USA

Is it possible to open a bank account in the US from abroad: Peculiarities of the procedure and bank requirements

The United States of America is a country with a highly developed banking system. Bank customers have access to a wide range of financial services and products and can open a personal or business account for themselves or a company respectively.

If you want to open a bank account in the US as a foreigner remotely, you will not be able to do this in many cases, and you must be present in person to be interviewed by a bank manager. This is due to the fact that US banks must comply with certain conditions:

  • Customer identification programs.
  • The bank's Know Your Customer principle.
  • Anti-money laundering measures.

For this reason, it is quite difficult to open a bank account in the USA as a foreigner online because activities associated with the mentioned rules are impossible without a personal presence.

However, sometimes, foreigners open bank account in US online since some banking institutions are interested in attracting new clients, including non-residents.

For example, if a company wants to open an account in the United States via the Internet, it may contact Wells Fargo Bank. The banking institution is very strict and careful in checking the existing business and all persons associated with the company. At the same time, it is possible to apply for an account opening online and even by phone. In this case, bank employees will provide instructions and a list of required documents.

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Choosing a bank in USA

First of all, you need to select the desired bank. At the same time, it is necessary to take into account the reliability of the bank, tariffs and preferences of the bank by customer segments. It is better to apply to several banks at once in order to increase the likelihood of opening an account.

Preparation of documents.

It is necessary to prepare the statutory documents of the company, taking into account the requirements for the timing of issuance and the form of certification, personal documents of the company's members, as well as fill out bank forms. An important role is played by competent filling of forms and presentation of information.

Filing an application

After preparing all the documents, they must be provided to the bank during a personal visit. It is desirable for the owner of the company to have a ITIN (we can help with obtaining it) or SSN. They must be answered correctly and in a timely manner.

Passing verification

Typically, banks require a visit to their representative office for verification of company representatives. In some cases, verification is possible online.

Getting access and details

The bank assigns details to the company and issues access to the account Upon successful opening. In order to fully activate the account, prompt payment of a minimum deposit may be required, from which the account opening fee (if any) may be debited.

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US bank accounts for foreigners: Documents required

Every bank in the U.S. operates differently, so it's impossible to determine the exact list of documents required to open an account. Banks may have varying requirements, also taking into account the characteristics of the client who is applying for the account.

If you want to open a bank account in the USA as a foreigner, please contact our manager, tell them about your intentions, and specify that you are a non-resident. We will find the most favorable offers for you and help you open bank account for foreigner in USA.

Apart from the large number of additional documents that may be required by the bank, there are general requirements for clients. According to them, if you are a foreigner opening bank account in USA for your company, almost all banking institutions will require providing a minimum package of documents:

  • Company bylaws
  • Notarized document confirming the state registration of the company
  • Foreign passport and any other document proving your identity (for example, a driver's license, an ID card)
  • Proof of business address, EIN confirmation letter (including a letter from IRS about receiving EIN), etc.

A private person should provide a foreign passport and a second identity document. Please note that this is the minimum required list. To open a bank account in the US as a foreigner, you will need many additional documents, and the bank representative will tell you about them during the discussion of account opening. This applies to both individuals and businesses.

U.S. bank account: Bank fees

Each bank has different rates for opening and maintaining personal and corporate accounts. So it is impossible to tell exactly how much it will cost to open and maintain an account since the data vary and rates are periodically updated.

You can find out average rates by selecting several banks and comparing their conditions:

3. TD Bank

The initial deposit amount and the account balance are the same — 1,100 EUR. Once a month, you must pay 25 USD for account servicing.

4. United Bank

If you need to open a bank account in the US as a foreigner, this bank might be your best choice. You will pay an initial deposit of 100 EUR and a monthly service fee of 20 USD. And the account registration period is only 1 day.

The disadvantage is that your personal presence is required. United Bank offers its clients only one option to open a bank account — in the USA. That is, you can provide the necessary documents and go through the accompanying procedures, but if you cannot travel to the U.S., we recommend you pay attention to other offers.

US bank account for foreign citizen: What are the chances for successful opening?

If you contact our company specialists, we will prepare all documents and open an account for you in the selected U.S. bank. You will be freed from a lot of bureaucratic procedures and unnecessary actions. But remember that banks evaluate the activity of their clients differently.

There are two factors that can lead to your account being closed:

  • If you decide to open an account with a U.S. bank and then begin conducting suspicious transactions that could be considered money laundering. For example, if you receive a $1 million payment into the account and then make three payments of $333,000 to different destinations. It is one of the common fraudulent schemes, which the bank may not like.
  • Large payments to "hot spots" like Afghanistan or Iran may not please the bank either.

If you want to protect yourself and your account from such situations, our employees are ready to provide you with a range of consulting and legal services.

What you need to know to open a bank account in the US as a foreigner remotely

One of the main recommendations: it is better to trust professionals to open an account in a US bank rather than to do the procedure yourself. You risk being denied of opening an account, and as a result:

  • You can lose much effort and time since you need to prepare and draw up a lot of documents, and the account registration process can take 3-4 weeks or even more (depending on the bank).

To avoid situations like this, we recommend that you get help in opening a bank account in USA as a foreigner. Just contact our specialists who will prepare a package of documents and then open a personal or business account at any financial institution of your choice in the United States of America.

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