How to Open and Get a US Bank Account as a Non Resident | Best US Banks for Non Residents

how to open and get us bank account online as a non resident

The US dollar is one of the most used currencies in the world. Many places, especially online ecommerce stores, accept the dollar over any other currency. This can prove to be difficult if you either frequent a US based retailer, or if you do business with customers in the United States. 

You can convert your home currency to the dollar, but this can be complicated and expensive. Having a US bank account, however, can alleviate these obstacles, and provide other benefits as well.

Who can deny the fact that the US isn't one of the best financial country? Everyone will want to hold at least something that links to the US be it a virtual or real information. The main affairs that people like carrying out and claiming within the US are financial affairs such as credit cards (or virtual credit card for non residents) or bank accounts (us virtual bank accounts for non residents).

People like operating with US details and opening properties within the US due to the numerous advantages this country has to offer both professionally and personally.

Residents and citizens of the US have all of this for free. But as a non US resident, you might want to open a US bank account online maybe because you might be moving in the United States in some short time or that you just moved recently and you do not have an SSN to follow the normal procedure in opening a US bank account.

As a novice, you might think there aren't banks located in the US that can offer US bank accounts to non residents without SSN. But laying facts down we can identify some few banks that do that.

The same situation is possible for credit and debit cards as we find many providers offering US virtual credit and debit cards for non residents.

With many advancements in technology now, banks have evolved their features and are trying to extend to a wider population which might need them. That's why there are US banks where you can open a virtual US bank account as a non resident.

Setting our grip to that, I will share with you the best US banks where you can open and apply for a United States bank account as a non resident.

What is a Bank Account?

A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded.

That said, all bank accounts are equal but why do US bank accounts have such authority and advantages over many other international competitors?

CHECK ALSO: How to Get an Online Bank Account with Instant Virtual Debit Card

Benefits of US Bank Accounts Over Similar International Competitors

Many top rated financial institutions are based and located within the US. So holding a US bank account can be really beneficial for you as you will have many advantages such as reduced or no fees, interest etc.

Below, I have highlighted 5 benefits of US bank account over other international competitors and which are equally the main reasons why you will want to hold a US bank account.

1. Eliminates Fees: Depending on what country you live in, having a US based checking account will reduce the amount of fees you’ll have to pay. Monthly maintenance or annual fees, transaction fees, and international fees you may experience using payment gateways such as PayPal.

CHECK ALSO: How to Increase PayPal Credit Limit Online

2. Interest rates: US bank accounts typically earn more interest than their international competitors. This means your money can grow more in a checking account in a US bank compared to a checking account in your home country. While the rates aren’t as high as they used to be, some tax-free interest is better than none.

3. Currency exchange rates: Exchanging one currency for another is significantly more affordable when you have a US bank account. Converting your home currency, such as euro, British pound, or the Canadian dollar is easier when your checking account is based in the US. You encounter a lot less security questions and fees when purchasing something online, or trying to withdraw your money.

4. Helps when doing business in the US: Companies that do business in the United States but are not based there would benefit greatly from a US bank account, especially if they receive payment online. PayPal favors US bank accounts and allows you to transfer money from your PayPal account into your checking using ACH transfers. Without one, you would have to wait to receive a paper check in the mail, which can take much longer than having the money deposited into your US checking account. Applying can be tricky when you don’t live in the country, but it’s not impossible.

CHECK ALSO: How to Get a Free Virtual Bank Account for PayPal

5. Ease of access: Once your bank account is open, you usually receive a free debit card, which gives you access to thousands of ATM machines worldwide. You can withdraw and deposit money without having to go to a local branch, and you have 24/7 access to your account using online banking.

That said, you will probably want to be a US bank account holder more than ever now. Let's see the best US banks for non residents where you can apply for a United States bank account online.

CHECK ALSO: How to Open a SEPA European Bank Account Online for Free

Getting a USA Virtual Bank Account as a Non-resident without an SSN or ITIN

Now, let’s come back to the original goal. Where do you get or how do you create a virtual bank account to do transactions where a USA account is required?.

Below, we have listed some of the best Virtual account providers. With these providers, you will be able to get a USA virtual Bank Account for either free or after spending just a little. Also, there won’t be any need for a Social security number.

Best US Banks for Non Residents

There are not many banks in the United States providing US bank accounts for non residents. That said, we have highlighted 3 banks in the United States where you can apply for a US bank account without SSN.

1. Bank of America Advantage Plus Banking®

how to open and get us bank account as a non resident

The Advantage Plus bank account is a popular option and probably one of the best US banks where you can apply for a non resident bank account. Because of its large ATM network and physical branches throughout the U.S. Account holders can access their funds and withdraw from their account in any state within the US. 

They also have a mobile banking app where you can process check transactions, make deposits, and more. 

However, there is a monthly fee to be paid, but you can get that waived by having at least one qualifying direct deposit of a minimum of $250, enrolling in the Preferred Rewards program, or maintaining a minimum daily balance of $1,500.

Account holders under 24 years old can get these monthly fees waived.

Students can also open a student account with numerous features available only for students. This can be really great if you are student wanting to further your studies in the US.

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Highlights and Features of Bank of America

  • Monthly fee: $12 (or $0 if you meet certain requirements)
  • ATM fee: $2.50 for out-of-network ATMs in the U.S.; $5 for ATMs outside of the U.S. 
  • Overdraft fee: $35 per item
  • Debit card foreign transaction fee: 3%
  • FDIC insured: yes

Eligibility Requirements to Hold a Non Resident Account

If you're a non-resident alien, you must apply in person at one of our financial centers to open your account.

  • You're looking to open a Bank of America Advantage SafeBalance Banking® account
  • You are not a U.S. citizen
  • You have a physical U.S. residential address
  • You are not a permanent resident of the U.S. 

2. Chase Total Checking®

how to open and get a us bank account as a non resident

Chase is one of the largest financial institutions in the U.S. with 16,000 ATMs and 4,900 branches throughout the country. An advantage of opening a US bank account with chase is that new customers can receive a welcome bonus once they meet certain requirements. 

Currently, Chase is offering new customers $300 once they set up direct deposits to their Chase Total Checking® account. However, this is not available for non U.S. citizens, and the only way to get this bonus as a non U.S. citizen is to visit a physical branch to open an account, but you should still be able to qualify for the bonus. 

Although there is a $12 monthly fee, account holders can get that waived by having a $1,500 daily minimum balance, $500 in direct deposits each month, or a $5,000 average beginning day balance in linked Chase accounts.

Highlights and Features of Chase

  • Monthly fee: $12 (or $0 if you meet certain requirements)
  • Initial minimum deposit: $0
  • ATM fee: $0 at Chase network ATMs; $2.50 to $5 at a non-Chase ATM plus any additional fees from the ATM operator
  • Overdraft fee: $34 (maximum three times per day)
  • Debit card foreign transaction fee: 3%
  • FDIC insured: yes

CHECK ALSO: 6 Ways to Get US Virtual Phone Number for WhatsApp/Facebook/Telegram/Google Verification

Eligibility Requirements to Hold a Chase Bank Account as Non Resident.

The below eligibility requirements are for personal account identification. If you own a business and you want to establish a chase account for it, then you need to read more on eligibility requirements from the link after the personal identification requirements.

Personal Identification – Two forms of ID are required. One ID must be a Government Issued ID.

Primary ID Examples:

  • Non U.S. Citizens: Permanent Residents must provide their Permanent Resident Alien Card (Green Card). 
  • Non U.S. Citizens who are not Permanent Resident Alien
  • Cardholders must provide their Passport or Matricula Consular Card.

Secondary ID Examples: 

  • Credit Card/Debit Card with embossed name, Employer ID, Utility Bill, etc.
  • Tax Identification Number — SSN, ITIN (Non-US Citizens), or an Employer Identification Number (EIN) is required.

Read More on Eligibility Requirements.

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3. Schwab Bank High Yield Investor Checking® International Account

how to open and get a us bank account as a non resident

Schwab Bank High Yield Investor checking account is an ideal choice for those that travel mainly all the time (to and from the U.S.). No ATM fees are charged even if you’re in a country outside the U.S. In addition, you’ll be reimbursed for all out-of-network ATM fees. 

The downside is that you can’t deposit cash, since Charles Schwab is primarily an investment brokerage. That means you can set up electronic money transfers, direct deposits, and checks via mail. In other words, this account is better suited as a secondary account.

To apply, you’ll need to show up in person to fill out an application form. You also must open a brokerage account with Charles Schwab, but there’s no requirement from them saying you need to fund it.

As a non U.S. citizen or resident wanting to open a Bank account with Schwab, you will need to open an international bank account with them

Highlights and Features or Schwab Bank Account

  • Monthly fee: $0
  • Initial minimum deposit: $0
  • ATM fee: $0 (customers will also get reimbursed for ATM fees outside the network)
  • Overdraft fee: $0
  • Debit card foreign transaction fee: none
  • FDIC insured: yes

Eligibility Requirements to Hold a Schwab International Bank Account

Read on Eligibility Requirements for Schwab International Bank Account.

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How to Open and Apply for US Bank Account Online for Non Residents

If you were now asked if there are US bank accounts online that allow non residents of the United States to open a US bank account for non residents then you should be able to answer yes. With the banks listed above, the process can be even simple than expected when you are on the line with the eligibility requirements. Follow the steps below to open a US bank account for non residents.

  1. Select a US bank for non residents among the 3 banks above.
  2. Check the eligibility requirements for each of the banks
  3. Provide all the information required for an account for the selected US bank (As much as possible)
  4. Apply for a US bank account for non residents and wait for the response from the bank. It usually takes some days and at times some weeks for them to reply you.
  5. If your application gets approved, you can now be contented with a financial US bank account and can carryout several transactions enjoying the benefits listed earlier above.

CHECK ALSO: How to Get a Free Real US/Canadian Virtual Phone Number for Verifications

What Information Do Non-Residents Need to Open a U.S. Bank Account?

Generally each US bank has its own eligibility requirements to be provided before a bank account can be issued for each request. However, the below are general requirements demanded by each bank to hold a US bank account.

  • An alien identification or passport number
  • A government-issued identification from a foreign country
  • An Individual Taxpayer Identification Number (ITIN) or Employer Identification Number (EIN).

Final Thoughts on How to Open US Bank Account Online for Non Residents

If you are to reside in the US or if you plan to go to the United States, you definitely need a US bank account to be able to handle your finds within the US territory. However, if you haven't yet spent some time within the US, you won't have a SSN that early so you will need to apply for an account from a US bank that has a section for non US residents where you can easily apply and get a US bank account. This is also applicable for those that just landed in the US since they haven't spent a lot of time in the US.

The US banks for non residents listed below are the best US banks where you can apply for a us bank account online as a non resident. Consider checking each of the banks for their eligibility requirements and apply for a US bank account in no minutes.

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