Introduction
Whether you’re relocating to the U.S., launching a business, or simply want a secure place to manage your money, understanding how to open bank account in USA is essential. This guide walks you through the process—no matter your residency status.
Who Can Open a U.S. Bank Account?
Both U.S. citizens and non-citizens (including foreigners) can open bank accounts in the United States. However, the requirements vary based on your immigration or residency status.
Types of Bank Accounts in the USA
1. Checking Account
Used for daily transactions—like paying bills, shopping, and withdrawing cash.
2. Savings Account
Ideal for storing money and earning interest over time.
3. Business Account
Best for LLCs, corporations, and self-employed individuals.
Documents Required to Open a U.S. Bank Account
For U.S. Residents:
- Government-issued photo ID (Driver’s license, Passport)
- Social Security Number (SSN)
- Proof of U.S. address (utility bill, lease agreement)
- Initial deposit (typically $25–$100)
For Non-Residents:
- Valid Passport
- Visa or immigration documents
- ITIN (if no SSN)
- U.S. and home country address
- Secondary ID (foreign driver’s license or national ID)
- Proof of income or purpose of account (in some cases)
How to Open Bank Account in USA: Step-by-Step
Step 1: Research & Choose a Bank
Compare features like fees, locations, online banking, and foreigner policies. Recommended banks include:
- Chase
- Bank of America
- Wells Fargo
- Citibank
- TD Bank
Step 2: Gather Required Documents
Have all your IDs, proof of address, and tax info (SSN or ITIN) ready.
Step 3: Apply Online or In-Person
U.S. residents can often apply online. Foreigners should visit a branch for verification.
Step 4: Make the Initial Deposit
Most banks require a minimum deposit to activate the account.
Step 5: Set Up Online Banking
Activate your account, debit card, and mobile app access for easy management.
Tips for Foreigners
- Use a U.S. address of a friend or family member if possible
- Open an account in person to improve approval chances
- Consider digital banking alternatives (Wise, Payoneer, Mercury for business accounts)
- Apply for an ITIN if you don’t have an SSN
Final Thoughts
Knowing how to open bank account in USA is the first step toward managing your finances in the U.S. Whether you’re a resident or visiting entrepreneur, having a U.S. bank account offers convenience, safety, and global access.
