Why Open a U.S. Bank Account?
Opening a U.S. bank account offers several benefits:
- Send and receive payments conveniently
- Build a credit history (for residents)
- Avoid international transaction fees
- Access digital banking and mobile apps
- Facilitate business operations in the U.S.
Types of Bank Accounts in the USA
- Checking Account – For daily spending, bills, and direct deposits
- Savings Account – To earn interest on stored funds
- Business Bank Account – For LLCs, corporations, or freelancers
Requirements to Open a Bank Account in the USA
For U.S. Citizens or Residents:
- Government-issued ID (Driver’s License or Passport)
- Social Security Number (SSN)
- Proof of address (utility bill, lease agreement)
- Initial deposit (usually $25–$100)
For Non-Residents or Foreigners:
- Valid Passport
- U.S. address (some banks accept international addresses with a U.S. mailing option)
- ITIN (Individual Taxpayer Identification Number) or foreign tax ID (in some cases)
- Visa (tourist, student, or business) – depends on bank policy
- Company documents (for business accounts)
How to Open Bank Account USA – Step-by-Step
Step 1: Choose the Right Bank
Popular U.S. banks include:
- Chase Bank
- Bank of America
- Wells Fargo
- Capital One
- TD Bank
Online banks like Wise, Mercury (for businesses), and Revolut also cater to international users.
Step 2: Gather Required Documents
Have all necessary IDs, visa, ITIN or SSN, and proof of address ready.
Step 3: Apply Online or Visit a Branch
Many banks offer online account opening for citizens. Foreigners or LLC owners may need to visit a branch in person or use a banking partner like Mercury for digital onboarding.
Step 4: Fund the Account
Make an initial deposit (usually via wire transfer, debit card, or mobile deposit).
Step 5: Start Using Your Account
Once approved, you’ll get access to:
- Debit card
- Online/mobile banking
- Bill pay and direct deposit options
- International transfers
Tips for Foreigners and Non-Residents
- Use banks that specialize in non-resident accounts like Bank of America, HSBC, or TD Bank
- Open an LLC in the USA to gain access to business banking
- Apply for an ITIN if you don’t have an SSN
- Use services like FormLLC.us to set up a U.S. entity and business bank account
Final Thoughts
Understanding how to open bank account USA is essential for anyone planning to live, invest, or do business in America. With the right preparation and documents, the process can be simple and rewarding.
