How to Open an American Bank Account

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Probably the question we get asked most often is – How to open an American bank account?

This is because, in the world of international banking, an American bank account can be a powerful tool.

If you’re a foreign non-resident, expat, digital nomad, or foreign business owner who deals with US dollars or US customers, an American bank account can be very beneficial to have. It can enable you to tap into many unique benefits that you can’t access anywhere else in the world.

Of course, not just anyone can open an American bank account. And, it can be a tricky process to navigate on your own.

But, with the right guidance, it is entirely possible for most foreign non-residents to open American bank accounts.

So if this is what you’re looking for, you’ve come to the right place!

Read on below as we break down step-by-step how to open an American bank account.

To open an American bank account, you will need to find a bank, branch, and banker that accepts non-residents. From there you need to provide the necessary documents and meet bank-specific requirements. It can be a challenging process, but with the right direction, you can open an American bank account as a non-resident.

In this article, we’re going to cover exactly how to open an American bank account and the key things that you, as a non-resident, need to be aware of in the process.

Here’s a look at everything we’ll cover in this article…

What are the Benefits of Opening an American Bank Account?

Before we go into the details of how to open an American bank account, let’s first quickly go over why you might want an American bank account to begin with.

So you know why it’s worth all the hassle.

Foreign non-residents can tap into a tremendous number of benefits by opening an American bank account, here are a few of the top ones…

Benefits of Opening an American Bank Account:

Credible & safe banking system
Access to US crypto exchanges
Ability to invest in US stocks, ETFs, & other products
Deposit insurance of $250,000
Ability to build a US credit score & history
Access to US credit cards & travel rewards
Access to mortgages & financing
Low (or fee-free) international withdrawals at ATMs
Strong online banking platforms
Privacy, since the US is a non-CRS country
Access to US investment & brokerage products
And more…

As you can see, there are many benefits non-residents can tap into when opening an American bank account.

But, these benefits aren’t the same with every bank and every account. What you have access to highly depends on the bank you choose, your deposit level, and of course, your client profile.

That said, you can access most (if not all) of these benefits if you open with the right bank. Including the top benefit many non-residents are interested in: US credit cards.

US credit cards offer non-resident individuals and businesses attractive and profitable rewards that you can’t access anywhere else in the world.

In fact, no other country even comes close.

Of course, to unlock the benefits US credit cards can offer, you need to have the right information.

If you’re interested in learning more about US credit cards and how you can apply for one today, we share the step-by-step instructions on how to unlock the benefits in our premium members-only report “US Credit Card Strategies For Foreigners and Non-Residents”.

You can access this report immediately when you join GlobalBanks USA.

Now, if that all sounds good to you and you’d like to know how to open an American bank account, here’s how to get started…

Step 1: How to Determine if You Qualify for an American Bank Account

The very first step you need to take when determining how to open an American bank account is to figure out if you qualify to open an account.

Below you will find a list of the different client groups that are eligible to open an American bank account.

Who Can Open an American Bank Account:

Non-resident individuals
Digital Nomads
Foreign business owners
Foreign individuals with or without an ITIN or SSN
US citizens living outside of the US
Foreign companies with no ties to the US
Non-resident individuals & companies that serve customers in the US
Foreign businesses that have suppliers in the US
Non-residents requiring remote account opening

As you can see, many different client groups can open an American bank account.

But, like banking anywhere, the banks available to you will depend on your particular client profile and deposit level.

Not to mention, whether or not you can meet the bank-specific requirements.

With that said, if you fall into one of these categories and you’re interested in learning how to open an American bank account, you’re in luck.

We detail the next steps below, including the bank-specific requirements you’ll need to meet.

Step 2: How to Choose Which American Bank to Open An Account With

The most important part of knowing how to open an American bank account is knowing where to open a bank account.

Each bank, branch, and even banker has different requirements for the clients they are willing to accept.

This is why choosing the right bank for you is highly dependent on your client profile, desired banking needs, and the requirements you can meet.

If you choose the wrong bank, you will likely be rejected at the door. Wasting your time and money. Or if you’re accepted, you could end up paying unnecessary fees and not have access to the benefits you’re after.

So, it’s crucial that you choose the right bank before you start applying.

Of course, this process can be difficult to navigate. This is especially true if you don’t know which banks will open accounts for you.

Fortunately, GlobalBanks can help… more specifically, GlobalBanks USA.

GlobalBanks USA is the number one US bank account opening service available anywhere. It helps foreign and non-resident individuals (and their businesses) open bank accounts in the United States.

This includes the direct one-on-one support you need to find and open accounts with real brick-and-mortar banks that match your client profile and banking needs.

With GlobalBanks USA you’ll have support through all of the challenges that non-residents face in the process of opening an American bank account. More on this below.

Step 3: How to Overcome the Most Common Account Opening Challenges

A guide on how to open an American bank account as a non-resident would not be complete without covering the many account opening challenges you’re likely to face in the process. And of course, how to successfully overcome them.

Trying to open an American bank account without preparing yourself for these challenges can be a huge waste of time and money. A little bit of time spent researching and preparing yourself can go a long way.

So, with this in mind, let’s look at the most common challenges non-residents face when opening an American bank account…

Challenges of Opening an American Bank Account as a Non–Resident:

Unable to navigate the strict onboarding process
Not able to meet deposit requirements
Unable to demonstrate sufficient ties to America
Providing an accepted proof of address
Providing an accepted phone number
Frequent denials due to inaccurate documentation
Unable to find banks that don’t require an ITIN or SSN
And more…

The trickiest part of this whole process is knowing what “sufficient” or “accepted” actually means.

Because this can vary from bank to bank and even banker to banker.

So, one of the best shortcuts to success when it comes to opening an American bank account is to know exactly which bank to go to and which banker to speak to.

If you can get that right, everything will be smooth from there.

Once you’ve nailed down the right bank, branch, and banker to approach for your particular client profile, the next step is to prepare your application.

Step 4: How to Prepare Your Application for an American Bank Account

So far, you’ve confirmed that you can open an American bank account, you have chosen a bank you to apply with, and you’ve familiarized yourself with the potential account opening challenges you may face.

From there, the next step is to prepare your application and submit the proper documents to apply for an account.

And, as a non-resident, you will be required to submit additional documentation to open an account in America that is not required of residents and citizens.

Here are some of the requirements non-residents need to meet when opening a bank account in America…

Requirements to Open an American Bank Account:

Completed bank account application
Two forms of government identification
Proof of US tax identification (SSN or ITIN)
Proof of residence in your country of residence
An acceptable American address (varies from bank to bank)
American phone number (varies from bank to bank)
Proof of income & source of wealth
Account opening deposit between $50,000 and $250,000 (varies from bank to bank)
And more…

Of course, these requirements can vary depending on the state you wish to open an account in. And also, on the specific bank, branch, and even banker you deal with.

But, generally speaking, you will likely be required to meet all, if not more, of these requirements.

If there are any specific requirements that you can’t meet or if you’re unsure whether the documentation you have will be acceptable, don’t worry. We can help you through every step of the process.

How to Open an American Bank Account