Open a US Bank Account. Non US Citizen Non Resident

[Leo Hendrix]

Hi

Does Anyone have any tips, ideas, hints or suggestions on opening a US Bank Account as a foreigner?

I need a Business Account and also a personal account.

I have yet to register an LLC but plan to do so with an agent and register in Delaware.

 

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[AndrewNC]

Hi

Does Anyone have any tips, ideas, hints or suggestions on opening a US Bank Account as a foreigner?

I need a Business Account and also a personal account.

I have yet to register an LLC but plan to do so with an agent and register in Delaware.

Did you contact banks directly yet?

They probably know the specific ins and outs better than we do.

 

[BaraQueenbee]

I have visited banks in person ( like 7 differents ones) while being in the USA.

NOT possible.
Have posted it on several forums and facebook groups.
Not possible.

I am sure there is SOME way, but havent found it myself yet either

 

[BKMoney]

You can use a solution like worldfirst or payoneer, but they both have their limitations. Why do you need a US account in the first place?

 

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[BellaPippin]

Hi Leo, I am a banker at a US bank.

Normally for a non-resident a bank (at least in the bank I work, which is one of the big ones) needs two forms of ID, one would be your up to date passport and the other one could be a major credit card. You also need either a SSN, ITIN or EIN (I think you should be able to get an ITIN/EIN through a tax service or the IRS website).
Several banks offer you to open the accounts online and you will need to scan your ID, or you could try opening an account from one of the online banks that exist like Barclays (there are more but that's the only one that comes to mind).

Hope that helped some.

 

[SEBASTlAN]

Absolutely possible. I was able to open an account with Wells Fargo, you just need the EIN and some ID and a helpful teller(!)

 

[Impressive M]

I have visited banks in person ( like 7 differents ones) while being in the USA.

NOT possible.
Have posted it on several forums and facebook groups.
Not possible.

I am sure there is SOME way, but havent found it myself yet either

This is where we have to be careful when relying on information provided in forums, you don't know if the person providing information is intentionally trying to mislead you or doesn't know any better.

@BaraQueenbee suggested she has visited 7 different banks in USA and have also posted on several forums and facebook groups to find out its just not possible.

Let me be the one to break the news Miss, you are absolutely wrong and you should not provide such information without verifying the facts. I travel to US few times a year and got my account very long time ago when i visit US for the first time. It is absolutely simple and most banks have same process, they need your passport, look at valid US visa and another form of ID. They prefer if you have a US mailing address, if not they will take your foreign address as well.

My bank accounts, both business & personal are with Bank of America and i use to bank with WellsFarso long time ago. I keep getting mail from BBVA compass asking me to open a US Bank account, so i am assuming it's all standard with most of the banks.

 

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[Aaron W]

I registered a USD currency account with TD Canada. You simply go in, tell them you want a business account with the currency in USD and they set it up. I was however paying the $17/monthly plan for it. I know there's better options out there where you don't even have to pay for a plan. Your best bet is to go into bank firms and ask for one.

Best of luck!

PS, they want your business registration documents and valid ID.

 

[Ubermensch]

Hi Leo, I am a banker at a US bank.

Small world...

Do you know Kenny, branch manager?

Light-skinned female, curly hair, really pretty, around 40 years old?

@Leo Hendrix

Smh.

You got it all backwards, bro.

 

[BaraQueenbee]

This is where we have to be careful when relying on information provided in forums, you don't know if the person providing information is intentionally trying to mislead you or doesn't know any better.

@BaraQueenbee suggested she has visited 7 different banks in USA and have also posted on several forums and facebook groups to find out its just not possible.

Let me be the one to break the news Miss, you are absolutely wrong and you should not provide such information without verifying the facts. I travel to US few times a year and got my account very long time ago when i visit US for the first time. It is absolutely simple and most banks have same process, they need your passport, look at valid US visa and another form of ID. They prefer if you have a US mailing address, if not they will take your foreign address as well.

My bank accounts, both business & personal are with Bank of America and i use to bank with WellsFarso long time ago. I keep getting mail from BBVA compass asking me to open a US Bank account, so i am assuming it's all standard with most of the banks.

Excuse you?

Everywhere I went, in person (New Jersey and Dallas), I got the same answer: OR social security number, OR company that has certain grounds or options in the USA. A tourist visa (esta) was NOT sufficiant to open an american bank account.
Being a bit surprised by your statement and quote, I started to doubt myself.
Fortunately recent google was as it help:

http://bkpk.me/how-to-open-a-us-bank-account-as-a-tourist/

Or just google more on "how to open US bank account as tourist/non citizen".

Every article or website uses the terms "quite a challenge without a SSN or etc".
Which describes exactly how it went when I tried.

Maybe I should have not used the term "not possble", but rather "freaking challenging". Fine

 

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[LateStarter]

I registered a USD currency account with TD Canada. You simply go in, tell them you want a business account with the currency in USD and they set it up. I was however paying the $17/monthly plan for it. I know there's better options out there where you don't even have to pay for a plan. Your best bet is to go into bank firms and ask for one.

Best of luck!

PS, they want your business registration documents and valid ID.

Aaron, FYI this is not the same as a US-based account. Doing this will do nothing to build any credit in the US. What you're doing is simply a Canadian bank account that's holding US funds. If you try to do any transactions in the US you'll find that your credit is non-existent in their eyes.

 

[Aaron W]

Aaron, FYI this is not the same as a US-based account. Doing this will do nothing to build any credit in the US. What you're doing is simply a Canadian bank account that's holding US funds. If you try to do any transactions in the US you'll find that your credit is non-existent in their eyes.

Fully aware, just wasn't sure on OP's intentions. I know a lot of foreign business owners just need an account for USD currency transactions when they're targeting a US demographic

 

[H. Palmer]

Hi.

Can be done.

For a bank account for private citizens, you need to:

. Get yourself an ITIN through an IRS standard form (I believe it's the W7). This is equivalent to the SSN, the US social security number.
. Go to the USA in person
. Take with you: proof of your ITIN AND an identity card (like ID card, a passport or driver's license) AND proof of address in your home country.

For a bank account for an LLC, you need to:

. Found the LLC through an agent.
. Get yourself an EIN for the LLC. (The EIN is the business equivalent of the SSN and ITIN). Use an IRS standard form.
. Let the agent provide you with an address.
. Let the agent open the bank account for you. Company address is required.

Of course in this case also it's easier if you go there in person.
But in the case of an LLC all of it can be done by an agent.

 

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[biophase]

http://bkpk.me/how-to-open-a-us-bank-account-as-a-tourist/

Or just google more on "how to open US bank account as tourist/non citizen".

Every article or website uses the terms "quite a challenge without a SSN or etc".
Which describes exactly how it went when I tried.

Maybe I should have not used the term "not possble", but rather "freaking challenging". Fine

That page you linked to actually made it sound easy?

"All I needed to open the account was:

- A visit to the US (this is perhaps the hardest part for most people)
- My original passport and visa (they will take copies at the bank)
- Copy of my address proof from back home (any one of these: utility bill, bank statement, credit card statement)
- $50 in cash to place a deposit
- A US telephone number (this is not absolutely necessary but I use Google Voice to forward calls and I believe it will make things easier in case the bank needs to contact me)"

I would go this route as it seems fairly easy. You can outsource all 4 steps in this process.

Hi.

For a bank account for an LLC, you need to:

. Found the LLC through an agent.
. Get yourself an EIN for the LLC. (The EIN is the business equivalent of the SSN and ITIN). Use an IRS standard form.
. Let the agent provide you with an address.
. Let the agent open the bank account for you. Company address is required.

Of course in this case also it's easier if you go there in person.
But in the case of an LLC all of it can be done by an agent.

 

[BaraQueenbee]

That page you linked to actually made it sound easy?

"All I needed to open the account was:

- A visit to the US (this is perhaps the hardest part for most people)
- My original passport and visa (they will take copies at the bank)
- Copy of my address proof from back home (any one of these: utility bill, bank statement, credit card statement)
- $50 in cash to place a deposit
- A US telephone number (this is not absolutely necessary but I use Google Voice to forward calls and I believe it will make things easier in case the bank needs to contact me)"

I would go this route as it seems fairly easy. You can outsource all 4 steps in this process.

I'm finding it hard to imagine things have changed in the past year or I have had bad luck with the people helping. For previously stated reasons. (The endless you need SSN comment) I shall for now put myself on "hold" in said topic and try above steps in two months while being in the US, and report.

 

[Leo Hendrix]

Thanks Guys, I'll just register an LLC through an agent get an EIN and open a Business Account.

Did anyone open a business account first, then after open a personal account as a foreigner? With the same bank or a different one.

Looking to open a Charles Schwab Account due to no ATM fees and refunds for overseas ATM use.

 

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[splok]

That page you linked to actually made it sound easy?

I'm finding it hard to imagine things have changed in the past year or I have had bad luck with the people helping.

Afaik, individual branches (and probably even individual employees) have their own discretion over whether or not to open a new account, so it may just be a case of needing to do bank hopping until you find someone having a good day. My Canadian gf opened one earlier this year while on a tourist visa, but she had to have one of their "proof of residence" items before they'd consider it. That should be easily doable if you'll either be in the US for a while or have some US friends. Otherwise, it might be easier to open a US LLC and try for a business account.

 

[Alveko]

I have visited banks in person ( like 7 differents ones) while being in the USA.

NOT possible.
Have posted it on several forums and facebook groups.
Not possible.

I am sure there is SOME way, but havent found it myself yet either

I've experienced the same thing this past summer, declined by both Wells Fargo and BoA in New York.
The banker of WF said I had all the necessary information(EIN, other papers,..) but somehow needed authorization of the 'manager of his manager',
unfortunately with no luck.

I'm using Payoneer for the time being, but would obviously prefer to own a 'real' bank account in the near future.

PS: I was told it differs from branch to branch, so while it may not have worked out in NY, it could very well be an easy walk in some other city.
But until I know for sure where it IS possible, I'll probably won't take any further steps on this for now.

 

[H. Palmer]

I've experienced the same thing this past summer, declined by both Wells Fargo and BoA in New York.
The banker of WF said I had all the necessary information(EIN, other papers,..) but somehow needed authorization of the 'manager of his manager',
unfortunately with no luck.

From what I know, BankofAmerica, Capital One and Santander are the easiest to open an account with for a foreigner.

As far as BofA you were probably out of luck with the branch.

 

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[LateStarter]

- My original passport and visa (they will take copies at the bank)

@biophase I think for some the visa issue is a roadblock with this approach.

I'm fortunate to have already worked in the US and at that time I registered for a SSN even though it wasn't required. A friend let me use his home address as a principle residence. At that time (2004-2007) opening a US account was still a battle and I gave up rather than deal with the hassle (I didn't need an account badly enough). Several banks asked for domestic financial references and the aforementioned 'proof of residence' BS which is equally hard to get as a visitor or as a 'fly-in contractor' that I was at the time. Even receiving letter mail to a US address wasn't enough. They wanted a utilities bill in my name for the address to satisfy them. That was for both Wells Fargo and BoA.

I hope that the situation has been made easier in recent years for those who need it. Still I'm skeptical that there may be other potential obstacles imposed as part of the anti-terrorism/money laundering laws given the climate we live in now.

Sidenote: I even had to battle with Paypal to get a US account because of the 'proof of residence' paperwork. I managed to escalate the issue and plead my case with a senior manager. I claimed that I was renting a house and rent included utilities. I faked a rent receipt and sent it to them. It worked for Paypal but not for the banks.

 

[BKMoney]

Hi.

For a bank account for an LLC, you need to:

. Found the LLC through an agent.
. Get yourself an EIN for the LLC. (The EIN is the business equivalent of the SSN and ITIN). Use an IRS standard form.
. Let the agent provide you with an address.
. Let the agent open the bank account for you. Company address is required.

Of course in this case also it's easier if you go there in person.
But in the case of an LLC all of it can be done by an agent.

I am not sure about the "Let the agent open the bank account for you" part. As an non-US resident owning several LLCs in the US the only way to open a real bank account I've found so far is to go there in person and provide the required documents (you can ask each bank what documents are needed beforehand over the phone).

Another option is to find someone you really really really trust and assign him as a treasurer of the company. He then can go to a bank with all the required documents and open an account but he will have access to the account so again I don't recommend this option unless it is someone you trust unconditionally.

Option 3 would be to use Payoneer, WorldFirst or some other similar solution (that is if you need the account to receive funds only from sites like Amazon, Ebay, etc..) and then transfer the received amount from Payoneer to a local bank account in your home country.

 

[unitedweb]

Hi

Does Anyone have any tips, ideas, hints or suggestions on opening a US Bank Account as a foreigner?

I need a Business Account and also a personal account.

I have yet to register an LLC but plan to do so with an agent and register in Delaware.

Without a Social Security number and physical presence in the United States, hardly you can get account open in any bank in the United States if you are not a resident. Though some bank will require you to fill out a W-8 form to complete the account opening process. If you are not a US citizen,you will not be required to have a US physical address, but you will need to present your foreign Passport along with 2 forms of identification: driver's license, State ID, or US Passport depends on the bank. Though I was able to open MetaBank® account with the assistance and some information I got from usbanksaccount.com

 

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[unitedweb]

You can also get personal account with The Bancorp Bank

 

[Leo Hendrix]

stripe Atlas is testing a US co. rego and bank account opening recently, in case anyone reading this would need a service like that.

 

[Mr_Maravish]

Hey,

I work for a financial institution, In order to establish one at this specific bank you would have to have the Articles of Formation or be able to validate it on the state website free of charge. You would also need to provide an EIN for the business.

For you personally, your passport (up to date) and a proof of US residential address in the form of utility bill, pay stub, lease agreement and things of that nature.

But different banks might have different requirements, so check with your bank of choice to see what their specific requirements are.

 

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