Just moved to the United States of America (USA), or intending to relocate there soon?
Whatever your purpose for visiting the United States of America, one of the main things you’ll require is a bank account. If you want to earn money during your trip, pay for things or receive money from home, it’s a necessity.
Notice :
You are an individual: this service is for clients wishing to make a deposit of $500,000 to $1 million in one of our partner bank.
You want to register a company in the United States:
If you want to open a business bank account, you must first set up a company in the US, then, your US company will open a US corporate bank account. Our partner bank will accept to open your business bank account if you plan to sell to American market or if you make a deposit of $100,000 at least.
Why Have a U.S. Bank Account
With a local bank account in the United States of America, you can pay bills by check, and manage your bill payments online. Additionally, many banks issue MasterCard or Visa debit cards, which enable you to use to make purchases anywhere that accepts credit cards, or withdraw cash from an ATM.
Types of Bank Accounts in the United States of America
There are two main types of bank accounts in the US. They are:
- Checking Accounts
These enable you to frequently deposit and withdraw money. They are an incredible method for covering your monthly bills, and for day-to-day spending. When you open a checking account, it usually comes with a checkbook and a bank card. There are also minimum monthly balances and service fees, but these vary depending on the type of account you open.
- Savings Accounts
These are for longer-term deposits for accumulating interest. The interest rates, minimum balances, and service fees will differ from bank to bank.
How to Choose a Bank
Before you decide on which bank to choose, You should make inquiries and compare services. Find out whether the bank you want to settle on offers interest on checking accounts, what the interest rate is for savings accounts, and whether the account offers overdraft protection. You will also want to find out how long it will take to clear a check. Although wired funds are available immediately, the hold on checks differs by state and by banks, and can be several days to a week or significantly longer.
The documents required to open a bank account in the USA
The documentation you’ll need to support your application for a bank account can differ. It depends on the bank, as well as the US state. But generally, it’s recommended you have the following in hand.
- Your full US address, contact information, and other personal details
- Your driver’s license or passport
- Your immigration documents
- An opening deposit payment.
Significantly, one thing you’ll usually be asked for is a Social Security Number (SSN). This can be a genuine obstacle for non-residents and non-citizens, but it’s not insurmountable. Some banks will accept applications from foreigners who don’t have or aren’t eligible for an SSN.
Others may accept the Individual Taxpayer Identification Number(ITIN), in place of an SSN. The ITIN is used to help foreigners or individuals not eligible for an SSN to comply with US tax laws.
You can apply for an ITIN if you’re a non-citizen or non-resident of the US if you’ll be filing a US tax return or are married to a US citizen.
Can I open a US bank account online?
Unfortunately, most banks in the US require at least a visit in person to open a bank account. This means that although you may be able to begin the process of opening a bank account online, you’ll still have to visit a local branch.
It’s commonly for the purposes of validating your identity, but if you’re a non-resident then you may further discuss the banking options available to you without an SSN.
You can also pursue another strategy, which is opening an international account with your current bank, or another bank that has branches in the US. This can make it simpler to open a bank account, particularly if you want to do it online. To find out whether you meet the requirements for an international account, reach out to your bank.
How to open a US bank account from overseas
There are a couple of troubles engaged with opening a bank account in the US from abroad. If you live outside the US but are a US citizen, you may be able to begin the procedure of applying, online.
But if you’re not a US citizen, you’re probably going to need to visit a branch in person, which implies flying to the US and making an appointment with your local branch.
The other issue to overcome is being accepted for a bank account in the US without a Social Security Number. You’ll find that you likely won’t have access to the same banking market as a US citizen would. You’ll still be able to get a personal or business bank account as a non-citizen, but you’ll be restricted to banks which offer specific bank accounts for customers in your situation.
Banking fees in the US
There are a couple of crucial fees and charges you should be aware of before you open a bank account in the US.
Firstly, monthly service fees. Most banks charge these, however, you can often avoid these if you meet specific criteria.
You should also look out for ATM withdrawal fees, which are exclusively charged if you use an ATM from a bank other than your own. You might similarly be charged if you withdraw money from a teller in person at a branch. If you have a US bank account and are withdrawing money from an ATM overseas, Always choose the local currency or you could get tingled with a dreadful exchange rate.
Additional fees include a charge for early closure of the account. And Lastly, there are international transfer fees and These are typically expensive when you use your bank to send money overseas.
Are you ready to open a bank account in the USA ? – Contact your Damalion expert now, we pride ourselves on helping in as many ways as possible.