Discover how to create a bank account as a non-resident immigrant in the United States
Are you a non-resident of the United States wishing to open up a US bank account ? Banking in the United States is not as straightforward as it once was. The Patriot Act was enacted in the United States to restrict the financial system from being used for unlawful purposes. Despite its broad implications, one of the most major changes it has wrought is increased verification requirements.
You may be wondering, “Can a non-citizen open a bank account in the United States?”
Yes, this is conceivable. The process may be a bit more complicated for non-citizens, but it is far from impossible. Whether for business, vacation, or personal reasons, opening a bank account in the United States will be well worth the effort.
Banking in the United States has a number of advantages. To begin, you will not be charged exorbitant bank and credit card fees when you spend money in the country. Even if you are not a resident of the United States, you may make Federal Deposit Insurance Corporation-insured deposits up to $250,000. (FDIC).
Making a personal bank account application without submitting a Social Security number or ITIN
In the United States, a foreign national may open a bank account. The majority of small banks restrict account opening to citizens and permanent residents of the United States. Non-citizens are unable to use these banks since they need a social security number, which they lack. This is by far the most common concern that newcomers face.
A checking account is one that has a checking balance
A checking account may be used to conduct daily transactions such as food shopping and gas purchases. This kind of account will have a range of functions, such as debit cards, ATM withdrawals, and account transfers.
Maintain a separate account for putting money away
On the other hand, the funds in your savings account are intended to be set sideways for rainy days and other unforeseen events. These accounts often earn more interest than checking accounts. This means that you may receive more money with the money you save.
Given the difficulty of opening a regular bank account for non-residents, you may choose to examine other options such as multi-currency accounts, foreign exchange accounts, international bank accounts, and correspondent accounts. These options may help you in opening an account from your native country.
