Real Us Bank Account for Foreigner : How do non-US nationals open a bank account?

For the vast majority of Americans, having a bank account is critical for guaranteeing financial security in retirement. According to 2019 estimates from the Federal Deposit Insurance Corporation, over 95% of families are “banked” – the highest proportion ever recorded by the agency in its decade-long examination of how average Americans handle their financial affairs. The issue is, what happens to individuals who are left out of the study?

Non-citizens face a range of significant obstacles upon arrival in the United States, including determining how to keep their money safe and avoiding paying high fees for check-cashing services.

If they do not have real us bank account for foreigner, bank account for non us, new Americans will have restricted access to their money. Additionally, they will be charged fees to cash their checks and will lose access to a number of the conveniences associated with having a checking or savings account. However, there is some good news for non-US citizens: they may open a bank account to avoid some of the high fees and to benefit from the Federal Deposit Insurance Corporation’s protection. While this is not an easy undertaking, it is definitely worth the effort.

You will need these documents

To open a bank account, the institution must believe you are who you claim to be. It is used to authenticate identities as part of the government’s Customer Identification Program, which is a component of laws geared at combating money laundering and terrorism.

While the procedure for establishing your identity varies per bank or credit union, it often entails providing the following information:

• Identification: This may include a valid passport or a driver’s licence from another nation.
• You should have a recent utility bill that includes your current address: A utility or natural gas bill will suffice.
• Amount to deposit as a down payment: Certain banks need a $25 initial deposit in order to do business with them.
• An Individual Taxpayer Identification Number (ITIN) consists of the following: Numerous bank accounts earn interest, which is taxed, which is why banks want this information from their consumers.

Despite the fact that many individuals are used to doing business online, including opening a bank account, non-US citizens may find the process very challenging.