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How To Open A U.S. Bank Account For Non-Residents
Learning how to open a U.S. bank account for non-residents is as easy as following the steps below. It doesn't matter if you are a student or if you run a business, you will always need a bank account in the U.S. After all, you simply cannot carry all your money with you every day. While being a non-resident will put some constraints on you when opening a U.S. bank account, it is not impossible to open one. This article will show you ways that you can open a U.S. bank account if you are a non-resident.
- Know the exceptions. While a traditional personal account will require you to have a Social Security number, which most non-residents do not have, there are other types of accounts which non-residents can open at a U.S. bank. For example, there are many U.S. banks that will open a checking account for students who are studying abroad in the U.S. from other countries.
- Agree with the terms of your bank account. Every bank will offer a slightly different variation of an account; you need to weigh the terms of those accounts. Some accounts will require you to have a minimum balance, while others will charge you a monthly fee.
- Find the bank that suits you. Large banks may be more beneficial to you as an international traveler, because large banks, like Bank of America and Citibank, usually have branches around the world, which makes your banking process a little easier.
- Do not rely on the internet. If you are opening a U.S. bank account as a non-resident, you will not be able to do it online in most cases. You will have to pay a visit to the local branch or mail the bank the proper paperwork. Every bank will ask for a set of paperwork in order to verify your identity. It is good to find out the papers required before going to a local branch. You can find the list easily on every bank’s website.
There are many U.S. banks that will open an account for non-residents without a monthly fee. Therefore, do not be fooled by those banks who want to charge you a fee for opening an account with them.
Posted on: Jul. 17, 2010