How To Open A US Bank Account For Non-Resident Without SSN (2024)
Although it was difficult earlier, opening a US bank account now as a non-resident isn’t a hassle. Currently, SSN is not mandatory for this procedure, but having it could accelerate the procedure. However, the IRS has an Individual Taxpayer Identification Number (ITIN) for non-residents without Social Security numbers, which they can use to apply for a bank account.
This article will explain the types of documents and the steps involved in opening a bank account in the United States if you do not possess a Social Security number. So, let's get going.
Opening a US Bank Account Without SSN As a Non-Resident: A Step-By-Step Guide
Step 1: Look For The Most Suitable Bank Account
Finding eligible banking institutions is the first step in creating a US bank account as a non-resident without an SSN. Even while big international banks frequently serve clients from other countries, it's crucial to consider all of your possibilities. Credit unions or banks in your area may provide more accommodating conditions.
Think of foreign banks that have branches in the US as well; they might provide specific services to non-residents. Using first-hand referrals from loved ones, coworkers, or friends can be quite helpful in this process.
Step 2: Arrange All The Paperwork and Documents
After selecting a bank, it's imperative to compile the necessary documents. While exact specifications can change, these are the most commonly asked documents:
Essential Documentation:
Identification:
Primary ID (passport, driver's license, or state ID)
Secondary ID (bank statement, utility bill, or birth certificate)
Identification Number:
If you do not have a Social Security number, you should use your Individual Taxpayer Identification Number (ITIN). In certain situations, a foreign passport or driver's license number may be sufficient.
Proof of Address: Sometimes, one of your ID proofs can be used for this.
Contact Information: It's crucial to have your email address and phone number.
Understanding ITINs:
You may need to get an ITIN if a bank refuses your passport and other ID proofs. If you do not meet the requirements for an SSN but have to file for a federal tax return in the United States, the IRS will provide you with ITINs.
It is possible that you already have an ITIN if you have received income while working in the US or if you earned money as a contractor or consultant.
Remember that each bank may have different requirements for specific documents. Before completing your application, it is usually important to get in touch with the bank directly to find out their precise criteria.
Step 3: Use an ITIN to Open a US Bank Account (Optional For Some Banks)
For non-resident Americans wishing to create a bank account in the US, an Individual Taxpayer Identification Number (ITIN) is essential. It is an IRS-issued number that can be used in place of a Social Security number (SSN).
The ITIN enables overseas individuals to file US tax returns and perform financial activities, even though it is not a permanent tax identification number. But getting an ITIN can take a while—up to seven weeks, on average. To prevent delays, you must start the ITIN application procedure well in advance of applying for a bank account.
Tips To Get an ITIN For Opening a Bank Account As a Non-US Resident
In order to open a US bank account, non-residents must get an Individual Taxpayer Identification Number (ITIN). This is how the procedure is broken down:
Fill out Form W-7 Completely: The ITIN application is on this IRS form. Verify the completion of personal information accurately.
Collect the Necessary Records: Get a passport or other official document proving your identification and immigration status. Please refer to IRS guidelines for details on required documents.
Send In Your Application: You have three options: visit a Taxpayer Assistance Center, mail your completed Form W-7 and supporting paperwork to the IRS, or work with a Certifying Acceptance Agent.
Wait For ITIN Issuance: It usually takes the IRS six to eight weeks to complete ITIN applications. Your ITIN will be mailed to you.
Step 4: Submit Your Bank Account Application Without an SSN
When you have the required paperwork and the bank of your choice, you are prepared to submit your application. A lot of banks streamline the account opening procedure by providing easy online application processes. Some banks can necessitate a face-to-face visit to a branch.
If a down payment is needed, you can usually send money electronically or with cash in-branch. You may be confident that the procedure is usually simple to follow and can be finished in a matter of minutes. Banks usually do not demand a credit check when opening an account, which makes it possible for people with little credit history to apply.
Step 5: Keep Track of Your Non-US Resident Bank Account
Now that you have opened a US bank account try to get the most out of it. Maintaining financial management requires routine account monitoring. Use the account to meet savings targets, everyday costs, or other financial objectives. Set up low-balance notifications and think about tracking income and expenses with budgeting applications to help you avoid fines.
Numerous banks provide simple access to your account information through online and mobile banking. When living overseas, you may still manage your US finances well by being proactive and organized. Remember that regular monitoring is essential to guaranteeing your US bank account operates without hiccups.
Alternatives To Bank Accounts When You Fail To Provide an SSN
Because most banks have severe residency requirements, opening a standard US bank account may be difficult if you are unable to obtain an SSN or ITIN. Still, there are acceptable alternatives:
International Bank Accounts: These types of accounts are designed exclusively for non-residents and frequently do not require a Social Security number. Think about trustworthy choices such as Zenus, Charles Schwab, or multinational behemoths like HSBC.
Mobile or Digital Banks: These "neobanks" provide easy web or smartphone banking options. They may have fewer features than regular banks, but they frequently offer all the necessary banking services without requiring a Social Security number. Revolut is a well-liked option in this category.
To select the ideal alternative for your financial situation and demands, it's important to do your homework and analyze several options.
Developing your financial presence in the US is mostly dependent on your ability to open a US bank account as a non-resident. Even with this guide's thorough explanation of the procedure, understanding the intricacies of US banking and taxation can still be difficult.
Are You A Non-Resident and Need Assistance to Open a US Bank Account Without SSN? Book a Call with SamsCashFlow Agency
Need assistance with account opening and other financial processes without SSN? Schedule a consultation right now to see how SamsCashFlow can help. Book a call today!
SamsCashFlow Agency provides professional advice to assist you in managing your non-resident US bank account and maximizing your financial plan easily and efficiently. Our team's area of expertise is helping international people and companies with all aspects of their financial affairs in the US, including account management, tax planning, and compliance.