If you are a foreigner in the United States of America it can become quite difficult to get many things done as long as you are not yet a citizen of the country. You will be restricted from doing many things, These are not our concerns. But our main concern today is Can A Foreigner Open A Bank Account In The USA?
For anyone who is not a citizen of America and is hoping to open a bank account in the country, it becomes difficult because, obviously, you are not yet a citizen. It is difficult, but not impossible, to open an account as a non-citizen. That is why this article is coming your way today because I have listed everything that you need to do as a non-citizen to open a bank account in America.
Can A Foreigner Open A Bank Account in USA?
As a foreigner in the U.S., you need a place to keep your money. One of the best places to keep your money is in the bank, even if you are not a citizen. This is because having a bank account gives you the assurance that your money is secure and that you can access it whenever you want for whatever purpose you want.
However, as a non-citizen of the United States, it is not as easy as you think it will be to open a bank account, but it is totally possible. Opening a bank account as a foreigner in the United States of America will take you longer than usual, and you will have to put in serious work in order for it to be approved and your account created.
Requirements for Opening a Bank Account in America
The reason why it is basically more difficult for a foreigner to open a bank account in America is that they are set requirements that a foreigner does not have. So it becomes difficult and takes a long time before a foreigner is able to set up a bank account. However, there are steps that you can still take to ensure that, as a foreigner, you have a bank account.
Below I have listed all the requirements that a credit union or a bank is going to generally need you to have before you can have a credit account:
- Your contact information, such as name, address, and phone number
- At least two forms of government-issued ids, such as a valid driver’s license or passport
- Social Security number or Individual Taxpayer Identification Number (ITIN) (If you’re a non-citizen and don’t have a Social Security number, you’ll likely need to have an ITIN.)
- Utility bill with current address
- A cash deposit (normally $25 to $100)
It is very important to keep in mind that this requirement may vary from one state to another so do not expect this requirement to be true for all states.
Alternative Means of Identification for Foreigners
From what I have listed above it clearly states that you are going to be needing a government-issued ID driver’s license social security number and others. However, as a foreigner, you are not expected to have a social security number because you are not a citizen of the country. This is one of the major reasons it is difficult for foreigners to get an account.
But the good news is you can have an alternative form of identification even if you do not have a social security number. Anyone not having a social security number can go for an ITIN number which can be substituted for a social security number to open an account. But the bad news is not everyone can obtain an ITIN number it is only specific to some known citizens.
How To Apply for an ITIN
As I mentioned above the major things that you need in order for you to get an account in the United States of America as a non-citizen are your ITIN and number. This is why I have made a list of steps on how you will be able to apply for this number so that you can get your account created starting today.
- The first step is to basically fill out a W-7 application form and then submit it to the IRS with your complete tax return.
- Finally also submit every other document that is required of you to verify your identity and your status as a foreigner.
Once you have filled out the form and submit it is now a waiting game which usually takes time for the IRS to verify your identity and grant you an ITIN number.
How to Open a Bank Account as a Foreigner in the USA
After you have gotten your In a number that is basically all you would need for all in your bank account because you already have All the other requirements. The next step is to shop for a bank or credit union that you are interested in to open an account. It will be better if you go for a bank that easily accepts foreigners to create an account get in touch with the bank and create your account.
To create your account just as I have listed above you need to submit all the other documents including your deposits so your account will be created. Once the account is created you can now enjoy all the benefits of owning an account with the United States of America as a foreigner.
Can a non-US Citizen Open a Bank Account in USA?
The answer to this question is yes a non-citizen of the United States of America can create an account for themselves. But in order for the citizen to do so they need to have an ITIN number which can be substituted for a social security number to create an account. Once they have these in order valid means of identification the account can now be created.
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