How to open an account in a US bank for a non-resident individual
When you come to the USA, it doesn’t matter, on tourism, on childbirth or on a won green card, one of the main questions that you will have immediately upon arrival - is it possible for a non-resident of the USA to open an account in an American bank as on https://usa-banks.info/? If so, how easy is it? What restrictions may be on financial transactions for non-residents? And what to do first - find an apartment or go to a bank to open an account?
What do I need to open an account with a US bank?
To open an account with an American bank, you need 2 identification documents, as well as proof of your address in English. 2 documents are, as a rule, a passport and a driver’s license of an international standard. But with the confirmation of the address, the situation looks a little more complicated.
Many people know that when opening an account in America you need a confirmation of the address, but few people know that such a confirmation can be an extract from the bank of your country, since an American bank employee needs confirmation of any of your address, that is, the address does not have to be American - most importantly, so that it is written in English. If you need to open an account with a US bank immediately upon arrival, then in advance, while still in your country, be puzzled by a document confirming your address. This method will be much faster, since it will take longer to confirm the address while in the United States.
Such confirmation can be an account statement certified by the bank in English, which indicates the address of the account holder. In most banks, automated systems translate only the extract text itself, leaving the address as it is. Therefore, immediately pay attention that the address was written exactly in English.
As for the confirmation of your address in America, then 2 mailings to your American address of residence can serve as such confirmation, and this can not be a hotel or a rented mailbox. Notifications, bills or statements from utilities or mobile operators, a loyalty program card from any company related to financial turnover, such as Shell, or any correspondence from any government agencies are best suited. Instead of one of the letters, you can also show a contract for renting an apartment. But this contract should not be a faxed copy, but a full-fledged paper contract with “live” signatures of both parties, and for some banks it is advisable to also certify the contract with a seal, for example, a real estate company or a condominium management company. In other words,
Which bank is better to open an account?
Accounts can be opened completely in any banks. But it is better to open in the bank, which has good Internet banking, and which you plan to use for a long time - in it you will immediately begin to accumulate your credit history.
All banks charge a fee for servicing accounts. From 5 to 15 dollars per month, depending on the package that you connect, and the number of debit cards that you will have. If you keep a decent amount on your accounts, then service, including cards, can be free. The size of these amounts must be specified in each bank. Usually it is enough to store a total of $ 1,500 in accounts. And this is not a minimum balance - you can use this money. Simply, if the average monthly balance falls below this threshold, a fee will be charged for servicing each account, no matter how many you have. Some banks also offer to switch completely to digital document management and give a discount on such services, since the bank does not spend money on sending statements by regular mail.
In the banking systems of any state, even with the most stable economies, owners change periodically, leading to a sharp drop in shares, and in some cases even bankruptcy is possible. Therefore, give preference only to the largest banking institutions, do not give in to the temptation to save or earn extra money in little-known banks. The largest US banks are Chase, Wells Fargo, Bank of America, Citibank, and TD Bank.