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March 18, 2024
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4 mins
The United States is a country filled with diverse cultures, landscapes, and a rich history that spans centuries. It's known for its significant contributions to arts, science, and technology. Setting up a bank account in the United States as a non-resident involves navigating a series of requirements and choosing from a variety of banking options tailored to individual needs
You don't necessarily need to be a U.S. citizen to open a bank account in the country, but you often need to live there. That's because many banks will ask for your U.S. Social Security number along with proof that you live in the U.S., such as a utility bill or lease agreement, and of course, your identification.
If you're planning to move to the U.S. and don't yet have these documents, it might seem a bit tough to get a bank account set up. But it's not a dead end. Banks vary in what they require to open an account; while all of them will want to see your ID, some might have special account options for people moving from abroad or for non-residents. Plus, if your bank in your home country has branches in the U.S., they might be able to help you set up a U.S. bank account more easily.
If you're already residing in the U.S. and possess the necessary documentation, it's generally feasible to open a bank account online, or at least initiate the process, depending on whether your selected bank offers online application services. However, some banks may necessitate a personal visit to a branch.
The process for opening a bank account in the U.S. from abroad can differ by country, so contacting a customer service representative at your local bank branch, either in person or via phone, is advisable for understanding the specific requirements and process.
Additionally, many banks provide the option of opening international bank accounts denominated in U.S. dollars, managed through your home country's banking system. These accounts are typically easier to open for non-residents or newcomers to the U.S., with most banks offering the possibility to apply online, given you fulfill their criteria.
Checking Account: Designed for daily transactions, such as deposits, withdrawals, and bill payments. Checking accounts usually come with a debit card and the ability to write checks. They often have lower interest rates (if any) compared to savings accounts.
Savings Account: Aimed at helping account holders save money over time. These accounts typically offer interest on the deposited funds, encouraging saving. However, they might have limits on the number of withdrawals or transfers you can make each month.
Money Market Account (MMA): Combines features of both checking and savings accounts, offering higher interest rates like a savings account, but with the ability to write checks or use a debit card like a checking account. There may be higher minimum balance requirements.
Certificate of Deposit (CD): Offers a fixed interest rate for a predetermined period (e.g., 6 months, 1 year, 5 years). You agree to leave your money in the CD for the duration of its term to earn interest. Early withdrawal usually results in penalties.
Individual Retirement Accounts (IRAs): A retirement savings account with tax advantages. There are several types of IRAs, including Traditional IRA, Roth IRA, and SEP IRA, each with its own tax implications and eligibility requirements.
Brokerage Account: Allows individuals to invest in stocks, bonds, mutual funds, ETFs, and other securities. While not a bank account per se, brokerage accounts are essential for investing in the financial markets.
Business Accounts: Including business checking and savings accounts, tailored to meet the needs of businesses for transactional operations, payroll, and saving.
Initiating the process of opening a U.S. bank account as a non-resident begins with selecting a bank. It's crucial to note that not every bank permits non-residents to establish accounts, underscoring the importance of conducting thorough research beforehand. Among the favored choices are:
Opening a bank account in the US involves different requirements depending on the bank. Generally, most banks will request the following five essential items, beginning with two types of identification:
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Ensure you secure a visa or relevant permits before exploring banking services. For additional support, explore Niural's work visa assistance, by contacting us at sales@niural.com.
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