-you don’t need tax ids, social security, creating a corporate account or paying huge fees in an international bank. This is a blog post of my experience. Curious? Read on!
Simple.
Just walk in.
I’m serious.
It is that easy.
I walked into a Bank of America branch in Chicago and apprehensively asked if I could open an account even though I was a tourist.
The bank manager (awesome diva named Chenelle) was super nice and said, “Yes, of course.” Like I had just ordered a Big Mac at McDonald’s. With double cheese.
She then sat down and asked me for the following requirements:
– passport
– other form of ID (be it a driver’s license or company staff or student ID)
She asked some basic personal info and my preferences in order to know which bank account was the best for me. She also asked if I have a Social Security and Tax ID in the States. I told her I didn’t as I was a tourist and showed her my visa. Satisfied, she then continued to process my application.
Regarding bank accounts, I suggest doing the personal e-banking checking account so you could still easily access it outside the States and PLEASE notify the bank when you’ll be out of the US so they do not freeze your account.
Also important, have a US address and a cellphone number so they know where to send the debit card to. It could be your friend or family. It takes 8 working days to ship the card and sometimes it might even get lost in the mail and never arrive.
Which happened to me.
Oh God, it was a nightmare. I kept waiting for more than a week and I was due to leave the US for Chile in a few days. Finally I called the bank and they agreed to Fed-Ex it (no charge) but the card arrived on the day I left for my flight. So my friend had to ship it to Chile via UPSS where it then proceeded to get stuck in US soil for 2 weeks before it was finally dispatched to Chile. Correo Chile (their mailing system) then shipped it to me in 2 days. Meanwhile all that time I was waiting, I was sweating bullets in Chile fearing I would lack finances.
IMPORTANT REMINDERS
My advice: If you’re only staying in the States for a short time, have the bank Fed-Ex it to your last destination and you’ll cover the cost – $20. I wish I had known that option existed. It would save me a lot of worries and calling Bank of America customer service repeatedly.
In the process of registering for your bank account, don’t forget to ask for the bank manager’s name and contact info. The branch where you created the account would be the most helpful to you because you’re their customer.
Other branches of the same bank? Fuhgedboutit. Customer Service? If it’s a huge bank, you would have to keep repeating your info again and again because different personnel will handle your case every time you call.
I think smaller banks have better service but not sure if they offer international services.
Secondly, ask for Routing number and SWIFT code of the branch in case you want to make a transfer.
Lastly, ask for the number that handles international cases if you want to call from abroad.
Why a US bank account?
Because I couldn’t use my Unionpay China debit card here in Chile. Also, the banks here don’t allow foreigners to open a bank account. It seems strange as Chile wants to be an international entrepreneurial hub yet they don’t allow extranjeros (non residents) to open accounts.
Secondly, Bank of America has a relationship with Scotiabank here and I don’t have to pay a transaction fee every time I make a withdrawal. So also check which banks your American bank has an affiliation with around the world.
Third, as an international citizen I like the idea of having different offshore accounts. A US account has the cheapest minimum balance for a dollar account anywhere else. And no, I don’t plan on going Jason Bourne and do espionage stuff or cheat on taxes with it. Also, a US account is good for Paypal transactions 🙂
What if you can’t visit the US?
Now that’s a little tricky and involves some paperwork but it can be done.
Some banks that offer online application services.
http://www.valis-int.com is a link that takes you to other international banking resources. (not valid anymore)
Ask if your bank has a sister bank in the States and if you could open an account there through them.
For example, HSBC has branches all over the world and if you have an account (check if you need to have HSBC Premier or Advance type accounts) with them, they can help set up another account for you in one of their branches in that country. http://www.hsbc.co.uk/1/2/overseas-account-opening
If you have an HSBC Premier Account, (staggering minimum deposit of £60,000), you can do online wire transfers to eligible HSBC accounts around the world FOR FREE.
Westpac Australia.- is an Australian bank that allows you to transfer funds overseas via internet banking for a fee of $15 for each transfer.
Chase Bank in the US might do this as well. I think they’re some of very few banks that do this kind of service.
The only downside with the US account is if in the event you lose your debit card, you might have to ask your friends to courier it to you in your home country as the banks will only ship the new cards within the US.
I found there is a lot of information floating around about getting a US bank account if you’re a non-resident, foreigner or living overseas. Some processes can even get tricky – like going through an international bank where you have to keep a certain minimum balance per month, creating a corporate bank account, getting a US Social Security and Tax ID. Researching and getting all that stuff can be a headache! Also, there are sites that help you create accounts but they ask for all these paperwork and huge fees. The simplest and easiest way really is to make a personal appearance. But if the cost of going there just to solely open an account is too expensive, then perhaps you can apply online with some paperwork and do some thumb twiddling with the wait or have your friend in the US open an account in his or her name for you (trust required).
I hope this post can be of help to some people out there looking for information. Good luck!
Other useful sites on how to open a US bank account from abroad or if you’re a non-resident:
how to open a US bank account as a non-resident to solve paypal problems
How to open US bank account if you live overseas
How to open a US bank account if you’re a non resident and live overseas
My friend told me that Payoneer service has successfully provided US payment to the people who reside outside US and they can also get direct deposit and Master card ATM for instant cash worldwide.
Yes you can, there are more services which are providing US bank account facility.
1- Payoneer
Honestly, I am not satisfy with Payoneer.
2- Payonu.com
It much better than other services, according to their rates and charges and also http://www.payonu.com provide bank account and merchant account in many countries in single account with lowest fees and its signup process is best.
So, In my opinion http://www.pyonu.com is best service providing US, UK, CANADA, NDIA and AUSTRALIA bank account.
Please Check this site https://tinyurl.com/y7rzfydz
Hi Damo! I have not heard of the Payoneer service yet and so haven’t used it. The Filipinos use Xoom.com to transfer money to each other in a heartbeat.
Wow! Thank you for this information. Much appreciated!
Glad this was able to help. 🙂
Thanks for taking the trouble to share this useful info.
Thanks! Only glad to help
Great information, thanks for sharing. I’m from Argentina, very different from Chile in that area but did you have any trouble with Bank of America for international wire transfers? Someone told me that they were a little strict in some areas, someone recommended me Wells Fargo, do you have any opinion about that? The only bank that i have here in Argentina is Citibank.
Hi Soledad! I hope you can still read this. Sorry this reply was late. I didn’t use Bank of America for international wire transfer. I used my bank in China. They were very strict with paperwork as well and asked to see some of my tax slips. Citibank is an international reputable bank and I don’t think you’ll have trouble doing international wire transfers with them. But check to see if you need to have an account with them
Hola Kate. Gracias for share your info. What about tax. I mean if u keep a deposit , there is a year state or fedaral tox for it ? what about if you make grow year after year ?
If you’re a US citizen, I think there is tax. If you have a regular small account, banks in the US don’t make it grow.
Oh so foreigners are NOT taxed on their Us bank accounts?
Hello, I’m not in US but I want to open account in Virginia and also my sister in laws are living there. What should I do? Which way is better for me? I’m coming to US in 2 years.
Hi! I know how difficult it might be to open a US account from abroad. I only know the way I did it which was to go there personally to open it. You can use your nearest relative’s US address when you fill out the application form in the bank.
I have opened mine with CKSA Investments. Their attorney goes personally to the branch and open the a business account. If you do not have a business, they open a business in USA to you at low cost. Check more information here: https://www.cksa.us/CKAUS/services/business-bank-account-for-non-us-residents/
Thanks for the great article! 🙂
Thanks for this info! Super valuable!
From my experience, and after I’ve burned my brain
with research on the internet, but eventually I’ve found a website that solved my issue,
and now thanks to them I have a Business Bank Account even though I’m not a US resident
here is their website page for that matter:
https://fileyourfile.com/open-a-us-business-bank-account-for-non-us-resident-2/