Opening a U.S. bank account as a non-resident can be tough because many US banks only allow residents to open one. Most banks require a social security number as a criterion for opening an account, a number that non-citizens don’t have. Nevertheless, if you do your research well, you’ll be able to find a US bank account for non-residents.
Although the process of creating an account in the US might be more complex for a non-citizen, it is not impossible. Eventually, if you successfully create an account, all the trouble will be worth it. Banking in the US has countless advantages. For one, you can avoid exorbitant bank charges and card fees whenever you’re spending money in the country. Another secondary advantage is that you can use your US account as a savings account for accumulating interest on your currency.
So, if you’re an international student, a shipping agent, or someone who regularly conducts business in the US, keep reading.
This post will explore all the viable options available for creating a U.S. bank account as a non-resident. Let’s get into it!
What is a U.S. Bank Account?
A U.S. dollar bank account is an account that simply holds US dollars. There are several reasons why people may want to keep the USD in its native currency and these include:
- Having US clients that want to pay in USD
- Planning a major purchase like a big property in the US.
- Paying school fees as an international student
- Paying shipping fees to suppliers.
- Working a remote job that pays in USD.
Can a Non-Citizen Open a US Bank Account?
The simple answer to this is yes. It can be tough to open an account in the US as a non-resident, however, it is possible.
Many banks require proof of address and a Social Security number to set up an account. However, as a non-resident, there are alternatives you can consider.
Types of Bank Accounts
In the US, two main types of accounts focus on two different types of clients. Let’s take a look at the type of accounts:
Personal Account
A personal account is primarily for reaching your individual financial goal. Both checking and savings accounts fall into this category. The checking account is the most common bank account in the US and is the first type you’ll want to set up. Ideally, this account should be the account for your main income and expenses.
A savings account on the other hand is best if you want to deposit money that you’re not going to spend right away. Over time, the money in this account gains interest.
Corporate Account
Just as the name suggests, a corporate account is for businesses. If you want to open a business account in the US, you should know that more documents and formalities will be involved.
How to Open a US Bank Account for Non-Residents
If you are a non-resident and want to set up a US account, you should keep in mind that creating a traditional bank account may not be the best solution for you. You may want to explore other options such as creating a multi-currency account on Changera or a domiciliary account. Changera is a digital platform that offers the best money services and allows you to set up a U.S. bank account from your home— wherever that may be.
Let’s take a quick look at these options one after the other.
Creating an Account in a Traditional Bank
You can consider this option if you’re already living in the US and have proof of address but do not have the resident status yet. You can go to the physical branch of a bank and apply for an account in person.
Usually, you’ll need the following documents to open a bank account as a non-resident.
- Proof of address with contact information and personal details
- Passport and Government issued ID
- Social Security number or Individual Taxpayer Identification Number
The following is a list of the best U.S banks for non-residents:
- JP Morgan’s Chase
- Bank of America
- Citibank
- Schwab Bank
Creating a Domiciliary Account
Thanks to the world evolving into a global village, it is now easy to access international services. Another way to create an account that holds US dollars is to open a domiciliary account with the international arm of a traditional bank.
The downside to this is that the process is exhausting and there’s usually a condition that requires you to keep a significant balance as a minimum.
Get a Changera Account
Setting up a U.S. bank account as a non-resident leaves you with limited options if we’re being real. So, why not consider something different?
Changera helps you manage your money wherever you are without hassle. If you get a routing number and account number, anyone can use these to pay you in US dollars— as if you’re a local.
If you need a fast and low-cost way to send and receive USD, then you should go for Changera.
How to Open a U.S. Bank Account on Changera
To create a U.S. bank account, you’ll need to register on the Changera mobile app. You can download the mobile app from the Google Play Store or App Store. Don’t worry; registration is fast and free. After registration, you’ll need to verify your account by providing a valid ID and completing all KYC requirements.
Once verification is complete, you can begin to enjoy your US account and save the accounts you want to send and receive US dollars from.
Takeaway
Opening a U.S. bank account as a non-resident can be difficult. This is because non-residents usually don’t meet up with the requirements of most banks in the U.S.
However, if you’re an international student or someone who conducts business in the US regularly, you may need to have a US bank account for convenience. Having a U.S. bank account significantly reduces processing fees and time. You can send money and settle bills quickly.
Changera is a digital platform dedicated to making international transfers easier, faster, and more secure. You can create a U.S. bank account and even send money to third-party US accounts on Changera. Cut down processing fees and avoid the stress that you have to deal with when creating a domiciliary account by choosing Changera.
Wondering how to get started? Download the Changera mobile app today!
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