A Guide To Open A Bank Account In The USA As A Foreigner By Wall Street Finance LLC!

Isn’t it disturbing to live in the USA without a bank account? As a foreigner, we understand that living a peaceful life without a bank account is challenging. To transfer money from the USA is convenient and secure if you hold a personal bank account. Late but not the loser, a non-resident or an alien can also open an account in the USA but with some extra identification requirements. These additional requirements are to secure the country from terrorists to combat any terrorist activities. This strictness got pace soon after the horrifying incident of 9-11 to secure the state as well as the people living in it.

Opening a bank account as a non-US resident is not a dream anymore; with all the right documents and consistency, one can make it happen with easy-to-cross barriers. Although it’s not that simple, but when it’s done, it will benefit you in many ways, which will be discussed further in this blog. So, if you are at least 18, you can set up an account, whether a current or savings. Here, some banks need an ITIN or Social Security Number to process your new bank account. Keep reading the blog to learn the crucial steps when opening a new bank account as an alien or non-USA resident.

Requirements for Opening a Bank Account:

The general requirements essential to open a bank account are as follows:

• Your personal information, such as your real name, current residential address and valid phone number.
• At least two forms of government-issued ID, such as a valid driver’s license or your country’s passport.
• Either your 8-digit Social Security number or Individual Taxpayer Identification Number ITIN (If you’re an alien).
• A utility bill with a current residential address is also one of the required documents to open a bank account.
• Cash deposits of generally between $25 and $100 as it is the policy of every bank to deposit some amount into your newly opened account.

Note: These points may vary with the terms and conditions of every individual bank.

Alternatives for Identification:

Most banks accept some ID alternatives for non-residents of the USA.

The most common and vital is the 9-digit social security number issued by the Social Security Administration.

If you don’t have a social security number, a bank may ask you for an ITIN number issued by the IRS. Individual Taxpayer Identification Number (ITIN) is a 9-digit number given to non-resident aliens to overcome their identity requirements.

However, some banks may not accept an ITIN in place of a Social Security number.

Besides this, you may be asked for your passport, driving license, work permit or work ID card, and your debit or credit card mentioning the Visa or MasterCard logo on it.

Applying for an ITIN:

To apply for an ITIN, you must fill out the W-7 application form and submit it with your complete tax return file to the IRS.

You don’t need to go to the IRS department and apply physically for this number. Instead, you can apply for your ITIN in person.

Submit original documents that prove your identity and your status as a foreigner. The IRS accepts 13 papers for this verification process.

Banks That Accept Alternative ID:

Some banks offer alternative IDs for foreigners or aliens to open a new bank account. The list of these banks includes Bank of America, Chase, TD Bank, US Bank and Wells Fargo. So, if you are new to the USA and want to open a bank account for your savings or transactions, then you may go for one of these banks.

Benefits of Opening a Bank Account:

• Gaining financial security by depositing your money in your bank account to make it safe from stealing or robbery.
• Using debit cards is common nowadays; one can withdraw cash easily from an ATM, transfer money or do in-store shopping without any hesitation.
• A bank account holder is lucky to get access to a direct deposit option to transfer an amount from his/her account to anyone’s account in a hassle-free way.
• One can pay bills directly and quickly from the banking app online. This feature enables its users to pay bills from home without wasting their time and energy.
• With your own bank account, you don’t have to depend on pricey check-cashing services; hence, you can avoid any extra charges or fees.

Bottom Line:

Although it may require a bit extra time and effort to open a bank account as a non-U.S. resident, for example, to transfer money from the USA to Pakistan, the benefits of doing so outweigh the steps required. It also will pay to shop around, as different banks have different terms and conditions for opening a first USA bank account.