How to Open a US Bank Account as a Non-Resident Without SSN (2024)

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How to Open a US Bank Account as a Non-Resident Without Hassle

There are good options available for non-residents to open US bank accounts.
Some of the well-known US banks include Bank of America, Wells Fargo, Chase, and City Bank, but there are also viable smaller banks to choose from.
Offshore US banks and non-bank EMIs are other options to consider.
It is important to evaluate banks based on ease of opening, safety, and features.
Puerto Rico-based banks like Zenus Bank, FV bank, and Strategic Bank offer the convenience of remote opening, but they charge a $20 monthly fee.
A Google sheet summarizing the information is provided in the video description.
Puerto Rico-based banks may be connected to the US banking system without the need for a social security number or US residency, but they come with a fee.
Zenus Bank, in particular, only requires a passport for proof of ID and proof of address to sign up.

Puerto Rican banks are not regulated or FDIC insured like mainland US banks, posing a higher risk for depositors.
Some Puerto Rican banks have red flags, such as advertising products and services that may not be available.
Wise is a popular option for opening a US bank account online with advantages such as ease, speed, and good customer service.
Wise is not a bank but an electronic money institution, meaning funds are not protected by insurance.
Wise does offer FDIC insurance for some account holders, but there are other options that may be safer.
Wise is a recommended option for international transfers and multi-currency accounts, but there are better options for opening a USD bank account.

Mercury and Relay Fire are two strong online banking options for non-US residents who own a US business or LLC.
Both services offer advantages such as online-only banking, a modern and user-friendly interface, and unlimited virtual debit cards.
Mercury offers a credit card, while Relay Fire does not, making it a great option for those with large balances.
Both Mercury and Relay Fire are protected by a significant amount of FDIC insurance coverage.
Mercury also offers a credit card with 1.5% cash back, which is easy to obtain with a $25,000 balance requirement.
However, a US LLC and an existing operating business in the US are required to open an account with Mercury or Relay Fire.
Mercury supports more countries than Relay Fire, making it a better option for those with eligibility.
If not eligible for Mercury or Relay Fire, non-residents can still open a business account with a top five US bank, which will be explained later in the video.

Charles Schwab offers the international brokerage account for non-US residents.
This account provides a fully functioning bank account and a debit card.
The account is available to individuals who don't live in the US and can be opened remotely.
Funds are insured for up to $250,000.
The debit card has no foreign exchange fees and no ATM fees.
The sign-up process is easy and only requires the tax ID number of your home country.
There is a minimum initial deposit requirement, but it may not be enforced.
The customer service provided by Schwab is superior compared to other US banks.
Some countries may not be eligible for this account.
There are no credit card or business account options available.

Choose a top US bank, such as Chase, Bank of America, City, Wells Fargo, or PNC.
Plan to go to the bank in person, as online options may not be available.
Bring two forms of identification and, if required, proof of address.
Be prepared to be flexible and creative with the proof of address if you don't have a US address.
Consult with a banker to understand their specific requirements for opening an account.
Some banks may accept a US tourist visa instead of address verification.
Once you have an account open, you can use the statement from that account for verification at other banks.
If rejected, try at different branches or different banks.
Rejection does not negatively impact future attempts.
Consider seeking assistance from an area where bankers may be more familiar with non-resident account openings.

Many banks in Miami are open to opening accounts for non-residents and undocumented individuals.
Ocean Bank is a smaller bank that offers accounts for international customers, although online account opening availability is unclear.
To get a US credit card as a non-resident, you will need an Individual Taxpayer Identification Number (ITIN), which is an alternative to a Social Security number.
Filing for an ITIN with the IRS can be a complex process, but there are companies that can assist and make it easier.
Once you have an ITIN, you can apply for a credit card at major banks.
It is worth trying to apply online first, but if that doesn't work, you may need to visit a branch in person.
Initially, you may need to apply for a secured credit card where you have to lock up a balance equal to the credit limit.
After building a US credit score for 6 to 12 months, you can upgrade to a better card or get the same card unsecured.

Non-US residents can open bank accounts in the US even without a social security number.
Banks may require alternative identification documents, such as a passport or national ID card.

Well-known US banks like Bank of America, Wells Fargo, Chase, and City Bank are popular options.
Smaller banks and offshore US banks are also viable choices.
Puerto Rico-based banks like Zenus Bank, FV bank, and Strategic Bank offer remote opening but charge a monthly fee.
Puerto Rican banks may be connected to the US banking system without the need for a social security number or US residency.
Wise is a popular option for online US bank account opening, especially for international transfers and multi-currency accounts.
Mercury and Relay Fire are strong online banking options for non-US residents with US businesses or LLCs.
Charles Schwab offers an international brokerage account for non-US residents that functions as a bank account with a debit card.
Top US banks like Chase, Bank of America, City, Wells Fargo, or PNC may require in-person visits for account opening.
Flexibility and creativity may be needed for proof of address requirements.
Rejections do not negatively impact future attempts, and seeking assistance from areas familiar with non-resident account openings can be helpful.

Many banks in Miami are open to opening accounts for non-residents and undocumented individuals.
Ocean Bank is a smaller bank that offers accounts for international customers, although online account opening availability is unclear.
To get a US credit card as a non-resident, you will need an Individual Taxpayer Identification Number (ITIN), which is an alternative to a Social Security number.