Opening a US bank account for a non-resident may seem challenging, but it doesn’t have to be. Whether you reside in India,South Africa, Brazil, Nigeria, Singapore, UAE, Hong Kong, or any other country, you can still open a US bank account for foreigners. The eligibility requirements vary from bank to bank. In this article, we will show you some of the best banks that offer a US bank account for foreigners online.
Benefits of US Virtual Bank Account for Non Residents
Opening a US bank account as a non-resident comes with several benefits including the following:
- Multicurrency account: Some US banks for non-residents offer multi-currency accounts, making it easier to manage finances in different currencies in a single account.
- Tax Benefits: Non-residents earning income in the US may be eligible for specific tax deductions and credits if they have a US bank account.
- Access to US Financial Markets: Having a US bank account is often a requirement for investing in US stocks or bonds. It opens doors to participate in the US financial markets.
- Security: US banks are regulated by the FDIC, ensuring that deposits up to $250,000 are insured. This provides a level of security and protection for your funds.
- Ease of Opening: The process of opening a US bank account for non-residents is typically straightforward. Banks typically require essential documents such as a valid passport or ID, proof of address, and proof of income.
US virtual bank account for non residents
- Free US bank accounts for non-residents such as Payoneer, Wise Multicurrency, PayPal and Zenus have made it possible for merchants from around the world to make and receive payments from the US fast and conveniently.
- If you are trading your products to the American people or the US affiliate companies such as Amazon, ClickBank, Godaddy or receive Adsense earning, the Payoneer debit card allows you to withdraw your money at your local ATM where Mastercard is accepted or send your money to your local bank account.
- If you are an immigrant in the US, you can open a US bank account without SSN using Revolut or Remitly’s Passbook.
Open US Bank Account Online for Non Residents
It is possible to open a US bank account online as a non-resident. Here are a few banks that offer online account opening for non-residents.
Wise Multicurrency
Wise, formerly TransferWise, offers a multi-currency account to many citizens around the world. It allows you to open a free US bank account for non residents that comes with a Mastercard debit card that you can spend anywhere in the world at the real exchange rate, low conversion fees, and zero transaction fees.
Opening a USD account is free and does not involve much bureaucracy. You need to sign up online with your basic personal details. You also need a photo ID, proof of address, and/or a picture of you holding your ID for verification. It takes about 2 working days for Wise to verify your account.
Once verified, you need to activate your Wise account by adding 25 USD. When your account is active, you will get personal account numbers and bank details for USD. The account holds 50+ currencies in balances such as British pound, Euro, US dollar, Australian dollar, New Zealand dollar, Singapore dollar, Romanian lei, Canadian dollar and Hungarian forint in your account, which can be converted instantly with low fees.
You can only get USD account details if your address is listed in the countries and territories listed here. If you don’t see your country listed, you won’t be able to receive USD directly into your account. But, you’ll still be able to add money from USD if you have a bank account in that currency, and you can also convert money to USD from another balance. For more information, read our Wise review.
Payoneer
Payoneer offers a US non-resident account, which allows individuals from various countries to access US banking services. With this account, you can receive payments in US dollars, make online purchases, and withdraw funds using a prepaid Mastercard. Notably, you can receive payments from renowned US companies and marketplaces like Amazon, eBay, Upwork, Google AdSense, and Etsy. This account offers non-residents a convenient and efficient means to manage their finances and participate in global transactions, taking advantage of the privileges associated with having a US bank account. For more information, read our Payoneer review.
How to Sign Up for Payoneer
The sign-up process requires you to fill out a personal details such as name, email, date of birth and physical. You need to attach a copy of your passport or ID . Payoneer will verify your details within 2-3 working days. Payoneer account holders may be required to submit additional documentation. If you apply for a debit card, Payoneer will send it to your address. When your card application is approved (approval time is 2-3 business days after submitting your application), a confirmation e-mail including the estimated arrival date is sent to you.
Zenus Bank
Another option is Zenus, a new US virtual bank that allows individuals to open a virtual bank account in the USA without the need for proof of residency. With Zenus, you can conduct seamless transactions from anywhere across the globe. To embark on this hassle-free banking journey, simply apply directly through the user-friendly Zenus website.
Once you’ve completed the initial application process, you will be prompted to provide additional details about yourself through their intuitive mobile app. Opening a personal account with Zenus incurs a $50.00 application fee, along with a monthly fee of $19.99. For a comprehensive understanding of their offerings, feel free to explore their website or check out our in-depth review on how to open Zenus bank account.
PayPal
If you simply want to receive money from people or companies in the USA, then PayPal can be a good choice as well. PayPal offers a US non-resident account, allowing individuals from various countries to access PayPal’s services. With a PayPal US non-resident account, you can send and receive payments, make online purchases, and even withdraw funds to your linked bank account or debit card. This account enables non-residents to engage in transactions with global and US-based individuals, businesses, and online platforms.
PayPal is available in more than 200 countries and support 25 currencies. You can open a PayPal account if you are a resident in one of PayPal’s supported countries. You can sign up for PayPal service on the website or app.
Chase Bank Non Resident Account
Chase offers US account options for non-residents. However, there may be a little bit of additional paperwork involved compared to the options listed above.
To open a Chase non-resident account, you will generally need to fulfill certain key requirements. These include having a US Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for tax purposes and a US residential address. Non-residents who don’t have a Social Security number can apply for ITIN instead. This may be used as a substitute for an SSN on your bank account application if one is required by the bank.
These requirements primarily apply to checking accounts. If you are interested in other types of Chase accounts and do not possess standard US identification and address documents, it is recommended to contact the bank directly to explore alternative options.
If you have the required documentation, you can open a Chase checking account online. However, if you do not have US-issued identification and address verification, you may need to visit a branch in person. It is important to note that a non-resident account with Chase typically requires a US residential address, along with sufficient proof of address documents.
Open Virtual Bank Account Without SSN
As a US immigrant without a social security number, you can still open a virtual bank account without an SSN. Here are two options.
Revolut US
Revolut is a virtual bank that offers an online US bank account. Non-US citizens without an SSN or ITIN can still open a Revolut, but you will need to provide a valid US visa as additional documentation to verify their identity. Without an SSN or ITIN, you will not be able to access all of the features that Revolut offers, such as stocks, savings vaults, credit cards, personal loans, Premium or Metal plans. These features require a tax identification number.
Passbook by Remitly
If you are unable to meet the eligibility criteria for a non-resident US bank account, there are alternative banking options available specifically designed for immigrants. One such option is Passbook by Remitly, a new financial tool tailored for immigrants residing and working in the United States who may not have a social security number. It offers a solution for storing, spending, and sending money. Passbook provides essential banking services through its partnership with Sunrise Banks N.A. The highlight of Passbook is the Passbook Visa debit card, which can be used with Apple Pay or Google Pay. The account has no monthly fees or initial deposit requirements.
The Passbook Visa debit card can be used everywhere Visa debit cards are accepted, including car rentals, hotels, and numerous other establishments. It also grants you access to over 2 million ATMs worldwide, giving you the convenience of accessing cash whenever and wherever you need it. You can also use Passbook with popular apps for payments or to receive money.
When it comes to funding your account, Passbook provides multiple options. You can easily add funds through mobile check deposit or deposit cash at various retail stores across the United States. There are no minimum deposit requirements, allowing you the flexibility to manage your finances according to your needs. To open your US bank account without SSN, you enter your e-mail on Passbook’s website to get an email invitation with a link to download the Passbook app.
Alternative Options to Opening an Online US Bank Account for Non Residents
If you are unable to open a US bank account for foreigners with the banks provided above, there are alternative options available. Some of these options include:
- International Bank Accounts: Consider opening a bank account in your home country or another jurisdiction that suits your needs. Many international banks offer multi-currency accounts that allow you to hold and manage funds in different currencies.
- Local US Bank Accounts: If you have a trusted family member, friend, or business partner who is a US resident or citizen, you may consider using their assistance to open a joint bank account or authorize them to manage your financial transactions on your behalf.
- Correspondent Account: Another option to consider is using a correspondent account. If your home country’s bank has a partnership with a US bank, they may be able to assist you in opening a US bank account as a non-resident.
Access the Power of a US Virtual Bank Account: Simplified Banking for Non-Residents
Now that you’re aware that being a US resident is not a requirement to open a free US virtual bank account for non-residents, you have the opportunity to tap into a world of financial convenience. The process is straightforward – simply sign up with one of the banks mentioned earlier and complete the identity verification step.
If you hail from Nigeria, Pakistan, India, or Sri Lanka, you’re likely familiar with the challenges of receiving checks from European and US companies, which can take weeks, or even months, to process. However, by creating a virtual US bank account, you can receive your funds quickly and with greater ease.
By embracing a virtual bank account in the US, you gain access to a range of benefits that simplify your financial transactions. Say goodbye to lengthy wait times and embrace the efficiency of a virtual US bank account, allowing you to manage your funds seamlessly and receive payments from global sources without the usual delays.
Don’t let geographical limitations hinder your financial growth. Take control of your money by opening a US virtual bank account as a non-resident. Experience the speed, convenience, and global reach that comes with virtual banking, providing you with the financial freedom you deserve.
How to open US bank account without SSN ?
You can open a US bank account without SSN by signing up for Passbook by Remitly. The account has no monthly fees or initial deposit requirements. It comes with a debit card, which can be used with Apple Pay or Google Pay. Passbook by Remitly banking services are provided by Sunrise Banks.
Can a non US citizen open a Chase bank account?
Yes, a non-US citizen can open a Chase bank account. However, there are some eligibility requirements that must be met.
Can I open a bank account in US as a non-resident with Bank of America?
Yes, you can open a bank account in the US as a non-resident Bank of America. However, it's important to note that you will typically be required to provide a US address in addition to your permanent foreign address.
How can I get US virtual bank account in Nigeria?
There are a few ways to get a US virtual bank account in Nigeria. One way is to open an account with a US bank that offers online bank accounts for non residents. Some of the banks that offer a US virtual bank account for non residents include Zenus, Payoneer, and Wise.