Non-Resident US Banking Guide
Complete guide for non-US citizens without a Social Security Number who want to open personal or business accounts in the USA.
This article is for non-resident, non-US citizens without a Social Security Number, who want to open either a personal account or a business checking account for their US-based business.
Especially compared to other jurisdictions where international citizens would typically want to store money, the USA offers strong features for banking:
- Excellent reputation — Payments from US accounts rarely get flagged
- High level of privacy — No automatic exchange of information (CRS)
- Trustworthy & regulated — FDIC deposit insurance up to $250,000
High Reputation & Low KYC Requirements
The USA enjoys the highest reputation as a banking jurisdiction. Payments coming from the US or going into the US will generally not get flagged. Receiving large payments from US accounts or sending large payments to US accounts is such a commonplace occurrence, that banks do not ask many questions. This makes it much easier to deal with than banks in typical offshore jurisdictions like Panama, Georgia, Cyprus or others.
Simultaneously the US makes it quite easy for non-residents to open accounts, something that has become harder and harder around the world.
No Automatic Exchange of Information
In 2014 the OECD created the Common Reporting Standard (CRS) as an information standard for the Automatic Exchange of Information, with the purpose of combating tax evasion.
Since then most G20, as well as most traditional offshore jurisdictions, are exchanging information according to this standard. This includes:
- Name and address
- Date and place of birth
- Country/countries of tax residence
- Tax Identification Number
- Account details and total balance
As of 2020, the USA is the only first-world country that has not yet ratified this treaty, with no immediate plans to do so. There is no automatic exchange of financial information with any foreign government or non-governmental organization.
You could say that this makes the USA the last remaining banking privacy haven in the world.
Deposit Insurance
Unlike the majority of offshore jurisdictions, the USA has a robust deposit insurance scheme. The FDIC (Federal Deposit Insurance Corporation) provides deposit insurance to depositors in U.S. depository institutions.
Almost all banks are part of this scheme. The insurance covers checking accounts, savings accounts, bank money market accounts as well as certificates of deposit. Up to $250,000 per qualified account is insured.
Personal Checking Accounts
Open Personal Account Online
As of the last update, there are no retail banks that will remotely open personal bank accounts in the US for non-residents without a SSN. The reason is the enhanced know-your-customer requirements demanded by the US Patriot Act.
There are three potential solutions:
Zenus Bank
Zenus Bank markets itself as the first US bank for global citizens, making it possible to open a multi-currency account remotely.
Wise (formerly TransferWise)
Wise will give you US banking details if you register as a resident of eligible countries (EEA countries excluding Cyprus, Australia, Brazil, Canada, and others). You will receive personal US banking details — the account is held at Community Federal Savings Bank in New York.
Payoneer
Payoneer provides US banking details and even a physical debit card. There is one significant limitation however: payments must be made from registered businesses only — payments from personal accounts or from company accounts you own will be declined.
Open Personal Account While in the US
If you have the opportunity to travel to the US through ESTA or on a visa, opening a personal account is more achievable.
Some tips to increase your chances:
- Dress and look professional
- Have a plausible reason ready for wanting the account
- Have your documents in order
- Stay persistent — visit multiple branches if needed
Banks known to open accounts for non-residents without a SSN:
- Bank of America
- TD Bank (Florida)
- Citibank
- Chase
You will generally need:
- Two forms of ID (passport, driver's license, or national ID card)
- Proof of address
- US phone number
- ITIN (optional, but very helpful)
Having an ITIN can make the process considerably easier. The address on your ITIN result can serve as proof of address, and with an ITIN the bank tends to no longer treat you as a non-resident.
Business Checking Accounts
Open Business Account — Remotely / Online
There are five banks or services that allow you to remotely open accounts for your US LLC or C-Corp as a non-resident, without requiring a Social Security Number:
Mercury
- FDIC-insured business checking account
- Physical and up to 50 virtual debit cards
- Modern user interface
- Works with Stripe: Yes
Relay
- FDIC-insured business checking account
- Built on same platform as Mercury (SynapseFi)
- Works with Stripe: Yes
Wise (formerly TransferWise)
- Multi-currency accounts
- US banking details
- Excellent for international transfers
- Works with Stripe: Yes
Payoneer
- US banking details with physical debit card
- Good for receiving payments from marketplaces
- Works with Stripe: Limited
Need Help Opening Your US Bank Account?
We can help you set up your US LLC and business banking from anywhere in the world.