Open Us Bank Account Online Without Ssn

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Open Us Bank Account Online Without Ssn – The good old US of A. Maybe you’re a frequent traveler and looking for a convenient way to do business there, or you’re an American living abroad and need a convenient way to avoid high international fees. Whatever your reason, opening a bank account in the world’s largest economy can be very beneficial, although if you’re not a resident, you may face a few problems if you don’t know exactly where to go.

Despite being a very technologically advanced country, the American banking world is known to be quite old school. Not only do they carry high foreign transaction fees and aren’t particularly multi-currency friendly, but online banking can also leave a lot to be desired. Most banks rely heavily on face-to-face interaction (including some cases where your account is suddenly closed), and even accessing your bank from abroad will send up an immediate red flag for many – certainly not an ideal situation for a global . citizen, digital nomad or international entrepreneur.

Open Us Bank Account Online Without Ssn

I actually remember the days when every time I went overseas I had to visit a branch of my US bank to hand over my entire itinerary lest they decide to block my “suspicious” activity and leave me penniless. It’s not too late for my journey (and in case they block it anyway 🙄)

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However, there is no need to feel discouraged. While this can happen under certain circumstances, a large number of US banks are becoming more foreign-friendly, and contrary to what you may believe, many now allow you to open US bank accounts without a social security number!

Contents ↺ What you need Preparation is key Opening a personal account Wise Borderless personal account recommendations Charles Schwab Chase Personal Bank of America Opening a business account Business account recommendations Wise Business Mercury Chase Business Citibank FAQ What you will need

First, it is important to understand the different types of banking in the United States. You’ve probably heard of the big names like Bank of America, but there are also many regional and state banks, credit unions, online banks and investment banks. As a non-resident, we would recommend looking at major banks such as Chase Bank, Bank of America or Citibank. As far as we know, they are all open to non-residents as well. Smaller and more local banks have a lower risk threshold and will likely turn you down if you don’t have a US address.

In addition, the required documents you need to submit to open an account vary by bank, state or even branch. However, US residents will need to submit the following information for a personal checking account:

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When dealing with non-residents, banks will look for something to offset these documents to ensure account opening while meeting all KYC and AML requirements.

Of course, if you are a US citizen living abroad, this should be relatively easy to provide. For US addresses, you can use either a close relative or a mail forwarding service (although banks have taken this seriously in recent years, so a current residential address is preferred). Any of the big banks, as well as various online banks like Ally Bank, Charles Schwab, and Capital One, will let you sign up remotely (maybe just use a VPN and don’t tell them you live abroad!)

As with everyone else, depending on whether you want to do it remotely, in person, or looking for a merchant account, there may be some additional steps and requirements, as well as other options that you should probably consider. We hope this article helps you find the best solution for you.

Due to the ever-changing nature of bank policies, it’s important to be prepared before approaching banks. Call ahead to check terms and conditions. Be sure to check:

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It’s important to remember that if you don’t do your research and go straight to the bank, you may even be disqualified from reapplying with that bank.

Also, if you are going in person, we recommend that you find a branch that is used to process applications from non-residents. If you go to any old branch, some scrutineers may not be well trained to deal with these issues and won’t consider it possible.

Now, we hope we haven’t scared you off with this warning, believe me, many people before you can successfully do this. However, if you are still unsure after preparation, and especially if a trip to the United States is not in the cards and you want to do it remotely, we recommend seeking professional help from a specialized service that deals with non-banking businesses. residents. .

❗ Beware, many services will say they can get you a US bank account as a non-resident without an SSN, but many of them are scams and may try to scam you or prosecute you illegally.

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We can personally vouch for global banks because we have heard success stories from our own contacts. Global banks always keep up to date with all the latest policies and should be able to help you find a suitable US bank through their contacts.

Also note that if you plan to get a bank account without an SSN or ITIN, the minimum deposit may be higher than usual, sometimes even more than $10,000.

First, if you don’t have an SSN, an ITIN will greatly improve your chances of applying for a US bank account. Most major banks and others will accept ITIN numbers. For example, Alliant Credit Union welcomes remote account opening by non-residents as long as they have an ITIN.

An ITIN is a type of tax identification that the IRS uses to document non-residents for tax purposes. The process is quite complicated and will require you to have some connection to the US, as a result you will need to file US tax returns. For information on who nonresidents must file a tax return, visit the IRS website. It may also be helpful to look into IRS Certified Acceptance Agents (CAAs) to help you obtain an ITIN.

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We’re thinking of writing a more comprehensive article on how to get a non-resident ITIN in the near future, so if you’re interested, sign up for our newsletter and we’ll let you know when it’s ready. It is!

If you don’t feel like going the ITIN route, contrary to popular belief, it is still possible to open a non-resident account without an SSN or ITIN, but it’s not a complete guarantee. This depends a lot on the correct banking connection, as well as several factors such as nationality, tax residency (blacklisted passports and citizens and residents of the United States have sanctions against, will have a harder time) and your source of income.

Unfortunately, the list of possible banks is not evergreen. You can be sure that you will have an easier time with most of the major brick-and-mortar banks, as they are more used to dealing with non-resident customers. The rules are constantly changing, so the required documents may vary by bank, state or even branch in some cases.

A bank that may not require a social security number can change its mind within a month. Take COVID for example, and with travel becoming more difficult, many banks have become more flexible in opening an account remotely because it is not as convenient to visit the United States in person.

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Wise is a pioneer of borderless banking. It started as a way to send money abroad without high exchange fees and long waiting times when sending between your own international branches. It has become a major player and competitor to traditional banks, allowing you to open bank accounts without borders in many countries including the US and a wallet for more than 50 countries.

Depending on your reasons for needing a US account, you may want to consider Wise or any of the other fintech options available. Of course, it really depends on your reason for needing a US account. While fintech services are a good choice for quick banking transactions, they are probably best saved for ancillary use and not for storing large amounts of money. In general, it all depends on the reason why you opened the account. Most people looking for a personal account in the US will find Wise an easy and reliable solution to meet their banking needs. If your reasons are more complex, you may want to consider a brick-and-mortar store instead.

We’ve covered Charles Schwab before, and it’s arguably America’s #1 bank for digital nomads. And you can see why, as there are no foreign transfer fees and no chargebacks for ATM withdrawals abroad. They also have no monthly or annual fees. They also claim that you can open an account with them online in 10 minutes. These features make everything great

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