by Susan Ow

Created on: January 25, 2009

To a non-US resident, opening a US Bank Account as a non-US resident became almost impossible after September 11 and the US Patriot Act has been promulgate. As a non-US resident, I have experienced the process of opening US bank account. It is very simple and easy. Here, you can find simple solutions for non-US residents to easily open a US Bank Account.

Student

Many universities admit international students have established a relationship with local bank. Therefore, social security number is not required for a foreign student to open a US bank account. All you need is a passport with photo, student ID, SEVIS Form I-20, and a valid US address. In case you cannot find a local bank, which is willing to accept your application without social security number (SSN), you can apply for a job at school. Once you are employed, you can apply for SSN and open a bank account.

Expatriate Worker

Many international companies will make arrangement for you on opening a US bank account if you are transferred to US. Even though the service is not offered by your company, you still can open a US bank account. This is because non-US citizens, who will work in the United States, are required to apply for social security number. Therefore, what you need to do is bring some cash and traveler checks that cover you at least a month of expenses. Once you receive the SSN, then you can open a US bank account. Similar to a foreign student's requirement, you need to provide passport with photo and a valid US address. The other document is employment authorization card (EAD).

Doing Business in US

The process will be a little tricky if you are not living in US. However, you still can open a US bank account. Here are a few ways.

If you are non-resident, when you open the bank account, explain that to the bank. In addition, choose a bank that is internationally present, such as HSBC and Citibank. Some banks will require you physically present in US, some will only required you to mail or fax your application. At that point, they will not ask for tax ID number, rather, you will be asked to fill in a W-8 to declare your non-residency status. More so, be ready to sign a lot of documents.

Another type of institution, which offers international account, is brokerage firms. Many of them offer charge card and checking account services in conjunction with the main account. Just do not trade and you are also required to fill in a W-8 form.

Last, but not least, consider setting up a Paypal account as this system works well in a lot of countries. Paypal is very flexible. All you need to do is pay money into it and get a credit card and you should be able to use it anywhere in the world.

In short, like other things in US, with a little attention and effort, open a US bank account is hassle-free. Once everything is accomplished, it works like a clock.

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