Get $25 for each person you refer to payoneer.
- How does it work?
Foreigners, non-residents, expatriates, or tourists can open a bank account in the United States. However, the process is no longer that simple and requires a lot of patience and planning. The Civil Rights Act of 1964 allows banks and private entities to contract with foreigners, but unfortunately many banks exclude this as an unsafe option, with few exceptions offering it as a real option.
After 9/11, the Patriot Act introduced strict regulations for foreigners to open bank accounts to protect against money laundering and counter-terrorism. Each bank must adhere to these guidelines for personal identification.
Regardless, requirements vary slightly from bank to bank. Some banks require a US address, internet banks require a Social Security Number (SSN) or for foreigners an ITIN (Individual Tax Identification Number) etc.
But first, who needs a US bank account?A US bank account can do wonders for a business! In particular, small and medium-sized companies from overseas who want to expand with their company benefit from this. If you have customers or partners in the US, you probably already know that international transfers can be very expensive.Most US companies prefer local solutions due to their simplicity and speed like ACH transfers (direct deposit) or checks, so having a US bank account can smooth the workflow with partners and companies in the US.
International students who need quick access to finance, tourists, frequent US travelers and even online shoppers can also take advantage. Many online stores only accept US banks as an option, so shopping with a US bank account is much easier than with an international account, which usually incurs extra fees and can have currency exchange difficulties.
How to open a US bank account online?
There are several ways to achieve this, but each has its pros and cons.
These options are opening a US bank account online, traveling to the US to open an account, or attempting to open an account with an international bank with a branch in your country.1. Opening a bank account online:
For this first option i highly recommand you sign up for Payonner account it's free, and you will also get $25 referral bonus
This is the best used variant as it is the longest-lasting process and your account can still be declined due to insufficient identity verification.
Banks such as Wise, Chase, Bank of America and Silicon Valley Bank offer online bank accounts or online banking services. However, each bank has different frameworks, so contacting the bank is the best way to find out what documents need to be submitted and then email or fax them over.
There is one common factor to opening a bank account online: having an ITIN
(Individual Taxpayer Identification Number). This will significantly increase your chances of opening an account along with other proof of identity (such as passport, proof of residency, etc.). None of these banks can give you a guarantee that your account will be opened, but it is definitely worth a try. If the bank has a branch in your country, the second best choice is to contact them directly.
After 9/11, the Patriot Act introduced strict regulations for foreigners to open bank accounts to protect against money laundering and counter-terrorism. Each bank must adhere to these guidelines for personal identification.
Regardless, requirements vary slightly from bank to bank. Some banks require a US address, internet banks require a Social Security Number (SSN) or for foreigners an ITIN (Individual Tax Identification Number) etc.
But first, who needs a US bank account?
International students who need quick access to finance, tourists, frequent US travelers and even online shoppers can also take advantage. Many online stores only accept US banks as an option, so shopping with a US bank account is much easier than with an international account, which usually incurs extra fees and can have currency exchange difficulties.
How to open a US bank account online?
There are several ways to achieve this, but each has its pros and cons.
These options are opening a US bank account online, traveling to the US to open an account, or attempting to open an account with an international bank with a branch in your country.
1. Opening a bank account online:
For this first option i highly recommand you sign up for Payonner account it's free, and you will also get $25 referral bonusThis is the best used variant as it is the longest-lasting process and your account can still be declined due to insufficient identity verification.
Banks such as Wise, Chase, Bank of America and Silicon Valley Bank offer online bank accounts or online banking services. However, each bank has different frameworks, so contacting the bank is the best way to find out what documents need to be submitted and then email or fax them over.
There is one common factor to opening a bank account online: having an ITIN
(Individual Taxpayer Identification Number). This will significantly increase your chances of opening an account along with other proof of identity (such as passport, proof of residency, etc.). None of these banks can give you a guarantee that your account will be opened, but it is definitely worth a try. If the bank has a branch in your country, the second best choice is to contact them directly.
Let me relaxe you from my experience and friend, Payonner is working from 2005 and still working till now. once your account is verifiend and approuved you can request for global payement sevice known as international payment service. you can request for US bank account with Routing and swift code for free. You can also apply for EUR , GBP, JPY, SGP, or CAD Bank account as non citizen. All you need is to have your account validated, and then you will be eligible, it is 100% free. No more stress
you can request for Payoneer ATM Card after receiving $100 into your payoneer account which you can use to withdraw funds via ATMs across the world or make online purchases, compatible with paypal. Let me tell you that their master card is compatible with paypal and free to use. their minimum withdrawal is $50
2. Go to an international bank branch:
International banks have branches inside and outside the US like HSBC or Barclays. If possible, visit your local office and find out what needs to be done. You must verify your identity and/or deposit minimum balances. If, in consultation with the US office, the account is declined, you will need to fly to the US to open your account. Many business people choose this option before traveling to the United States. In the end, however, the best option is to visit the USA to set up the bank account.
3. Travel to the US:
This is the third and most common way to get a US bank account. It is the most common option as it is the easiest and most promising way. If you have the means to travel and customers in the US, you should choose this option.
Certain banks can process the account opening quickly and without problems and are known for their foreign policies such as Wells Fargo or Citibank.
Now let's look at the most common requirements that you should take care of as early as possible in order to open an account.What requirements do you need?
In order for the bank to trust you, security measures have been increased. Some banks even require a background check before agreeing to open your account. You must verify your identity, trustworthiness, residency and company. It is easier for business people to set up an account for your company if you have the required documents and confirmations. A list of the required documents can be found here:
- Two different valid photo IDs: Your passport is mandatory + a second photo ID such as student ID, driver's license, etc.
- Immigration documents: all legal documents including work or tourist visa
- EIN (Employer Identification Number): This number is assigned to you (or your company) by the IRS (US Internal Revenue Service); it is needed to open a business or bank account in the US.
- US Address: Most banks require a US address to open a bank account; below we will explain how you can obtain a US address without being a resident.
- Starting balance: Each bank requires a minimum balance in your account (the amount varies from bank to bank), this can be anywhere from $10 to $500.
- How do you get a US address?
2. Go to an international bank branch:
International banks have branches inside and outside the US like HSBC or Barclays. If possible, visit your local office and find out what needs to be done. You must verify your identity and/or deposit minimum balances. If, in consultation with the US office, the account is declined, you will need to fly to the US to open your account. Many business people choose this option before traveling to the United States. In the end, however, the best option is to visit the USA to set up the bank account.3. Travel to the US:
This is the third and most common way to get a US bank account. It is the most common option as it is the easiest and most promising way. If you have the means to travel and customers in the US, you should choose this option.Certain banks can process the account opening quickly and without problems and are known for their foreign policies such as Wells Fargo or Citibank.
Now let's look at the most common requirements that you should take care of as early as possible in order to open an account.
- How do you get a US address?
The biggest problem with opening a bank account in the US is not being a permanent resident of the US. Banks insist on this requirement as proof of residency and identity so that they have a permanent address to use as a mailing and billing address. However, if you are only visiting the United States for a short visit or do not have a business address, obtaining a US address can be expensive.
Unfortunately, banks do not accept PO Boxes as proof of residence, so it must be a street address. What now? The solution to the problem is a virtual street address. That means you're taking an actual street address, with all its perks, without actually being there. We are happy to provide addresses from a large number of nationwide addresses that can be used as private or company addresses. Not only will you have a street address, you'll also have a mailbox for all your US mail. All your US customers, investors, partners and the bank can send you mail to this virtual mailbox.
We would be happy to help you set up a company in the USA , including applying for the required tax numbers (EIN or ITIN) and applying for an account with a US bank.
Unfortunately, banks do not accept PO Boxes as proof of residence, so it must be a street address. What now? The solution to the problem is a virtual street address. That means you're taking an actual street address, with all its perks, without actually being there. We are happy to provide addresses from a large number of nationwide addresses that can be used as private or company addresses. Not only will you have a street address, you'll also have a mailbox for all your US mail. All your US customers, investors, partners and the bank can send you mail to this virtual mailbox.
We would be happy to help you set up a company in the USA , including applying for the required tax numbers (EIN or ITIN) and applying for an account with a US bank.
Alternative online bank recommanded i will recommand is Wise
My experience with Wise is awesome but you need to make a deposit of $20 into your account before it can be validated. It is possible to lose an amount due to unfavorable currency exchange when transfering, compared to paying an additional fee. This is because this banks still use an old system when making the exchange. You use TransferWise if you are having delai with validation with your Payonner account. With Wise smart technology:
- You'll get an excellent exchange rate and a small transfer fee, and you'll be informed from the start.
- Your money transfer is as fast as any bank, sometimes even faster – for certain currencies this is processed within minutes.
- It offers you the same level of security as banks.
- Covers 60+ currencies, in 80+ countries and 10+ million customers.
- Even if you receive money from companies or international customers, or simply from friends or family, with the help of the Wise multi-currency account, you immediately benefit from the international banking details necessary to receive money from more than 30 countries in the world. entire.
- 5/5 star rating and over 110,000 reviews on TrustPilot.
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