In an advanced world where everything is digital, and even payments are no longer dealt with physical cash. And anywhere you go, your bank account will be of great help to especially for transactions.
Many people on their first arrival in the US or any country, they go get an American bank account or in general, a bank account. There could be several reasons for getting an account immediately after entering the US grounds. But some people that are not in the US could be wondering how to go about that.
That is why in this article today, we have decided to bring to you the best American banks that you could open as a non resident of the US. You could be overseas or you could still be in the same continent and still get an account without any problem.
Best U.S Bank Accounts for Non-Residents 2024
Well, there is a very good news, and that is the fact that there are so many banks in the US where you can open your own account from abroad. Though some very good banks do not permit this option of creating a bank from overseas, but others do help create an account for many people worldwide.
Before we get started, what is a bank an what is a bank account? and what can be said about banks in the US?
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What is a Bank and what is it all about?
A bank is a building, institution or Company that provides security measures for everyone mostly above 18-yrs to be able to store cash or money for future transactions like sending and receiving money.
There are a lot of banks outside in the world right now. Returning back to December 12, 1791, when the first American bank was created and till date, banks have just been multiplying all through the world. And now, there are more that 5000 different banks in the whole world.
When you say bank, there is only one thing that one could think of and that is 'money'. Meaning banks deal mostly with cash or money and they deal with the storage, sending and receiving of money.
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What is a Bank account and what is it all about?
We said above that a bank, and now, it is bank account. A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded.
That is , the storage amount is recorded, and some interest could also be recorded if received; the sending and the receiving of money is also recorded.
And so, you will notice that many people create their own bank account mainly for the reason of storing, receiving and sending money.
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The Best International U.S Banks for foreigners
And so, we will go down to our list of the best banks for Non U.S Residents. But before that, we will name the best banks in the U.S. And these banks are;
- Chase Bank.
- Bank of America.
- Wells Fargo.
- Citibank.
- U.S. Bank.
- Truist Bank.
- PNC Bank.
- TD Bank.
- Discover Bank
- Alliant Credit Union Bank
- Ally Bank
And with this list above, not all of them will provide bank accounts for non-residents. And below, we will show you the best bank accounts for non residents in the US 2022.
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1. Chase Bank
Chase Bank, fully known as JPMorgan Chase Bank, is an American bank with headquarters at New York City. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000 and from then, it is known as JPMorgan Chase Bank.
Chase offers more than 5,100 branches and 17,000 ATMs nationwide. JPMorgan Chase & Co. has 250,355 employees (as of 2016) and operates in more than 100 countries.
There are some requirements that if met, the monthly fee that has been shown below, could be reduced to $0 and you won't have to pay any fee. Currently, Chase is offering new customers $300 once they set up direct deposits to their Chase Total Checking account.
If you’re not a U.S. citizen, you may need to head to a physical branch to open an account, but you should still be able to qualify for the bonus.
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Although there is a $12 monthly fee, account holders can get that waived by having a $1,500 daily minimum balance, $500 in direct deposits each month, or a $5,000 average beginning day balance in linked Chase accounts.
- Monthly fee: $12 (or $0 if you meet certain requirements)
- Initial minimum deposit: $0
- ATM fee: $0 at Chase network ATMs; $2.50 to $5 at a non-Chase ATM plus any additional fees from the ATM operator
- Overdraft fee: $34 (maximum three times per day)
- Debit card foreign transaction fee: 3%
- FDIC insured: yes
3. Bank of America
The Bank of America is an American multinational investment bank and financial services holding company headquartered in Charlotte, in North Carolina. It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup and Wells Fargo.
The Bank of America's commercial banking footprint encloses 46 million consumers and small business relationships at 4,600 banking centers(4,600 branches) and 15,900 automated teller machines (ATMs).
- Monthly fee: $12 (or $0 if you meet certain requirements)
- ATM fee: $2.50 for out-of-network ATMs in the U.S.; $5 for ATMs outside of the U.S.
- Overdraft fee: $35 per item
- Debit card foreign transaction fee: 3%
- FDIC insured: yes
Although there is a monthly fee, you can get that waived by having at least one qualifying direct deposit of a minimum of $250, enrolling in the Preferred Rewards program, or maintaining a minimum daily balance of $1,500. And it is Waived for everyone even those below the age of 24.
4. Charles Schwab Corporation Bank
The Charles Schwab Corporation is an American multinational financial services company. It offers banking, commercial banking, an electronic trading platform, and wealth management advisory services to both retail and institutional clients.
It has over 360 branches, primarily in financial centers in the United States and the United Kingdom. It is the 13th largest banking institution in the United States with over US$6.6 trillion in client assets. But one of the best banking institutions for Non-Residents.
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- Monthly fee: $0
- Initial minimum deposit: $0
- ATM fee: $0 (customers will also get reimbursed for ATM fees outside the network)
- Overdraft fee: $0
- Debit card foreign transaction fee: none
- FDIC insured: yes
FDIC(Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects bank depositors against the loss of their insured deposits in the event that an FDIC-insured bank or savings association fails.
This checking account is a fine choice for those who travel often. You won’t be charged any ATM fees, even if you’re in a country outside the U.S. Plus, you’ll be reimbursed for all out-of-network ATM fees.
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The downside is that you can’t deposit cash, since Charles Schwab is primarily an investment brokerage. And also, you'll need to show up to apply for a bank account in person. You also must open a brokerage account with Charles Schwab, but there’s no requirement saying you need to fund it.
You can set up electronic money transfers, direct deposits, and checks via mail. In other words, this account is better suited as a secondary account.
What People Should Expect in Banks
After this, that we have provided the best banks in the U.S, for both residents and non-residents, we have to show you what you should look for first when you are interested in searching for a good bank for yourself. That is why we have the below aspects about banks that you should always look for first.
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- FDIC Insurance(Federal Deposit Insurance Corporation): Is an independent agency of the United States government that protects bank depositors against the loss of their insured deposits in the event that an FDIC-insured bank or savings association fails. They insure your cash for up to $250,000 USD per ownership category (type of account), per depositor (that’s you).
- Monthly Fee: Sometimes known as Maintenance fee, most banks charge their users a certain amount per month like the $12 charged by the Bank of America. But some can be waived and even removed completely depending on the bank with some conditions needed to be fulfilled before that example from the Chase Banks that waives $12 after some requirements when met.
- Minimum Opening Deposit Amount: This is also a very important aspect to take note of. This is because depending on the bank and on the amount of money you receive monthly before making your deposits. But the first deposit for some banks are usually very high and some are very low.
- ATM fees: Checking accounts and some savings accounts come with an ATM or debit card, which you can use to make deposits or withdrawals at ATMs. While many banks don’t charge a fee to use machines in their network, you may be charged if you use a third-party network or one run by a different financial institution. If you intend on using ATMs often, look for a bank that has a large ATM network or one that reimburses fees.
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- Foreign transaction fees: You may be charged a fee for debit card transactions out of the U.S. This amount is often a percentage of the amount you spent or withdrew from a foreign ATM.
- Overdraft fees: This fee will kick in if a purchase or withdrawal brings your bank account balance to less than zero. If the bank approves the transaction, you’ll be charged a fee. Some banks let you opt into overdraft protection, which usually means transferring the money from a linked savings account to your checking account so you don’t overdraft.
What Information Do Non-Residents Need to Open a Bank Account?
As a non-resident, you can open a bank account using one or more of the following forms of identification: But the first thing to note is that you have to provide some basic informations like your name, birth place, and also your physical presents(for some banks).
- An alien identification or passport number
- A government-issued identification from a foreign country
- An Individual Taxpayer Identification Number(ITIN) or Employer Identification Number (EIN).
Conclusions on the Best Bank for Non Residents in America
Well, if your are to reside in the US in the future and you will feel like having an account in the US, then you can checkout this list and get to know the best banks in the US. But you could still have an immediate account and for that, you will need to apply for a non-resident account.
If you just arrived the US and you need an account, then you will also need to apply for a non-resident account because since you just arrived the US, you won't have your SSN yet because it takes a lot of time to get an SSN.
Checkout the list and know the advantages of each of these banks and go for a bank account in the US for non residents easily.
Frequently Asked Questions(FAQs)
Can I add a non US citizen to my bank account?
A foreigner can open a bank account in the US. Most small banks only allow US citizens and permanent residents to open bank accounts. Nevertheless, checking with some of those very large banks, including US Bank, TD Bank, Bank of America, Chase, and Wells Fargo, will allow non-residents to set up a checking account and a savings account.
Which US banks open accounts for non residents?
Well, this is quite easy to answer, though, because we have provided the best three U.S. banks to open an account if you are a non-resident of America. Though we can still name them, they are JPMorgan Chase Bank, Bank of America, and Charles Schwab Corporation Bank.
Can you have a US bank account without a US address?
The bank in the country of your origin can help open an account with the US bank. You don't need to provide proof of address in the US.
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