Non US-citizen: How do I open a US bank account?

[cryptoviking]

Some background that might help:
I value my privacy and have a good portion of my net worth in crypto.
I got various EMI accounts (Revolut, Wise, etc.)
I am a tax resident and live in Thailand and travel a lot as I make my earnings outside Thailand (some in the US).

I have been looking into opening a US bank account for some time. I have always been intrigued by the many benefits you can get especially with US credit cards. I understand you need to have a US ITIN, which has been difficult for me to get due to the pandemic.
Some of the questions I am working on:

• Are there any fast ways to build up a credit score? Is a credit score always needed to get a credit card?
• Are there any downsides to open a US account (privacy or tax concerns)?
• Are there any other types of accounts that you would recommend instead?

If anyone has referrals of people that offer services in this area or recommendations I would be grateful.

Thank you in advance for your time.

 

[troubled soul]

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[Wave!]

HSBC Premier members could open accounts remotely in every country with HSBC's presense, although they are required to always maintain a minimum balance in their home coutry's account.

 

[Tr0nad0r]

Bank of America - Banking, Credit Cards, Loans and Merrill Investing

What would you like the power to do? For you and your family, your business and your community. At Bank of America, our purpose is to help make financial lives better through the power of every connection.

www.bankofamerica.com

Does Bank of America allow remote opening for non-US residents? Navigating into their website I'm asked to provide a ZIP code.

-------

I have been able to open accounts as a non-US resident in branches with TD Bank, Chase, Citibank, and Bank of America, some of them asked for a US address for mailing (but not for residence proof) so I just used the address of a friend.

The ITIN was never required in my case for account opening but it might be very useful if you are planning to apply for a credit card. Many banks won't allow you to apply for a credit card without an SSN but I know for a fact that Bank of America allows you to apply with your ITIN for a secured credit card (the type of card that you're offered without a good credit score) after some time banking with them, I'm not sure if you can upgrade to an unsecured credit card though. Citibank agents told me the same but I haven't tested applying with them personally.

Last year I opened an account remotely with Sable (Sable Card | Home), they claim that by having a secured credit card with them you can build your US credit history but I can't verify this claim. They ask to provide a passport photo and a valid visa or I-94 record of entry to the US, and an address (I used a mail forwarding service) to receive the cards (debit and secured credit cards)

Usually, US banks ask you to fill the W-8ben to open an account as a non-resident then at least IRS will have your information about tax residency and they might share information about your bank account with the authorities of your country.

 

[troubled soul]

Does Bank of America allow remote opening for non-US residents? Navigating into their website I'm asked to provide a ZIP code.

-------

I have been able to open accounts as a non-US resident in branches with TD Bank, Chase, Citibank, and Bank of America, some of them asked for a US address for mailing (but not for residence proof) so I just used the address of a friend.

The ITIN was never required in my case for account opening but it might be very useful if you are planning to apply for a credit card. Many banks won't allow you to apply for a credit card without an SSN but I know for a fact that Bank of America allows you to apply with your ITIN for a secured credit card (the type of card that you're offered without a good credit score) after some time banking with them, I'm not sure if you can upgrade to an unsecured credit card though. Citibank agents told me the same but I haven't tested applying with them personally.

Last year I opened an account remotely with Sable (Sable Card | Home), they claim that by having a secured credit card with them you can build your US credit history but I can't verify this claim. They ask to provide a passport photo and a valid visa or I-94 record of entry to the US, and an address (I used a mail forwarding service) to receive the cards (debit and secured credit cards)

Usually, US banks ask you to fill the W-8ben to open an account as a non-resident then at least IRS will have your information about tax residency and they might share information about your bank account with the authorities of your country.

Yes It is possible.
Remote Bank account opening.

 

[jjrapy]

Yes It is possible.
Remote Bank account opening.

How? They ask for SSN

 

[jjrapy]

Does Bank of America allow remote opening for non-US residents? Navigating into their website I'm asked to provide a ZIP code.

-------

I have been able to open accounts as a non-US resident in branches with TD Bank, Chase, Citibank, and Bank of America, some of them asked for a US address for mailing (but not for residence proof) so I just used the address of a friend.

The ITIN was never required in my case for account opening but it might be very useful if you are planning to apply for a credit card. Many banks won't allow you to apply for a credit card without an SSN but I know for a fact that Bank of America allows you to apply with your ITIN for a secured credit card (the type of card that you're offered without a good credit score) after some time banking with them, I'm not sure if you can upgrade to an unsecured credit card though. Citibank agents told me the same but I haven't tested applying with them personally.

Last year I opened an account remotely with Sable (Sable Card | Home), they claim that by having a secured credit card with them you can build your US credit history but I can't verify this claim. They ask to provide a passport photo and a valid visa or I-94 record of entry to the US, and an address (I used a mail forwarding service) to receive the cards (debit and secured credit cards)

Usually, US banks ask you to fill the W-8ben to open an account as a non-resident then at least IRS will have your information about tax residency and they might share information about your bank account with the authorities of your country.

How is going the sable account? Comments?

 

[Tr0nad0r]

Yes It is possible.
Remote Bank account opening.

Maybe with an introducer?

I know people that have been able to open Citibank accounts remotely being referred by others.

How is going the sable account? Comments?

I see that you found the thread about Sable already

 

[jjrapy]

Maybe with an introducer?

I know people that have been able to open Citibank accounts remotely being referred by others.



I see that you found the thread about Sable already

Citibank would open remotely for citigold package (200k minimum), otherwise you should go at a branch, as you did.

 

[Tr0nad0r]

Citibank would open remotely for citigold package (200k minimum), otherwise you should go at a branch, as you did.

Back then (2014-17) it was way easier knowing to local Citi sales rep in Latam, I know people that were able to open it with way less money than 200k.

Unfortunately, Scotiabank bought Citi retail business in Latam some years ago.

 

[MrGoodman]

Correct me if I am wrong, but you cannot open a US bank account without a SSN. Unless someone with a SSN opens it for you acting on behalf of the company.

 

[jjrapy]

Back then (2014-17) it was way easier knowing to local Citi sales rep in Latam, I know people that were able to open it with way less money than 200k.

Unfortunately, Scotiabank bought Citi retail business in Latam some years ago.

You’re right. When citi had a strong presence in latam was way more easier to open an account.

Correct me if I am wrong, but you cannot open a US bank account without a SSN. Unless someone with a SSN opens it for you acting on behalf of the company.

Some banks will open an account in person at a branch without ssn. As stated above.

 

[Tr0nad0r]

Correct me if I am wrong, but you cannot open a US bank account without a SSN. Unless someone with a SSN opens it for you acting on behalf of the company.

For companies, SSN isn't required. For Corps, they will ask for EIN and most of the big banks will ask for a business address in the US with proof (like credit card statement or utility bill). For LLCs, the requirements might be more flexible (e.g no requiring US address proof) and they might ask for ITIN as well.

Last week a friend visited branches of the big banks (BofA, Chase, Citi, Wells Fargo, and TD) trying to open a bank account for a C-Corp as a foreigner (no SSN, no ITIN) and only Citi agreed to open the account with proof of residence from outside of the country. I suspect that things would have been easier with an LLC but she didn't want to wait for the ITIN to open the bank account.

 

[fredouille1973]

Does Bank of America allow remote opening for non-US residents? Navigating into their website I'm asked to provide a ZIP code.

-------

I have been able to open accounts as a non-US resident in branches with TD Bank, Chase, Citibank, and Bank of America, some of them asked for a US address for mailing (but not for residence proof) so I just used the address of a friend.

The ITIN was never required in my case for account opening but it might be very useful if you are planning to apply for a credit card. Many banks won't allow you to apply for a credit card without an SSN but I know for a fact that Bank of America allows you to apply with your ITIN for a secured credit card (the type of card that you're offered without a good credit score) after some time banking with them, I'm not sure if you can upgrade to an unsecured credit card though. Citibank agents told me the same but I haven't tested applying with them personally.

Last year I opened an account remotely with Sable (Sable Card | Home), they claim that by having a secured credit card with them you can build your US credit history but I can't verify this claim. They ask to provide a passport photo and a valid visa or I-94 record of entry to the US, and an address (I used a mail forwarding service) to receive the cards (debit and secured credit cards)

Usually, US banks ask you to fill the W-8ben to open an account as a non-resident then at least IRS will have your information about tax residency and they might share information about your bank account with the authorities of your country.

this is a state by state approach, BOA doesn't open anymore, Fargo doesn... Chase was asking a proof of address

bassically you need a US address provider, and better to have a us mobile, t mobile prepaid for example.
then you need to go physically in the usa

 

[Tr0nad0r]

I think it's actually branch by branch approach, I know people that have been rejected in a branch of a bank and accepted in another branch of the same bank in the same city. The last one I opened in person was TD back in 2019 in New York, they asked for an address but not for proof but things might be different in 2021.

Another alternative is trying to go to a regional bank instead, they're way more flexible than the big national banks and many of them don't ask for proof of address in the USA, you just need to make sure that they can offer all the services you need for the account.

Fortunately for me, my brother is living now in the USA, I have updated my Sable account to stop using the mail forwarding service and start using his address instead, now I'll receive bank and credit card statements with his address just in case if I need proof of US address in the future. For the phone number, I'm keeping a Google Fi account temporarily paused and paying $20 for it every 3 months or so to avoid getting it canceled.

 

[Tr0nad0r]

I just talked with two people that opened personal bank accounts recently in Florida:

1) Tried with Wells Fargo and BofA and they said that they weren't accepting non-residents, he was able to open a bank account with Citibank, the address associated with his account is in his home country, they accept as proof of address utility bill or credit card statement for the address in your home country.

2) After being rejected due to the residence and/or address proof by TD (multiple branches), BofA (multiple branches), Wells Fargo, and Citi (he didn't have utility bills with his name in his home country) tried with a regional bank, Pacific National Bank (Home › Pacific National Bank), and opened the account without problems and even gave him a secured credit card (without having ITIN), they didn't ask for any address proof.

So there you have three options that still working in 2021: Sable, Citi, and regional banks.

 

[Novice]

Some background that might help:
I value my privacy and have a good portion of my net worth in crypto.
I got various EMI accounts (Revolut, Wise, etc.)
I am a tax resident and live in Thailand and travel a lot as I make my earnings outside Thailand (some in the US).

I have been looking into opening a US bank account for some time. I have always been intrigued by the many benefits you can get especially with US credit cards. I understand you need to have a US ITIN, which has been difficult for me to get due to the pandemic.
Some of the questions I am working on:

• Are there any fast ways to build up a credit score? Is a credit score always needed to get a credit card?
• Are there any downsides to open a US account (privacy or tax concerns)?
• Are there any other types of accounts that you would recommend instead?

If anyone has referrals of people that offer services in this area or recommendations I would be grateful.

Thank you in advance for your time.

How did you open a revolut account?

Can a non-resident US LLC owner open a business account without having SSN or ITIN?

It would be great if they accept non resident US LLC owners.

 

[Tr0nad0r]

Looks like Citi open accounts remotely for non-Citigold clients through Citi IPB US:

If I understand the info on their site correctly you must be paid by a US employer to be able to apply for the Global Executive Account, I don't see such restriction in the International Personal account. The minimum opening balance for both accounts is $0.

To open the account you should contact them through their contact form in Contact Us | IPB U.S. - Citibank

 

[jjrapy]

Looks like Citi open accounts remotely for non-Citigold clients through their IPB US:

View attachment 2731

View attachment 2732

If I understand the info on their site correctly you must be paid by a US employer to be able to apply for the Global Executive Account, I don't see such restriction in the International Personal account.

To open the account you should contact them through their contact form in Contact Us | IPB U.S. - Citibank

I don’t know about the International personal account, at least when I contacted Citi they called back and the lady whom I spoke said that for non residents only the citigold account was available for me and the minimum deposit is 200k. Nevertheless she said I could open a “normal” account at a branch personally.

 

[Tr0nad0r]

I've read testimonies from remote workers from Argentina that have been able to open those accounts remotely, I'm going to contact Citi for clarification on the matter and report back here.