Opening a bank account in the United States with just a passport can seem hard, even for non-citizens and non-residents. Jarrod Suda’s guide aims to make this process clear. It shows how both US passport holders and foreign nationals can use their passports to start banking.
As old banking rules get weaker, online banks and neobanks are becoming more popular. They offer flexible banking options without needing a Social Security Number (SSN). This guide will show the chances for those wanting to open a bank account with a passport.
Understanding the Basics of Opening a Bank Account
Opening a bank account means knowing the key steps, like showing your ID. Banks need a photo ID, like a passport, and proof you live there, like bills. If you’re not a U.S. resident, you might need an Individual Taxpayer Identification Number (ITIN).
There are many types of bank accounts. You can choose from checking, savings, or money market accounts. For example, SoFi Checking and Savings has a 4.00% APY. Barclays Tiered Savings Account offers 4.35% for balances under $250,000 and 4.65% for more. Capital One 360 Checking has a 0.10% APY with no monthly fees.
Some banks accept different IDs. In places like New York and San Francisco, you can use a municipal ID. Credit unions are great for non-citizens, helping with the account opening process.
Opening an account might need a deposit of $25 to $100. But, some banks and credit unions don’t require a deposit. You can find more info on opening a bank account without residency proof here.
Guide to Open Bank Account with Passport Only
Opening a bank account is easy with a passport. Many people choose to open bank account passport only for its convenience. This is true, even more so for online bank accounts and neobanks that accept passports.
Neobanks offer digital banking solutions that make opening an account simple. They don’t need a Social Security number, making them great for non-US residents. Wise and Relay are top picks for their easy approval process. Wise is known for being easy for non-residents, while Relay offers a wide range of financial tech solutions.
For those preferring traditional banks, Wells Fargo is a good choice for opening an LLC account in person. Banks usually ask for a deposit of $25 to $100. But, some might want more, up to $1,000 for LLC accounts. Monthly fees for business checking accounts are $10 to $15, with a balance requirement of $500 to $2,500.
When you go to a bank, you’ll need more than just your passport. You’ll need a valid ID and proof of address. Banks accept different IDs, like passports, driver’s licenses, and consular IDs.
It’s important to know the difference between checking and savings accounts. Checking accounts need little money to start and offer debit cards and unlimited withdrawals. Savings accounts need less money and can earn interest, but rates vary.
Yes, you can open an account with just a passport, thanks to neobanks and banks for non-citizens. Research well to find the best option for you. Always call the bank first to check what ID you need and make opening your account easier.
Bank Options for Opening an Account with a Passport
There are many ways to open a bank account with a passport. You can choose from traditional banks or neobanks made for immigrants. These banks know how to help those without a Social Security number.
Big banks like Bank of America and Chase accept different IDs. To open an account, you’ll need a passport, proof of where you live, and sometimes a deposit of $10,000. Banks like Citibank and Wells Fargo also accept passports, but their rules can change.
Neobanks like Chime, Revolut, and N26 make it easier to open an account. Chime lets you start without a Social Security number, just a passport. Revolut and N26 help you manage money in different countries. Banks like Majority focus on immigrants, making things simpler.
There are many banks that let you open an account with just a passport. Using these options can help non-citizens manage their money in the U.S. For more on what you need to open an account, check out this link.
Step-by-Step Process to Open an Account
To open a bank account with just a passport, start by researching banks. Look at both traditional and online banks. Check out the types of accounts they offer, like basic checking or high-yield accounts.
Some accounts need a minimum deposit, usually $25 to $50. This helps you find the right account for your needs and understand fees.
After picking a bank, start the bank account application process. Download the app or visit their website. You’ll need to enter your personal info and upload your passport.
Make sure your documents are current to avoid application denial. You might also need a Social Security number or taxpayer ID, plus proof of address.
After applying, you might get approval right away or in a few hours. They’ll contact you by email or phone. Once approved, make your first deposit with an electronic transfer, cash, or check.
Then, set up online and mobile banking to manage your account easily. After activation, you’ll get your debit card and checks in the mail soon. Following these steps will help you open a bank account in the U.S. without trouble.
