Opening a bank account in the USA: Requirements, prices and steps

Stay in this guide to learn how to open a bank account in the USA. This step proves crucial for foreigners who want to build credit in this country. If that’s your case, and you’ll soon invest in property, access student credit, or move for the first time, you’ll find the steps and requirements here. 

We’ll also explain differences between traditional banks and digital platforms. Moreover, we’ll cover common requirements and possible limitations without residency or local ID.

How to open a US bank account online as a foreigner?

Although many platforms promise digital onboarding, opening an account online doesn’t always mean opening one with a local US bank. In this section, we separate expectation from reality. That way, you’ll understand which account you can get abroad and under which conditions.

What does opening an account online in the USA mean?

In practice, opening an account online from abroad usually means signing up with a digital platform. It lets you hold dollars, make transfers, and use a card. However, this doesn’t guarantee access to a traditional bank account issued by a US bank.

In most cases, these accounts come from fintech companies or financial providers working with intermediary institutions.

Differences between a US bank and a fintech

Banks in the United States
They’re regulated institutions that usually require physical presence in the country, a local address, and some form of US tax ID.

Fintech and digital platforms
They allow remote sign-up and often accept foreign non-residents. In return, they offer more limited services and may not provide a full local banking identifier.

This difference matters when choosing the right option for the way you’ll use the account.

Platforms offering 100% online account opening

Some international fintech platforms let you open an account from outside the United States without being a citizen or resident. These platforms usually:

• Accept a passport as the main document
• Carry out identity verification online
• Let you manage the account through an app or web dashboard

In some cases, they provide dollar banking details, although this doesn’t always mean a local bank account issued in the United States.

Common requirements for remote verification

The most common requirements for opening an online account are:

• Valid passport
• Biometric verification or selfie
• Residential address in your home country
• Email address and phone number

Some platforms may ask for extra information about your economic activity or the source of your funds.

Real steps to open an account online

The digital process usually follows a similar structure:

1. Register on the chosen platform
2. Upload identity documents
3. Complete remote data verification
4. Wait for review and approval
5. Activate the account and access the available services

Once activated, you can use the account for transfers and payments, depending on the enabled features.

How long does it take for the account to become active?

On digital platforms, the account usually becomes active within a few hours or a few days. Timing depends on the validation process and on whether the documents are approved without issues.

Common limitations without a US banking identifier

When you don’t have a local US banking identifier, you may face limitations such as:

• Difficulty receiving payments from US companies
• Restrictions when linking the account to certain local services
• Limited access to financial products like loans or local savings accounts

Therefore, these accounts usually work as an initial or complementary solution. However, they don’t always replace a traditional bank account in the country.

Recommendation: Don’t assume an online account equals a local US bank account. Also, don’t assume every service or employer will accept it.

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How to open a bank account in the United States for non-residents?

Opening a bank account in the USA if you don’t live in the country is possible, but the process and requirements may vary by institution. In banking terms, a “non-resident” is someone who isn’t a US citizen and doesn’t hold legal residency (Green Card), and who usually lives outside the country.

Below, we explain how this process works and which real steps you should follow if you decide to open an account at a US bank branch.

What does “non-resident” mean in banking terms?

In the US banking context, a non-resident is a person who:

• Doesn’t hold US citizenship.
• Doesn’t hold permanent legal residency (Green Card).
• Usually doesn’t live continuously in the United States.

This doesn’t prevent you from opening a bank account, but many institutions require in-person identity verification and extra documents proving who you are and how they can contact you. 

Which banks in the USA accept non-residents?

Not every bank allows account opening without residency, and requirements may change by branch and state. Some of the most flexible institutions for non-residents usually include:

• Bank of America – it allows personal accounts with identity documents, although conditions may vary by state. 
• Chase Bank – with a wide branch network, it offers accounts for foreigners, but it usually requires physical presence to validate documents. 
• Wells Fargo – it lets non-residents open current or savings accounts by presenting a passport and other documents.
• Citibank – with global presence and experience with international clients, it may also suit non-residents. 

Note: Policies may change over time and by branch, so always contact the bank before travelling or planning your visit. 

Typical minimum documentation

Each bank has its own rules, but these are the most requested documents for non-residents:

• A valid passport. 
• Proof of address in the United States or abroad. Some banks accept a hotel address, family address, or work address.
• US tax identification number (if you have one): This may be an SSN or ITIN. 
• W-8BEN form (if applicable): This declares your foreign status to the bank.
• Minimum initial deposit: This is usually required to activate the account, and it may vary by institution.

Some banks may also ask for banking references, an employment letter, or proof of income, although this isn’t universal and depends on the institution and your profile. 

What role does the ITIN play?

The ITIN (Individual Taxpayer Identification Number) is a tax number issued by the US Internal Revenue Service (IRS) for individuals who are not eligible for an SSN.
Although it’s not mandatory to open an account, having an ITIN can facilitate the process at some banks and reduce the need for additional documents.

The ITIN is obtained from the IRS. It doesn’t equal a Social Security number, and it doesn’t affect your immigration status. 

Real branch process: Step by step

Opening an account for non-residents almost always requires an in-person branch visit. Although some fintech platforms allow dollar accounts from abroad, most traditional banks don’t let non-residents open personal accounts 100% online.

Step by step at the bank branch:

1. Book an appointment or go directly to a branch.
   • Call or check the website to confirm which documents they accept.
2. Present your original documents.
   • Passport, proof of address, and W-8BEN form if applicable.
3. Complete the application with a bank representative.
   • State that you’re a non-resident and which account you want: Current, savings, and so on.
4. Make the initial deposit.
   • The amount depends on the bank, and it may range from modest sums to higher amounts.
5. Receive your account details and card (if applicable).
   • Some banks issue the debit card during the same visit. Others post it to your US address.

Estimated timing from appointment to activation

• During the visit: Many banks can approve and activate the account on the same day if your documents are in order.
• Physical card delivery: This may take from a few days to a couple of weeks, depending on the bank and delivery method.

Differences compared with a resident account

Some key differences between a resident account and a non-resident account are:

• Documentation requirements: Non-residents usually need a passport and alternative proof of address or identity.
• Physical presence: Many banks require in-person opening for non-residents.
• Access to products: In some cases, credit accounts or extra products may be more restricted for non-residents. 

Recommendations:

• Don’t generalise requirements, because each bank and branch may follow different policies.
• Ask the bank directly before travelling to avoid surprises.
• Consider alternatives like fintech platforms or dollar accounts if you don’t plan to travel to the USA.

How much does it cost to open and maintain a bank account in the USA?

The cost of opening and maintaining a bank account in the United States varies by bank, account type, and customer profile (resident vs non-resident). Below, we break down real and common costs, with indicative figures based on standard fees at US banks and digital options. 

1. Opening cost

Initial deposit or minimum amount to open

• Many large banks require a low initial deposit, from €21.56-86.24 (US$25-100) for standard current or savings accounts.
• Some specialised online or digital accounts may not require any initial deposit at all. At some banks or with special products, requirements may be higher.
• For example: High-yield accounts or products with specific benefits.

Important: This deposit stays in the account once opened; it isn’t an extra fee.

2. Maintenance fees

Monthly maintenance fee

• The most common current accounts may charge roughly €4.31-21.56 ($5-25) per month if you don’t meet waiver conditions. 
• At many banks (such as U.S. Bank), the typical monthly fee can be around €6-10.40 ($6.95-12) for personal accounts, but can be waived if you maintain an average balance or meet deposit requirements.
• Other more basic accounts, such as “Safe Debit Account”, have lower fees, from €4.27 ($4.95), and in many cases the bank doesn’t waive them.

Savings account

• Savings accounts usually carry monthly maintenance or lower fees, also linked to minimum balance or usage conditions.

3. Cards and usage

Debit card

• In many traditional banks, issuing or maintaining one usually doesn’t cost anything.

Common usage-related costs

• ATM withdrawals outside the network: They usually cost around €2.16-4.31 ($2.50-5) per transaction if you don’t use the bank’s own ATM.
• Fees for withdrawals or payments abroad: Some banks may charge around 3% for currency exchange or international debit use.
• International transfers: Receiving one may cost around €12.94 ($15), and sending one may cost from €25.87-43.12 ($30-50) or more with traditional banks.

4. Differences between opening, maintenance, and usage

Maintenance and usage costs

5. Common hidden costs in accounts for non-residents

When you open an account as a non-resident:

• Average balance requirements may be higher if you want fee waivers.
• Overdrafts or maintenance failures may generate extra charges if your account falls below zero.
• Some banks apply fees for printed statements, cheques, or inactive accounts if no activity occurs for months.
• International transfers or currency conversions usually cost more at traditional banks than at fintechs or digital banks. 

Recommendations before opening

• Costs change by account type and bank. More complete accounts or added benefits usually carry higher fees or higher balance requirements.
• At many banks, you can avoid monthly fees if you maintain an average balance or meet regular deposit conditions.
• Digital accounts or neobanks with an international focus, such as Wise, usually don’t charge monthly maintenance and may offer better international transaction fees, although their coverage and features may differ from traditional banks.

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