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Opening a Bank Account in The USA

July 19, 2021
You could say that having a bank account is essential to living. Practically everyone has or earns money, some more than others. Having a bank account helps you manage all that so you could better save and spend it. While it's easy to store them in one place, doing it in a bank not only protects it better, but you might even get credit as well. It all depends on how wisely you use your money and setting up a bank account almost guarantees it. So if you're living in the US, here are all you need to know about opening your own bank account.

Opening a Bank Account in The USA


Who's Allowed to Open a Bank Account in the USA

Of course, the first question you gotta ask is: am I allowed to set up a bank account in the US? The answer is yes. There's no legal barrier blocking foreign nationals and non-residents from opening up their own bank accounts in local banks. In fact, it's almost encouraged that those who live in other countries but frequently travel to the USA set up their own accounts here as well. And since many American banks are international institutions themselves, this makes it easier for people from all around the world to open their accounts within local branches in their respective countries. 


What You Need to Set Up a Bank Account

As expected, when setting up your own bank account in the US, you'll need to show the required documents. The specifics differ from bank to bank, however, the general list of requirements includes a government-issued ID and your Employer Identification Number (EIN) if you're a citizen/resident or Individual Tax Identification Number (ITIN) if you're a foreign national.  If you want to set up a separate account for a business you own in the US, you'll also need to show your Company Registration Paper which can either be your Articles of Organization for an LLC or Articles of Incorporation for a Corporation. 


Opening a Bank Account in The USA


Different Ways to For Foreigners to Open Up a Bank Account in The US

If you're a foreign national and you want to set up a bank account in the US, there are about four ways to do so. One is to do it online, which is both legal and fairly easy considering that most banks around the world have their own respective digital platforms. You can also open it up in person if the American bank has a local branch in your country. The third is, obviously, setting it up in person when you've traveled to the US yourself. This is both the easiest and most reliable way. And the fourth way is to do it through Transferwise, an online money-transferring service. 


Which Banks to Go For

Fortunately, a lot of American banks operate internationally as well, making it easier for those of you who are not yet in the US to set up your accounts even before traveling to the country. As already mentioned, going to any local branch in your home country is an easy and effective way to set up your bank account. The big ones, such as Wells Fargo and HSBC, are perhaps the best ones to go for as they're both internationally-recognized, very low minimum deposit requirements, and low internal fees. Not to mention they have branches all over the US and the world as well. 


Opening a Bank Account in The USA


How Much Money Do You Need?

Now, when it comes to first deposits—which are also required to set up a bank account—how much do you need, exactly? The truth is it depends. It usually depends on both the type of account you've just set up and the bank that you went for, though it typically ranges from $10 to $100. More often than not, the minimum amount for business bank accounts are higher than the personal type. And it can only be empty for a certain period of time as well before the bank issues you a warning due to inactivity and such. 


Getting a Credit Card from the USA

How about getting a credit card? Does that come with the territory of opening up a bank account in the US? Well, this also depends, A good many banks would strongly suggest that you apply for a credit card the moment you set up your bank account. While many others would advise that you save up to a certain amount before you even think about credit cards. As for foreign nationals, some international banks do allow them to apply for a Capital One credit card from overseas. But you should note that the application process is an entirely different matter altogether. 


Opening a Bank Account in The USA


Who would have thought that it was fairly easy to set up a bank account in the US? Although while it is easy and legal for many people, the process isn't as simple. Be sure to follow the guidelines set forth by the American bank you're going for. 

Once you've got your American bank account going, you can now go for a US luxury rental as your accommodation for when you stay in the country. It's guaranteed to be a wise investment!





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