Yes, a foreigner can open a bank account in the US. Federal law does not require citizenship or permanent residency to hold a checking or savings account at a US bank. What the bank does require is proof of who you are, a tax identification number, and enough information to satisfy anti-money-laundering rules. The specific documents accepted vary by institution, but the framework is the same across the industry.
Documents You Will Need
Every bank verifies three things before opening an account: your identity, your tax ID, and where you live.
Identification
A valid passport from your home country is the primary form of ID for non-residents. Most banks also want a second piece of photo identification, which can be a driver’s license, a national identity card, or a consular ID card issued by your country’s embassy. Some cities issue municipal ID cards that certain banks accept. Requirements differ from one institution to the next, so confirm what a specific branch will take before you go in.
If any of your documents are not in English, the bank may require a certified translation from a professional service.
A Tax Identification Number
Banks need a number that links your account to the IRS for tax reporting. For non-residents, this is almost always an Individual Taxpayer Identification Number (ITIN). A Social Security Number works too, but non-citizens can generally only obtain an SSN if they have work authorization from the Department of Homeland Security.1Social Security Administration. Social Security Numbers for Noncitizens If you don’t qualify for an SSN, the ITIN is your route.
You apply for an ITIN by submitting IRS Form W-7. It asks for your legal name, date of birth, citizenship, mailing address, and foreign home address. If you need the ITIN specifically for banking rather than filing a tax return, you check box “h” on the form; the IRS instructions note that banks and other financial institutions frequently request ITINs from foreign customers to meet their own reporting obligations. Supporting documents submitted with the W-7 must be originals or certified copies from the issuing agency. Regular photocopies are not accepted.2Internal Revenue Service. Instructions for Form W-7
Processing takes time. As of early 2026, the IRS is working through W-7 applications received in January 2026.3Internal Revenue Service. Processing Status for Tax Forms If you plan to open an account soon after arriving in the US, submit the W-7 as early as you can. Some banks and credit unions allow you to open the account and file the ITIN application at the same time, though this is not universal. An ITIN grants no immigration status or work authorization; it exists solely for tax purposes.
Proof of Address
Banks want a document tying you to a physical location so they can send legal and financial correspondence. Common options include a utility bill no more than three months old, a signed lease agreement, a bank statement, or a mortgage statement. If you have just arrived, a lease signed by you and your landlord is usually the most accessible. Some banks also accept temporary housing documents such as a letter from a university or an employer-provided housing agreement.
Who May Be Refused
Most foreign nationals qualify, but citizens and residents of certain countries face significant hurdles or outright prohibitions. The US Treasury’s Office of Foreign Assets Control (OFAC) administers comprehensive sanctions programs against several countries, including Cuba, Iran, and North Korea.4Office of Foreign Assets Control. Sanctions Programs and Country Information Individuals from comprehensively sanctioned countries will find that most US banks refuse to open accounts for them, since doing so could violate federal law.
Beyond comprehensive sanctions, OFAC also maintains selective sanctions targeting specific individuals, entities, and sectors in dozens of other countries. Even if your country is not comprehensively sanctioned, a bank’s compliance team may flag your application for additional review based on nationality or the origin of your funds. Banks have broad discretion to decline applications they consider high-risk, and that decision does not always tie directly to an OFAC list. It can reflect the institution’s own risk appetite.
How the Application Works
Most traditional banks require an in-person visit to a branch. A banker conducts a face-to-face review under “Know Your Customer” standards, verifying your physical documents and asking how you intend to use the account. Expect questions about the source of your funds, the transactions you plan to make, and whether you’ll be receiving international wire transfers.
After the meeting, the bank submits your file for internal compliance review. Approval timelines vary. Some banks activate accounts the same day; others take up to a week. You’ll receive confirmation by email or mail once the account is approved.
A small number of online banks and financial technology companies offer remote account opening for non-residents. These platforms typically use digital identity verification, such as uploading a photo of your passport and taking a selfie, in place of an in-person meeting. Not all online platforms are insured by the FDIC, so confirm the institution’s regulatory status before depositing money.
Once approved, you may need to make an initial deposit. Minimum opening deposits range from as little as $25 for a basic checking account to several thousand dollars for premium tiers. Online banking access is typically granted as soon as the account is funded.
Tax Paperwork the Bank Will Ask For
Holding a US bank account carries tax documentation and reporting requirements, though the rules are more favorable for non-residents than many people expect.
Form W-8BEN and Withholding
When you open the account, the bank will ask you to complete Form W-8BEN, which certifies your status as a non-resident foreign individual.5Internal Revenue Service. About Form W-8 BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals) The form tells the bank how much federal tax, if any, to withhold on income paid into your account. Without a valid W-8BEN on file, the bank must withhold at a default rate of 30 percent on US-source payments.6Office of the Law Revision Counsel. 26 U.S. Code 1441 – Withholding of Tax on Nonresident Aliens Filing the form correctly also lets you claim the benefit of any tax treaty between the US and your home country, which may reduce or eliminate withholding on certain types of income.
Deposit Interest Is Generally Tax-Free
Interest earned on a standard checking or savings deposit is not subject to US federal income tax for non-resident aliens, so long as the interest is not connected to a US trade or business.7Office of the Law Revision Counsel. 26 U.S. Code 871 – Tax on Nonresident Alien Individuals The exemption applies to deposits at US banks, savings and loan associations, credit unions, and insurance companies.8Internal Revenue Service. Nontaxable Types of Interest Income for Nonresident Aliens Submit your W-8BEN when the bank requests it so the exemption is applied.
Even though the interest is exempt from US tax, the bank may still be required to report it to the IRS on Form 1042-S, particularly if you are a resident of a country identified in IRS guidance for information-sharing purposes.9Internal Revenue Service. Instructions for Form 1042-S (2026) The US exemption does not affect obligations you may have in your home country. Many countries tax residents on worldwide income, including foreign bank interest.
Information Sharing With Your Home Country
Under the Foreign Account Tax Compliance Act (FATCA), US financial institutions report information about accounts held by foreign persons to the IRS. The IRS then shares that data with foreign tax authorities through intergovernmental agreements. Your home country’s tax agency may learn about your US account and any income it generates, and you are responsible for complying with local rules on foreign-held accounts.
Personal and Business Accounts
Non-residents can open both personal and business accounts, though the documentation differs.
Personal Accounts
Personal checking and savings accounts follow the process above: passport, tax identification number, proof of address. These accounts let you deposit funds, pay with a debit card, send wire transfers, and manage money through online banking.
Joint accounts with a US citizen or another non-resident are available at most banks. Each account holder must independently provide government-issued ID, proof of address, and a tax ID. Tax reporting on joint accounts depends on the residency status of each owner. If one owner is a US person and the other is foreign, the bank may issue tax information returns to the US person rather than the foreign holder.
Business Accounts
If you form a US business entity such as a Limited Liability Company, you can open a business account to keep the company’s money separate from your own. The bank will ask for the articles of organization (the document filed with a state agency when the LLC is created) and an Employer Identification Number (EIN) issued by the IRS.10U.S. Small Business Administration. Register Your Business The EIN acts as the company’s tax ID.
Banks must also identify the beneficial owners of any legal entity opening an account. Under the Customer Due Diligence rule, you must disclose every individual who owns 25 percent or more of the company’s equity, plus at least one individual with significant control over the entity, such as a CEO or managing member.11eCFR. 31 CFR 1010.230 Beneficial Ownership Requirements for Legal Entity Customers Keeping the entity’s finances separate from your personal finances is important for preserving the liability protection that an LLC or corporation provides.
FDIC Insurance Applies Regardless of Citizenship
Deposits at FDIC-insured banks are protected up to $250,000 per depositor, per bank, per ownership category.12FDIC. Deposit Insurance FAQs The protection applies regardless of citizenship or residency; you do not need to be a US citizen or resident for your deposits to be insured.13FDIC. Your Insured Deposits Before opening an account, especially at an online-only institution, verify that it is FDIC-insured.
Fees to Expect
Non-residents face the same fee structures as US residents, though costs can build up if you rely on international transfers.
- Monthly maintenance fees on checking accounts often run $10 to $25, and are frequently waived if you keep a minimum daily balance or set up direct deposit.
- Incoming international wires typically cost $0 to $25 per transfer, depending on the bank and account tier.
- If an incoming wire arrives in a foreign currency, the bank converts it to US dollars at an exchange rate that includes a markup. That markup is separate from any wire fee.
- Certified translation of foreign-language documents is billed per page by the translator, with rates that vary by language and complexity.
A Bank Account Alone Won’t Build US Credit
Opening a checking or savings account does not build a US credit score. Credit history from your home country does not transfer to the US system, so you start with no credit profile. The three major credit bureaus, Experian, Equifax, and TransUnion, track activity reported by US lenders, and a deposit account does not generate that reporting. To begin building credit, consider a secured credit card (where you put down a deposit as collateral) or a credit-builder loan. Some international card issuers that operate in both your home country and the US allow you to port existing account history. An SSN or ITIN is required to apply for credit products and to have a file opened with the bureaus.