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. What banks do require is proof of identity, a US tax identification number, a US address they can send mail to, and a clean run through their anti-money-laundering checks. The documents vary by institution, but the core requirements are consistent across the industry.
What You Need to Open the Account
Three things sit at the center of every application: photo identification, a tax identification number, and proof of where you live.
Passport and a Second ID
A valid passport from your home country is the primary identification for non-residents. Most banks also want a second piece of photo ID. That can be a driver’s license, a national identity card, or a consular identification card issued by your country’s embassy or consulate. Some cities issue municipal ID cards that certain banks accept. Requirements differ from one institution to the next, so confirm what a specific bank will accept before you visit.
If any document is not in English, the bank may ask for a certified translation. Professional translation services handle this, and costs vary by language and document length.
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 get an SSN if they have work authorization from the Department of Homeland Security.1Social Security Administration. Social Security Numbers for Noncitizens Without work authorization, the ITIN is the route.
You apply for an ITIN by submitting IRS Form W-7. The form 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, check box “h” on the form; the IRS instructions note that banks frequently request ITINs from foreign customers to meet their own reporting obligations. Every supporting document submitted with the W-7 must be an original or a certified copy 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 let you open an account and submit the ITIN application at the same time, but this is not universal, so ask the specific institution. An ITIN gives you no immigration status and no work authorization. It exists solely for tax purposes.
Proof of Address
Banks require a document that ties you to a physical location so they can send legal and financial correspondence. Commonly accepted options include a recent utility bill (typically no more than three months old), a signed lease agreement, a bank statement, or a mortgage statement. For someone who has just arrived, a lease signed by both tenant and landlord is often the most available option. Temporary housing documents, such as a letter from a university or an employer-provided housing agreement, may also work depending on the bank.
When a Bank May Refuse to Open the Account
Most foreign nationals can open a US account, but citizens and residents of certain countries face significant hurdles or outright prohibitions. The US Treasury’s Office of Foreign Assets Control 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, because doing so could violate federal law.
Beyond comprehensive sanctions, OFAC maintains selective sanctions targeting specific individuals, entities, and sectors in dozens of other countries. Even if your country is not comprehensively sanctioned, a compliance team may flag your application for additional review based on your nationality or the origin of your funds. Banks have broad discretion to decline applications they consider high-risk, and that decision is not always tied directly to OFAC lists. It can reflect the institution’s own risk appetite.
How the Application Itself Works
Most traditional banks require an in-person visit to a branch. During that visit, a banker conducts a face-to-face review under Know Your Customer standards, verifying your physical documents and asking about how you intend to use the account. Expect questions about the source of your funds, the types of transactions you plan to make, and whether you will receive international wire transfers.
After the meeting, the bank submits your documents for internal compliance review. Approval timelines vary. Some banks activate accounts the same day, while others take up to a week. You will get 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, using digital identity verification such as a passport upload and a selfie in place of an in-person meeting. Availability and eligibility vary, and not every online platform is FDIC-insured, so confirm the institution’s regulatory status before depositing money.
Once approved, you may need to make an initial deposit to activate the account. Minimum opening deposits run 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 Once the Account Is Open
Holding a US bank account triggers specific tax documentation, but the rules are more favorable for non-residents than many people expect.
Form W-8BEN
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) This 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 is required to withhold tax 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 Not Taxed
Interest earned on a standard bank deposit is not subject to US federal income tax for non-resident aliens, as 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 requested to make sure the bank applies it.
Even though deposit interest is generally exempt from US tax, the bank may still be required to report the interest 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 exemption also does not affect your tax obligations at home. Many countries tax their residents on worldwide income, including interest earned abroad.
What Your Home Country Learns
Under the Foreign Account Tax Compliance Act, US financial institutions report information about accounts held by foreign persons to the IRS, which shares the data with foreign tax authorities through intergovernmental agreements. In practice, your home country’s tax agency may learn about your US account and the income it generates. You are responsible for complying with your home country’s rules on foreign-held accounts.
If Your Status Later Changes
If you eventually become a US tax resident, through a green card or by meeting the substantial presence test, your reporting picture changes. As a US person, you would need to report financial accounts you maintain outside the United States if they exceed $10,000 in aggregate value at any point during the year. This is the Report of Foreign Bank and Financial Accounts (FBAR), codified at 31 CFR ยง 1010.350.10eCFR. 31 CFR 1010.350 Reports of Foreign Financial Accounts “United States person” for FBAR purposes covers US citizens, US residents, and entities formed under US law.11FinCEN. Who Is a United States Person Penalties for failing to file are steep, with inflation-adjusted figures for 2026 exceeding $16,000 per account for non-willful violations and reaching the greater of roughly $165,000 or 50 percent of the account balance for willful ones.
Personal, Joint, and Business Accounts
Non-residents can open both personal and business accounts, but the documentation differs.
Personal and Joint Accounts
Personal checking and savings accounts follow the documentation process described above: passport, tax identification number, and proof of address. The account is tied to your individual identity and tax number, and you can use it to deposit funds, pay expenses with a debit card, send wire transfers, and manage money online.
Joint accounts with a US citizen or another non-resident are possible at most banks. Each holder has to independently provide government-issued ID, proof of address, and a tax identification number. Tax reporting on joint accounts depends on the residency status of each owner. If one owner is a US person and the other is a foreign person, the bank may issue tax information returns to the US person rather than the foreign account 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 finances separate from your personal funds. The bank will ask for the company’s articles of organization (the document filed with a state agency when the LLC is created) and an Employer Identification Number issued by the IRS.12U.S. Small Business Administration. Register Your Business The EIN functions as the company’s tax ID.
Banks are required to 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.13eCFR. 31 CFR 1010.230 Beneficial Ownership Requirements for Legal Entity Customers Keeping the entity’s finances cleanly separated from your personal accounts also matters for preserving the liability protection an LLC or corporation provides.
Is My Money Protected?
Deposits at FDIC-insured banks are protected up to $250,000 per depositor, per bank, per ownership category.14FDIC. Deposit Insurance FAQs This protection applies regardless of citizenship or residency. You do not need to be a US citizen or resident for your deposits to be insured.15FDIC. 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 add up quickly for anyone who relies 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 a wire arrives in a foreign currency, the bank converts it to US dollars at an exchange rate that includes a markup. The markup is separate from any wire fee.
- Certified translation, if you need documents rendered into English for the bank, is charged per page at rates that vary by language and complexity.