You can open a U.S. bank account as a foreigner without a Social Security Number and without permanent residency. Federal identity-verification rules for banks explicitly accept a foreign passport as valid ID, so the practical question is which documents your chosen bank wants on top of that, and whether you can walk into a branch or need to arrange something remotely. Most first-time applicants get in and out of a branch in under an hour once they bring the right paperwork.
What Federal Law Actually Requires
Every U.S. bank runs a Customer Identification Program before opening an account. Under anti-money-laundering rules, the bank must collect four pieces of information from you: name, date of birth, address, and an identification number. For a non-U.S. person, that identification number is not required to be a Social Security Number or an Individual Taxpayer Identification Number. The regulation accepts a taxpayer identification number, a passport number paired with the country of issuance, an alien identification card number, or the number from any other government-issued document showing nationality or residence with a photograph.1eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks
This is where a lot of guidance gets it wrong. You will see articles telling you to obtain an ITIN before you even try to open an account. Federal law does not demand it. Individual banks can add their own requirements on top of the federal minimum, and some do ask for a second form of identification or a taxpayer number as a matter of internal policy. But a valid foreign passport clears the legal bar on its own.
Documents to Bring
Your foreign passport is the single most important document. It works as your government-issued photo ID and supplies the passport number that satisfies the CIP rule. Beyond that, banks commonly ask for:
- A valid U.S. visa. Student (F-1), work (H-1B), or other visa categories stamped in your passport or issued separately.
- A secondary ID. A national identity card from your home country, a driver’s license, or a consular identification card. Some banks accept specific consular IDs from select countries.
- Proof of address. A lease, a utility bill, or a bank statement with your full name and current residence. Many banks accept a foreign address; some require a U.S. address so they can mail physical cards or tax forms.
Bring originals. Photocopies are almost always rejected at account opening because the banker needs to inspect the physical document.
How to Apply
In Person at a Branch
For most foreign nationals, walking into a branch is the most reliable path. Online applications for checking and savings accounts often require a Social Security Number in the form itself, which stops you before you start. In a branch, a banker can process your passport and visa manually and bypass that restriction. Set aside 30 to 60 minutes. You will sign a signature card, which the bank keeps on file to verify your identity on future transactions.
Remote and International Banking Divisions
Some large banks run international banking divisions that accept applications from abroad, aimed at clients who want a U.S. account set up before they arrive. Expect higher minimum deposits and higher monthly fees than a standard retail account. If you already bank with a global institution back home, ask whether they offer cross-border account opening; transferring an existing relationship is usually smoother than starting cold.
Fintech and Digital Alternatives
If your main goal is holding U.S. dollars and receiving payments rather than traditional branch banking, several digital financial platforms give non-residents U.S. account and routing numbers that others can use to send payments. Onboarding is done entirely online, usually with a government-issued ID and a selfie. The limitation is that these are not full bank accounts. Many lack FDIC insurance, checkbook access, or the ability to deposit cash. For receiving payments from U.S. clients or parking dollars between currency conversions, they can be enough.
When You Actually Need an ITIN
An Individual Taxpayer Identification Number is a nine-digit IRS number for people who need a U.S. taxpayer ID but are not eligible for a Social Security Number.2Internal Revenue Service. Individual Taxpayer Identification Number You do not need one to open a bank account. You may need one later for tax compliance, and some banks prefer to have it on file. If you plan to earn income in the U.S., or your bank asks for a taxpayer ID as part of its internal policy, applying early saves trouble later.
You apply by filing IRS Form W-7 with proof of your foreign status and identity.3Internal Revenue Service. About Form W-7, Application for IRS Individual Taxpayer Identification Number The IRS normally wants your original passport or a certified copy from the issuing agency, and mailing your passport to a federal agency is understandably a nonstarter for most people. The workaround is a Certifying Acceptance Agent, an IRS-authorized individual or organization who can authenticate your passport in person and submit a Certificate of Accuracy with your W-7, so your originals stay with you.4Internal Revenue Service. ITIN Acceptance Agent Program Many universities, tax preparation firms, and community organizations serve in this role.
Fees to Watch
Monthly maintenance fees on basic checking accounts range from $0 to about $15. Many banks waive the fee if you keep a minimum balance or set up direct deposit. Minimum opening deposits typically run $25 to $100, and some banks waive the opening deposit entirely.
Pay closer attention to international wire fees, because receiving money from abroad is a routine part of life for a lot of foreign account holders. Incoming international wire fees at major U.S. banks range from free to $25. Chase, Citibank, and TD Bank charge around $15 per incoming wire; Charles Schwab charges nothing. Outgoing international wires typically cost $30 to $50 per transaction. Intermediary banks that route the transfer can also deduct their own charges along the way, so the amount that arrives is sometimes less than what was sent. If you will move money internationally often, comparing these fees before you pick a bank pays off.
Taxes on Your Interest
If you are a nonresident alien, interest earned on deposits at a U.S. bank, savings and loan association, or credit union is generally not taxable and does not need to be reported to the IRS, as long as the interest is not connected to a U.S. trade or business you run.5Internal Revenue Service. Nontaxable Types of Interest Income for Nonresident Aliens For most people opening a basic checking or savings account, that exemption applies.
Your bank will still ask you to complete IRS Form W-8BEN, certifying your status as a foreign person. Without it, the bank may apply backup withholding on interest that is not actually taxable, and you would have to reclaim it from the IRS. Fill out the form up front and skip that trouble. A W-8BEN submitted without a U.S. taxpayer identification number stays valid from the date you sign it through the last day of the third following calendar year, so a form signed any time in 2026 expires on December 31, 2029. Your bank will ask for a new one before it expires.6Internal Revenue Service. Instructions for Form W-8BEN
The picture changes if you become a resident alien by passing the substantial presence test, which counts days spent in the U.S. across a three-year window.7Internal Revenue Service. Substantial Presence Test At that point, your bank interest becomes taxable like any other U.S. resident’s, and the bank reports it on a 1099-INT.
Sanctions and High-Risk Countries
Federal law limits or prohibits financial transactions with people and entities connected to certain sanctioned countries. The Treasury Department’s Office of Foreign Assets Control maintains sanctions lists, including the Specially Designated Nationals and Blocked Persons list, that banks are required to screen against before opening any account.8U.S. Department of the Treasury. Sanctions List Search People from countries under comprehensive U.S. sanctions, including Cuba, Iran, North Korea, Syria, and certain regions of other countries, face significant barriers. Some banks refuse to open accounts for citizens of those nations even when the applicant lives elsewhere and has no ties to the sanctioned government.
Banks also apply their own risk assessments to applicants from countries the Financial Action Task Force has flagged for weak anti-money-laundering controls. Being from a flagged jurisdiction does not make you ineligible under federal law, but it does mean the bank will run more extensive background checks and may ask for additional documentation on the source of your funds. The process takes longer and can feel invasive; it is a compliance step the bank cannot skip.
FDIC Insurance Applies to You
Deposits at an FDIC-insured bank are protected up to $250,000 per depositor, per institution, per ownership category, and this coverage applies regardless of your citizenship or residency status.9FDIC. Deposit Insurance Basics If the bank fails, the federal government guarantees your money up to that limit. The protection covers checking, savings, money market deposit accounts, and certificates of deposit. It does not cover investments like stocks, bonds, or mutual funds even if you bought them through the bank. Look for the FDIC logo when choosing where to bank. Virtually all traditional U.S. banks carry this insurance; some digital platforms and fintech accounts do not.