Open a Bank Account in USA from India

Getting a checking account in the USA as a non-citizen is no cake walk. Most banks demand the physical presence of the applicant along with an Individual Taxpayer Identification Number (ITIN).

Though federal laws govern banking with foreigners in the USA, the application of these laws varies from state to state, which makes the procedure more complicated. Every bank and credit union also has its own requirements and application procedure, so there is no standard solution.

A checking account for your company also needs an Employer Identification Number (EIN). Obtaining one is a complicated process that calls for professional assistance to avoid pitfalls.

• An ITIN, for which you fill Form W-7 for your income tax return.
• Photo identification with a numeric identity, such as an unexpired passport.
• A US address where you can receive mail from the bank. Most banks also ask for a residence proof, such as a utility bill in your name.
• For a checking account for your company, an EIN — a fairly simple process, provided all the documentation on the company's incorporation is in order and the person handling the formalities understands it.

The minimum deposit varies from state to state, bank to bank and even branch to branch. If you open your checking or personal account with a wire transfer or a large sum of cash, you have to furnish the receipt for that sum.

We assist Indian entrepreneurs in setting up and efficiently operating their business in the USA, and serve high-net-worth individuals in their cross-country transactions and taxation issues.