Opening Bank Account in the USA
A US bank account is the first step of building a financial footprint in the country. I don’t need to tell you that it is not safe to keep your money under your mattress, or do I? Jokes apart, getting a checking account in the USA for non-citizens is no cake walk. Most banks demand the physical presence of the person applying along with an Individual Tax Identification Number (ITIN).
Also, though there are federal laws governing banking with foreigners in the USA, the application of these laws varies from state to state making the procedure even more complicated. And if that was not enough, every bank and credit union has its own requirements and application procedure for opening a bank account, meaning there is no standard solution to anything.
Also, for a checking account, that is, a bank account for your company, you need to have an Employer Identification Number (EIN).One can get an EIN even with Social Security Number (SSN) or ITIN, but again, it is a complicated process and requires professional assistance to avoid any pitfall which might later cause serious trouble.
US Checking Account for Non-Citizens
You can start your application process online but for final formalities, you have to visit the branch, no escaping from that. Thus, you should make provisions accordingly because opening your bank account might take 4 to 5 months depending upon which state you are applying in. It will easily take somewhere around two to four months for you to obtain an ITIN and in addition to that, account application procedure will also take a couple of weeks.
Documents Required for Non-Citizens
- First is an ITIN, for which you need to fill form W-7 for income tax return.
- A photo identification proof having a numeric identity like unexpired passport, student ID, work visa, etc.
- A US address, where you can receive mails from the bank. Most banks also ask for a residence proof like a utility bill with your name on it. Please note that if you have a residence in the US, you will get your account opened with the same ease as a citizen.
- For a checking account, that is, for a bank account for your company, EIN is required which is a fairly simple process, provided that all the documentation regarding the incorporation of the company is sorted and the person handling the formalities has a fundamental understanding of it.
It would be a wise move to first open a bank account with an international bank in India like Bank of America, Citibank, HSBC Bank, etc. This will help you stash your income in the meantime you find an alternative and also simplifies the procedure of opening a Checking account with that bank’s US branches.
Provisions for Minimum Deposit
Though this varies from state to state, bank to bank and even from branch to branch, it is a bit difficult for us to give you a figure. Though the range for minimum deposit varies from somewhere around $5 to 50. Please take note that if you are opening your checking or even a personal account from a wire transfer or from a large sum of cash, you have to furnish the receipt for the sum.
We have more than 10+ years of experience in assisting Indian entrepreneurs in setting up and efficiently operating their business in the USA. We have also served High Net Worth Individuals in their cross-country transactions and taxations issues. We are an IRS certified agent and our clientele includes names like Paperboat Apps, VSV Wins Group, Numiv Research and many more. More than 1000+ people have trusted us with their financials and we have never disappointed a single one of them!
Your professional help is just one call away, hit us up or give a ring on 7727887799 (same for WhatsApp) or drop us an email containing your business requirements at firstname.lastname@example.org and our team will reach out to you within 2 hours.
We can help you in opening a US bank account, along with providing a range of other services to take full accountability as the virtual CFO to your business.
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