Best US Banks for Foreigners (2024)

If you want access to an American bank account and are a foreigner to the United States, several options exist for you. The traditional big banks have stringent eligibility criteria while online US neobanks generally offer an easier path to access American banking (while still maintaining high-quality bank account services).

In addition to these two groups, online business banks accounts offer opportunities to foreign entrepreneurs and small business owners. Finally, bank-like alternatives offer the most limited services, but also have the lowest eligibility requirements.

In this guide, we explore the Revolut, Chime®, and 4 other best US banks for foreigners, non-residents, and immigrants. We walk through the requirements to open an account and provide in-depth information on each service so that you can make the best choice for your financial freedom.

Open your Chime account ❯

Can I Open a US Bank Account as a Foreigner?

To decide whether you can open a US bank account as a foreigner or non-resident in the United States, you must first assess your eligibility status.

Big Traditional Banks

While foreigners and non-residents are legally not allowed to obtain Social Security numbers, foreigners may apply for an individual taxpayer identification number (ITIN). If you are eligible (i.e. you are a foreigner with ownership in a US company, are eligible to pay taxes, or are eligible to receive government benefits), then many big traditional banks will accept your ITIN and open an account for you.

If you are a student or hold a temporary resident visa, then you may not be eligible for an ITIN. Big banks do still offer checking accounts for students who show proof of US address and university registration. In these cases, however, online US neobanks offer the same checking services and use mobile technology to add even more value.

Learn more about if you can open a bank account in the USA as a foreigner.

Online Banks

Neobanks have disrupted the traditional finance industry because they have created financial platforms that are connected to regulated banks. Two online US neobanks that we detail in this guide even provide access to American banking to US residents without SSNs or ITINs.

Business Bank Accounts

If you do not have proof of US residency, then you will be limited in your options. However, you may hold a business bank account if you are a foreigner who manages or owns an American-established company. You must present your company's employer identification number (EIN) to open a business bank account.

Bank-Like Accounts

Otherwise, non-taxpaying non-residents of the United States must revert to bank-like electronic money accounts like Wise. While these products do not issue credit cards or loans, you will still be able to access your own US bank account number and routing number. Bank-like accounts even have mobile wallet, direct deposit, and international money transfer capabilities.

In this guide below, we walk through some traditional banks. Then we provide our recommended list of the best six US Bank accounts for foreigners and non-residents in the USA:

US Big Banks

Ashim D’Silva on Unsplash

The most obvious way to open a US bank account is with a big-name American bank. However, this method requires that you have official ID, proof of US residence, and an SSN or an ITIN. If you do not have an ITIN, the bank representative will ask you to request one from the Internal Revenue Service (IRS). Undocumented immigrants are legally allowed to receive ITINs.

Are There Banks That Don't Need an ID to Open an Account?

No, there are no banks in the United States that open bank accounts to clients without a form of government identification.

Foreigners earning income in the United States, even if they are undocumented, are legally allowed to obtain an ITIN from the IRS. To obtain a ITIN,apply through the IRS's website.

How Do I Open a US Bank Account Without an ID?

It is impossible to open a US bank account without form of identification. However, If you cannot or do not want to open a US bank account with an ITIN, then you may try to use an alternative ID. Examples of potentially eligible IDs include:

• a foreign passport with or without a visa,
• U.S. non-immigrant visa and border crossing card,
• Consular ID from your home country,
• Canadian citizenship certificate card.

This option requires that you go into your local branch and speak with a representative to verify your identity and open a bank account. While not guaranteed, banks that may accept alternative IDs include:

• Bank of America,
• Chase,
• TD Bank,
• US Bank,
• Wells Fargo.

Best Mobile Banking App With SSN: Chime®

Chime is one of the best overall mobile banking apps and debit cards in the United States. Its interface is straightforward, making managing your online financiers cost-effective and seamless.

With Chime, you get a US account number and routing number connected to a debit card that Chime will ship to your home for no monthly fees¹. You can also open the optional Chime (High Yield) Savings ("HYS") Account to get 2.00% APY³ (as of August 2022) as well as the Secured Chime Credit Builder Visa® Credit Card, a secured credit card with no annual fees, to improve your credit score quickly and easily⁴.

Chime's sign-up process is fast and easy if you have a social security number.

Monito Score

• Trust & Credibility

  9.5

• Service & Quality

  8.8

• Fees & Exchange Rates

  9.8

• Customer Satisfaction

  9.6

Go to Chime ❯

• Account name:Chime Checking Account
• Monthly fee:$0
• Outgoing int'l transfer cost:Not supported
• Int'l card payment cost:0%
• US visa required:No
• SSN/ITIN required:Yes
• More info:See our fullChime review.

Chime Advantages

• Overdraft on debit card purchases and cash withdrawals⁵ through SpotMe®
• 2.00% APY on balance in your Chime (High Yield) Savings (“HYS”) Account³
• Accounts are FDIC-insured through The Bancorp Bank or Stride Bank
• No monthly, annual, transfer, minimum balance, or membership fees
• Build your credit score with the Secured Chime Credit Builder Visa® Credit Card²

Chime Disadvantages

• International SWIFT transfers are not supported
• No loans, joint accounts, or multi-currency functionality
• SSN and proof of US residency are required

Final Word

Chime is one of the leading financial apps in the United States, with a full offering of banking services. If you don't have a social security number, however, then we recommend you continue down our list to find an option that suits your situation best.

Open your Chime account ❯

Best No-SSN Account for Foreigners in the US: Revolut

Revolut has a wide range of financial services among the new financial technology platforms in the US. Importantly for foreigners, a Revolut account provides local account details to make domestic money transfers and receive USD payments from employers.

Revolut accounts hold money with a partner FDIC-insured bank, Metropolitan Commercial Bank. US-based customers can also access British pound account features. Revolut offers internationally-focused options like currency exchange of up to $1000 per month on weekdays with no additional Revolut fees, though third-party fees may still apply on weekends or for remittances. Holding foreign currency balances for travel is also available.

Valid documentation is needed to verify identity, including state IDs, US visas, and employment authorization.

Monito Score

• Trust & Credibility

  8.9

• Service & Quality

  7.9

• Fees & Exchange Rates

  8.3

• Customer Satisfaction

  9.4

Go to Revolut ❯

• Account name:Checking Account
• Monthly fee:$0
• Outgoing int'l transfer cost:Approximately 0.2% to 1% with Revolut Money Transfer. Weekend fees, maximums, and third-party charges also apply.
• Int'l card payment cost:No Revolut fees Monday-Friday. Weekend markups may apply.
• US visa required:Yes
• SSN/ITIN required:No
• More info:See our full Revolut review.

Revolut Advantages

• Access to local US account details,
• Free ACH transfers,
• Free withdrawals at 55,000 ATM network,
• 0.8% APY on savings,
• Access to stock and crypto trading,
• Secure current account supported by licensed bank,
• No foreign transaction fee,
• 10 free international transfers per month.

Revolut Disadvantages

• Must be US-based to open account,
• 1% international transfer mark-up on weekends,
• Overdraft is not supported.

Final Word

Revolut is one of the leading neobanks in the United States and the world, with a wide range of digital banking services. The good news is that foreigners in the United States can access US local bank account details if they have a green card, US visa, or employment authorization document. In addition to interest on savings, no monthly fees, and no foreign transaction fee debit cards, Revolut gives US-based customers perks like stock trading, travel insurance, and free card delivery.

Open your Revolut account ❯

Best Bank Account For Immigrants in the USA: Majority

Majority has a suite of migrant-friendly features (e.g. international calling, international money transfers, exclusive deals, etc.) combined with low fees all around.Called the "All-In-One Mobile Banking For Migrants", Majorityis a well-suited online current account for new arrivals and immigrants in the US with residence but without an SSN or ITIN.

Monito Score

• Trust & Credibility

  7.9

• Service & Quality

  7.5

• Fees & Exchange Rates

  9.3

• Customer Satisfaction

  9.8

Go to Majority ❯

• Account name:Majority
• Monthly fee:$5
• Outgoing int'l transfer cost:0.2% - 2.5% (estimate depending on country)
• Int'l card payment cost:0%
• US residence required:Yes
• SSN/ITIN required:No
• More info:See our fullMajority review.

Majority Advantages

• Unlimited free calls to Mexico, Canada, and 20+ more;
• A secure current account with a licensed bank;
• No foreign transaction fees;
• Multi-lingual banking advisors;
• No SSN is required at sign-up.

Majority Disadvantages

• Low monthly membership fee of $5;
• Not transparent about their exchange rates;
• No interest, loans, joint account, or multi-currency functionality;
• Proof of US residency is required.

Final Word

Majority is much more than just an FDIC-insured checking account in the United States. The service comes with an incredible array of useful features to communicate with and support your family back in your home country. This includes free international calling, airtime top-ups, and a debit card with no foreign transaction fees.

Since Majority only shows their international transfer exchange rates in the app, make sure to compare Majority's rates with other international money transfer services before making your transfer. All in all, Majority is highly recommended for immigrants living and working in the United States.

Open your Majority account ❯

Best US Business Bank Account For Foreign Owners: Revolut Business

Revolut Business is a London-based fintech company that empowers not only retail customers around the world, but companies and entrepreneurs too. If you open an account with them, you will get access to local bank account details in both British pounds and US dollars, allowing you to spend and get paid like either a British or American local.

You must reside in the United States and your business must have a physical presence in the United States to be eligible for a Revolut business bank account.

• Account name:Revolut Business Free
• Monthly fee:$0
• Outgoing int'l transfer cost:$3
• Int'l card payment cost:$0.2
• US residence required:Yes
• SSN/ITIN required: No
• More info:See our fullRevolut Business review.

Revolut Business Advantages

• Competitive exchange rates;
• Option to fix future foreign exchange rates online;
• Ability to integrate with business software packages.

Revolut Business Disadvantages

• No option to pay in cash or cheques;
• Daily withdrawal limit of £3,000.00 and monthly limit of £100,000.00;
• 2.00% cash withdrawal fee;
• No overdraft facility;
• US residency required.

Final Word

If you can show proof of residency in the United States along with your US-based business, then Revolut Business may be a great choice for you. Their foreign exchange, invoicing, priority support, and many other features can help streamline your accounting and budgeting needs as a business owner.

Open your Revolut Business account ❯

Best US Bank Details For Global Business: Payoneer

Payoneer is one of the world's leading financial platforms for SMEs and entrepreneurs around the world. You can get paid in up to 11 different currencies, including USD, and can hold those USD funds for as long as you'd like. Their Mastercard gives you access to your USD revenues, or you can choose to transfer your USD holdings into your home currency when you are ready.

No SSN, ITIN, or US residency is required to register for Payoneer, plus it is free to sign up. You will only be subject to a $29.95 annual fee if your account is inactive for over 12 months.

• Account name: Payoneer
• Monthly fee:$0
• Outgoing int'l transfer cost:Up to 2%
• Int'l card payment cost:0% for local payments
• US residence required:No
• SSN/ITIN required: No
• More info:See our full Payoneer review.

Payoneer Advantages

• Get paid by customers in USD and 10 others;
• A wide range of payment services and solutions;
• Speedy processing of payments from anywhere in the world;
• Currency exchange fees are reasonably priced.
• No SSN or US residency required.

Payoneer Disadvantages

• Many types of fees can stack up quickly;
• Currency conversion is only intended for business transactions;
• Strict terms of service;
• Not ideal for making pure international payments.

Final Word

If you are a business owner with customers and suppliers around the world, then Payoneer offers an excellent platform to access 11 of the world's most useful currencies for business, including USD. While the Payoneer account is not an actual US bank account, you still can get paid in USD and can hold and spend your USD holdings with their Mastercard.

If you are a foreign business owner who want access to USD without establishing a company in the United States, then Payoneer may suit your needs well.

Open your Payoneer account ❯

Best US Bank Account For Non-Residents: Wise

Wise isn't a bank in the US but an electronic money institution that offers aMulti-Currency Account: a low-cost foreign currency spending account and a Visa debit card

This is one of the fastest and easiest ways to open a US bank account as a non-resident, regardless of whether you want to hold money in US dollars, spend money on holidays in the US, shop online, or receive earnings from an American employer.

Monito Score

• Trust & Credibility

  9.3

• Service & Quality

  8.9

• Fees & Exchange Rates

  7.6

• Customer Satisfaction

  9.6

Go to Wise ❯

• Account name:Wise Multi-Currency Account
• Monthly fee:$0
• Outgoing int'l transfer cost:0.35% - 2.85%
• Int'l card payment cost:0.35% - 2.85%
• US residence required:No
• SSN/ITIN required:No
• More info:Read our fullWise review or watch it on YouTube.

Wise Advantages

• Account details in as many as 10 countries;
• Hold money in 50+ currencies;
• Send money to 80+ countries from your account;
• Mid-market exchange rate is offered for currency transfers;
• Debit cards can be used to avoid foreign transaction fees;
• No setup fees or monthly charges;
• No proof of US residency required.

Wise Disadvantages

• Cash or cheque payments aren't supported;
• Overdraft, credit cards, and loans aren't available;
• Negative interest on large Euro balances;
• Fees to top up the account via ACH, debit, and credit card.

Final Word

Wise's Multi-Currency Account gives you your unique ACH routing number, US bank account number, and SWIFT/BIC code — meaning you'll be able to spend and get paid just like a citizen in the US. Convert your USD balance to your home currency at industry-low rates too. Monito experts recommend Wise without reservation as the easiest and quickest way to get US bank details without showing an SSN or US residency.

Open your Wise account ❯

Recap: Best US Bank Accounts for Foreigners and Non-Residents

1. Revolut: Best US checking account for foreigners in the US
2. Chime: Good mobile banking app and debit card with SSN
3. Majority: Good migrant-friendly account for US residents without SSN
4. Revolut Business: Good US bank account for US-resident businesses
5. Payoneer: Good American business banking for non-residents
6. Wise Account: Good USD account for non-residents

See Full List of the Best US Online Banks ❯

Frequently Asked Questions About Opening a US Banks For a Non-Resident

• Can I open a US bank account as a foreigner?

  Yes, you can open a US bank account as a foreigner. Revolut and Majority are good choices for residents. Revolut Business and Payoneer are available for foreigners who own or manage US-based companies. The Wise Account is the best account for non-residents.

• Which bank is best for immigrants?

  Majority offers migrant-friendly products, such as free international calling. It also does not require social security numbers.

• Which US Bank can open accounts for non-US residents?

  US banks can open accounts for any person with an individual taxpayer identification number. In other words, if you are liable to pay taxes or can receive government benefits (even as a non-resident), then you may open an account with your ITIN.

• Can non-US citizens have a US bank account?

  Yes, anyone with proof of US residency can open a US bank account with a neobank like Revolut.

• Can a foreigner open a bank account in the US?

  Yes, foreign students can open basic checking accounts if they show proof of university registration. Foreigners who own US businesses may also be eligible.

• What banks accept non-US citizens?

  All US banks accept non-US citizens as clients as long as they are US residents or have an ITIN.

• Which American banks are international?

  The following are some of America's most internationally recognized:

  • CapitalOne
  • JPMorgan Chase & Co.
  • Bank of America
  • HSBC
  • CitiGroup
• Which American bank is best for foreigners?

  Revolut is the best and most accepting of foreigners because they allow recent arrivals to open a US bank account without a social security number (SSN) or individual taxpayer identification number (ITIN).

• Can a non-US citizen open a bank account in America?

  Yes, you can still open an account as long as you are a US resident. If you are not a resident, you can open a bank account in America if you hold an individual taxpayer identification number (ITIN).

• Can a foreigner open a bank account in the US online?

  Yes, foreigners can open a bank account in the US online if they are eligible. Eligibility may include proof of US residency or liability to pay US taxes. Revolut, Wise, and Majority are three neobanks that foreigners can use to open an account online.

• Which US Bank is best for non-residents?

  While not a fully-fledged bank account, Revolut is the best bank account for non-residents. You do not need to show proof of US residency to open an account and get access to your own USD accounting number and routing number.

• Can I open a bank account in the USA as a non-resident?

  The only non-residents that are eligible to open a US bank account in the US are those who are liable to pay taxes or are eligible to receive benefits from the government. This is why business owners of US-based companies can often open bank accounts, even if they do not reside in the US.

• Which bank accepts non-residents?

  Payoneer and Wise are three financial platforms that give you access to USD bank details without having to show proof of residency in the US. These financial platforms are not licensed banks and instead operate as fintech platforms.

• Which US Bank is best for expats?

  Traditional big banks can open accounts for international Americans. These may include:

  • Citibank
  • HSBC
  • Bank of America
  • Capital One
  • Chase
  • Charles Schwab

  Neobanks offer much easier, cheaper, and better quality international banking services. Read our worldwide list and compare their travel cards to find the best neobank for you as an expat.

• Can illegal immigrants open a bank account?

  Yes, undocumented immigrants can open a bank account in the US. You may either apply for an ITIN from the IRS (which is legal to do so).

  Or visit Revolut, Wise, and Majority to see if these neobanks fit best for you. These companies open accounts for immigrants online without social security numbers.

References

• Consumerfinance.gov: Checklist for opening a bank or credit union account
• IRS: How do I apply for an ITIN?
• Sable: Getting Started with Sable.
• Majority: Membership.
• Revolut Business: Open your business account online.
• Payoneer: Withdraw payments to your local bank account.
• Wise: Wise Fees & Pricing.

Disclaimers

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

¹ Out-of-network ATM withdrawal andover-the-counter advance fees may apply. See here for details.

² To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

³ The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change anytime. The disclosed APY is effective as of September 20, 2023. No minimum balance is required. Must have $0.01 in savings to earn interest.

⁴ On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.

⁵ SpotMe® on Credit is an optional, no-interest/no-fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Credit Builder Account. SpotMe on Debit is an optional, no-fee overdraft service attached to the Chime Checking Account available to qualifying members after Visa debit card activation. Both SpotMe on Credit and SpotMe on Debit are sometimes collectively referred to as "SpotMe" or, if you have signed up to use SpotMe with only one account, "SpotMe" means the elected service. To qualify for SpotMe, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account monthly. Qualifying members will be allowed to overdraw their Chime Checking Account and/or Secured Deposit Account (associated with your Chime Credit Builder credit card) up to $20 but may be later eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe Debit Terms and Conditions and SpotMe on Credit Terms and Conditions.

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Last updated: 23/2/2022

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