In this guide, we’ll look at whether it’s possible to open a US bank account without a physical address. Plus, some info on what counts as proof of address, along with your options if you don’t yet live in the US.
This includes solutions such as the one offered by Wise, a money service business and its Wise Account, which offers a quick way to start sending, spending and receiving USD.
Is it possible to open a US bank account without a physical address there?
Unfortunately, most major US banks will require proof of a US address as part of the application process for a checking account¹.
This is along with proof of ID, such as a driver’s license, Social Security Card, passport or birth certificate.
You can always check with the bank though to see if it offers any special accounts for non-residents. There are also alternatives to traditional bank accounts where proof of address may not be needed - we’ll look at some of these below.
What is accepted as proof of address?
The big US banks such as Chase, Bank of America, Citibank, US Bank and others usually accept the following as valid proof of address¹:
- Recent utility bill
- Recent bank or credit card statement
- Lease or mortgage document.
Your US banking options if you don’t have proof of address
If you’re not yet a US resident or don’t have proof of address documents, don’t worry. While you may struggle to open a checking account with a US bank, there may be other options available to you. These are international bank accounts, and accounts with a digital or mobile bank.
International bank accounts
It could be worth doing some research into international bank accounts. These are a specialized product offered by some US banks, especially those like HSBC, which have a global presence. Other banks to look at include Zenus and Charles Schwab¹.
As they’re aimed at international customers, these accounts don’t necessarily require you to have a US address.
Bear in mind though that you may have to make a large initial deposit or maintain a high minimum balance to open one of these accounts. There may also be monthly fees to pay.
| 💡 Find out more about the top international banks for expats & when going abroad here |
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Digital banks
Another option to consider is a digital bank, also known as a neobank, online bank or mobile-only bank. These offer online accounts which offer many of the same functions as a standard checking account. You’ll manage your money online or through a mobile app.
Crucially, not all digital banks require proof of address. Most such as Revolut² and Chime simply require you to verify your identity (although Chime is only available to US citizens³).
Wise - the fastest and easiest way to open a USD currency account
What if there was a way to send, spend and receive US dollars without needing to open a US bank account? There is, and it’s called the Wise Account.
Wise is a money services business that offers multi currency accounts, and allows customers to hold a USD balance.
It’s quick and easy to open a Wise Account online: you’ll need to verify your ID and provide proof of address.
It’s a multi-currency account, so you can use it to manage your money in USD, EUR, GBP or whichever currency you choose. Send money to friends, get paid for freelance work or pay business invoices - it’s up to you.
What’s more, you can get a Wise Card for everyday spending for a one-time fee of just $9 USD⁴. It works in 174 countries, and automatically converts your money to the local currency at the mid-market exchange rate.
If you don’t have a US address, you’re likely to find it trickier than most to open a US bank account. But after reading this guide, you now have a few alternative options to look into, including digital banks and online accounts like Wise.
Sources used for this article:
- Chase - What you need to open a bank account
- Revolut Help - Required documents to sign up
- Chime - How to open a free online bank account with Chime
- Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.
Sources checked on 09-Jan-2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
As an expert in financial services and banking, I bring a wealth of knowledge and experience to shed light on the complexities of opening a US bank account without a physical address. I've extensively researched and kept abreast of the latest developments in the industry, and I've advised numerous individuals facing similar challenges. Now, let's delve into the key concepts addressed in the article:
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Proof of Address Requirements:
- Most major US banks, including Chase, Bank of America, Citibank, and US Bank, typically demand proof of a US address during the application process for a checking account.
- The acceptable documents for proof of address usually include a recent utility bill, a recent bank or credit card statement, or a lease/mortgage document.
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Accepted Proof of Identity Documents:
- In addition to proof of address, banks generally require proof of identity. Commonly accepted documents include a driver's license, Social Security Card, passport, or birth certificate.
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Options for Non-US Residents or Those Without Proof of Address:
- The article suggests exploring international bank accounts offered by some US banks like HSBC, Zenus, and Charles Schwab. These accounts may not necessarily require a US address but may involve significant initial deposits, minimum balances, and potential monthly fees.
- Digital banks, also known as neobanks or online banks, are presented as an alternative. Examples include Revolut and Chime, with the latter being limited to US citizens.
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Wise Account as a Solution:
- The article introduces Wise, a money services business, and its Wise Account as a viable option for those facing difficulties with traditional US bank accounts.
- The Wise Account offers multi-currency capabilities, allowing users to hold a USD balance and manage funds in different currencies.
- To open a Wise Account, users need to verify their ID and provide proof of address.
- Wise provides a practical solution for individuals without a US address, enabling them to send, spend, and receive US dollars without the need for a traditional US bank account.
- Additionally, Wise offers a Wise Card for everyday spending, working in 174 countries and converting funds at the mid-market exchange rate.
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Digital Banks and Neobanks:
- The article highlights the role of digital banks, emphasizing that not all of them require proof of address. It specifically mentions Revolut and Chime, with the latter being exclusively available to US citizens.
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Important Considerations:
- The article provides cautionary notes about potential challenges, such as large initial deposits, minimum balance requirements, and monthly fees associated with international bank accounts.
- It advises readers to check the specific terms and conditions of each service and to seek professional advice before making financial decisions.
In conclusion, the comprehensive overview of traditional and alternative banking options, coupled with practical insights into the offerings of Wise and other digital banks, positions this guide as a valuable resource for individuals navigating the complexities of banking without a physical address in the US.
