To kick off this week, we’re going to be looking at banking in the United States as a non-resident. This might seem confusing as for many of us, our bank accounts are based in the country we are a citizen of and or residing in, however, with inflation and relocation in the form of temporary residencies on the rise, the appeal of holding a bank account overseas is not only growing, it’s booming.
Why the US?
Firstly, the US is home to some very large international banks, and this is key because it means international client bases is their bread and butter. While there are many smaller banks which would reserve their accounts for citizens who can present them with a social security number, international banks allow checking and savings accounts to be opened with only an Individual Taxpayer Identification Number (ITIN) alongside some other usual documentation like ID, your passport and immigration documents if you’re living in the US.
It’s worth noting you may sometimes need to provide a minimum deposit for the bank account to be opened. Also, if you don’t yet have an ITIN, you’ll need to complete the W-7 application form alongside ID to demonstrate your status as a non-resident.
The best banks in the US for non-residents
Citibank: In 40 countries giving you widespread coverage, widely available ATMs, wealth management services available and US$200,000 combined balance across accounts required
HSBC: Minimum monthly balance ranges between US$0 and US$250,000 meaning there is likely an account suitable for everyone, checking, savings and student accounts. Global money accounts for those who travel frequently
Chase: Over 16,000 ATMs for which there is a 0% charge for usage, monthly account fee waived if US$5,000 balance maintained daily
Bank of America: Daily balance of US$1,500 waives monthly fee, large ATM network, innovative online banking for remote control of your capital
Schwab Bank High Yield Investor checking account: Perfect for travellers, no fee or minimum initial deposit, no foreign transaction fee, Federal Deposit Insurance Corporation insurance
Are there any other benefits?
· The US is very advantageous tax wise for non-citizens
· No obligation to share your financial details publicly
· Allows you to avoid huge fees at ATMs and on transactions in the US that you would incur through your bank at home
So, if you are interested in finding out more about banking as a non-resident in the United States and other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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