How To Open a US Bank Account Online for Non-Residents

Path 2 — International Bank Accounts

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Some banks have an external bearing and may allow you to open an american trust account on-line, tied as a non-US nonmigratory. These can include the big banks in the US and other multinational banks such as HSBC. These international options are specialized accounts, and you can sometimes open them even if you don ’ t have a US address. however, these options do come with some downsides :

  • You’ll likely have to make a large initial deposit, sometimes in excess of $100,000.
  • You’ll need to maintain a high minimum balance in the account.
  • There are likely to be ongoing monthly fees to maintain the account.

unfortunately, these limitations do put external accounts out of the achieve of most people. however, for those interest, we ‘ve listed the two international u banks we find most interesting below :

Zenus Bank

Zenus Bank is a license and regulate American bank that provides all-remote US bank accounts in about every state in the populace without the necessity to be a US citizen or nonmigratory. To open a US depository financial institution bill from your home country, Zenus Bank will require four pieces of information from you :

  1. A valid government-issued passport.
  2. Proof of address in your home country.
  3. A completed Form W-8 BEN (this is for the IRS).
  4. Proof of employment (or pension or unemployment).

Zenus Bank ‘s USD personal current bill costs a erstwhile application tip of $ 50 and a membership fee of $ 50 per month. This fee is true very steep and stems from the fact that Zenus Bank is a full-reserve bank, meaning it does n’t lend out or invest your money and rather charges a higher membership fee to make its money. ( In line, fractional reserve banks make money from personal customers by loaning out their money and charging lower account fees as a solution. ) After signing up with Zenus Bank, you ‘ll be able to manage your finances and transfers with US savings bank details from the Zenus internet bank app. here are some of the perks :

  • No minimum balance is required.
  • Complete security with your funds (Zenus doesn’t lend your money).
  • No charges on ATM withdrawals.
  • Insurances and other offers and benefits.

sadly, although Zenus ‘ physical and virtual debit cards are available in many countries, they ‘re not so far available everywhere, therefore be certain to check in overture if they ‘ll ship to your state. This can be a adult limit if you want to use it to spend USD, but not so much if you just want the current account itself for the purposes of savings, investments, and transfers. furthermore, clients who want to deposit money and are n’t bothered with recall or transferring out will likely benefit most from using Zenus since incoming payments are all barren. On the other pass, ACH payments from the score cost $ 15 and international wires and SWIFT payments cost $ 25.

Charles Schwab

The Charles Schwab One International Account in US dollars is another choice for US-non residents looking to open a bank score in America. This account is not a dinner dress bank score but a brokerage house account in US dollars that gives investors the opportunity to hold dollar history balances, make trades, and transact with their liquefy investments using a debit circuit board or electrify transfer. exchangeable to Zenus Bank, Charles Schwab will request the follow pieces of information from you in holy order to open an score :

  1. A completed Form W-8 BEN.
  2. A valid government-issued passport.
  3. Proof of address in your home country.

The downside is that a hefty $ 25,000 minimum deposit is required to activate the account. From then on out, the fees are quite gloomy, and in summation to a large investment chopine, you ‘ll have access to the following bank-like features :

  • Checking (including monthly account statements).
  • International wire transfers ($25 per outgoing transaction).
  • A Schwab Visa debit card (ATM fees are refunded).

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