You have arrived in the United States, and you are in need to store your cash in a secure place. But you are confused as you have not become a naturalized citizen of the nation. In this article, we will be discussing the process of how you will be able to open a savings account in the US by being a foreigner. 

Why Should I Open A Savings Account In The US?

By opening a bank account is crucial as it tends to offer security to your funds. Along with this, it also enables the development of creating a financial footprint in the nation. But opening a bank account is not as easy as it seems to be. 

You might think opening a savings account in the US will be taking only a minute. Yes, it is true, but only for the citizens of the nations. As a foreigner in the US, opening a bank account will take a longer process. 

On the other hand, there are also other hurdles you would be facing if you are looking forward to saving your money in the US. But do not be worried, as we have the perfect solution through which you will be able to create a savings account in the US by being a foreigner. 

Key Facts!

• The USA Patriot Act made it difficult for foreigners to open saving accounts in the US. 
• Foreigners tend to require more identification documents compared to permanent citizens and residents to open a bank account in the US. 
• Anyone who is willing to open an account will be required to have a “Social Security” number or individual taxpayer identification number to open a bank account in the US. 
• Even though many banks allow their customers to open their accounts online, foreigners would be required to visit the branch to complete the application process. 

How Foreigners Can Open Savings Account In The US?

Opening a savings account in the US for a foreigner can be a lengthy task. This is because you will be required to prove your identification in the bank. This is more often as you are not a permanent citizen of the nation. 

What Will I Need To Open A Savings Account In The US?

The process that will allow you to open a savings account in the US as a foreigner is as follows: 

Requirement 1: You will need an ID 

Foreigner or not, if you are applying for a bank account, you will have to verify your name, date of birth, and physical address. But if you are someone who was not born in the US, you will be required to provide more than these to open a savings account. 

Being a foreigner, you will be required to provide identification having your picture and a numeric identity. You might make use of a valid passport or any other government-issued ID from your home nation. Or you can also make use of your work visa or student ID for the purpose. Make sure you bring your original documents, as photocopies will not be accepted in banks. 

Requirement 2: Social Security Number 

Social security number is typically not required by banks while opening a savings account in the US. On the other hand, not having this number can increase the bank’s scrutiny of checking your documents. It will not restrict you from getting a savings account in the US, but having a social security number will be helpful. 

Some residents and non-resident aliens who are not able to acquire a social security number have the option of filing the W-7 form with the IRS to get an individual taxpayer identification number (ITIN), which is acceptable in many banks. 

Keep In Mind! 

The law that governs bank accounts for foreigners falls under federal law. But the process of applying to create a saving account in the US for foreigners tends to be local. 

Banks and credit unions have different application processes when it comes to foreigners willing to open an account within their establishment. Due to this, we advise that you thoroughly check the requirement of your desired bank before creating an account. 

Can I Create A Savings Account In An Online Bank In The US?

Most foreigners in the US are required to walk in into a branch of a bank for the purpose of creating a savings account. This means that even if you have been involved in creating a savings account online, you will have to be in person at the bank’s branch to complete the application process. 

Before 2001, foreign accounts were allowed to be created in an online process, but high-security risks resulted in the complete elimination of creating foreign accounts online. This was conducted in an attempt to restrict money laundering to terrorist groups. 

What Is The Minimum Deposit Of Creating A Savings Account In The US?

The minimum deposit you will require to keep while creating a savings account in the US varies from bank to bank, but the amount is very modest. The average range of the minimum deposits in banks is between the range of $5 to $50. 

Some banks might also have higher requirements if they are providing you with extra benefits and perks. On the other hand, if you are opening a savings account with a large cash deposit as a foreigner, you will be required to show proof of your funds. 

And It’s A Wrap!

Opening a savings account in the US can be a hectic task if you are a foreign person. This is because you will require more effort and get more stress than an American citizen while opening an account in the bank. 

Due to this, it is very vital for you to have the appropriate documents that are generally required for opening a bank account in the United States. Similarly, it is also advisable to effectively go through the bank-specific criterias that are required for the purpose of opening a savings account in the US by a foreigner. 

Read More:

• What Is Power Of Attorney
• Real Estate Litigation Attorney In Atlanta
• Why You Should Work With An Estate Planning Attorney
• A Comprehensive Guide To Filing A Product Liability Lawsuit