It’s a widely accepted truth that a US bank account makes it easier for international freelancers and business owners to conduct business across borders.

However, opening a US bank account as a non-resident can sometimes be a complex process. This post provides a comprehensive overview of how to open a non-resident bank account with three of the largest U.S. banks — Chase, Wells Fargo, and Bank of America. It’ll also highlight an alternative — Grey.

Grey helps you open US, UK, and Euro bank accounts online, with a comparatively simpler process and you don't have to reside in the United States, United Kingdom, or European Union. More on that later.

Understanding non-resident banking in the U.S.

A non-resident bank account is designed for people who live outside the U.S. but need access to banking services in the country. These accounts can be beneficial for receiving USD payments, managing investments, or making international transfers. However, non-resident accounts are often subject to additional requirements and limitations.

Also read: How to open Pounds account as a non-UK resident

Limitations and requirements for non-resident accounts

• Limited services: Non-resident accounts may not offer all the same services as resident accounts, and accessing online banking and customer support might be more limited.
• Additional documentation: Banks typically require more documentation from non-residents to comply with U.S. regulations. This can include a passport, proof of foreign address, and a tax identification number.

Opening a Chase bank account

Chase is a popular option for non-residents due to its vast  network of branches and range of account options. Here’s how to open an account as a non-resident:

Eligibility criteria

Non-residents are generally eligible to open a Chase account. If you have the correct paperwork, you can open a Chase checking account online — but if you don’t have US-issued documentation to verify your address and ID, you may need to visit a branch.

Required documents

To open a Chase account, you’ll need the following documents:

• Valid passport: This serves as your primary form of identification.
• Proof of foreign address: Acceptable documents include utility bills, bank statements, or lease agreements.
• Tax identification number (TIN or foreign equivalent): A U.S. TIN is typically required, but in some cases, a foreign tax ID may suffice.

It’s also important to note that you’ll need a US residential address, with adequate proof of address documents, to open a Chase account as a non-resident.

The result is that people who live part of the year in the US and have a property there may be able to open a Chase account, but non-residents who don’t have a US home address may find things difficult.

Account types available for non-residents

Chase offers various account options, including checking and savings accounts. For non-residents, a basic checking account might be most accessible, providing the essential banking services needed for international transactions.

Opening a Wells Fargo bank account

Wells Fargo allows non-residents to open an account, but the process requires an in-person visit to a U.S. branch.

Eligibility criteria

Non-residents usually need to visit a U.S. branch to set up an account. Wells Fargo representatives will then help guide you through the specific requirements.

Required documents

To open an account with Wells Fargo, you’ll need the following:

• Passport or valid government-issued ID: A passport is generally the preferred form of identification.
• Proof of address: Wells Fargo accepts utility bills, bank statements, and lease agreements as proof of residence in the U.S.
• Tax identification number (TIN or foreign equivalent): You may need a TIN or other tax documentation from your home country.

Account types available for non-residents

Wells Fargo provides a range of checking and savings account options. Non-residents are usually eligible for the bank’s standard checking accounts, which allow for basic transactions, including receiving and transferring funds.

Opening a Bank of America account

Bank of America is another well-known bank that provides banking services to non-residents, though applicants must meet specific requirements and open the account in person.

Eligibility criteria

Non-residents can open accounts at Bank of America, but like Chase and Wells Fargo, you’ll need to visit a branch in person.

Required documents

To open a Bank of America account as a non-resident, gather the following:

• Passport or government-issued photo ID: Some branches may accept other forms of foreign government-issued ID. Please confirm this from them first.
• Proof of address: Bank of America requires a recent utility bill, bank statement, or lease agreement.
• Tax identification number (TIN or foreign equivalent): Be prepared to present a TIN, though some foreign tax identification numbers may also be accepted.

Account types available for non-residents

Bank of America offers basic checking accounts for non-residents. These are ideal for managing USD payments and making international transfers.

General tips for non-resident applicants

Opening a U.S. bank account as a non-resident involves a few additional steps, but with some preparation, you can ensure a smooth experience. Here are some tips to help:

• Gather your documents in advance: Having all the required documentation in order can prevent delays during the account-opening process.
• Contact the bank ahead of time: If possible, reach out to your preferred branch to confirm document requirements, as they may vary based on your country of residence.
• Understand the application process: Each bank may have unique requirements and steps, so take the time to ask questions and understand the process fully when meeting with a bank representative.

Alternative options for non-residents

Opening a non-resident account with Chase, Wells Fargo, or Bank of America provides a reliable way to manage USD funds, handle payments, and simplify finances across borders. With the right preparation and documentation, you can establish a financial presence in the U.S. and take advantage of the banking benefits available.

However, opening a traditional U.S. bank account might not be feasible for everyone due to in-person requirements and documentation needs. Fortunately, fintech solutions like Grey offer convenient, borderless financial services that can make managing international transactions easier.

Advantages of opening a US, UK or Euro bank account on Grey

Opening a virtual account on Grey comes with several benefits:

• Simple and straightforward: We have ensured that the virtual account creation process is seamless. You don’t need to fill out endless forms to own a foreign account.
• On-the-go access: You can set it up from any of your devices (including your smartphone). There is no need to visit a physical location.
• 24-hour banking: Due to the digital nature of our accounts, you are not restricted by office hours to use certain services.
• Cheaper transfers: On Grey, we cut out unnecessary fees that traditional banks and money transfer agents charge, thus making your transactions more affordable.

Read on to see how non-US citizens can open a US bank account online

With a Grey account, you can experience limitless, inclusive global banking designed for you to receive, send, and convert multiple currencies without needing a physical bank visit. Create your free account today to get started.

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