How to open a bank account in the US

For day-to-day money management, you may want to choose between opening an account with a US bank, one of the big international providers, or a digital-only service such as Wise.

This guide explores your options to manage USD alongside other currencies, spending conveniently in the US, and moving your finances.

Quick summary: Banking in the US for expats

• US banks offer accounts to new arrivals including international students and expats. Usually you must visit a bank branch with 2 forms of ID and proof of a US address to apply.
• Checking and saving accounts from US banks are typically USD denominated. Multi-currency and foreign currency account services are quite unusual on the US market.
• US checking accounts normally have a monthly fee. This can often be waived if you hold a set minimum balance or deposit a fixed amount monthly.
• Major US and global banks offer a full suite of services for US residents. Once you’re in the US you may be able to get additional services like credit, loans and investment products.
• For multi-currency and international features, a provider like Wise may be a good choice. Alongside a US checking account, having a specific low cost international account can keep down your costs.

Banking in the US

The US has a complex and sophisticated financial service market, with several different bodies overseeing providers and banks to ensure that the system is stable, secure and reliable. Some you may have heard of include the Federal Reserve (the Fed) which oversees member banks, and the Federal Deposit Insurance Corporation (FDIC) which is responsible for insuring customer funds in case of a bank failing.

Services are fairly easy to access once you have a US address, but it can be tricky to open an account before you move, or if you are not a US resident. Options include national, international, regional, and digital banks – as well as specialist services like Wise which are not banks, but which offer safe money management options to customers based in the US.

Do you need a bank account in the US?

Having a local bank account in the US is not legally required – but it may be practically necessary for daily life, including getting salary payments, bill management, and access to local services like a cell phone.

You’ll usually need a way to pay and get paid in USD if you are employed in the US or if you have to receive government benefit payments for example. A USD account is also helpful to pay rent, utilities and other day to day necessities.

If you’re moving long term to the US, using a local bank probably makes sense as you can also build a credit history and get loans, mortgages and other products. If you’re a short term expat, digital nomad, or international student, you might find a multi-currency account from a provider like Wise or Revolut is enough to manage your money in USD with the added flexibility of a multi-currency account.

Before you open a bank account in the US

If you’re planning a move to the US you may find you struggle to open an account with a US bank before you physically relocate. Generally you need a US address, and you need to be present in person to open your account. This may mean you need alternative options when you first arrive.

You could choose to manage your money from your home country account at first – but this may mean paying high foreign transaction fees and losing out on currency conversion costs. Instead, a multi-currency account like Wise can be an excellent solution for managing money across different currencies during the transition period, with ways to receive, hold, send and spend USD conveniently and cheaply.

Requirements and documents needed

Usually to open an account with a bank in the US you need a US address, your SSN or ITIN and some paperwork.

The documents typically needed, to open an account with a US bank include:

• Proof of ID like a driving license or passport – often both a primary and secondary ID are needed 
• Proof of address in the US like a recent utility bill or a paycheck

You are also usually required to visit the bank in person with your documents, and to deposit the minimum balance required to open your account once approved. This can be about 25 USD, but does vary by bank.

Types of bank accounts in the US

The most commonly available account types in the US include:

Checking account: Standard everyday banking account for transactions, salary, bills, with checkbook, debit card access and potential overdraft facilities.

Savings account: Interest-bearing accounts for savings with various access levels, notice periods, and fixed deposit options.

Joint account: Shared accounts for couples, families, or business partners with joint access and responsibilities.

Student account: Specialized accounts for students with favorable terms and reduced fees.

Accounts from US banks are usually intended to hold and manage USD only. If you need to hold and exchange a selection of currencies you may like the Wise Account, for holding money in multiple currencies including USD and linked debit card spending, with the mid-market rate low conversion fees. 

Best accounts in the US for expats

To give you a flavor of the options, here are some of the best accounts in the US for expats – first a side by side review of some important factors, with more detail right after the table.

Features	Wise	Bank of America	Chase	Wells Fargo
Opening before arrival	Yes	No	No	No
Account types	Multi-currency account for personal and business customers	Checking and saving accounts for US residents and non-permanent residents with a US address	Checking and saving accounts for US residents and non-permanent residents with a US address	Checking and saving accounts for US residents and non-permanent residents with a US address
Currencies available	40+ supported currencies	USD	USD	USD
Debit card for spending	Available	Available	Available	Available
Support options	In app, online and by phone	In app, online, by phone and in branch	In app, online, by phone and in branch	In app, online, by phone and in branch

Wise Account

Wise accounts support 40+ currencies for holding and exchange, including USD. You can open your account online or by downloading the Wise app, and get registered without needing to visit a physical branch location.

Once your account is open you can order a Wise Multi-Currency Card to spend and withdraw, and access local and SWIFT account information to receive incoming payments in USD and 20+ other currencies.

Currency exchange uses the mid-market rate and low fees which you can see in the app before you transact.

There are no ongoing fees for a Wise account. Currency exchange costs from 0.57%, with discounts if you send or exchange 25,000 USD or more in a month.

How to open a Wise account

You can open a Wise account online or in an app, using your normal ID document like your passport, a proof of address, and your SSN or ITIN.

If you’re not a US resident yet, and don’t have your ITIN organised, you can still open a Wise account with your proof of address from many other countries globally.

Here’s the process to open a Wise account:

1. Download the wise app, or open the desktop site and tap Sign Up
2. Enter your email address or sign in using your Google, Apple, or Facebook account
3. Confirm if you want a personal or business account
4. Enter the required information and contact details
5. Upload an image of your ID document and proof of address, and your SSN or ITIN if you’re a US resident

Bank of America

Bank of America recommends its Advantage Banking account options for expats, international students and other new arrivals in the US. Accounts include the Advantage SafeBalance Banking, Advantage Plus Banking and the Advantage Relationship Banking depending on your needs. All accounts offer a linked debit card and hold USD – you can also use your account to send international payments when you need to.

Account fees depend on the specific product – monthly costs range from 4.95 USD – 25 USD, with ways to waive this fee available. You can also send international wires in 140+ currencies to over 200 countries, with no outbound transfer fee. Bear in mind that exchange rate markups apply.

How to open a Bank of America account

To open a Bank of America account you will need to collect the required documents and visit a Bank of America branch location in person.

You can schedule your appointment in advance to make sure you limit waiting time on arrival.

Chase

The headline checking products available from Chase are the Chase Total Checking and Chase Secure Banking accounts. These accounts have a fee from 4.95 USD monthly, but do offer ways to waive this ongoing charge if you meet eligibility requirements. The checking accounts offer physical checks for making payments in the US, while the Secure Banking account is more focused on digital services.

The monthly fee for the Chase Total Checking account is 15 USD, and the cost of the Chase Secure Banking account is 4.95 USD. In both cases you can have this waived by holding a minimum balance or making a set number of monthly deposits. Other account fees apply, depending on how you transact.

How to open a Chase account

You may be able to open your Chase checking account online if you have an SSN and an acceptable form of ID – usually a US issued driving license.

If you don’t have these documents you can still open an account, but you must visit a branch in person with your primary and secondary ID to set up your account.

Wells Fargo

The most popular account from Wells Fargo is the Everyday Checking account which has a 10 USD monthly fee you can waive by meeting eligibility criteria. Other options include the Clear Access Banking account which is aimed at younger people, or the more premium account products like Prime Checking and Premier Checking. These accounts have higher monthly fees, with a correspondingly higher balance to avoid paying this charge on an ongoing basis – but unlock extra discounts on service fees in return.

Wells Fargo monthly checking account fees range from 5 USD to 35 USD, but all accounts allow you to avoid the cost if you fulfil the deposit and transaction requirements.

How to open a Wells Fargo account

If you are not a US permanent resident you must visit a branch in person with your primary and secondary ID to set up your account.

If you have a US Green Card you may be able to open your account online, subject to meeting eligibility requirements.

In either case, there’s a 25 USD minimum deposit when you open your account, which you will need to deposit to activate the account.

How to choose a bank account in the US

Getting used to a new financial service sector can be a lot to take in. However, getting the right bank and account for your own needs can mean cutting down on unnecessary fees and frustration later. When selecting a bank take a look at factors like their fees, product range, accessibility, and reputation. 

As an expat you’ll also probably want to check your international service availability, and transfer fees, as well as card costs if you need to spend when you travel to your home country later.

Ultimately, the best account will depend on your individual needs. Bear in mind that as well as finding features you likely you’ll also need to check eligibility criteria to make sure you’re in the target market for the specific account you like.

How to open a bank account in the US as an expat

Here’s a quick overview of the standard step-by-step process and application procedures, for opening a US bank account.

Step 1: Research the bank and account options available

It’s worth investing time to research different bank options and the specific account process they offer to choose the right fit for your needs. Remember to look at account features and fees, as well as practical considerations like branch and ATM availability in the state you plan to live in.

Step 2: Check your eligibility and gather your documents

Accounts tend to have their own eligibility requirements so make sure you’re in the target group for the account you like. Before you move forward, gather the documents you need to apply – usually 2 forms of ID and your proof of a US address.

Step 3: Make an appointment and visit the branch to apply

Most banks require expats to apply in person – but you can usually arrange your appointment in advance so you don’t need to wait for too long on arrival. The teller will review your application and check your documents.

Step 4: Fund your account and receive your account collateral 

Once your account is approved you will need to make your minimum deposit, using cash, check or a transfer. You’ll be given any account collateral like a check book or debit card – either instantly, or by mail later depending on the bank in question.

Step 5: Start to transact  

Once you have your account all set up you can start to use it to manage your money in USD conveniently.

How to open a bank account in the US from abroad

In most cases, remote account opening options are not available for expats who do not already have a US address, ITIN or SSN, and in some cases, US issued ID documents.

Confirm with the bank you prefer if they can offer an online or remote account opening option – or pick a digital first provider like Wise which allows you to open a USD account from many countries and regions globally.

Banking services in the US

Once you’re in the US you’ll find you can also get many additional services from major banks including loans, mortgages, insurance, investments, pensions, and specialized products. Eligibility requirements often apply for these products.

The US market still uses checks for payments in some cases – although popularity is dwindling. More commonly you’ll find card payments including mobile payments are the norm, as well as services like Venmo and Zelle which allow instant USD to USD transfers through local banking agreements.

Major US banks

There are many US banks and credit unions which offer services to a broad range of people. Some popular options include the banking ‘Big 4’:

• Bank of America
• Chase
• Wells Fargo
• Citigroup

Other banks operate nationally and regionally, such as US Bank, PNC and TD Bank. Each has its own features, account products and customer niche – so comparing a few different options is the best way to find the right fit for your needs.

Managing your bank account in the US

Account management options in the US can include branch visits, online banking, mobile apps, and telephone banking.

Method	Description
Face-to-face	Branch services are often from 8:30 am until 5:00 pm, but major city branches may extend evening services. Branches offer all services available, including higher value payments.
Phone	Phone support from banks in the US varies, but can be more comprehensive than branch hours – often 8:00 am – 8:00 pm or beyond. Many banks offer more services by phone compared to online and mobile options.
Online	Online banking services are usually available 24/7 for lower value transactions and account management purposes.
Mobile app	Mobile banking services are usually available 24/7 for lower value transactions and account management purposes.

Paying bills from your the US bank account

Most US banks offer an online and mobile Bill Pay service. This allows you to enter payee details and make payments either immediately or according to a schedule. Transfers are usually processed through ACH, which can take a couple of days to deposit.

How to open a bank account in the US for your children

Most major US banks have children’s account options, which can be opened with a parent acting in an oversight role for younger kids. For people aged 17 and over, there are usually options for the account holder to open the product independently with no parent involved. 

To open your account you’ll need an SSN or ITIN, and 2 forms of ID. Some banks offer fee discounts and incentives to young customers to help attract this market.

How to open a bank account in the US if you are self-employed

US banks may offer some specialist business accounts for self-employed people, but the product range can vary a lot. If you need a specific account type, you might want to talk to your bank branch staff directly to explore what account type might be a good fit for your needs.

Changing banks or closing a bank account in the US

If you’re planning on switching banks, you’ll need to first open your new account, and transfer ongoing and recurring payments there. Remember to move both deposits and bill payments so that there are no problems once you close the original account. 

Once your new account is set up you can then follow your old bank’s account closure processes. This generally means ensuring you have a zero balance, and no outstanding debt, and closing your account in person or by phone.

What to do if you are refused a bank account in the US

If you’re refused a checking account in the US the first thing to do is to ask for information from Chexsystems, which can provide you with a consumer checking account report. This should show up the reasons for your account refusal, such as historic financial problems. If you think the report is inaccurate you can raise a complaint to the US Consumer Financial Protection Bureau – the US body for complaints about financial service providers.

If ultimately you can not open a checking account you may need to get a prepaid card account instead, to allow you to transact in USD.

Conclusion

The US has a large financial service sector and many providers to allow you to open a checking or saving account. However, opening a US bank account before you move there is often tricky – or even impossible. Accounts are normally offered to people who have proof of a US address only. This can be difficult to set up, even once you’re a resident as you’ll need to wait for a pay slip or utility bill to arrive.

In the meantime – and to cover your international financial needs – take a look at alternatives to US banks such as Wise. Wise offers international accounts which can hold, send, spend and receive USD alongside other currencies, to make transacting as an expat, international student or digital nomad that bit easier.  

US bank accounts for foreigners: FAQs

Can I open a bank account in the US without residency?

You can not usually open a US bank account without a US address, although you don’t necessarily need to be a full time resident there. If you cannot get an account with a US bank you may prefer digital services in USD and other currencies from a provider like Wise.

How long does it take to open a bank account in the US?

Once you have the paperwork sorted out you can usually open a bank account in the US by visiting your local branch. The account could be opened during the visit, but you may then need to wait for your card and checkbook to arrive by mail.

Can I open a US bank account online?

Expats often struggle to open accounts with US banks online, but you can open an account with a digital provider like Wise instead. Wise accepts digital applications from all over the world and supports USD for holding and exchange.

How much does it cost to open a bank account in the US?

There’s no fee in most cases to open a bank account in the US although minimum deposit requirements can apply. Compare a few accounts looking at all the relevant fees before you sign up.

Useful resources

• US government website – where to lodge a financial complaint 
• US Consumer Financial Protection Bureau – US body for complaints about financial service providers
• The Federal Reserve – the central bank of the US
• Federal Deposit Insurance Corporation (FDIC) – deposit insurance from major banks
• Wise – manage your money across borders easily
• Bank of America – banking for new arrivals in the US
• Chase – opening a bank account as a non-resident
• Bank of America – checking accounts
• Chase – checking accounts
• Wells Fargo – checking accounts
• FDIC – changing banks advice page
• Chexsystems – consumer checking account report