can a tourist open bank account

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How to open a u.s. bank account for non-residents.

Every year, thousands of people from every corner of the globe migrate to the United States. Many of them arrive here as international students attracted by top-notch educational opportunities, while others arrive for work.

Having a checking account can be a way to build a solid foundation for your financial life in the U.S. Some non-residents sometimes believe they're ineligible to open a bank account in this country. Fortunately, that isn’t true. Many financial institutions offer U.S. bank accounts for non-residents. However, there may be a little bit of additional paperwork involved. Let’s find out more.

Potential benefits of opening a bank account in the U.S.

There are a number of potential benefits that come with having a local account while you’re in the United States. These include:

Receiving payments directly

Having a U.S. bank account allows you to take advantage of direct deposit . This way, your paychecks can be automatically delivered directly to your account.

Paying bills

Having a local bank account makes paying bills a much smoother process. You can use your account to pay online or by check instead of having to use money orders or other services that may have additional fees.

Accessing debit cards and ATMs

Opening a U.S. bank account typically features debit cards with access to a network of ATMs . This lets you access your funds and make everyday transactions while avoiding possible fees associated with transactions using a foreign bank account.

Building a financial history

Opening an account at a bank or credit union begins a history between you and that financial institution. If you plan to apply for any financing from a U.S. financial institution in the future, this ongoing relationship may improve your chances of approval.

What do you need to open a bank account?

Document requirements may vary from bank to bank. When opening a bank account in the U.S., non-residents may need to provide identification, proof of address and possibly an opening deposit. Contact your bank to confirm what documentation is needed. Here are some items that you may need to open an account:

Identification

You’ll need to provide official, government-issued photo identification. Many of these requirements may be familiar to U.S. citizens as well. Some financial institutions may require more than one form of ID to verify your identity, particularly for non-residents. Acceptable documents may include:

• Driver’s license with photo
• Matricula Consular Card
• Passport with photo
• Student ID with photo
• U.S. Employment Authorization Card with photo

Proof of address

Proof of U.S. address must be provided in the form of a document that shows both your name and address to ensure you’re associated with the property. This can include:

• Employer's pay stub or paycheck
• Letter with name and address
• Utility bills dated 60 days or sooner

Opening deposit

Financial institutions may require an opening deposit to activate your account. The minimum required will likely vary from one financial institution to the next. A few examples of opening deposit sources are:

• Automated Clearing House (ACH) electronic fund transfer

Requirements can vary from bank to bank and may be subject to change. It’s good practice to check with your prospective financial institution for the most up-to-date information regarding what you need to open a bank account.

Can an immigrant open a bank account without a Social Security number?

Since many account types bear interest, which is a form of taxable income, some U.S. banks require customers to provide their Social Security number (SSN). This facilitates tax reporting to the IRS.

Non-residents who don’t have a Social Security number can apply for an Individual Taxpayer Identification Number (ITIN) instead. This may be used as a substitute for an SSN on your bank account application if one is required by the bank.

SSN vs. ITIN: What’s the difference?

Although both SSNs and ITINs are used for tax reporting, they’re issued by different agencies and have different benefits. An SSN is issued by the Social Security Administration to citizens and authorized non-citizens. It typically denotes authorization to work in the United States (though not always). An SSN also provides access to public assistance benefits such as unemployment or disability income.

ITINs are issued by the IRS to non-residents — anyone who isn’t eligible to receive an SSN. An ITIN is not a work authorization, but it can be used in place of an SSN for filing taxes while residing in the United States.

A note for international students

International students typically arrive in the U.S. under visa designations that don’t authorize them to work. However, they may be able to get a job through their university or by practical training programs. In this case, the university may help them apply for a Social Security number.

Other students, however, may also need to file tax returns in the U.S. due to alternative forms of taxable income. If this applies to you, you’ll likely need to apply for an Individual Taxpayer Identification Number (ITIN).

Alternative options

If you find yourself unable to qualify for a U.S. bank account for non-residents, you may not be entirely out of options. There are some other forms of banking for immigrants. These include:

Using an international bank

Some banks are international, meaning they have a presence in your home country as well as the United States. Using a bank like this means you can open an account back home and likely still have access to it while in America.

Using a correspondent account

Sometimes, a bank from your home country might have an existing partnership with a bank in the United States. These banks may be able to leverage that relationship to help you open an account in the U.S.

The process to open a U.S. bank account for non-residents may require a little extra time and effort, but there can be significant advantages to doing so. When you open a bank account in the United States, it allows you to access your funds, utilize debit and ATM services and accept payments while building financial history.

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Can a foreigner open a U.S. bank account?

Maddie Panzer

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Updated 1:14 p.m. UTC April 1, 2024

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Michael Burrell, Getty Images

Non-U.S. residents can open bank accounts in the U.S., but you’ll need to meet some basic requirements first, including providing additional pieces of identification.

The extent of the extra burden varies by financial institution, but is usually worth the hassle so you can efficiently manage your money and enjoy deposit insurance.  

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Hsbc premier checking, monthly maintenance fee, minimum deposit requirement.

What you need to open a bank account

Thanks to the Patriot Act, financial institutions must perform more scrutiny on bank accounts that are opened by non-U.S. customers. You’ll need to provide:

Personal information. This usually includes your foreign and U.S. addresses, date of birth, country of citizenship and occupation.

Primary ID. Typically you’ll be asked to provide a foreign passport with a photo, and with or without a visa; non-immigrant U.S. visa and border crossing card (DSP-150) with photo; Mexican, Guatemalan, Dominican or Colombian consular ID with photo; Canadian citizenship certificate card with photo; Green card with photo; or state-issued ID with photo, depending on your circumstances. 

Secondary ID. Additionally, you many need to provide a secondary ID, which can include: Foreign driver’s license or U.S. driver’s license; U.S.-issued work ID card or badge; debit or major credit card with the Visa or Mastercard logo; retail credit card from a well-known brand; U.S. State Department diplomatic ID; Mexican voter registration card with photo; student ID with photo; recent bank statement; paycheck or pay stub from an employer; recent utility bill showing your name and address.

Keep in mind that acceptable items for verifying your identity may vary from one financial institution to another. Therefore, what’s considered a primary ID by one financial institution may not be considered a primary ID by another financial institution, depending in part on your U.S. residency status.

“Understand the requirements of the banks willing to do it and what type of IDs they’ll ask for,” said Jane Mepham, a certified financial planner and founder of Elgon Financial Advisors.

What to consider when opening a bank account

When opening an account, a customer should consider factors such as:

• Required opening deposit (often $25 to $100).
• Required minimum balance to keep account open.
• Monthly maintenance fees, ATM fees and other fees.
• Available services such as online bill pay and mobile banking.
• Ability to earn interest on deposits.

In most instances, a non-U.S. resident cannot open a bank account online. Rather, they’d usually need to go to a branch operated by a bank, credit union or other financial institution. 

Keep in mind that what your bank requires may vary among other banks. There are still challenges to opening a bank account, even if you have the right documents; one example is that around 26 million people in the U.S. are not proficient in English, making it hard to comprehend important information and communicate with their banks. 

Also, it’s worth noting that a financial institution, such as a bank or credit union, can reject someone’s application to open an account. For instance, a financial institution might not approve your application if you’re unable to supply adequate identification.

Benefits to consider when opening an account

Although opening a bank account can be nerve wracking and difficult for non-U.S. citizens, opening a bank account provides a number of benefits, such as:

• Deposits insured by the Federal Deposit Insurance Corp. (FDIC) or National Credit Union Administration (NCUA) up to certain dollar amounts.
• Direct-deposit capabilities for paychecks and other funds.
• Access to other financial products, such as credit cards and loans.
• Ease of making online purchases.
• Ability to electronically transfer money through apps or other means.
• Availability of online bill-pay services.
• Possibility of earning interest on deposits.

SSN vs. ITIN

In addition to various forms of ID, a non-citizen generally needs to provide a Social Security number (SNN) or an Individual Taxpayer Identification Number (ITIN) when opening an account.

Many banks and other financial institutions require an SSN to open an account. The Social Security Administration issues nine-digit Social Security numbers as unique identifiers to U.S. citizens, permanent residents and eligible non-immigrant workers.

If you lack an SSN, you’ll probably be required to produce an ITIN to open a bank account. An ITIN is a nine-digit identifier available to a foreign person who doesn’t have an SSN and can’t obtain one.

To get an ITIN, you must fill out Form W-7 from the IRS. This is the application for an ITIN. You can submit the form by mail (along with required documentation), at an IRS office or through an IRS-authorized acceptance agent. Acceptance agents are colleges, financial institutions, accounting firms and other entities that the IRS lets these entities help applicants obtain ITINs.

The W-7 form is available in Spanish as well.

Which banks take alternative forms of ID?

Some larger banks that accept alternative forms of ID from non-citizens include:

• Bank of America.
• Wells Fargo.

In addition, credit unions and banks connected to the BankOn platform might allow the use of alternative forms of IDs. The platform, managed by the Cities for Financial Empowerment Fund, helps unbanked and underbanked people open bank accounts.

Banking alternatives for non-U.S. citizens

So, if a non-U.S. citizen can’t get a bank account or doesn’t want to open one, what are the alternatives?

One option is using a remittance service, which lets you transfer money to people or businesses in other countries. Banks and credit unions offer remittance transfers, along with companies such as Western Union, Remitly and OFX. 

But just because it’s an alternative option doesn’t mean it’s better. Remittance services often charge high fees and generally don’t offer interest-bearing accounts. 

“Many immigrants are unfamiliar with the U.S. banking system and rely solely on these alternative providers for their financial needs,” a report from the Federal Reserve Bank of Boston says. “As a result, they often pay more for services and miss the opportunity to build a solid financial foundation.”

A study by the Federal Reserve Bank of Cleveland found that immigrants, particularly those from Mexico and other Latin American countries, are less likely to have bank accounts than their U.S.-born counterparts.

Other alternatives to bank accounts include check-cashing services and prepaid cards. Unfortunately, just as with remittance services, these options can charge additional fees. 

Your best option is to find a free checking account at an FDIC-insured bank. 

Frequently asked questions (FAQs)

Yes, a non-citizen can open a U.S. bank account, but many financial institutions don’t allow it.

No, you do not need a Social Security number to open a bank account. However, you likely will need to obtain an Individual Taxpayer Identification Number (ITIN) or another ID number.

Yes, a tourist from another country can open a U.S. bank account. But the requirements to do so typically are as strict as they are for other non-citizens.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

John Egan is a freelance writer and content marketing strategist in Austin, Texas. His specialties include personal finance, real estate, and health and wellness. His work has been published by outlets such as Forbes Advisor, CreditCards.com, Bankrate, Experian, Capital One, The Balance and U.S. News & World Report. In November 2022, he released his first book, The Stripped-Down Guide to Content Marketing.

Maddie Panzer is the Updates Editor on the USA TODAY Blueprint team. Prior to joining the team, she studied journalism at the University of Florida. During her studies, she worked as a reporter for the New York Post, WUFT News and News 4 Jacksonville. She was also editor-in-chief of her school’s magazine, Orange and Blue. Maddie holds a B.S. in Journalism.

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How to Open a US Bank Account as a Non-Resident or Tourist

• BY GlobalBanks Team
• Updated Nov 14, 2023

When most people think about offshore or international banking, they don’t think about opening US bank accounts for non-residents . In fact, the USA isn’t an obvious place for most people to open an account.

Most foreigners and non-residents think that banking in the USA can cause issues with taxes and privacy.

And if you’re not familiar with banking in the USA, you might also think that opening an account there is incredibly difficult.

The US government is known for being tough on foreigners, non-residents, and immigrants. Just getting a visa to the country is daunting, intense, and heavy on paperwork. One word out of place and you’re rejected!

KEY TAKEAWAYS

• It is 100% possible for non-residents and tourists to open bank accounts in the US
• Account opening requirements will vary depending on your client profile, banking needs, and the bank you choose to open an account with
• Opening accounts in the USA can be challenging if you aren’t properly prepared
• There are many benefits non-residents and tourists can unlock with US banking

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

• Can a Non-Resident Open a Bank Account in the USA?</a>

What Are the Benefits of Banking in the USA?

What are the disadvantages of banking in the usa.

• How Can Non-Residents Open a Bank Account in the USA?</a>

What Are the Challenges of Opening an Account in the USA?

How do i choose where to open a personal account, frequently asked us banking questions.

• Do You Want Help Opening US Bank Accounts?

Can a Non-Resident Open a Bank Account in the USA?</h2>

Ye</strong>

s, a non-resident can open a bank account in the USA as long as they can meet the account opening requirements and have a suitable client profile. It’s no surprise that most non-residents think that opening a US bank account is difficult.</strong>&lt;/p&gt;

Here’s the big secret: opening a US bank account as a non-resident is incredibly easy if you have the right information. In fact, the United States is one of the easiest places in the world to open a bank account as a foreigner.

But, buyer beware, not all US banks are created equal and you can waste a lot of time and money trying to open accounts if you go to the wrong ones!

In this article, we’re going to walk you through the entire process of how (and why) to open accounts in the United States as a non-resident.

If you’re looking for the answer to any of the following questions, you’re going to want to read this article…

• Non-Residents: How to open a US bank account as a non-resident?</li&gt;<li>Without an SSN: How to open a US bank account without an SSN?
• Foreigner: How to open a US bank account as a foreigner?
• Tourist: How to open a US bank account as a tourist?

Now, if you’re looking to find a way to open a US bank account from overseas (or open a US bank account online), your options are going to be extremely limited. While rare, there are special exceptions and circumstances where this is still possible. We’ll share more insights on this below.

Don’t forget to download your FREE USA Banking Starter Guide . It’s designed to help non-residents open accounts with top banks in the US.

For non-US citizens, having an account in the USA can be an incredibly valuable part of your international banking stack.

Benefits of Banking in the USA

• Easily connect to low-cost payment processors & EMIs
• Access the US banking system without becoming a US taxpayer
• You can access US banking, investment, and brokerage products
• US credit card products with financial benefits
• Join US travel rewards programs
• Establish US credit and access low-interest mortgages
• And much more…

Below are some of the other reasons why non-residents and tourists want to bank in the USA.

America Is a Credible, First-World Country

The United States boasts one of the most well-connected financial systems in the world. As a customer of a US bank, that means fast, efficient, and cost-effective banking. And, that in itself can be a huge benefit, depending on the volume and value of transactions you send each month.

Funds originating from the USA are also received by other countries with less scrutiny. For instance, banks, regulators, and other clients trust transfers coming from accounts in the USA more than those in other countries, like Malta, Panama, Lebanon, or Cambodia. That’s because the USA is perceived as a reputable jurisdiction with strict banking compliance, an advanced banking system, and tough banking regulators. Thus, there’s an assumption that customers coming from US banks are vetted more carefully.

All things considered, the USA has a generally strong reputation, and that carries over to individuals who bank there. If you have an account in the US, your money is typically accepted faster and easier than in other countries.

USD Banking & Payment Solutions

One of the most obvious benefits of banking in the USA is the ability to access USD-denominated payment processing solutions. While this applies to individuals and entrepreneurs with business more than anyone else, they have benefits for individuals, solopreneurs, and freelancers as well.

With a USA bank account, it becomes significantly easier to access payment processing options and fund EMI accounts. This makes selling to the US market and receiving payments from customers in the USA and around the world much easier.

By using US banking and payment solutions, you can dramatically decrease your transaction costs, collect payments faster, access a wider market, and (with a USA bank account) move money in and out of US platforms with ease, such as Amazon, Adsense, Paypal , eBay, and many more.

Most US Banks are Non-Resident Friendly

Unlike many countries around the world, opening an account as a non-resident or tourist in the USA is not an issue. You just need to know which banks will accept you, which branches to apply at,  how to avoid the pitfalls, and what to do if you run into a banker who tells you they can’t open for foreigners.

Generally speaking, banks in the USA are more open to having non-residents as customers than in other countries (e.g. Hong Kong, Singapore, and Panama). This attitude towards non-residents is a major reason why the US has become the largest “offshore” banking hub and tax haven in the world.

All these things combined have made the USA a beacon for non-resident money. And it’s no surprise, there are major benefits to banking in the USA for non-US citizens.

Deposit Insurance

We’ve discussed many times before why we don’t think deposit insurance should be the only factor driving you to bank in a certain jurisdiction.

And while most deposit insurance schemes around the world would collapse if there was a major financial crisis, it doesn’t hurt to have deposit insurance in place in case your bank gets in trouble.

The Federal Deposit Insurance Corporation (FDIC) offers one of the longest-standing and most generous deposit insurance schemes available. In addition to covering the deposits of US citizens, it also covers the deposits of foreign non-residents equally.

The FDIC commits to insuring up to US $250,000 per account holder, per bank. Again, the FDIC doesn’t have enough money to prop up the US banking sector in a time of crisis, but if a single bank goes down, you should be just fine.

Privacy (No Information Sharing)

While the USA forces every other country to share information with them about the banking activities of US taxpayers abroad via FATCA, the US doesn’t reciprocate.

This means that US banks don’t share information about non-resident account holders with tax authorities in their respective home countries because the US hasn’t signed on to the Common Reporting Standards (CRS) .

For instance, if a Russian citizen opens a bank account in the US, the USA is not going to send information about that person’s bank account to Russian tax authorities.

And as long as the USD continues to be the world’s banking currency and the US continues to be the epicenter of the world’s financial system, the USA will continue to have the leverage they need to force everyone else to open their books.

Before you get too excited about banking in the US, this article is not a blanket endorsement for US banks.

Most banks in the USA are in poor financial health, have bad financials, and make risky investments with their depositor’s money. Not exactly a sign of success and stability.

Below is a breakdown of the disadvantages of banking in the USA for non-residents. After understanding both the benefits and disadvantages, you’ll be able to determine if the USA is a good banking option for you.

Poor Quality Banks

As mentioned, you shouldn’t keep your life savings in the USA banking system. The reason for that stems from the poor financial health of the banks themselves.

Banks in the USA tend to be over-leveraged, undercapitalized, and have a significantly higher risk tolerance when compared to their international peers. As a depositor, this should concern you.

When choosing a bank, you want an institution that operates conservatively, doesn’t put your deposits at risk, and keeps enough cash on hand to maintain adequate solvency and liquidity to protect itself (and your deposits) from financial ruin. In general, banks in the US don’t do a great job of that.

The USA also has a very high rate of bank failure. Between 2008-2015, over 500 US banks failed. That’s the highest bank failure rate in the developed world. Compare that to other places like Singapore which has never had a bank failure, ever.

Low-Interest Rates

In addition to not being home to the best banks, USA bank accounts have very low-interest rates. And while they haven’t dipped into negative territory like Europe, they aren’t offering you any meaningful performance.

If you want fixed deposits with higher interest rates, then you should strongly consider a non-USA banking option. Simply put, you will find better returns, better banks, and better value elsewhere.

The USA is USD-Centric

Unlike a lot of the international banking options that we discuss at GlobalBanks, the banks in the USA tend to focus on a single currency, USD.

If you are looking for multi-currency options, there are much better and more cost-effective solutions abroad. But when it comes to USD banking, the USA is obviously one of the best options.

If you are planning on using your US account for international transfers or foreign currencies, you will find that the fees can be significantly higher than those available in Europe or Asia, depending on the currency.

Strict on Opening Requirements

Banks in the USA have started to get more particular about US address requirements and what types of “proof” are considered acceptable. Some US banks will even reject virtual office and mail forwarding addresses, while others won’t take a second look.

While this might not seem like a major obstacle, it can quickly become an expensive problem if you are a non-resident opening an account. Knowing the requirements, sensitivities, and account opening quirks of each bank before you apply is key.

Having the right information going in can make the difference between opening an account in 30 minutes and leaving the USA without a bank account.

There are several other account opening challenges and pitfalls that non-residents need to know before applying for US bank accounts. We’ll cover all USA account opening strategies for non-residents in detail in our upcoming US Non-Resident Banking Report.</p>

In this report, we will also share which US banks are non-resident friendly, which to avoid, which are incredibly picky, the best strategies, special opportunities, and all the account opening quirks (and benefits) in between.

Physical Presence Requirements

While you will be required to show up in person in order to open an account at almost every US bank (Note: we found a few special exceptions), that’s not what we’re talking about here. In addition to account opening, many US banks have strict requirements about showing up in person for a range of different procedures.

Sometimes, this can include unlocking your bank account, if it is ever locked or frozen for security purposes.

For example, it’s not uncommon for certain US banks to require a customer to come into a branch and present an identification document to verify their identity, in order to unlock their account.

If a bank sees anything that looks like fraudulent activity, identity theft, or abnormal transaction behavior, they might require you to physically come into the branch to verify your identity, again. Something as simple as logging into your account from a high-risk country or from multiple different countries without a VPN can trigger this.

For non-residents who live outside of the US, having to fly to the USA to prove your identity is a massive inconvenience. Plus, it’s expensive. But, with some banks, there’s no way around this if you want to unlock your account.

So, knowing which banks do not require a “second round” of in-person identity verification to unlock your account is extremely useful. If you live abroad, avoiding these banks can save you money and a lot of headaches.

Another con is that some USA banks may require you to physically come into the branch in person in order to make an international transfer. Again, for non-residents with US bank accounts who live abroad, this is incredibly inconvenient.

<h2 id=”how-can-nonresidents-open-a-bank-account-in-the-usa”>How Can Non-Residents Open a Bank Account in the USA?

Now that you know the benefits and disadvantages of banking in the US, it’s time to get down to the process of actually opening an American bank account .

Like the rest of the world, account opening in the USA isn’t as easy for foreigners, as it is for US citizens and residents. But it’s still possible. If after reviewing the benefits and disadvantages, if you still feel that a USA bank account is for you, this is what you’ll need and how you can go about opening an account.

Requirements for Opening Bank Accounts in the USA

• Proof of US address & mailing address
• US phone number
• Minimum deposit</li>

Some banks will have different requirements. Other banks will refuse non-residents. Others will only take you if you have an SSN or ITIN. Others will want to see even more documents.

That said, to open a bank account in the USA as a non-resident, you need to arm yourself with the right information and prepare. One of the most important things you can do is identify which banks and branches are actually open to non-residents and won’t waste your time.

More specifically, you need to know the account opening quirks for each bank. You also need to know what type of accounts are available to you and what documents they will accept since you can’t provide some of them as a non-resident. And where possible, what problems and challenges you’re going to face when applying at each bank.

In most instances, the information that you’ll find on the internet is either incredibly generic or painfully outdated. That’s why it’s important to either use the premium information, tools, and contacts available to GlobalBanks Insiders or contact each bank individually and speak to bankers that you are planning to meet with. Though this second option can be very time-consuming and challenging, especially if you don’t know what you’re looking for.

Even though the USA is welcoming to non-resident account holders, there are still a lot of costly mistakes to avoid. Unfortunately, many non-residents make these mistakes when trying to open US accounts.

And if you don’t successfully open an account at one bank, you’ll have to find another bank. Or, travel to another branch, and re-apply.

For this reason, we recommend identifying multiple banking options beforehand. If after opening your first account, you no longer want to visit the other banks, that’s fine. But at least you have backup options available if you don’t get your first choice.

Here are some of the most common mistakes that we see people make when applying to accounts in the US.

<h3>Applying at the Wrong Bank

One of the most common mistakes non-residents make is applying for an account at the wrong bank. Knowing which banks accept non-residents is critical to getting an account open. Knowing which banks don’t require ITINs and SSNs is equally important. Don’t assume that every bank in the USA opens accounts for non-residents without ITINs, because they don’t.

Not Confirming Your Documents Beforehand

As a non-resident, it’s likely that you are not going to have the same documentation. For this reason, you need to confirm with the bank beforehand whether or not they will accept your documents. GlobalBanks IQ members can access the commonly accepted documents in the US Non-Resident Banking Report. But to do this on your own you should check with each bank before applying.

Using the Wrong Address

One of the central challenges of account opening in the USA is bank-specific requirements for proof of US address. Again, this varies from bank to bank. Some are pickier than others. And you’ll want to understand the specific nuances that each bank has before applying so you don’t waste time. You can do this by calling the bank and speaking to the specific person that handles new accounts. This is important as most customer service representatives won’t know the correct answer.

When considering where to bank in the US, the options are endless. Think about how many major cities, banking hubs, and local branches there are to choose from.

Typically, banking in a foreign country usually means banking in one of the country’s major financial centers. In smaller countries, that might mean simply banking in the country’s capital. In larger countries, you might have a choice of two or three cities. But when it comes to banking in the US, you have the widest selection imaginable.

Below are three of the most common questions we receive from people looking to open a US bank account as a non-resident. If you have further questions you would like answered, don’t hesitate to get in touch.

Can a Foreigner Open a US Bank Account?

Yes, a foreigner can open a US bank account as a non-resident. They will need to meet the bank’s account opening requirements and have a suitable client profile. That said, not all banks in the USA offer bank accounts to non-resident clients. So, bank selection is an important factor when choosing where to open a US bank account.

Can I Open a Bank Account in the USA as a Tourist?

Yes, you can open a US bank account as a non-resident tourist. However, most US banks have requirements for a local address, phone number, and clear rationale for opening the account.

Can Non-Residents Open a Bank Account in Bank of America?

Yes, non-residents can open a bank account in Bank of America. However, Bank of America typically requires an in-person visit to open accounts. Additionally, like other US banks, Bank of America has restrictions on certain citizenships, residencies, and the types of services offered.

Do You Want Help Opening a US Bank Account as a Non-Resident?

If so, you can get access to GlobalBanks USA (our dedicated US account opening service) in just a few clicks.

GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.

When you join, you receive…

+ Expert suggestions on where to open US bank accounts.

+ Step-by-step support to navigate US account opening.

+ Direct introductions to helpful and responsive bankers.

+ Plus, detailed guides to maximizing the value you get from your new USA bank account.

And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open accounts.

In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.

To learn more about opening accounts with GlobalBanks USA , just click here now. Or, contact us directly with any questions!

GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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• Professionals
• International students

Banking essentials for professionals in the U.S. *.utility-nav--mobile { display: none; }

We’re here to make your journey easier with the vital information, resources and support you need to get started banking.

Get started in three easy steps

Here are the eligibility requirements, required documents and actions you need to take to open your bank account.

1. Check your eligibility

You must meet the following eligibility requirements:

• You have a physical U.S. address
• You are not a U.S. citizen
• You are not a permanent resident of the U.S.*

*Permanent resident: Green card (or permanent resident card) holders who are authorized to live and work in the United States on a permanent basis

2. Collect required documents

Following are the required documents you’ll need to bring to the Bank of America financial center in order to open your bank account. You’ll need to provide both a foreign and U.S. address, as well as two forms of ID and a tax identification number.

• Proof of home or permanent residence address This must include building name or number and street name, city or town, state or province, country.
• Government-issued ID with photo
• Current utility bill with your name and address
• Other (rental agreement, etc.)

You will need two forms of identification – a primary ID and a secondary ID.

• Foreign passport with or without passport visa (with photo)
• U.S. Non Immigrant Visa and Border Crossing Card-DSP-150 (with photo)
• Mexican, Guatemalan, Dominican, Colombian Consular ID (with photo)
• Canadian Citizenship Certificate Card (with photo)
• Foreign driver's license with photo or U.S. driver's license
• Debit or major credit card with Visa® or Mastercard® logo
• Major retail credit card from a nationally well-known company
• U.S. Department of State Diplomat ID
• Mexican Voter Registration Card (with photo)

Foreign Tax Identification Number (FTIN) An FTIN issued by a country other than the U.S. A U.S. TIN/ITIN is not required unless you’ve been issued one.

3. Schedule an appointment

Set an appointment to meet with an associate at a financial center. Please bring all the required identification and documents shown above to your appointment. We look forward to welcoming you to Bank of America.

Schedule now >

Questions? We’ve got answers.

Find answers to your questions about banking in the U.S., managing your money and more.

Can a non-citizen open a bank account in the U.S.?

Yes, non-U.S. citizens can open a bank account in the U.S. When you open a bank account at Bank of America, you’ll need to provide two forms of identification, a tax identification number and documents that show proof of both a foreign and U.S. address.

Do I need a social security number (SSN) to open a bank account in the U.S.?

While some other U.S. banks require a social security number, Bank of America does not require an SSN to open a bank account in the U.S. However, you’ll need to provide two forms of identification. See detailed list of identification options in step 2 above.

Can Bank of America help me in additional languages?

Bank of America has language interpretation services that allow us to assist you in over 206 languages. Simply request Language Line Services in your language preference with any one of our associates. Certified bi-lingual associates are available in some of our financial centers and contact centers to assist you in languages such as Spanish, Chinese Mandarin, Portuguese and more. Additionally, our digital platforms are available in both English and Spanish.

How do I receive/send money locally or from abroad?

You can send international and domestic wire transfers using our Mobile Banking footnote 1 app and Online Banking. You can send money in 140+ currencies to over 200 countries and there is no outbound wire transfer fee if it is sent in foreign currency. footnote 2 You can also use Zelle ® footnote 3 , which allows you to send and receive money to friends and family wherever they bank in the U.S.

What is the advantage of having a U.S. bank account?

Opening a bank account is an important step for managing your money confidently and building a financial foundation in the U.S. It provides you with a place to deposit and withdraw funds, pay bills and transfer funds to another person or institution.

With a Bank of America Advantage Banking account, you’ll get peace of mind with our $0 Liability Guarantee. footnote 4 You can also deposit checks from almost anywhere with the Bank of America Mobile Banking app on your smartphone or tablet. footnote 5 Plus, you’ll be able to earn cash back with BankAmeriDeals ® footnote 6 at select restaurants and stores, when you pay with your eligible Bank of America debit or credit card.

Bank of America has many financial centers and ATMs conveniently located throughout the U.S. You can find one near you by using our locator page below:

English link: https://locators.bankofamerica.com

Spanish link: https://es-locators.bankofamerica.com

Make your appointment today

Ready to open your Bank of America Advantage Banking account? Meet with a specialist at one of our many financial centers. Simply pick a time and location that’s convenient for you.

Ready to help you in your language

Whether or not you speak English proficiently, Bank of America is ready to provide advice and guidance to meet your financial needs. We have language interpretation services that allow us to assist you in over 206 languages. Simply visit your nearest financial center and request interpretation services for the language you’re most comfortable speaking. It’s part of our commitment to help you build a strong financial foundation.

Build your U.S. banking know-how with Better Money Habits®

Explore these educational articles, videos and resources to navigate banking in the U.S. and achieve your best financial life here in the States.

Can a Foreigner Open a Bank Account in the USA? Here's How.

Jarrod Suda

A writer and editor at Monito, Jarrod is passionate about helping people apply today’s powerful finance technologies to their lives. He brings his background in international affairs and his experiences living in Japan to provide readers with comprehensive information that also acknowledges the local context.

Byron Mühlberg

Monito's Managing Editor, Byron has spent several years writing extensively about financial- and migration-related topics.

Links on this page, including products and brands featured on ‘Sponsored’ content, may earn us an affiliate commission. This does not affect the opinions and recommendations of our editors.

So can foreigners open bank accounts in the USA? The direct answer is yes, but it comes with a certain set of eligibility requirements . Usually, this includes presenting the following to a physical bank branch:

• 2 forms of government-issued ID;
• Tax ID (such as a US-issued ITIN);
• Proof of US residency.

In this article, we delve into specific visa scenarios and kinds of visas that might make you eligible to open a bank account in the US as a foreigner. We will explain the documents you need and also recommend innovative alternatives, such as Majority and Revolut , for online checking accounts if you don't have an SSN/ITIN or US residency.

Here are our highlights to get US account details:

Majority offers the best online US checking account with services designed specifically for immigrants.

Revolut offers the best US checking account for non-US citizens with a valid US visa. Plus, you can sign up completely online.

Wise 's multi-currency account is available to many foreigners (without visa or proof of residency) to manage USD and 40 other currencies.

What You Should Know About Opening a Bank Account in the US as a Foreigner

Questions answered about us bank accounts for non-residents.

• 01. Can a foreigner open a bank account in the US? scroll down
• 02. What documents are required to open a US bank account? scroll down
• 03. How do I get an ITIN? scroll down
• 04. What should I know before opening a US bank account? scroll down
• 05. Path 1: Majority account as long as you have proof of address scroll down
• 06. Path 2: Revolut account if you don't have SSN or ITIN scroll down
• 07. Path 3: The Wise multi-currency account without residency scroll down
• 08. FAQ about bank accounts for non-US citizens scroll down

Can a Foreigner Open a Bank Account in the USA?

Yes, although the feasibility of a foreigner opening a bank account in the US will be contingent on visa and residency status. For instance, those holding a student visa or an employment visa generally have fewer difficulties when setting up an account.

If you only have a tourist visa, on the other hand, then you will not be able to open an account with institutional banks in the US.

Can Visitors Open a Bank Account in the USA?

No, tourist visa holders cannot open an account at a bank in the United States.

A helpful guideline to check if you can open a bank account in the U.S. is the "substantial presence" test. The IRS uses this test to figure out a foreign national's tax status in the United States, meaning whether you need to pay taxes to the U.S. government or are eligible for benefits like social security. To pass the test, you have to show that you've been physically present in the country for 183 days or more each year and provide evidence of having a job.

Visas That May Let Non-Immigrants Work in the US

Each bank will have its guidelines, so we recommend you double-check the specific bank's policies with your visa type. In addition to the H-1B and L-1 visas in the US, which we explain below, there are several other visa categories that allow non-citizens to work and live in the US (widening the potential for you to open a US bank account).

Here are some examples:

• H-1B Specialty Occupations Visa: Designed for individuals with specialized knowledge or a bachelor's degree or higher, this highly-sought visa requires sponsorship by a U.S. employer. The initial duration is up to three years, with the possibility of extension.
• L-1 Intracompany Transferee Visa: This visa allows multinational companies to transfer employees to a U.S. office. It is divided into L-1A for managers and executives while L-1B is for employees with specialized knowledge. L-1A provides an initial stay of up to three years, with a possible extension of up to seven years; L-1B provides an initial stay of up to three years, with a possible extension of up to five years.
• F-1 Optional Practical Training (OPT) Student Visa: F-1 students in the U.S. can apply for Optional Practical Training, which allows them to work in their field of study for up to 12 months after graduation. STEM (science, technology, engineering, and mathematics) degree holders may be eligible for a 24-month extension.
• J-1 Exchange Visitor Visa: The J-1 visa is for individuals participating in approved exchange programs. Some J-1 categories, such as the Research Scholar and Professor categories, allow participants to work and engage in research or teaching activities.
• TN (Trade NAFTA) Visa: Citizens of Canada and Mexico may be eligible for a TN visa, which allows certain professions to work in the U.S. The professions deemed eligible for this visa are based on the North American Free Trade Agreement (NAFTA) and is now under the United States-Mexico-Canada Agreement (USMCA).
• O-1 Visa for Extraordinary Ability or Achievement: The O-1 visa is for individuals with extraordinary ability or achievement in their field, including sciences, arts, education, business, or athletics.
• E-1 and E-2 Visas for Treaty Traders and Investors: The E-1 visa is for individuals involved in substantial trade between the U.S. and their home country, while the E-2 visa is for investors who have made a substantial investment in a U.S. business.
• H-2B Temporary Non-Agricultural Workers: The H-2B visa is for temporary non-agricultural workers, and it is often used in industries such as hospitality, landscaping, and other seasonal jobs.
• H-3 Trainee Visa: The H-3 visa is for individuals coming to the U.S. for specialized training that is not available in their home country, with the goal of enhancing their career.
• L-2 Dependent Visa: Spouses and unmarried children under 21 years old of L-1 visa holders may enter the U.S. on an L-2 visa, which allows them to study and work in the U.S.

What Documents You Need to Open a US Bank Account as a Foreigner

To open a bank account as a foreigner in the United States, you'll need to provide these documents to a bank representative in person:

• Primary ID: Common IDs include foreign passports, U.S. non-immigrant visa and border crossing cards (DSP-150), consular IDs, or Canadian citizenship certificate cards.
• Secondary ID: In addition to primary IDs, you can often use foreign driver's licenses, U.S. driver's licenses, U.S. issued employment ID cards, debit or credit cards, or Mexican voter registration cards.
• Tax Identification Number: A few banks, like Bank of America may accept a Foreign Tax Identification Number (FTIN) issued by a country other than the U.S. Otherwise, you'll need at ITIN .
• Proof of US Residency: Commonly accepted proof include utility bills, rental agreements, or letters from your employer confirming your US address of residence.

How to Get an Individual Taxpayer Identification Number (ITIN)

To get an ITIN , you'll need to send in the following to the Internal Revenue Service (IRS):

• Original identification documents.

You can either send these two documents on tax day with your tax return, send an application before tax day in the mail, or bring them in person to an IRS "accepted agent" office. On the IRS website, you can find an accepted agent near you .

Where Do I Send Form W-7 on Tax Day (April 18th)?

The IRS has offices across the country that process different kinds of documents and specialized tasks. For non-citizens seeking ITINs, you'll need to send Form W-7 to this address:

Internal Revenue Service Austin Service Center ITIN Operation P.O. Box 149342 Austin, TX 78714-9342

What Kind of ID Does the IRS Accept?

Along with  Form W-7 , you must submit an original ID document (you cannot submit a copy) . Once your application is accepted, the original will be returned to the return address that you write on the form.

While we recommend you read through the detail instructions that the IRS provides for Form W-7, we've listed the 7 documents that you can use to verify both your foreign status and your identity:

• U.S. Citizenship and Immigration Services (USCIS) photo identification;
• Visa issued by the U.S. Department of State;
• Foreign military identification card;
• National identification card (must contain name, photograph, address, date of birth, and expiration date);
• Foreign voter’s registration card;
• Foreign civil birth certificate.

Factors to Consider Before Opening a Bank Account

Having a bank account of your own in the United States offers very clear benefits. You'll be able to pay bills online, send domestic ACH transfers to people, get a debit card to spend USD, get your paycheck by direct deposit, and enjoy deposit insurance from the FDIC . There's also the potential to earn interest on deposits if you have a savings account.

However, we'll list a few caveats that you should be aware of before opening:

• Opening Deposits: Some banks require you to deposit around $25 at the start
• Minimum Balances: Some banks require you to not dip below $25 to $100
• Monthly Maintenance Fees: Most banks charge monthly fees for basic accounts
• Open In-Person: Non-US citizens cannot open a bank account online
• Limited Credit: You may have limited or no access to credit or loans

Majority: Mobile Banking Designed For Immigrants

We highly recommend Majority as an all-in-one checking account for new arrivals and immigrants in the United States. You’ll get access to:

• cheap international money transfers;
• airtime top-ups;
• deals at participating merchants;
• free international calling to 20+ countries.

It comes with a debit card that charges zero foreign transaction fees and multi-lingual customer support too. 

You don’t need an SSN or ITIN to open an account either. Instead, you will need to show proof of US residential address and a government-issued ID (can be and ID issued in your home country). Overall, its a perfect option for newcomers to the US and those with family living abroad.

Just take note that “Know Your Customer” (KYC) laws require Majority to verify your identity. If you use fraudulent ID cards or social security numbers associated with multiple dates of birth, your application will be rejected. Also refrain from using Voice over IP (VoIP) phone numbers, which are assigned to a user but not to a physical location.

• Trust & Credibility 7.9
• Service & Quality 7.5
• Fees & Exchange Rates 9.3
• Customer Satisfaction 9.8

Account name: Majority

Monthly fee: $5.99

Foreign transaction fee: 0%

US residence required: Yes

SSN/ITIN required: No

More info:  See our full  Majority review .

Revolut Account: No SSN or ITIN Required

We highly recommend Revolut as the best option to get a US checking account if you have a valid US visa and proof of residency .

Revolut is a convenient option because you won't need a social security number or ITIN at sign up. Plus, the sign up process occurs online on your smartphone — this means there's no need to visit a physical branch.

Furthermore, Revolut does not charge monthly maintenance fees, requires no opening deposit, and imposes no minimum balance requirements. It offers a virtual or physical debit card that charges no international transaction fees , making spending your balances effortless and cost-effective both in the US and abroad.

Revolut's platform also offers competitive international money transfer rates . This feature, along with its multi-currency account , makes it highly suitable for foreigners residing in the US. You can hold USD and dozens of other foreign currencies in your account.

Revolut is not a bank. Instead, it operates as an electronic money institution, partnering with Member FDIC banks to ensure the safety of your deposits in the US.

• Trust & Credibility 8.9
• Service & Quality 7.9
• Fees & Exchange Rates 8.3
• Customer Satisfaction 9.4

Monthly fee:  $0

Free ATM withdrawal allowance: $1,000 per month

Outgoing int'l wire cost:  No fee for first $1,000 per month

Int'l card payment cost:  0% - 1%

US residence required:  Yes

Valid US visa required: Yes

SSN/ITIN required:  No

More info:  See our full  Revolut review .

Wise Multi-Currency Account: No Proof of Residency Required

The Wise Multi-Currency Account provides foreign nationals in eligible countries access to US checking account details, even while residing abroad. You don't need an SSN or ITIN, and you don't necessarily need proof of address or residency in the United States either.

With the Wise account, you can still receive direct deposits in USD and access those funds with a virtual or physical Wise debit card. Additionally, the account offers the feature of holding and exchanging in around 40 different foreign currencies, which you can easily manage from the Wise mobile app.

To be eligible for a Wise Multi-Currency Account, you will need to show proof of residence in the EU/EEA, Australia, Brazil, Canada, Japan, Malaysia, New Zealand, Singapore, the UK, or the US.

A point to note is that Wise, like Revolut, is not a bank. It operates as an electronic money institution that partners with Member FDIC banks. Its innovative services and user-friendly operations make it a top choice for non-residents needing to handle US transactions.

• Trust & Credibility 9.3
• Service & Quality 8.9
• Fees & Exchange Rates 7.6
• Customer Satisfaction 9.6

Free ATM withdrawal allowance: $200 per month

Outgoing int'l wire cost:  0.35% - 2.85%

Int'l card payment cost:  0.35% - 2.85%

US residence required:  No

Valid US visa required: No

More info:  See our full  Wise review .

Frequently Asked Questions About Bank Accounts For Non-US Citizens

Yes, non-US citizens can open bank accounts in the US, although you'll need to speak with a bank rep in person. You will usually need to provide 2 types of valid ID, proof of US residency, and a US or foreign-issued Tax Identification Number. Proof of a student visa or a visa that approves employment generally eases the process of opening a bank account in the US for foreigners.

Certain e-money institutions like Majority , Wise and Revolut offer viable digital checking account options instead, depending on residency status and valid visas.

Typically, a foreigner requires:

• At least two identification documents, such as a passport and another valid government-issued ID from their home country.
• A Tax Identification Number (TIN) or Individual Taxpayer Identification Number (ITIN).
• Proof of US residency, which can include utility bills, a rental agreement, or a letter from your employer, among other accepted proofs.

Yes, having a visa in categories like student or employment visas will make you eligible to open a bank account in the United States.

However, short-term visas under 183 days (like tourist visas) will not give you an eligible status to open a bank account as a foreigner.

For details, read more about ITINs and how to get one as an undocumented immigrant .

Yes, foreigner may be able to open a Wells Fargo account based on the bank's specific requirements.

The standards we've provided in this guide can serve as an unofficial reference point for large institutional banks that offer accounts to eligible non-US citizens . These may include the following:

• Wells Fargo;
• Bank of America;

Yes, while having a Social Security Number (SSN) may simplify the process, it is not essential. Foreigners who don't have an SSN can alternatively use a foreign-issued Taxpayer Identification Number (TIN) or Individual Taxpayer Identification Number (ITIN) when applying for a bank account.

Read our guide on how to open a bank account in the US without a SSN .

The article is for informational purposes only and does not constitute a source of law. The editors of the website make every effort to ensure that all published information is reliable and up-to-date, however, they do not constitute a binding interpretation of the applicable legal provisions.

References Used In This Guide

Revolut Now Offers Accounts to Non Citizens in the US. IBS Intelligence . Accessed 22 November 2023. Form W-7 Instructions. IRS . Accessed 22 November 2023. What Do You Need to Open or Close a Bank Account? Wells Fargo . Accessed 22 November 2023. International Banking. Bank of America . Accessed 22 November 2023. US Bank Account for Non Residents. Chase Bank . Accessed 22 November 2023.

Non-Resident Bank Accounts in the US vs Other Countries

Many countries allow non-residents to open a bank account within their legal jurisdictions, but exactly what kind of requirements non-residents face can differ drastically from country to country and even bank to bank. See the list below to get a better idea of this:

Last updated: 23/2/2022

Other Guides Guides About Bank Accounts for Non US Citizens and Non Residents

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How Opening a Savings Account Works in the U.S.

What you need to open an account, identification, proof of physical address, social security number or itin, minimum deposits, challenges with opening an account, the bottom line.

• Savings Accounts

How Foreigners Can Open Savings Accounts in the U.S.

While it may seem like it takes only minutes for an American citizen to open an account, it can take non-U.S. citizens a lot longer due to more paperwork. You'll have to meet more requirements if you want to start saving (and spending) dollars in the U.S. Here's what it means if you're a new to the U.S. and you want to open a bank account.

Key Takeaways

• Banks require all account applicants to show proof of identity and an address.
• Newcomers require more identification than permanent residents and citizens.
• Anyone opening an account may need a Social Security number or an individual taxpayer identification number.
• Although many banks allow customers to open their accounts online, nonresidents may need to visit a branch to finish their applications.
• The citizens of some nations may face additional hurdles.

A U.S.-based bank account can help you pay bills, get a U.S.-based ATM and debit card, receive funds via direct deposit, and more easily transfer money using apps like Venmo, which only works for people physically located in the U.S. with a U.S. phone number.

While you can open an account, the rules are different for non-citizens due to federal regulations. According to the U.S. government, foreign individuals wishing to open U.S. bank accounts can be divided into resident and non-resident aliens.

A non-resident alien is someone who:

• Isn't a non-U.S. citizen
• Isn't a lawful permanent resident of the U.S. during the calendar year and doesn't meet the substantial presence test .
• Hasn't been issued an alien registration receipt card, also known as a "green card."

According to the Federal Financial Institutions Examination Council (FFIEC), non-resident alien banking system deposits in the U.S. range from hundreds of billions of dollars to about $1 trillion.

But banks and credit unions must follow stricter guidelines when verifying the identity of a non-American account applicant, whether you're an international student, business owner, or H1-B visa holder.

If you're a legal permanent resident, though, it will probably take you the same amount of time to open your account as a citizen.

The laws governing bank accounts for foreigners are federal, but their application is local. Banks and credit unions have different document requirements and processes for non-American citizens who open accounts. Check in advance about what's required before you begin the process, especially since you'll almost certainly be applying in person at a brick-and-mortar location.

The bank or credit union is required to gather proof of the following from you:

• Identification number of some type

Validating documents provide the proof necessary, as explained further below. You'll have to bring originals because photocopies are not accepted. In addition, many banks and credit unions may require a minimum deposit to open an account.

Applicants for a bank account need to show photo identification. This must be an unexpired government-issued identification that shows your nationality or residence. The identification must have a photograph. For U.S. citizens, this could be a driver's license or passport. For non-U.S. citizens, options could include:

• A valid foreign passport
• Alien identification number from a green card
• Border Crossing Card-DSP-150, with photo
• Other U.S. Visa
• Consular identification (CID) card
• Other government-issued ID from your home country, as long as it includes a photo and shows proof of your nationality

You should bring proof of your current U.S. address, such as a utility bill with your name and address or a letter addressed to you. If you're a student or employed, you might bring documents regarding your workplace. For example, some credit unions only allow you to join if you live or work in the credit union's service area.

You can open an account that does not pay any interest if you don't yet have a Social Security number (SSN) or individual taxpayer identification number (ITIN) . But you must pay U.S. taxes on any earnings if you want to earn interest. Certain resident and  nonresident aliens  unable to obtain Social Security numbers may file IRS form W-7 to get an ITIN.

Some banks may also require you to bring your home country's tax ID or federal ID number to open an account.

Most nonresident aliens need to walk into a bank branch in order to open an account. Even if you're able to begin opening your account online, you'll probably be required to appear in person to complete your application. Heightened post-2001 security led to the near-elimination of online applications for foreign accounts, due to the fear of terrorism-related money laundering. That makes it difficult to apply to many online-only banks.

Minimum deposits vary by institution but are usually modest. Some initial bank deposits range between $5 and $50, while others have higher requirements. It all depends on where you bank.

Some newcomers may face additional challenges depending on their nationality, immigration status, income source, or the financial services they want to perform. You may go through other requirements, or your account may be flagged as higher risk due to the following:

• Your home country
• Your job—for example, any non-U.S. government responsibilities, authority, or influence
• Banking products and services used, or unusual account activity
• Forms of identification you provide
• Your sources of wealth and funds

Some nations and their citizens are subject to special Office of Foreign Assets Control requirements. For example, certain Cuban nationals in the U.S. with a non-immigrant status might be able to open a bank account. But the Cuban national could only use the account while in the U.S. The person could not access the U.S. account to make and receive certain payments if visiting or residing in Cuba. This rule helps the U.S. bank observe sanctions against Cuba.

As another example, an international student might need to bring proof of identification and U.S. immigration status, a university identification card, letter of enrollment, and government identification documents. Even with these documents, you may find that only larger or university-affiliated institutions will accept your account application.

Can I Open a Bank Account Without SSN or ITIN?

Opening a bank account without a Social Security number (SSN) or individual taxpayer identification number (ITIN) may be possible. However, if you get a bank account that pays interest (such as a high-yield savings account or interest-earning checking account), you will need an ITIN. Any interest you earn is subject to U.S. taxes—even if it's just $10.

Can I Open an Online Bank Account if I'm Not a U.S. Citizen?

Due to federal regulations and internal bank policies, you may find it difficult to open an account with an online bank if you're a non-resident alien. The online bank may only open accounts for citizens or legal permanent residents in the United States with proof of a U.S. street address.

Can a Tourist Open a U.S. Bank Account?

It may be possible to open a U.S. bank account, but much depends on the bank's policies and any background checks. A bank might require you to have a U.S. physical address to open an account. Be sure to call or ask in advance, then visit the bank branch in person. Bring any required documentation such as a tourist visa, a type of nonimmigrant visa for people who wish to temporarily enter the U.S—usually for business, medical reasons, or vacation. You may find it easier to open a U.S. bank account with a multinational financial institution .

Investopedia / Yurle Villegas

Opening a bank account as a foreign national involves more effort, and perhaps more stress, especially for those who lack resident-alien status.

If you're still living in your home country, consider seeking out a U.S-based multinational bank that has branches where you live and opening an account with them before you leave. Such a move at a foreign branch bank provides international applicants with the opportunity to build up a business relationship with the institution that should simplify applying for a U.S. account at one of its branches in the U.S.

Venmo. " Requirements ."

FFIEC Bank Secrecy Act/Anti-Money Laundering InfoBase. " Risks Associated With Money Laundering and Terrorist Financing: Nonresident Aliens and Foreign Individuals—Overview ."

Help with My Bank.gov. " I Want to Open a New Account. What Type(s) of Identification Do I Have to Present to the Bank? "

Code of Federal Regulations. " 1020.220 Customer Identification Program Requirements for Banks ."

Internal Revenue Service. " Topic No. 857 Individual Taxpayer Identification Number (ITIN) ."

Federal Financial Institutions Examination Council. " Politically Exposed Persons ."

Office of Foreign Assets Control. " May U.S. Banks Open and Operate Accounts for Cuban Nationals Lawfully Present in the United States? "

NYU Wagner. " How Can I Open a Bank Account as an International Student? "

Consumer Financial Protection Bureau. " Checklist for Opening a Bank or Credit Union Account ." Page 2.

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For the vast majority of consumers, a bank account is one of the basic tools for financial security. But accessing something as essential as a bank account can be a challenge when you don’t have a Social Security number.

Without a bank account, non-U.S. citizens face a range of serious difficulties in managing their finances, including figuring out how to keep their money safe and how to avoid high fees for check-cashing services.

Fortunately, it is possible for non-U.S. citizens to open a checking account or savings account to prevent these issues, though it involves a bit more legwork and documentation than for U.S. citizens.

Key takeaways

• Non-U.S. citizens can open bank accounts in the U.S., but may need to go through extra steps, especially if they’re nonresidents.
• Some banks and credit unions accept alternative forms of identification, such as an Individual Taxpayer Identification Number (ITIN), for non-U.S. citizens to open accounts.
• Opening a bank account can provide benefits such as lower fees, extra protection for your money and opportunities to build credit.

Can a foreigner open a bank account in the U.S.?

While the process might be more complex than it is for U.S. citizens, it’s entirely possible for non-U.S. citizens to open a bank account.

One of the main challenges for non-U.S. citizens when opening a bank account is the requirement of legal status. To open a traditional checking or savings account, you typically need a valid U.S. visa or permanent residency status. This requirement aims to ensure that account holders have a legal presence in the country.

If you’re neither a U.S. citizen nor resident, you can still open a U.S. bank account, but your options may be more limited and you’ll likely need to go through a few more steps, including submitting extra documentation and potentially undergoing an interview. You may also need to provide a U.S. address — such as that of a friend or relative who resides in the U.S. — so the bank has somewhere to send important notices and correspondences.

Required documents

To open an account, a bank or credit union needs to know it’s really you. It’s part of the U.S. government’s customer identification program, which sets the standards for how financial institutions should confirm their customers’ identities.

Verifying your identity will be different depending on the bank or credit union, but it typically involves providing the following:

Many consumers are accustomed to doing many tasks online, including opening a bank account, but non-U.S. citizens will likely find that’s not possible.

“Online account opening systems do not work well with individuals without (a Social Security number), due to the nature of identifying questions,” says Rebecca Morris Hoeft, CEO and founder of St. Paul, Minnesota-based Morris Hoeft Group.

As such, non-U.S. citizens will likely need to go to a branch to open a bank account.

Alternative identification options

For a nonresident or noncitizen without a Social Security number, there are other options including. Often, you may need to provide one or more of the following to verify your identity:

• A passport number and country of issuance
• An alien identification number
• Visa or other U.S. immigration documents
• Driver’s license with photo
• School ID with photo
• U.S. Employment Authorization Card with photo.

Non-U.S. citizens can apply for an ITIN, which is one of the most commonly used alternative forms of identification.

How to get an ITIN

An ITIN can be obtained by applying through the IRS. With one of these numbers, noncitizens are able to file their taxes. An ITIN doesn’t authorize someone to work in the U.S. and is used solely for tax reporting purposes. Getting an ITIN requires completion of Form W-7 .

Mail the completed Form W-7 to the IRS, along with proof of identity and foreign status documents to:

Internal Revenue Service Austin Service Center ITIN Operation P.O. Box 149342 Austin, TX 78714-9342

If you prefer not to mail the forms, you can take the form to an IRS-authorized certifying acceptance agent .

The IRS issues ITINs through the mail, but it’s not a speedy process. Approval typically takes about seven weeks or more.

The benefits of opening a bank account

Filling out forms, going to an agent’s office and waiting for nearly two months may sound like a hassle, but the benefits of a bank account outweigh those troubles.

Some ways that bank accounts help consumers manage their money include:

• Lower fees: Without a checking account, cashing checks has to be done through check-cashing services or prepaid debit cards, which often charge high fees.
• Extra protection: Storing money in a bank account is much safer than keeping it in a drawer. Banks and credit unions offer federal deposit insurance up to $250,000 per depositor, per insured bank, per ownership category.
• Saving for the future: With a high-yield savings account , consumers can practice good habits for building up their wealth over time and staying prepared for emergencies. Savings accounts usually only allow for six withdrawals each month under Regulation D (in April 2020, the Federal Reserve removed the limit to provide consumers increased access to funds, but many banks today still enforce Reg D).
• Credit-building opportunities: Establishing a good banking history can provide a gateway to larger life goals such as buying a car or owning a home.

Banks and credit unions that accept alternative IDs

At first glance, many bank websites would seem to indicate that none of them accept alternative IDs. Though many of the biggest banks list a Social Security number as a requirement on their websites, it may only be necessary for opening an account online.

In some cases, banks will assist if you are missing a piece of information. Appointments can be scheduled with many big banks that accept an ITIN instead of a Social Security Number online, including:

• Bank of America – Online Appointments
• PNC Bank – Online Appointments
• Chase – Online Appointments
• Citibank – Online Appointments

Some credit unions also accept alternative IDs. DC Credit Union, Washington, for example, offers a SAFE Checking Account, specifically for non-U.S. citizens. Because the account earns no interest, it doesn’t require a tax ID number — only a foreign ID.

Another option for non-U.S. citizens to consider is a Bank On account , offered as part of the banking industry’s push to welcome unbanked customers. In addition to having low fees and no overdraft fees, one of the standards Bank On lists as “strongly recommended” is that participating banks and credit unions accept alternative IDs.

But the acceptance of an ITIN or foreign ID to open an account isn’t the only point that matters for non-U.S. citizens. It’s also important to compare fees and minimum balance requirements attached to those accounts. Read Bankrate’s guide to avoiding bank fees to avoid paying too much money to stash and manage your cash.

Bottom line

The banking industry’s traditional identification requirements may seem like a barrier to non-U.S. citizens when trying to open a bank account, but numerous banks and credit unions accept alternative forms of ID to make it easier. Though obtaining an ITIN does mean some extra work, the ability to open a checking account and savings account — and in some cases, apply for a home loan — can make a meaningful difference in achieving financial security.

–Freelance writer David McMillin contributed to a previous version of this article.

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Opening up a bank account while abroad: Everything U.S. citizens need to know

How Foreigners Can Open Bank Accounts in the US

Written by True Tamplin, BSc, CEPF®

Reviewed by subject matter experts.

Updated on September 08, 2023

Get Any Financial Question Answered

Table of contents, understanding the us banking system.

The U.S. banking system, recognized globally for its robustness, security, and wide array of services, plays a critical role not only in the domestic economy but also in the international financial landscape.

This system garners substantial interest from abroad, allowing foreigners—even those not residing in the U.S.—to open a bank account.

These accounts offer seamless transaction capabilities on U.S. soil, avenues for investment in U.S. markets, and access to top-tier banking services.

Benefits for foreign account holders include easier transactions with U.S. businesses, accessibility to American financial products, and efficient management of U.S. income.

It can also simplify the process of acquiring U.S. property or establishing a U.S.-based business, offering superior banking services compared to some home countries.

Eligibility Criteria for Foreigners to Open a US Bank Account

Required age.

In general, you must be at least 18 years old to open a bank account. Some banks, however, offer accounts to minors with a parent or guardian as a co-owner.

It's important to check the specific age requirements at the bank of your choice since these policies can differ from one institution to another.

Required Documentation

Most U.S. banks will ask for some form of identification, such as a passport. Additionally, some banks may ask for a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).

If you don't have an SSN, which is common for non-residents, some banks may still allow you to open an account with an ITIN or other forms of identification.

Occasionally, these banks may ask for a second form of ID, like a driver’s license or credit card from your home country.

Residency Requirements

While many banks require a U.S. address, this isn't universal. Some banks will allow foreigners to use an international address, although this may limit your options for online banking or the types of accounts you can open.

It's essential to review these details before selecting a bank to ensure that the bank's policies align with your circumstances.

Step-By-Step Process for Opening a US Bank Account as a Foreigner

Select the right bank, local banks vs national banks.

Local banks often offer personalized services and can be more flexible with their requirements, which may be beneficial for non-residents. National banks, on the other hand, typically have more resources and offer a wider range of services and account types.

It's crucial to weigh the pros and cons of each to decide which type of bank best suits your needs.

Online Banks

Online banks are becoming increasingly popular due to their convenience and often lower fees. However, many online banks have strict residency requirements, so it's essential to check their policies.

If eligible, online banking can be a convenient option, especially for those living overseas who may not be able to regularly visit a physical branch.

Understand Account Types

There are several types of bank accounts you can open, but the most common are checking and savings accounts.

Checking accounts are designed for daily transactions, such as paying bills or making purchases, while savings accounts offer a place to store money and earn interest over time.

Choosing the right type of account largely depends on your financial goals and the type of access you need to your funds .

Gather Necessary Documentation

Identification documents.

You'll typically need a valid passport and another form of ID, such as a driver's license. Some banks may also require a document proving your address. Ensuring you have the right documentation ready can expedite the account opening process.

Proof of Address

Banks typically require proof of address, which can be difficult for non-residents. However, some banks may accept a foreign address, or an affidavit of residence.

The requirements can vary significantly from bank to bank, so it's beneficial to inquire directly with your chosen bank about what they will accept as proof of address.

Immigration Status

While not all banks require this, some may ask for a visa or other proof of legal immigration status. This requirement is often determined by the bank's policies and federal regulations, so it's crucial to inquire about this beforehand.

Tax Identification Number

An ITIN can serve in place of an SSN for tax purposes, and some banks may allow you to use this to open an account. It's worth noting that obtaining an ITIN can be a process in and of itself, so plan accordingly if you choose to go this route.

Apply for the Account

Some banks require foreigners to apply for an account in person. This means you'll need to visit a branch with your documentation.

While this may seem inconvenient, especially if you are not currently in the U.S., some people find value in the personalized assistance that can come with an in-person visit.

Some banks offer online applications, which can be more convenient, especially if you don't live in the U.S. Make sure to check if the bank offers this option and what the requirements are. Online application processes can often be quicker and allow for easier document submission.

Meet the Minimum Deposit Requirements

Most bank accounts require an initial deposit to open the account. This amount can vary widely depending on the bank and account type. Understanding these requirements in advance can help you avoid unexpected surprises and prepare your funds accordingly.

Common Challenges and Solutions for Foreigners Opening a US Bank Account

Obtaining a social security number or itin.

The lack of an SSN or ITIN can make opening a bank account more complicated, but not impossible. Some banks accept other forms of identification, and you can also apply for an ITIN if you're ineligible for an SSN.

In addition, there are often resources available to help you understand and navigate this process.

Securing a US Residential Address

Providing a U.S. residential address can be tricky for non-residents. However, some banks may accept a foreign address or allow you to use a P.O. Box or the address of a friend or relative.

Understanding this requirement can help you plan accordingly and explore possible solutions.

Meeting Initial Deposit Requirements

You'll likely need to make an initial deposit to open your account. If you're opening an account from abroad, you'll need to consider exchange rates and international transfer fees.

This may influence how much money you initially transfer to your new account, and when you choose to make this transfer.

Alternatives to Traditional US Bank Accounts

International bank accounts.

Some international banks offer accounts that allow you to hold funds in U.S. dollars. This can be a convenient option if such a bank operates in your home country. In addition, these banks often have global customer service and can assist with international financial needs.

Digital Bank Accounts

Some digital banks, or "neobanks," specialize in providing services to non-residents or people who frequently travel internationally. These banks often have less stringent requirements and can provide a practical alternative to traditional banking.

Plus, their digital-first nature can make accessing and managing your money a seamless experience, regardless of where you are in the world.

Prepaid Debit Cards

Prepaid debit cards can be a useful tool for making transactions in U.S. dollars. While they don't offer all the services of a traditional bank account, they do provide a way to pay bills or make purchases in the U.S.

Plus, they are often available to individuals regardless of their residency status or credit history.

Important Tips and Considerations

Importance of maintaining good banking history.

Maintaining a positive banking history, such as avoiding overdrafts, can make it easier to open future accounts or apply for credit. In fact, a good banking history can often be a positive factor when applying for loans or other forms of credit in the U.S.

Tax Obligations

Having a U.S. bank account could have tax implications, so it's important to consult with a tax professional who is familiar with both U.S. and international tax laws.

Understanding potential tax obligations can help you avoid unexpected liabilities and comply with all relevant laws and regulations.

Currency Exchange Rates and Fees

Keep in mind that you'll be dealing with currency exchange whenever you transfer money to and from your U.S. account. Exchange rates fluctuate and can affect the value of your money, and banks may charge fees for currency conversion.

It's wise to be aware of these rates and fees, and potentially explore ways to minimize their impact on your funds.

Bottom Line

Foreigners can indeed open bank accounts in the U.S., an opportunity that provides myriad benefits such as seamless transactions, access to U.S. investment avenues, and efficient management of U.S. income.

While it does involve navigating some specific eligibility criteria such as age, documentation, and residency requirements, the process can be made smooth with the right information.

Overcoming common challenges such as securing a U.S. address, obtaining an SSN or ITIN, and meeting initial deposit requirements is feasible with careful planning and proper resources.

Additionally, there are alternatives to traditional U.S. bank accounts, such as international bank accounts, digital bank accounts, and prepaid debit cards.

Lastly, keeping an eye on one's banking history, understanding potential tax implications, and being aware of currency exchange rates and fees can go a long way in managing the bank account effectively.

How Foreigners Can Open Bank Accounts in the US FAQs

What is the eligibility for foreigners to open a u.s. bank account.

Foreigners generally need to be at least 18, provide identification, potentially an SSN or ITIN, and sometimes a U.S. address to open a U.S. bank account.

What is the process of opening a U.S. bank account as a foreigner?

The process includes choosing the right bank, understanding different account types, gathering necessary documents, applying (in-person or online), and meeting the minimum deposit.

What challenges can foreigners face when opening a U.S. bank account?

Common challenges include the lack of an SSN or ITIN, providing a U.S. residential address, and meeting initial deposit requirements.

What are alternatives to opening a traditional U.S. bank account for foreigners?

Alternatives include international bank accounts, digital bank accounts, and prepaid debit cards.

What are some important considerations for foreigners opening a U.S. bank account?

It's important to maintain a good banking history, understand potential tax obligations, and be aware of currency exchange rates and fees.

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide , a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University , where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon , Nasdaq and Forbes .

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Personal Finance

How to open a bank account as a non us citizen.

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Having a bank account makes life easier in all kinds of ways, whether you need to make regular deposits or withdrawals or want an account you can use to pay bills. A bank account also makes it considerably easier to save money for a rainy day or for the future, and all while earning interest on your deposits and protecting your money.

If you're not a U.S. citizen, you may believe you are barred from opening an account with a U.S. financial institution. However, this is not the case at all. You absolutely have the right to open an account provided you can prove, with supporting documentation, your identity and where you live.

Benefits of opening a bank account

Why should non-citizens (and everyone else) have their own bank account? While Federal Reserve data shows 6% of adults were "unbanked" without an account of their own in 2022, there are numerous benefits that come with using a traditional bank or credit union over alternative banking options.

Most banking alternatives come with considerable fees that can make them expensive to use. If you opt for prepaid debit cards over a traditional bank account, for example, you may get stuck paying fees for every transaction, fees to check your balance, and even more fees for every withdrawal you make.

Build important financial habits

Having a bank account positions you to learn financial habits that can benefit you in the future. For example, you'll learn how to monitor purchases and keep track of the balances you have over time.

Build relationships

A bank account with a traditional bank or credit union can help you build a financial history that can benefit you if you ever need to apply for a loan or access other financial products.

Gain financial protection

Banks offer Federal Deposit Insurance Corporation (FDIC) insurance on balances up to $250,000 per depositor, and credit unions offer similar coverage from the National Credit Union Association (NCUA). This means you won't lose funds, up to the $250,000 cap, if the bank fails or has a financial crisis.

Get your own debit card

Having a checking account typically means a free debit card is included. This makes it easier to shop for purchases online or when you're out and about. You may also be able to withdraw money without any fees from the ATM network through which your bank operates.

Have paychecks automatically deposited

Having a bank account means you can have your paycheck directly deposited into your account, often faster than you would get it otherwise. For example, many checking accounts promise you'll get paid a few days sooner with direct deposit.

Online bill pay

Most traditional bank accounts offer online bill pay that makes it easy to set up bills for payment without writing checks or delivering the money. This can save you time and help you stay on top of your finances..

Requirements for opening a bank account

While you don't have to be a U.S. citizen to open a bank account with a range of U.S. financial institutions, you do have to be able to prove who you are and where you live. This is true for anyone who wants to open a bank account, not just non-citizens.

In fact, Section 326 of the USA-PATRIOT Act requires banks, thrifts and credit unions to identify a customer who opens an account. Financial institutions are also required to establish a "Customer Identification Program" (CIP) as part of their Bank Secrecy Act compliance procedures, according to the FDIC .

Requirements to open a bank account include being at least 18 years of age (in most cases) and providing the following:

• Contact information: Opening an account requires you to supply your name, address and phone number.
• Identification: Be able to supply at least two forms of government-issued identification, such as a passport or a driver's license.
• Opening deposit: Some bank accounts let you get started with as little as $25; others let you open a bank account with a $0 starting balance.
• Social Security number (SSN) or ITIN: Non-citiizens who meet requirements can apply for an ITIN by filing the Form W-7, Application for IRS Individual Taxpayer Identification Number (ITIN) with the Internal Revenue Service (IRS) and following the directions here .
• Utility bill with name: A utility bill with your name and address helps prove where you live.

Alternatives for identification

The alternatives you can use for identification as a non-resident of the U.S. vary from one bank to the next, along with other requirements. For example, some banks only require U.S. citizens to apply for a bank account with an ITIN if they were issued one, whereas others won't let you open an account without one.

If you're a non-citizen hoping to open a bank account, it can help to compare banks and their requirements to get started. As an example, Chase Bank lists the following forms of identification that can help anyone (including citizens and non-citizens) open a bank account:

• Driver’s license with photo.
• Matricula Consular Card.
• Passport with photo.
• Student ID with photo.
• U.S. Employment Authorization Card with photo.

Bank of America is even more specific when it comes to the identification non-citizens need to open one of their accounts. The institution says applicants will need two forms of identification from the following lists:

Primary ID options:

• Foreign passport with or without passport visa (with photo).
• U.S. Non Immigrant visa and Border Crossing Card-DSP-150 (with photo).
• Mexican, Guatemalan, Dominican, Colombian consular ID (with photo).
• Canadian Citizenship Certificate Card (with photo).

Secondary ID options:

• Foreign driver's license with photo or U.S. driver's license.
• U.S.-issued employment/work ID card or badge.
• Debit or major credit card with Visa® or Mastercard® logo.
• Major retail credit card from a nationally well-known company.
• U.S. Department of State Diplomat ID.
• Mexican voter registration card (with photo).

Alternative accounts for non-citizens

If you don't have the documentation required to open a U.S. bank account or you decide not to, you can still manage your finances and pay bills. You'll just have to do so with one of the following alternatives:

• Maintaining a bank account in your home country: You may be able to manage your finances using your bank account from home, especially if your bank offers online account management. That said, you will likely encounter challenges when it comes to cashing checks, making deposits, and paying bills.
• Opening an overseas bank account: You can also open an offshore bank account. However, minimum deposit and income requirements for these accounts can be on the high side.
• Alternative banking apps: Some banking apps make it easy for non-citizens to open an account without a Social Security number. An example is the Revolut app, which lets users pay bills and manage money after providing alternative ID options.

Banks and credit unions that accept alternative IDs

Some banks and credit unions advertise the fact that they accept alternative IDs to open an account. Others may also permit this if you inquire.

Here are some (but not all) of the banks and credit unions that make it easier to open an account as a non-citizen:

TIME Stamp: Non-citizens can get a bank account with proper documents

If you have heard that non-citizens can't get a U.S. bank account, we hope we've proved that this isn't the case. Non-U.S. citizens, including permanent residents and international students, can get a bank account with major financial institutions if they reside in the U.S. and provide proper documentation.

Taking the steps to open an account as a non-citizen will definitely be worth it due to the benefits that come with having a bank account to pay bills and grow savings. The choice is yours when it comes to which bank to use.

Frequently asked questions (FAQs)

How do i open an international bank account.

Requirements to open an international bank account vary. For example, you'll typically need to provide information such as your employment, income and tax details, proof of identification, bank statements or utility bills to prove where you live and more.

Can I open a bank account without a SSN?

You can likely open a U.S. bank account without an SSN if you meet other requirements, which may include the requirement to have an Individual Taxpayer Identification Number (ITIN) instead.

Which U.S. banks don’t require a SSN?

Some U.S. banks that don't require an SSN to open an account include Bank of America, Alliant Credit Union, Axos Bank. Revolut, a neobank that offers banking services, also doesn’t require one.

The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.

Who can open a bank account?

• Basic requirements
• Additional requirements

Opening an account online vs. in-person

What do you need to open a bank account.

Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.

• Some banks check your criminal record and citizenship before allowing you to open an account.
• You'll need a government-issued ID and proof of address to open a bank account.
• You may need extra documentation if you're under 18 or opening a student account.

To open any type of bank account, you'll need to provide basic information about yourself and in some cases an initial deposit. You also may need a few extra documents if you're opening a teen checking account or student bank account.

You generally must be 18 to open a bank account in the U.S., although you can open one if a parent or guardian co-owns the account.

Some institutions will turn you away if you have a criminal record or aren't a U.S. citizen, and others may reject you if you have a history of overdrafts or other negative activity with your previous bank.

Not all banks have the same eligibility requirements. If you find out you can't open an account with one bank, don't give up — keep looking.

If you do not have a Social Security number or U.S. ID to open a bank account, there are banks that permit immigrants and non-U.S. citizens to open an account . You may find an option near where you live.

If you've struggled to open a bank account due to a negative banking history, the best second chance checking accounts may be worth exploring.

Second chance banking does not use ChexSystems to review your banking history. Hence, you open a second chance bank account regardless of what your banking history looks like.

Basic requirements for opening a bank account

Having the following documents ready can help you prepare for bank account opening.

A government-issued ID

You'll need a driver's license, passport, or military ID to open an account.

If you don't have any of these documents and aren't ready to take a driving test, visit the Department of Motor Vehicles (DMV) to get a state-issued ID. It's similar to a driver's license card, except it doesn't authorize you to drive — it's just a tool for identifying yourself.

Social Security number (SSN) or Individual Tax Identification Number (ITIN)

If you're a U.S. citizen, bring your Social Security card to the bank or have it handy if you're applying online. If you're a non-U.S. citizen, bring proof of your ITIN.

If you don't have either, you can either order a replacement SSN card or apply for an ITIN online .

Proof of address

Bring a recent piece of mail with you that contains your home address, such as a utility bill or a bank statement from your current financial institution.

Opening deposit

Not all banks require an initial deposit to open an account, but some may ask for a deposit ranging from $5 to $100.

Be ready with cash or a check to make the deposit. You can also transfer money from another bank to your new account, but the other bank may charge a common bank fee for this activity.

Additional requirements if you're under 18, a student, or opening a joint account

A parent or guardian if you're under age 18.

You must be at least 18 years old to open a bank account on your own. You can open a bank account for a minor , but you must bring a parent or guardian with the necessary documentation to open the account with you.

Proof of enrollment if you're a student

Student bank accounts often come with extra perks, such as cash bonuses or waived monthly fees. You should bring proof of enrollment, like a school transcript, and your student ID.

Information for both people if you're opening a joint account

If you're opening a joint bank account , you'll need all the necessary documentation for both people.

Opening an account online is pretty similar to doing it in person — you just don't have to make the trip.

You'll still need all the same documentation to apply for a new bank account. An online application will likely have a way for you to scan or submit pictures of necessary documents. You can't make your opening deposit in cash, however, so the easiest way is to transfer money from another bank account.

If you are missing any of the documents needed to apply online, want to deposit cash or a check into the account, or you have banking questions, an in-person visit may be better.

Bank account opening FAQs

Yes, you can use an Individual Taxpayer Identification Number (ITIN). Some banks may permit other forms of identification, like a Matricula Consular.

Common documentation for a bank account opening includes a driver's license, passport, military ID, or state-issued identification card.

The minimum opening deposit required to open an account may vary from $0 to $100.

Certain banks allow non-residents to open accounts online but may require additional documentation.

Filling out an online application can save you a trip to a physical bank branch. However, if you are missing any of the necessary documents to apply online or you have banking questions, an in-person visit may be worth it.

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Which Countries Allow Foreigners to Open Bank Accounts?

The most obvious countries that allow foreign citizens to open bank accounts also have strong economies and financial stability. Still, if you plan to open a bank account in a foreign country, you should know which ones allow – under strict rules and regulations – foreigners to apply for a bank account. Or, depending on your needs, you can opt for an online banking solution that enables you to open a payment account and make local and international money transfers among other services.  

The most important thing is that you do your homework. Consider the pros and cons of online banking vs. offline banking , and generally, ask around before opening an account in a developed foreign country. To make your life easier, we’ve gathered a few examples of European countries that allow foreigners to open bank accounts and what you should know about them.

Opening a Bank Account in Germany

Opening a bank account in Germany is a straightforward process once you are familiar with all the steps and paperwork necessary before entering the bank. The most important thing to remember is that you must have a residence permit, called Aufenthaltserlaubnis . The rule does not apply to the European Union (EU) citizens, who enjoy unrestricted freedom of movement in Germany. But even EU citizens must announce their residence in the country if their stay duration is longer than two months: this is called an Anmeldung . 

The Anmeldung is necessary for all residents of Germany, either foreign or nationals. Depending on the German Bundesland where you reside, the Anmeldung is done at the Bürgeramt, Rathaus, or Kreisverwaltung (sometimes Kreisverwaltungsreferat). The legal body will give you a paper with your name, address, and date of registration.

German banks will also require your passport or other forms of identification, proof of employment with payslips, and sometimes a letter from your employer justifying your need to open a bank account. 

Before opening your account, most banks will either request your SCHUFA credit rating or perform a SCHUFA credit check upon agreement when you sign your bank account application form. The application form will include your name, date of birth, place of birth, nationality, address in your home country, and so on. Some German banks may require an initial deposit too.

If you plan to move to Germany and you want to be prepared to receive payments, pay bills, or buy insurance, you can open an online-only account and make the transition to a standard account later – if needed. 

Opening a Bank Account in Italy

Foreign nationals residing in the country can open a bank account in Italy, just like the local citizens. Even foreigners not living in Italy can open bank accounts called conto non residenti or conto estero . 

If you want to open a bank account in Italy and are a resident, you need an identity document (identity card or passport), proof of residence, proof of employment or self-employment with documents like employment contract and proof of income, and your tax code ( codice fiscale ).  

Opening a Bank Account in Ireland

Opening a bank account in Ireland can be a bit more challenging than in other countries because of their strict banking regulations. As a foreigner, you should consider different forms of accessing your cash – eventually with your credit card from your home country – because the process of opening an account in Ireland can be somewhat time-consuming. 

As always, you will need a form of identification: a passport is the only one accepted for foreigners without an Irish driver’s license. 

You will need an address with two forms of your residing there – like utility bills, household insurance, health insurance, car insurance, rental agreement, or bank statements sent to your Irish address. Having an Irish phone number is mandatory too. 

Some banks may ask for your Personal Public Service (PPS) Number – the Irish equivalent to a social security number, which gives you access to your social welfare benefits and public services. The bank may require it if you are currently employed in Ireland and will receive your salary in your Irish bank account. 

Opening a Bank Account in the UK

You can open a bank account in the UK regardless of your country of citizenship or former country of residence. Every bank in the UK may ask for more or less documentation to allow a foreigner to open a bank account, and most of them require an initial deposit. 

The first thing you need is a valid proof of ID – usually, your passport, sometimes accompanied by a biometric residence permit. 

Then, collect some of the following original documents that will act as proof of address: utility bills, credit or bank statements sent to your current address, documents showing your UK National Insurance number, or the latest HM Revenue and Customs bill. All these documents should have been issued in the past three months and sent to your current UK address. 

Be sure to make an appointment and be fully prepared before you attend it. In busy cities such as London, Edinburgh, and Manchester you can expect waiting times of up to two weeks to open a bank account. 

Most European countries allow foreigners to open bank accounts. However, some banks tend to subject their international customers to all kinds of demands, especially for citizens coming from third-world countries. If you fall into this category, you should arm yourself with patience and the mindset to face them. Listing double proof of identity, notarized or certified documents, mandatory local employment, exorbitant account startup funds, and crippling tax regulations are only some of the requirements. 

Whether you live in a European country or are planning to migrate to one, know that you can open a domestic bank account, or opt for the online alternative. The important part is that you’re always covered. 

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How to Open a US Bank Account for Tourists – For Savings of Checks

The most popular banks of the US are Bank of America, Citibank, Chase Bank and Wells Fargo Bank. There are dozens of smaller banks, but because there are less branches and ATMs, they are considered less attractive for beginners.Check this out this short guide to learn how you can open a US bank account in the US if you are a traveler.

Table of Contents

How to open the savings and checking accounts in the US for tourists?

Different banks have different policies for working with clients; moreover, sometimes even in different branches of the same bank, some of the most typical services may be different depending on the qualifications of the staff. That is why using proper credit card service here is highly recommended.

A common condition for all banks is that in order to open an account, a person should ome to one of the bank’s branches in person. You need to have an ID proving your identity. For people who have come to the country only recently, such document is a foreign passport issued by their native country.

Accounts for tourists

If a person has entered the United States, then the US visa is stamped into the passport. It will become the second certifying document (the requirement to provide two documents with a photograph is quite standard for the US). Sometimes, it happens that the employees of the department do not accept the passport as a document, or do not accept the visa as a separate document, this is precisely the notorious human factor.

Thus, having arrived in the US as a tourist, a person can immediately open an account with a bank, having only a passport with a visa .

Some banks still require the provision of two documents confirming the American address of the person. This can be a contract for the rental of apartment and an agreement for Internet connection in the apartments, water and electricity bills, letters and similar documents in which the person’s name is associated with the address.

Types of accounts in US banks

The bank simultaneously opens two accounts: Checking and Savings.

Accounts in America work like this: you get a salary, it arrives to your Checking account. With this money you pay for rent and utilities, buy food and clothes, and so on. But you still have some amount that you want to save. You transfer it to your Savings account. Over time you will accumulate an amount sufficient to make a big purchase. Then you make this purchase by paying it off using the funds the Savings account.

The Savings account is considered safer than the Checking one, because a plastic card is not issued for it.

At the time of opening the accounts, a debit card is issued to the Checking account, which you will basically use in stores. You will be given a temporary card directly at the bank, and in a while (usually about a week) you will receive a permanent one by mail.

Last Updated on November 20, 2021

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How to Open an Australian Bank Account as a Non-Resident

When you think of opening a foreign bank account, Australia probably isn’t the first place that comes to mind. It’s not a classic offshore hub like the Cayman Islands or Vanuatu, nor is it a finance center like Singapore or Hong Kong.

However, Australian banking offers two primary benefits for its users – stability and ease of business. In fact, banking in Australia can be incredibly beneficial if you frequently visit the country or do business there.

If you’re interested in opening an Australian bank account, this article will give you a good overview of what to expect and how to go about navigating the process. 

Find out more about our offshore tax planning and banking strategies here .

Why Open an Australian Bank Account?

Although Australian banks aren’t the best banks in the world , they’re nowhere near the worst. In fact, a few of the largest banks in the country are among the world’s safest.

They don’t offer exciting interest rates or other unique banking benefits, but an Australian bank account is often a stable one, which can make it an attractive option if you tend to bank in less stable jurisdictions or if you simply want to diversify your assets.

Australian banking is also highly useful if you conduct any business down under.

If you have Australian employees or vendors, for instance, it might be easier to transfer them money from an Australian bank account than from a bank account in another country. Alternatively, you may plan to invest in Australia, and having an Australian bank account may make that process a bit easier.

Overall, an Australian bank account is like a dependable minivan. It’s not fun or glamorous in any sense, but it serves its purpose well.

How to Open an Australian Bank Account

If you want to open a bank account in Australia, then we have some good news – it’s rather easy to do so even as a non-resident.

In fact, thanks to Australian banking laws, you can even open an account if you don’t have an Australian address (provided you haven’t been in the country for more than six weeks).

The process to open an Australian bank account is also rather simple. To open an account, you only need to follow three simple steps.

1. Choose an Australian Bank

Before you arrive in Australia, you should take the time to research Australian banks to find one that meets your needs.

As with most overseas banks, larger banks will tend to be more open to non-residents than smaller ones due to the inherent risk involved in accepting foreigners.

Much like banks in the US , banks in Australia aren’t always very globally-minded. A tiny bank with a few branches around Melbourne likely won’t know what to do when it receives a non-resident application, but larger banks like the Commonwealth Bank of Australia have much more experience dealing with non-residents.

With most Australian banks that cater to non-residents, you can generally get the application process started online. This process usually is quite simple, but you should be sure to select the correct visa and residency status (tourist/ETA) on your application.

2. Travel to Australia

If your application is accepted, you will receive an invitation from the bank to come finalize your account and collect your Australian debit card.

This is the part of the process that requires some planning. Unless you’re based in Southeast Asia, simply getting to Australia is an ordeal in itself. Flights to Australia from Europe or the US are long and expensive, so you should book well in advance.

You should also allocate enough time to recover from the flight and open your account, and if you’re traveling from far away, you may as well give yourself time to actually enjoy the country.

Finally, as you plan your trip, you should ensure that you’re traveling to the correct city. During the application process, most banks will have you select a particular branch to visit, so when you plan your trip, you don’t want to hop off a 24-hour flight to Sydney only to discover that the branch you selected is across the country in Perth.

3. Open Your Australian Bank Account

After you arrive in Australia, you’ll then need to visit the bank you applied to in person to finalize your new bank account.

When you visit the bank, the process is rather easy. All you need is your passport – no proof of address or any other documents. They’ll likely ask you why you want to open the account, but simply telling them that you’re a frequent visitor or considering moving there will satisfy most banks.

Once you prove your identity and answer a few cursory questions, the bank will officially open your account, hand you your debit card, and grant you online banking access.

Tips for Opening a Bank Account in Australia

While the process for opening an Australian bank account is straightforward, you should keep a few things in mind as you’re opening an account.

Don’t Use an Australian Address

Unless you legitimately plan to move to Australia, then you shouldn’t use an Australian address to open your account – else you may inadvertently become an Australian tax resident.

The Australian Taxation Office (ATO) is on par with the IRS in terms of aggression – meaning that it will do everything in its power to rope you into the Australian tax net.

Therefore, if you open an Australian bank account with an Australian address, the ATO may decide that you’re an Australian tax resident and charge you accordingly.

Get a Local SIM Card

Like most banks around the world, Australian banks often require that users authenticate their information through their phone numbers, so you’ll likely need to provide an Australian number when you open your account.

Some banks may allow you to provide a foreign phone number, but they usually prefer to reach you on a local line. Since this phone number is essential to accessing your account, it’s worthwhile to take the extra time to grab a SIM card before you head to the bank.

Make Sure It’s Worth Your Time

One of the things that we frequently warn against is collecting shiny things for the sake of having them.

Although the process of opening an Australian bank account isn’t too difficult, traveling there costs time and money. You should therefore check your intentions before you apply to be a customer at an Australian bank.

That intention can be as simple as “I’ve always wanted to visit Australia, and opening a bank account there seems like a good way to diversify my assets.” 

However, you shouldn’t go through the trouble of taking a 20+ hour flight if you have no desire to visit and no specific reason to open an Australian bank account.

Although opening a foreign bank account in Australia isn’t the right choice for everyone, it can be highly useful if you do business in the country or if you’re seeking a stable banking jurisdiction.

Plus, the process is quite easy – once you complete your online application, you merely need to show up at the bank, prove your identity, and collect your new debit card.

As always, however, Australian banking isn’t the right choice for everyone – particularly given the travel requirement.

If you’re wondering whether opening an Australian or other foreign bank account is right for you, feel free to reach out .

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How to Open a Thai Bank Account: Choices, Requirements, Reader Experiences

If you're working, retiring, or frequenting Thailand then it makes sense to have a bank account.

Because using foreign credit and debit cards involves high fees, on top of local ATM charges. And then there's the frustration of cards being rejected by ATMs.

Opening a Thai bank account isn't the same process at every bank. There are different requirements for each. I tried at least five different branches of different bank brands before I had success in opening an account.

What struck me was that quite often the bank staff cited different requirements to that on the bank's website.

When I did cite the requirements stated on the website, I was told that “things had changed”, or “the manager said…”

So I figured others must be struggling too and decided to write this article to help other foreign nationals, like you.

My Current Banking Arrangements

My thai bank account.

Since writing the first version of this post, hundreds of people have reported their experiences of opening bank accounts in Thailand, making this post a solid resource for others wanting to do the same.

I still bank with Bangkok Bank, with a debit card, with access to Bualang online banking .

The online banking was set up for me at the ATM of the branch where I opened the account.

The ATM card was issued on the spot, for a 300 Baht fee, and I've had to replace it once due to wear and tear.

Transferring Money

I now regularly transfer money to my Thai bank account via Wise.  This is an international money transfer service, and usually the cheapest option.

Using this means I can avoid the sending and receiving bank charges and inflated currency conversion fees involved in money transfer.

It feels so good to beat the banks!

+ Read more about that here

Multi-Currency Account

I also have a Wise account, which, by the way, is a great option if you don't want to open a Thai bank account, or need a pre-move banking solution until you are able to set one up.

This account lets me hold money in different currencies (GBP, USD, Euros, whatever) and then convert the money to THB whenever I like. I can do this at a time when the exchange rate is favorable.

Or, I can allow the currency conversion to take place in real time as I spend money in Thailand on the debit card (MasterCard), which is issued with the account.

If you are someone who has a regular income paid in a one or more currencies, this is a good solution for getting paid into an account that you can readily access in Thailand.

+ More on this type of account here

So I have my Bangkok Bank card, my TW Borderless card, and my home bank cards – which I never really use.

How to Open a Thai Bank Account

Things are a hell of a lot easier in Thailand when you have a Thai ATM card and an account to transfer money into.

But despite the permission to stay you have, be it a retirement visa, work permit, or Non Immigrant O Visa based on marriage, opening a bank account can be frustrating.

Indeed, I've heard from people on tourist visas who've had less hassle opening an account than someone on a long-stay visa who is married to a Thai national.

So before you trudge around town and get frustrated as hell, read this post and see which bank is most likely to work best for your situation.

What you'll find below is the requirements for each bank, and a summary of reader experiences reported in the comments section.

Since starting this post many moons ago, it seems that the overwhelming consensus is that Bangkok Bank is the most friendly bank when it comes to opening accounts for foreigners.

The easiest, however, may very well be K-Bank, depending on the branch.

There's a bit of a gap in 2019/20, where, because of COVID-19 not many foreign nationals were opening bank accounts, but you'll see some recent experiences starting in late 2021 and some new ones for 2022.

1. Bangkok Bank

Requirements:.

• Passport and one other official identification document: for example, a reference letter from your embassy, your home bank or a person acceptable to the bank.
• You will also need to provide evidence of your address in Thailand as well as your regular address in your home country.
• UPDATE: In some cases Bangkok Bank is now asking for a certified letter from your Embassy. This letter must state that you have presented your passport to the Embassy, and that it is indeed your passport. Depending on the Embassy cost will be between 1150-1750 Baht)

If you have a work permit, are a permanent resident, or hold a long-stay visa, you can apply for a wider range of services such as a cheque account, internet banking and online international funds transfer services.

I opened my account with my passport, Non Immigrant O visa and my driver's license. This got me internet banking too. This was done at the Exchange Tower branch in Asoke, Bangkok. The rule regarding a letter from the embassy was not in place when I opened my account.

Reader Experiences:

• (2020) Alex opened an account in Khon Kaen with a Dutch marriage statement, his identity papers, Thai wife's ID card, and a written guarantee from his wife.
• (2020) At the second branch he tried in Isaan, John opened an account with passport, original marriage certificate, Thai wife's Tabien Baan, and drivers license (Thai and Australian).
• (2021) Sebastian was able to open an account at Bangkok Bank (Central Embassy Branch) with the following documents:- Passport – ED Visa – Acceptance letter from Thammasat University – 500 THB opening deposit
• (2021) John managed to open a Bangkok Bank account at Lotus’s Branch Thalang (Phuket) with a Tourist Visa, UK Passport and a letter from immigration (300 Baht.)
• (2022) Nishan opened an account on a Tourist Visa in Phuket (Patong) with a passport and letter from immigration. He got an ATM card, mobile banking, but had to take out a life insurance policy for 7,900 Baht.

2. Kasikorn Bank (K-Bank)

Individuals who have base in foreign countries:

• Work permit or education-based visa (seems these are not required at every branch)
• (2019) Anthonin opened an account at Pantip Plaza Pratunam with his passport, an address in Thailand, and a confirmation letter of internship.
• (2021) Phil opened a bank account with his passport and UK driving license. He was set up with telephone banking, mobile banking.
• (2021) Reetus opened an account at Kasikorn Bank Central Festival Pattaya with his passport (ED visa) and a letter from his language school. The ATM card was issued on the spot.
• (2021)  Justin was able to open an account with Kasikorn at the Thanon Sri Nakharin branch, across the street from Paradise Park in Bangkok, using his education visa (technically an education guardian visa). He also showed them his townhome lease.

3. UOB Bank

Individual Non-Resident Account:

• A copy of passport
• A copy of work permit (seems this is not always required, depends on the branch)
• 50,000 Baht deposit
• Phone number
• Danny opened a UOB account with a passport, phone number, proof of address and 50 000 baht. He g ot a bank card on the spot.
• (2021) Sebastian also opened an account with UOB Thailand to have an alternative. They  required the following:
• Passport – ED Visa – Acceptance letter from Thammasat University – A 50,000 THB opening deposit, which can be immediately withdraw after opening the account.
• A work permit and passport are required to open an account.

Non-Resident accounts are for:

• Branches or representative offices of Thai corporations established in countries outside Thailand.
• Tourists and other overseas visitors.
• Foreigners temporarily working in Thailand.
• Foreign government agencies, including embassies, consulates, or specialized UN agencies such as ESCAP, FAO, UNICEF, etc.
• International organizations or institutions located in Thailand, but established by the government of the country to which such organizations belong.

Note:  The implication is that any non-resident can open an account.

• Scott opened a SCB savings account at the Tesco Lotus Fortune Town branch, with nothing but a passport and money to open the account. He had previously tried at the Central Rama 9 branch and failed.

5. Bank of Ayudhya (Krungsri)

At least one or more of the following:

• Work permit
• Condominium Lease Agreement (at least 1 year)
• Thai Driver’s License
• House Registration Documents (proving you live in a particular house)
• A Thai wife’s ID card and Marriage Certificate
• Joe opened a bank account (with a debit card) with just his passport on Sukhumvit Road (near Robinsons, between Nana and Asoke BTS stations). He showed his Non-Immigrant O-A visa (retirement visa). He used his girlfriend's address, but they did not require evidence of this. The visa card cost him 350 Baht.
• (2019) Tim opened a savings account with Krungsri (Onnut branch) with a 1-year lease contract for his condo and his passport.
• (2019) ASDF opened an account at Central Festival in Phuket. only a work permit was required.
• Citizen ID card or passport (for foreigner)
• Savings account book or Current account number

Applicant Qualification:

• The applicant must be aged 15 or over.
• The applicant must own an individual savings and/or current account or a joint account that authorizes either owner to withdraw cash or a merchant account with single account owner.
• Other terms and conditions are as specified by the Bank.
• Theo opened a CIMB Thai bank account using his friend as guarantor. Only his passport was needed and his friend's contact details, address, etc.

7. KrungThai

• For foreigners: Passport, alien certificate, work permit issued or endorsed by any credible organization or visa which is valid for at least 3 months.
• For international students: Passport and student certificate issued by school/college.
• John   was able to open a KrungThai savings passbook account in Chumphon. He used his passport and Non-Immigrant O visa.
• JP opened a savings account at Krung Thai on his Non O marriage visa, and also one at the SCB branch in Kalasin, which only required his passport and a deposit.
• (2018) Robert opened an account at Kuung Thai in Sattahip, with passport and address information.

How to Transfer Money to Your Thai Bank Account & Avoid Fees

Once you have opened your Thai bank account, you'll want to start transferring money into it from your bank in your home country.

Unfortunately, this can be a costly process, especially if you are transferring money every few months, or even more frequently.

Your home bank (the sending bank) will change you a fee of between $10-20, and the receiving bank will charge you around $10.

In addition, you will be charged a currency conversion fee – because the banks don't give you the mid-market rate, but instead a rate they decide on.

So, on $1,000 or £1,000, you could be looking at saving $50 or more in fees.

The good news is that you can avoid these fees using a great service that I've used for many years now.

+ Find out more here

Transferring Money Out of Thailand

So that's the best way to transfer money in, but what about transferring out?

if you want to know the best way to send money from your Thai bank account to an account overseas, check out this post for a run-down of all the options.

——

Share Your Experience & Help Others

It would be great if you can let me know what bank account you have and on what terms you acquired it.

This will save other readers time and hassle, and help them find the most “farang-friendly” branches, so to speak. I will then add the information to the list below.

More Tips for a Better Life in Thailand

Improve your thai skills:.

Learning Thai makes life here easier and more fun. I use Thaipod101 . It is free to get started & easy to use.

Get Good Health Insurance:

Start with a quick quote from Cigna . Then compare my other recommendations here .

Protect Your Online Privacy:

A VPN protects you against hackers and government snooping. I always use one. You should too. Read why here .

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Last Updated on July 19, 2022

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Opening a Bank Account in Mexico as a Tourist or Expat in 2024

If you are relocating to Mexico, or you spend a lot of time in the country and are considering investing in property or businesses locally, opening a bank account in Mexico might be something that you are looking to do. Bureaucracy and red tape can be a bit of an issue here, but whatever your situation is, opening a Mexican bank account is not necessarily as difficult as it may sound. 

After visiting Merida, Mexico as a tourist and falling in love with the city, I opened a Mexican bank account, bought a house in Mexico, and I am in the process of applying for permanent residency and relocating to Mexico from Europe. Rest assured, you are in good hands here.

Table of Contents

Opening a Bank Account in Mexico in 2024

If you are considering opening a bank account in Mexico, the first question to ask yourself is whether you really need one. As a tourist or a resident, unless you are setting up a business in Mexico or investing in real estate, you can easily get by here with an account from elsewhere. 

To prevent yourself from having to pay high ATM fees every time you make a withdrawal or a transfer, you can open an international “borderless” bank account with Wise, Revolut, or Charles Schwab. However, if you are setting down roots in Mexico, paying for home renovations, etc, it can make things easier if you have a Mexican account. 

The next question to ask yourself is what visa you will be on when applying for a Mexican bank account. Currently, Intercam is the only bank in Mexico that allows you to open a bank account as a tourist. 

If you have temporary or permanent residency or Mexican citizenship, it opens up a lot more doors for you and you can open accounts with the likes of BBVA, CitiBanamex, Santander, Banorte and other Mexican banks. 

Since Intercam is just okay , my recommendation would be to open an Intercam account when you are on a tourist visa, and then switch to BBVA or an alternative bank once you have residency. 

Choosing a good Mexican bank

When you have residency in Mexico, it can be a bit overwhelming to know which Mexican bank is the best one to open an account with. Some of the key things that you might want to think about when choosing an account are:

• What (if any) monthly fees are associated with the account?
• What is the withdrawal limit?
• Will you accrue interest on the balance in the account and does the bank offer you the opportunity to build up your credit in Mexico? (Intercam does not)  

Opening a Bank Account in Mexico as a Tourist 

If you are opening a bank account in Mexico as a tourist, unfortunately, you don’t have a ton of options and you are essentially stuck with using Intercam. I got by here for a long time using just my Wise and Revolut accounts and only decided to open an Intercam account, on the recommendation of my Lawyer, when I decided to purchase a house. 

Fortunately, it is pretty easy to open an account with Intercam. All you need is: 

• Your passport
• Proof of address in your home country (can be a bank statement, utility bill, etc)
• Your tourist visa in Mexico (this is either a valid entry stamp in your passport or an FMM card. Both are valid, and which one you will have depends on where you entered the country).
• Two character references in Mexico
• An opening balance of around 5,000 – 10,000 Mexican pesos ($270 – $544 USD)  

You need to physically go into the bank branch in Mexico with your ID and your paperwork in order to open an account. You cannot do it remotely or online. 

Opening a bank account with Intercam 

In theory, opening a bank account with Intercam was straightforward. However, in my case, it felt more stressful because I was opening an account purely to transfer funds from the UK to Mexico to pay a 10% deposit on a house purchase and I had a time limit of 10 days to pay the deposit after signing an apatado , which made everything more hurried and pressured.

Intercam is one of the smaller banks in Mexico and it has less than 80 branches across the country. There are branches in most major cities, including Merida, Mexico City (where there are 3 branches), Cancun and Puerto Vallarta. 

You can call ahead to make an appointment at the branch, or you can simply stop by, take a numbered ticket, wait to be called, and say that you want to open an account. Since most Intercam customers are foreigners who want to relocate to Mexico or are purchasing houses here, virtually all Intercam staff speak very good English. 

First appointment with Intercam 

Your first Intercam appointment is fairly straightforward. You need to head to the branch with your valid passport and the required documents (e.g. utility bill demonstrating proof of address, tourist visa or stamp) and fill in a simple form. 

The banking assistant will take photocopies of your ID and your visa. You will be asked to provide two non-familial character references. 

These can be friends or official contacts in Mexico. I wrote my Mexican partner down as one, and my Real Estate Lawyer as the other. You will also be asked to name a beneficiary in case you die in Mexico. (The beneficiary can be elsewhere in the world).

Then, your account will be ready again within 2-4 days and the bank will call you when it is ready for you to finalise opening the account and pick up your debit card. 

Opening an Intercam account

I returned to Intercam four days after my initial appointment. (The delay was mostly because I first went in on a Friday and the bank was closed over the weekend). 

I was asked to sign a small mountain of paperwork to confirm the terms and conditions of my account, etc and interestingly (?), several Google Maps images and screenshots of my house in the UK to confirm I gave the correct address. I then had to queue up at the counter to put a cash deposit into the account and wait again for a different teller to complete the paperwork and online/mobile banking app signup with me. 

For whatever reason, this entire process took over 2 hours, apparently due to some delay with obtaining authorisation that the bank needed to obtain. I needed to give fingerprints for every finger of each hand, and then sign some final documents. 

You will be asked to download the Intercam Banca Móvil app on your phone in order to set up your mobile app and online banking. They don’t have wifi at the bank so it pays to download the app prior to your appointment (you might need to set your phone location to Mexico). 

Setting up your online and mobile banking means first logging into Intercam online banking on the bank teller’s computer, and then changing your credentials to a username and password of your preference. To activate your phone app, you will have to repeatedly copy numbers from your phone to the computer, and vice versa so that the two accounts are in sync. 

Unfortunately, because the bank was closing, they were not able to issue my debit card at this time, and I had to go back to the branch a third time for this.

Transferring funds to your Intercam account 

The first payment into your Intercam account needs to be in cash, and ideally over 5,000 MXN. If you are transferring money to your Intercam account from international banks, only wire transfers sent by institutional banks are accepted. 

If you need to transfer a larger amount of funds to Mexico (for example, for a house or car purchase), your banking advisor will provide you with instructions on how to do this and highlight what numbers and references are needed.  

I learned the hard way that Intercam will not accept transfers from Wise or Revolut due to money laundering concerns. After opening my account, I transferred a small amount of around $500 USD over via Wise to check that the transfer would arrive okay. 

Once it did, I sent around $12,000 USD for my house deposit. This flagged my account as suspicious and put a temporary block on my account which made it difficult to access the funds needed for my house deposit, and I was required to submit evidence and information about my earnings, my taxes, and where the money had come from.  

I was disappointed that Intercam did not communicate this to me in the first instance. It was alarming to me because this money was my hard-earned savings and I had been apprehensive about sending it to Mexico anyway, I just thought that Wise would be faster and have fewer fees. 

In their own words, Intercam sent me an email stating “We cannot continue to accept transfers from applications such as XE, Wise or similar as these are not regulated by Mexican authorities.”

They threatened to close my account if I did it again and submit a report to the tax revenue services in Mexico and the UK. Of course, I won’t be using Wise again.

You need to show receipts and reasons for transfers 

To prevent fraud and money laundering, you need to provide receipts and reasons for all of the transfers that you make into your account. For example, if you transfer money for a house purchase, expect to show the promesa/contract for the purchase.

If you are building a home and need money for renovations, you will need to show the communications. 

Managing your Intercam account  

The unique thing about opening an Intercam account compared to opening an account in the UK (and perhaps elsewhere), is that you are assigned your own personal banking advisor. This is a nice touch and means that when you have a question or you need something, you can easily call or email your advisor. 

It also helps with getting appointments to do things, etc as you don’t need to wait in line for ages in an impersonal queue. Both the app and online banking are pretty straightforward once you set them up. 

You can log into your online banking using your User ID and password, and into your Intercam app using your registered mobile number and password. If you log in online, you are also subject to two-factor verification and will be given a token that you need to enter on the phone app in order to authorise your login.

Every time you make a purchase, or send/receive a transfer with your Intercam account, you will receive an email notifying you as such. This is good for your security as you can see exactly what is going on with the account at all times. 

Opening a Bank Account in Mexico as an Expat 

If you are an expat in Mexico, you have more options for opening a bank here. Some of the main banks that are used here are detailed below. 

• BBVA (Mexico’s largest bank)
• HSBC Mexico
• Banco Azteca
• Scotia Bank
• Banorte (the second-largest bank in Mexico)
• Citi Banamex

Since it can be overwhelming to know which bank to choose from, it is worth noting that BBVA, Santander, and HSBC are arguably three of the best banks. I personally know people that have had issues with receiving transfers via Banco Azteca (even a small transfer takes hours and hours), and with Scotiabank (their account was closed abruptly for no real reason). 

As such, I would personally avoid these two banks but I appreciate that everyone has different experiences, so you can do your own research and due diligence. 

To open a local bank account as a resident, you need to show your residency card. In some instances, you will be asked for your RFC tax number, but you may be able to supply your US social security number or your British NI number, or equivalent if you do not yet have an RFC. 

Depending on where you are in Mexico, and whether it is popular among expats or not, it may be difficult to communicate at some banks unless you speak Spanish. 

Useful Things to Know About Opening a Bank Account in Mexico

I have summarised some useful things to know about opening a bank account in Mexico below. A lot of these are somewhat generic things that are applicable regardless of which Mexican bank you choose to go with. 

Withdrawal limits in Mexico 

Daily ATM withdrawal limits in Mexico may be different from what you are used to, and they differ from one bank to another. My Intercam ATM limit is 10,000 (circa $551 USD), whereas other banks like BBVA offer a maximum daily withdrawal limit of 9,000 MXN (circa $490 USD). 

In the UK, most banks have a maximum daily ATM withdrawal limit of around £250-£300 so relatively low limits are something I am used to, but that may be a bit of a shock if you are coming from the US or elsewhere where you are accustomed to being able to withdraw large amounts. 

Of course, you can withdraw larger amounts over the counter. Again this varies from bank to bank. 

At Intercam, the maximum withdrawal limit is 50,000 MXN (Circa $2720) per day. At all banks, you are usually able to withdraw larger than the daily maximum provided that you give some advanced notice. 

(This may be several days in advance so check with your banking advisor). 

Minimum balances 

Some types of bank accounts in Mexico have minimum balances and minimum deposit amounts associated with them. This may just be as small as $50 USD but if your balance slips under a certain amount, you may have to pay fees, and the fees will keep being charged until they have essentially gobbled up all the money in your account. 

It is a good idea to clarify what the minimum balance, if any, is when you open an account. 

Using your Mexican account in Mexico and the world 

Your Intercam debit card will be a visa debit and it can be used easily in Mexico and across the world both in stores, restaurants and other businesses and online. You can use your Intercam card to pay for things like Netflix, Spotify, etc. 

There are also some Mexican websites like Mercado Libre MX which only accept Mexican cards, not international accounts. When you use any kind of bank card abroad, you are always subject to different conversion rates 

Your pin number or “NIB” 

When you have a credit or debit card in Mexico, you will be given a four-digit pin number which is known locally as a “nib”. You will need to use this when making cash withdrawals and when using the card at stores, restaurants, etc. 

Additional security for purchases 

Some Mexican banks offer additional security when you are making purchases online. For example, with BBVA, your CVV (card verification value) number changes for every purchase – meaning that if you buy something online and someone tries to steal your card details, they wouldn’t be successful in making another purchase because the CVV will have already expired. 

Most Mexican banks send you app notifications and/or emails confirming what transactions have taken place after each and every use of your card. 

FAQs About Opening a Bank Account in Mexico

Do you have any further queries or concerns about opening a bank account in Mexico? The answers to some frequently asked questions on the topic are detailed below for your consideration.

Hopefully, you will find the information you are looking for there. If not, please do not hesitate to reach out to me! 

Can a foreigner open a bank account in Mexico?

Yes, a foreigner can open a bank account in Mexico provided that they are in the country legally and with the correct visa, even if this is only a tourist visa. Currently, Intercam is the only bank in Mexico that allows foreigners to open a checking account or a savings account. 

With a residency visa, you have more options. 

How much money do you need to open a bank account in Mexico?

The amount that you need to open a bank account in Mexico varies depending on the specific bank. Some allow you to open an account with just $40-$50 USD whereas others require larger initial deposits starting from $250 USD. 

Is it safe to put my money in a bank account in Mexico?

Mexican banks are subject to financial laws and regulations just like banks in other countries in the world. I can understand being nervous about transferring money here since Mexico is a country that people often (and sometimes stereotypically/unfairly) associate with corruption, etc. 

I was also nervous about moving my hard-earned savings internationally, especially since I was moving large amounts for a house purchase that I would be distraught if I lost. When you arrive in Mexico, deal with the bankers in person and see all the security protocols in practice, you may feel that your concerns have been assuaged somewhat. 

Final thoughts on opening a bank account in Mexico

Opening a bank account in Mexico can be a worthwhile thing to do if you are relocating here or purchasing a property. If you are planning on living in Mexico, it makes a lot of sense to have your banking in the country where you reside rather than miles away or on the other side of the world. 

As with doing anything in Mexico, patience is key, and you should expect that things don’t often run as quickly and easily as they may in your own country, but many efficient, reliable banks do exist here. 

Do you have any further questions or concerns about banking in Mexico or managing your money in Mexico in general? Please do not hesitate to reach out to me and I will do my best to get back to you as soon as I can. 

Safe travels and enjoy Mexico! Buen Viaje! Melissa xo

Melissa Douglas

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How to Open a Bank Account Online

Text Callout : Key Takeaways - How to Open a Bank Account Online

We're accustomed to using online banking to do things like pay bills and transfer funds , but you can even set up your accounts online without visiting a branch or making a phone call.

In just a few clicks and with the right documentation, you can open checking, savings, money market and other types of bank accounts online. And it doesn't have to just be with an online-only bank – traditional brick-and-mortar banks also allow online account opening. Here's how you can open a bank account by going online.

Steps for Opening a Bank Account Online 

1. pick your bank.

Decide which bank or credit union you want to do business with. Start with a list of factors that are important to you to figure out if an online-only bank or one that has physical branches is best for you.

"Some people prefer the in-person touch of a community bank or credit union where they can be greeted with a smile, while others who may travel more prefer a financial institution where they can access their money wherever they are, so an online bank could make more sense," says Lori Gravitt, assistant vice president and branch manager at Addition Financial Credit Union.

Related to that, think about whether you prefer a national, regional or community bank or credit union. From there, consider these factors to help you make your final choice:

• ATM availability. If you need ATMs on a regular basis for cash, look into any associated fees. Some banks may offer rebates on out-of-network ATM fees, which is an added value.
• Your account needs. Consider whether you're willing to maintain accounts at different banks. "Do you want a one-stop shop or are you willing to go look for the best buy for you for each particular product that you need?" says Nicole Lorch, president and chief operating officer of First Internet Bank.
• FDIC/NCUA insured . The Federal Deposit Insurance Corp . for banks and the National Credit Union Administration for credit unions give customers and members peace of mind that their funds are federally insured up to $250,000, says Gravitt. "This is an important protection in the event of a bank/credit union failure," she adds.
• Customer service. Check reviews of banks online and see what kind of service people are getting, suggests Lorch. You can also search the Consumer Financial Protection Bureau's Consumer Complaint Database to look for patterns of poor service or unethical practices.

2. Choose Your Account 

Bank account terms and conditions vary. That's why you'll want to carefully review each account's features to find the best option for your needs. If you want to open more than one account type with the same bank, you may be able to save time by opening them online in the same session so that you only have to provide your information and documents once.

Account Types

• Checking accounts . These accounts are intended for everyday transactions like paying bills and making purchases. There are free checking accounts, some that earn interest and others that charge monthly fees (although there are often opportunities to avoid the fees).
• Savings accounts . The purpose of a savings account is to contribute funds and let them grow. Look closely at interest rates on savings accounts since extra earnings can fast-track your progress. 
• CDs . Certificates of deposit pay a fixed interest rate after a specified term, allowing you to earn a predictable amount. If you withdraw funds early, you may face a penalty. Many online CDs have competitive rates, so shop around.
• Money market accounts . These interest-earning accounts can act as a hybrid checking and savings account, but they are primarily used for savings. Pay attention to minimum balance requirements.

Account Features to Compare

• Interest rates. Rates are competitive now, so it could pay to open a new account. "Interest rates have gone up 5.25 (percentage) points in the last two years. Yet many banks have not responded with the interest that they're paying their consumers because people aren't paying attention on a monthly basis when they get their statements," says Lorch. 
• Fees. Some accounts have monthly maintenance fees, and ATM fees can vary depending on the bank. Think about your banking needs and try to avoid fees if possible.
• Minimum balance requirements. In some cases, you may be able to waive monthly fees and/or earn interest by maintaining a minimum balance. Consider whether you can realistically meet that requirement before choosing an account.

3. Gather Your Documents 

To open a bank account online, you'll need to provide identification. "Unfortunately, with the rise of identity theft, banks need to make sure that we're dealing with the person that they purport to be, so there will be some identity verification screening in any online application, and consumers should be prepared for that," says Lorch.

Even so, the process is pretty straightforward. You'll typically need to upload:

• A photo of your driver's license, passport or other government-issued ID
• A U.S. mailing address and phone number
• If you're under 18, you'll need someone older to sign up with you as the joint owner of the account, so that person's documents will be required as well.
• Some banks might require proof of address such as a current utility bill or mortgage statement. "Many banks now have back-end tools that we can use for identity verification, and if there's something in the system that comes up as uncertain, then we may reach out and ask for some clarity," says Lorch.

4. Fill Out the Online Application 

You should be able to locate an "apply now" button on any bank's website, which will take you to the online application form page. From there, follow the prompts.

• Provide your personal and contact information (including mailing address, phone number, date of birth and email), and your Social Security number or tax ID number.
• Upload a photo/scan of your ID.
• If you're opening an account with a credit union, you will have an additional question about your membership eligibility, such as being a resident or student of a particular geographical area, being affiliated with partner organizations or working in a certain industry. Some credit unions let anyone join but may require a donation to an outside organization. 
• Once you fill out the application, select the account or accounts you wish to open.

5. Fund Your Account

The final step to opening your account online may be to add funds . Many banks require this, but some may allow you to add funds at a later date.

Some options for adding funds to your new account may include:

• Entering the routing and account numbers for your other bank to initiate a funds transfer.
• Providing a debit card or credit card account number. 
• Doing a mobile check deposit from another bank account. This involves filling out a paper check and then taking a photo of it and uploading it.
• Using a digital wallet. "There may also be options available to fund the account using electronic wallets, such as PayPal or cryptocurrency and mobile payment services," says Lindsay Lawrence, EverBank's executive vice president and chief operating officer. 
• If the bank has branches, you may be able to open an account online and make an in-person cash deposit.  

Will You Still Have to Go to a Branch or Mail in Documents? 

Although it's not as common of a practice as it once was, some banks with branches may require you to stop in with a hard copy of your ID for certain types of accounts, such as a joint account with a minor. If you've had a negative banking history, like unresolved overdrawn accounts or bounced checks, or you have no banking or credit history, you might have to apply in person.

But generally, as long as you are 18 or older with the proper identification information, you should be able to fully open your new account online.

Even signature cards typically no longer have to be done on paper for many online bank accounts, but policies can vary. For example, Bank of America asks that online customers print, sign and send in their signature form via regular mail.

Note that you may have to deal with paperwork at some point if you want to make changes to the account, says Lawrence. “Signing and sending in paperwork takes place when adding a beneficiary, changing the account to a trust or power of attorney, and when making any changes to authorized signers/trustees."

Copyright 2024 U.S. News & World Report

How Many Checking Accounts Should You Have?

Be aware of the pros and cons of opening multiple accounts before you start.

How Many Checking Accounts Is Best?

Getty Images

Having multiple checking accounts can help organize your finances, but requires additional monitoring.

Key Takeaways

• There's no limit to how many checking accounts you can have.
• Maintaining just one checking account can make it easier to manage your money.
• Having more than one checking account can enable you to carve out money for different financial goals.

How many checking accounts should you have? The answer depends on your financial needs. For some people, one checking account might be enough. But for others, such as those who want to designate different buckets of money for different purposes, at least two checking accounts might be in order.

Geri Hopkins, chief operations officer at Skyla Federal Credit Union, says you should open multiple checking accounts if you have a more hands-on financial management style. "While it offers numerous advantages in terms of organization safety and benefit maximization, it also demands a higher level of financial discipline and management," she says. "Like any financial decision, it's about weighing the benefits against potential complications and choosing what best supports your financial well-being."

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Is There a Maximum Number of Checking Accounts?

Technically, there's no limit on the number of checking accounts you can have. However, a bank might limit the number of checking and savings accounts you can open there.

Pay Attention to Insurance Coverage Limits

Whether you're opening one checking account or several checking accounts, be mindful of insurance coverage limits for your money.

The Federal Deposit Insurance Corp. insures your bank deposits in the event of a bank failure, while the National Credit Union Administration similarly insures deposits at credit unions. In both cases, deposits are insured up to $250,000 per depositor, per ownership category, per institution.

Here's how FDIC and NCUA deposit insurance works:

• If you have two checking accounts at separate banks, with each account holding $250,000, all of your money is insured by the FDIC because your accounts are at different banks and each is within the limit.
• If you have a personal checking account and a business checking account at the same credit union, with each account holding $250,000, all of your money is insured by the NCUA because each account is within the limit and they are two different ownership categories (personal and business.)
• If you have two personal checking accounts at the same bank, with each account holding $250,000, only one of those accounts is eligible for FDIC insurance because the depositor, ownership category and bank are the same.

Should You Keep Your Money at One Bank or Different Banks?

Keeping your money at one bank or different banks is largely a personal preference.

If you want to easily keep track of your money, it might make sense to maintain a single checking account at one bank. Sticking with one bank might also help you build a banking relationship that makes it simpler to take advantage of loans, credit cards and other products.

But if you want to set aside money for different purposes – for example, one for everyday expenses and another for emergency funds – it may be best to stash the money in different accounts so you don't mingle the cash. Plus, you can maximize FDIC or NCUA insurance coverage by keeping money at different banks.

Regardless of whether you're setting up checking accounts at one bank or multiple banks, ask yourself these questions:

• Does the bank offer a network of easy-to-access ATMs?
• Does the bank operate branches?
• What are the account fees and minimum balance requirements?
• Does the bank offer a sign-up bonus for opening a checking account?
• Are the bank's deposits insured?
• Does the bank provide easy-to-use apps and online financial tools?

Hopkins stresses the need to evaluate a financial institution's reputation, including its customer service track record, when deciding where to open a checking account.

"In today's digital age, being able to resolve issues quickly and efficiently through a preferred communication channel is invaluable," Hopkins says. "It’s like having a reliable mechanic. You hope you don't need them, but when you do, good service is priceless."

Best Free Checking Accounts

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How Do You Manage More Than One Checking Account?

You don't need to be an accountant to manage more than one checking account. But you do need to stay on top of your accounts when you keep money in multiple places.

Matt Gromada, head of family banking at JP Morgan Chase, warns that it can be time-consuming to juggle different balances, debit cards and bank statements. In addition, you need to pay close attention to fees and minimum balance requirements.

"Carefully consider your financial situation and goals and weigh the benefits of multiple accounts against the effort required to maintain them," Gromada says.

If you choose to set up more than one checking account, here are some tips for managing them:

• Regularly review your account balances. This can help prevent overdrafts and other banking hiccups.
• Set up alerts. For each account, activate alerts that notify you about various activities, such as a balance falling below a certain amount.
• Keep track of your account information. Keep the information on your accounts in one place, such as a spreadsheet or an app. 
• Consider linking accounts. Connecting multiple checking accounts lets you quickly shift money from one place to another when needed. Just be sure to resist the urge to dip into an account that you've created for specific goals, such as setting aside money for a home improvement project.
• Spread around your cash. Be sure none of your checking account balances exceeds the FDIC or NCUA insurance limits.

What Are the Pros and Cons of Having Multiple Checking Accounts?

Having multiple checking accounts comes with both advantages and disadvantages.

• Robust financial management. "Think of it like giving your money different jobs: One account might handle your day-to-day expenses, while another could be reserved for fun spending and bigger purchases," Gromada says. "This way, you can see exactly where your money is going, and it simplifies tracking."
• Separation of personal and business expenses. If you run a business, it's critical to build a wall between your personal and business finances. By opening separate accounts for your personal and business needs, you can maintain accurate financial records for your business, says John Dustman, senior vice president at Axos Bank.
• Maximized insurance. Using multiple checking accounts can enable you to maximize your FDIC or NCUA insurance coverage if the accounts are at different financial institutions or in different ownership categories.
• More monitoring. Keeping money in more than one checking account might be more of a hassle than it's worth, since you'll need to track balances and other financial details in more than one place. "The more accounts you have, the harder they can be to keep track of," Hopkins said. “It’s like trying to stay up to date with several friends who all live in different places – it takes extra time and careful planning."
• Additional fees and requirements. If you're managing more than one checking account, you might end up paying more in fees or juggling more requirements, such as maintaining minimum balances in multiple places.
• Lack of interest. Many checking accounts pay little to no interest. If you're stashing a lot of your money in checking accounts, you might be missing out on interest that you could be earning with a savings account , money market account or certificate of deposit .

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From Key West, Florida, to Burlington, Vermont, the East Coast has plenty of sights, activities and tourist destinations . While you can easily spend a fortune in a big city like Boston or New York, you’ll find a variety to do at more affordable beachside resorts or mountain cities.

If you’re planning a road trip this summer and live in an eastern state, consider one of these destinations to make the most of your vacation dollars.

St. Augustine, Florida

St. Augustine is a peaceful gem on the Atlantic Ocean, north of Orlando. Vacationing in St. Augustine costs an average of $159 per person, per day, according to BudgetYourTrip.com.

A room at the Comfort Suites in the historic district area costs around $440 for the weekend, bringing the total cost for a three-day weekend to just under $2,000. From relaxing on the beach to shopping downtown, there are plenty of free and low-cost activities. Make sure to check out the Ponce de Leon Fountain of Youth Archeological Park.

Myrtle Beach, South Carolina

Myrtle Beach offers fun for travelers of all ages. One frugal highlight is Broadway at the Beach. There’s plenty to do without spending money, or you can indulge in delicious food, wine slushies and attractions including fireworks, Ripley’s Aquarium of Myrtle Beach, where you can take a glass-bottom boat ride. To save money, bundle your aquarium tickets with other Ripley’s attractions.

According to BudgetYourTrip, the average person spends roughly $126 on food, entertainment and alcohol. That means a three-day weekend for two costs just $756, plus accommodations. The West Gate Myrtle Beach Oceanfront Resort, costing around $663 for two nights, puts you right in the center of the action and is an eight-minute walk from Broadway at the Beach. This puts the total cost of a weekend getaway for two at $1,419.

Catskills, New York

If waterslides and hot tubs by day and gambling at night sound like your perfect getaway, give Monticello, NY, some consideration. Just 100 miles north of New York City, the Catskill Mountains are an ideal escape for anyone in the Northeast region.

The Kartrite Resort & Indoor Waterpark blends gourmet dining, activities including laser tag, an indoor ropes course and a giant indoor waterpark with a serene mountain setting. Resorts World Hotel & Casino and Monster Golf are both a short drive away; shuttles are often available from the Resort. A two-night stay at Kartrite in a giant junior suite is $490 right now and includes four waterpark passes and a $40 arcade card, making this trip a tremendous value.

Depending on the activities you choose and where you eat, you can easily spend an entire weekend for under $1,000. (Gambling not included.)

Ocean City, Maryland

Ocean City, Maryland, offers plenty to do, from mini golf to sunset cruises to bars and restaurants. Adventurous travelers may want to try jet skiing or parasailing, but you can spend your days on the beach or strolling the boardwalk instead. You can also take advantage of the Tanger Outlets in West Ocean City for some discounted shopping.

Ocean City is less expensive than many other East Coast beach towns. Average travelers spend $81 per day on entertainment, food, and alcohol, or $486 for two people for three days. We found a Comfort Suites in Ocean City West, close to the boardwalk and beach, for $586, bringing the total cost of your two-night weekend getaway to $1,072 for two people.

Burlington, Vermont

Burlington, Vermont is a lively city bordering Lake Champlain with plenty to do year-round. Although, thanks to skiing and other snow sports, Vermont tends to be a winter destination, there’s plenty to do in the summer including farmer’s markets, the South End Get Down food truck rally that runs from Memorial Day weekend through September, live outdoor concerts and more. The plethora of free activities makes Burlington the perfect budget getaway.

The average person spends $99 per day on food, entertainment, and alcohol, according to BudgetYourTrip.com. A stay at The Inn at Burlington, Trademark Collection by Wyndham costs just $527, bringing the total cost of your trip to a reasonable $1,121.

Note: We used Expedia to estimate hotel costs for two adults from Friday, June 28 through Sunday, June 30, 2024, and chose mid-range hotels with amenities like a pool and free breakfast. We explored hotels closest to major attractions in each city to minimize fuel costs and maximize your vacation time.Prices are accurate as of publishing and may change.

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