Opening a saving account in the United States is a necessary step to enter the American market. The United States is considered one of the largest and most influential economical countries in the world. The interest of foreign investors in this country is growing and many decide to register a company in the United States, obtain an American business license or open an account with a bank in the United States.
Requirements for opening a bank account in the USA
When planning to open a US bank account, you can consider the following options:
- open an account in the USA remotely;
- open an account for a company in a bank of America;
- open an investment account in the United States.
If you are interested in opening an account with an individual in a US bank, you should get acquianted with the initially mandatory documents:
- Government issued ID;
- Social Security Number (SSN);
- Proof of your physical address, such as a public service bill;
- Any immigration forms.
In the event that you do not have an SSN number, then opening a personal saving account with a US bank is possible as for a non-resident of the United States. Banks differ in the type of documents they accept. Also, depending on the banking institution, you may need a minimum deposit or commission for opening a personal account in the United States.
Interested in the details of the annual fees, minimum balance, and other financial requirements for opening a bank account for an individual in the United States? You can request advice on regulation of banking in the United States from the banking experts.
Types of accounts available to individuals
Most American banks provide the opportunity to open a checking account for an individual in the United States or open a savings account with a bank of America. Some institutions have an international presence and may allow you to open an international account in the United States (Bank of America, TD Bank, or HSBC). You can open a personal US account remotely. For example, you can open an account with HSBC remotely or open an account with Citibank without being present. But, in order to simplify the procedure, a visit to the country and, in particular, the institution you have chosen will be a good decision.
Personal account management terms
If you want to open a bank account for an individual in the United States, pay attention to the following options that will be available to you:
- asset management through convenient online banking;
using a debit card (VISA);
- using a checkbook to pay bills;
- bank transfers (online).
How to open a US bank account remotely?
The United States is the largest economy in the world. Many international companies decide to open a corporate account with a US bank to make business with US clients more convenient. Although opening a commercial bank account in the United States as a non-resident is a difficult process, it is quite achievable.
If you want to open a bank account in the USA remotely, you will first need to register a company in the USA. Alternatively, you can register a limited liability company (LLC) in the United States, create a corporation (Corp.) in the United States, or open a branch in America, and then open a local bank account with one of these structures.
How do you open a commercial bank account in the United States?
First of all, you should discuss your needs with a number of banks in order to better understand their services and fees. Once you have chosen a bank, you can begin the process of opening a corporate account in the United States. The specifics differ from bank to bank, but new customers are usually asked to come to the branch and provide documents.
Most banks will need to provide, among other things, when opening a corporate bank account in America:
- Proof of identity with a photo of the headman opening the account;
- Memorandum of Association: This document confirms the incorporation of a legal entity in the United States. It may differ depending on the type of registered business;
- EIN confirmation letter;
- Operating Agreement: This is a document that reflects the agreement between the members of the company, which defines the ownership rights and the way the company is run;
- Confirmation of the headman’s personal address;
- A letter of good standing from any existing bank to relevant individuals.
It is also worth remembering that many banks require a minimum deposit to open an account for a company in America.
Benefits of opening an account in the USA:
- access to one of the most influential economies and markets in the world;
- banks in the States are recognized around the world and use a high level of security to protect every account;
- bank accounts in the United States make it easier to receive payments from customers and make payments to suppliers;
- many American banks have branches all over the world;
- 24/7 online banking.