Opening a US Bank Account as a Non-Resident Without a Social Security Number

The speaker shares their experience of successfully opening more than five US bank accounts and two US credit cards as a non-resident. They offer a step-by-step guide on how others can achieve the same without the need to physically visit the US, addressing concerns about scammy remote opening services.

The speaker reveals that non-residents have numerous good banking options in the US, including well-known banks like Bank of America, Wells Fargo, Chase, and City Bank, as well as smaller banks with excellent services. They emphasize the importance of choosing the right bank based on individual needs and safety considerations.

The speaker introduces Puerto Rico-based banks as a promising option for remote US bank account opening without the need for a social security number or residency. They highlight Zenus Bank as an interesting choice due to its eligibility criteria of accepting residents from over 150 countries, although it charges a $20 monthly fee for account maintenance.

Puerto Rico banks are not regulated like Mainland US banks, posing a higher risk for depositors. Mainland US banks are FDIC insured up to $250,000, ensuring funds are backed by the US government in case of bank failure.

Some Puerto Rico banks have red flags like unclear product availability, raising concerns about their transparency and reliability. Strategic bank's claim of being 100% safe seems suspicious, potentially indicating otherwise.

Non-residents have options to open USD bank accounts online, with Wise being a popular choice. Wise offers easy online account opening and efficient international money transfers, but lacks some features based on the user's country of residence.

Wise, while convenient for international transfers, is not a bank but an electronic money institution. This means funds are not FDIC insured, potentially posing a risk to depositors. However, Wise does offer some account holders the option for FDIC insurance.

For non-residents with US businesses or LLCs, strong online banking options like Mercury and Relay Fire are available. These options cater to LLCs owned by non-US residents, providing robust banking services tailored to business needs.

Mercury and Relay Fire offer similar online-only services with advantages like a slick user interface, unlimited virtual debit cards, and significant FDIC Insurance coverage. Mercury provides a credit card with 1.5% cash back, while Relay Fire does not. Both have FDIC Insurance coverage, with Mercury at $5 million and Relay Fire at $3 million.

To get the Mercury credit card, one needs to maintain a $25,000 balance. Upon eligibility, a virtual credit card with 1.5% cash back is issued. The credit card requires maintaining the $25,000 balance to remain active.

Mercury and Relay Fire require a US LLC and an operating business in the US for eligibility. Mercury supports more countries than Relay Fire. Mercury offers a $250 bonus for referrals. Not every country is supported by Mercury and Relay Fire.

Mercury and Relay Fire only support business accounts, not personal accounts. Charles Schwab offers an international brokerage account for non-residents, providing a fully functioning bank account and debit card. Charles Schwab is the 11th largest bank by assets.

Schwab account is available to non-US residents without requiring a US address. The account offers insurance for funds up to $250,000, a top-tier debit card for international travel, and the ability to invest in US securities, including US Treasury auctions. The sign-up process is straightforward, requiring a tax ID number from the individual's home country.

The Schwab account provides insurance equivalent to FDIC insurance, covering up to $500,000 ($250,000 for cash). The debit card has no foreign exchange fees or ATM fees, with reimbursements for overseas ATM charges. The card is delivered internationally within a week of processing.

Schwab offers better customer service compared to other US banks, as it is online-only and does not require in-person branch visits for issue resolution. This can be crucial for non-US residents who may face challenges with traditional banks.

Not all countries are eligible for a Schwab account, and there are limitations on credit cards and business accounts. Prospective account holders need to check the eligibility list during sign-up. Despite some limitations, Schwab remains a preferred option for non-US residents seeking a versatile and legitimate US bank account.

Non-US residents can open accounts at major US banks like Chase, Bank of America, Citibank, Wells Fargo, and PNC by following specific processes. These banks have branches nationwide and do not require a social security number for account opening. Smaller banks or credit unions are also options, but the top banks offer wider accessibility.

To open a bank account in the US as a non-resident, it's essential to visit a bank in person. You will need two IDs and possibly proof of address. Different banks have varying requirements, with some like PNC not needing address verification. If rejected, try different branches or banks to increase your chances. For those without a Social Security number, areas with migrant populations may be more accommodating.

Ocean Bank offers accounts tailored for international customers, providing an option for those without a US address requirement. While credit cards are generally challenging to obtain for non-residents without a Social Security number, having an ITIN (Individual Taxpayer Identification Number) can significantly increase the chances of approval.

Before obtaining an Individual Taxpayer Identification Number (ITIN), it's crucial to assess if it aligns with your needs. While having an ITIN doesn't mandate tax filing, consulting a Tax Advisor is advisable. Acquiring an ITIN can facilitate easier credit card approval at major banks.

Filing for an ITIN with the IRS can be cumbersome, involving document scanning and mailing. However, utilizing services like the ITIN company can streamline the process, offering remote assistance and handling all paperwork. Despite a waiting period of two to four months, obtaining an ITIN enables seamless credit card applications.

The ITIN company simplifies the ITIN application process, providing convenience and ease through remote assistance. By utilizing their services, individuals can receive a discount and expedite the ITIN acquisition, ultimately facilitating credit card applications.

Once in possession of an ITIN, applying for credit cards mirrors the process for individuals with a social security number. Initial applications may require a secured card to establish a US credit history, with the opportunity to upgrade to unsecured cards after building credit.

Non-US residents without a social security number can successfully open a US bank account by obtaining an ITIN. By following the outlined process, including securing an ITIN, applying for credit cards, and building credit history, individuals can enjoy the benefits of banking in the US.