The Secrets to Opening a US Personal Account Key Details Steps You Need to Know

Unveiling the Mystery of Opening a U.S. Personal Bank Account What You Need to Know

In recent years, with the deepening of globalization and the increasing frequency of cross-border economic activities, more and more people are paying attention to how to open a personal bank account in the United States. Whether you are an international student, an overseas worker, or an individual interested in cross-border investments, you may find a U.S. bank account essential for managing finances, making payments, or investing. Particularly in 2025, with the U.S. dollar maintaining its dominant role in the global financial system and U.S. financial markets becoming increasingly accessible, the topic of opening U.S. bank accounts has once again gained widespread attention.

According to a report by Bloomberg earlier this year, over 12 million non-U.S. residents opened personal bank accounts in the U.S. in 2025, representing a 15% increase from the previous year. Users from Asia and Latin America have shown the most significant growth. This trend is driven by the efficiency, security, and convenience offered by the U.S. financial system, which continues to attract international users.

So, as a non-U.S. citizen or resident, how can you legally and smoothly open a U.S. personal bank account? What specific steps and details should you be aware of?

1. Choose the Right Bank and Account Type

The U.S. is home to numerous banking institutions, ranging from large national banks like Citibank, JPMorgan Chase, and Bank of America to regional banks and credit unions. Each offers slightly different services and account-opening requirements. Selecting a suitable bank is the first step.

Typically, individual accounts fall into two main categories checking accounts and savings accounts.

Checking accounts are ideal for daily spending and payments, supporting features such as debit cards, transfers, and check writing.

Savings accounts are better suited for storing funds, often offering some interest, though with limitations on withdrawal frequency.

Some banks also offer special account types such as no-monthly-fee accounts, student accounts, and joint accounts. Choose based on your specific needs.

2. Prepare Required Identification and Proof of Residence

Although U.S. banks have become more flexible in recent years regarding non-resident account opening policies, they still require certain identity and address verification documents. These typically include

A valid passport

U.S. visa or green card if applicable

Individual Taxpayer Identification Number ITIN or U.S. Taxpayer Identification Number TIN

Proof of address, such as utility bills, rental agreements, or university admission letters

Initial deposit some banks require a minimum deposit amount

While some banks allow remote account opening-often through video verification-most still require in-person visits to a U.S. branch. If you plan to live or study in the U.S. long-term, it is advisable to complete the account opening process shortly after arrival.

3. Understand Account Management Fees and Usage Restrictions

U.S. bank accounts are powerful but not always free. Many banks charge monthly maintenance fees for checking accounts unless certain minimum balance requirements are met or the account is linked to other financial products like credit cards or loans.

It is crucial to understand these fees before opening an account to avoid unexpected costs. Additionally, some banks may impose restrictions on non-resident accounts, such as limited access to online banking features or restrictions on international wire transfers. These limitations vary by institution, so it’s wise to consult with the bank’s customer service or relationship manager in advance.

4. Consider Alternative Options Digital Banks and Online Platforms

In addition to traditional banks, digital banks neobanks and fintech platforms have emerged as alternative options for non-residents. Platforms such as Revolut, N26, and Wise formerly TransferWise allow users to remotely open U.S. dollar accounts via mobile apps and conduct cross-border transfers and payments.

These platforms typically offer a more streamlined account opening process, support multiple languages, and charge lower fees. However, their regulatory frameworks and fund protection mechanisms may differ from those of traditional banks. Therefore, users should carefully read the terms of service and user agreements before signing up.

5. Pay Attention to Tax and Compliance Issues

Opening a U.S. bank account and holding funds may involve tax reporting obligations. Under U.S. tax law, interest income earned in a U.S. bank account by non-residents may be subject to withholding tax. Additionally, under the Foreign Account Tax Compliance Act FATCA, U.S. banks are required to report account information of non-U.S. residents to the Internal Revenue Service IRS.

After opening an account, retain all relevant tax documents and report accordingly under your home country’s tax laws. If you plan to manage large sums of money, it is advisable to consult a professional tax advisor or attorney to ensure compliance.

Conclusion

Opening a U.S. personal bank account may seem complex at first, but with proper preparation and understanding of the process, it can be completed smoothly. Whether for study, work, or investment, a U.S. bank account offers valuable convenience for managing your international finances. As financial services continue to digitize and globalize, the barriers to entry will likely decrease further, opening the door to the U.S. financial system for even more people around the world.