How to Open a US Bank Account? A Guide to Locations and Procedures

Where Can You Easily Open a U.S. Bank Account? A Comprehensive Guide

With the acceleration of globalization, more and more people are seeking to open U.S. bank accounts for purposes such as studying abroad, investing, cross-border e-commerce, and overseas shopping. For non-U.S. residents, opening a U.S. bank account may seem like a complicated process. However, with the right methods and channels, it is entirely possible to complete the process relatively smoothly.

Why Do You Need a U.S. Bank Account?

Before diving into the how, let’s explore the reasons why more people are interested in opening a U.S. bank account

1. Cross-border E-commerce Payments Many platforms, such as Amazon, Shopify, and Etsy, encourage sellers to use U.S. local bank accounts to receive payments and avoid currency conversion fees and transaction costs.

2. Overseas Investment A U.S. bank account simplifies the process of transferring funds when investing in U.S. stocks, mutual funds, or bonds.

3. Studying Abroad Students or their parents often need a local account to pay tuition fees and daily living expenses.

4. Convenient International Transfers Compared to domestic banks, U.S. banks generally offer more efficient international money transfer services with lower fees.

Main Ways to Open a U.S. Bank Account

1. Open an Account at a U.S. Local Bank

This is the most traditional method, suitable for those already in the U.S. Popular banks include Chase, Bank of America, and Wells Fargo. These banks typically require

Valid passport or driver’s license

U.S. Social Security Number SSN or Individual Taxpayer Identification Number ITIN

Proof of address, such as utility bills or a lease agreement

However, obtaining an SSN can be a challenge for non-residents. This method is best suited for students or short-term residents.

2. Open an Account Online

Thanks to fintech advancements, many online banks now offer remote account opening services. Examples include

Revolut requires a premium account

Chime some users can open accounts remotely

Mercury ideal for startups

These platforms often do not require an SSN or a physical presence in the U.S., and identity verification can be completed via a mobile app. However, some services may only be available to U.S. citizens or those holding specific visas.

3. Use International Bank Partnerships

Some international banks have U.S. branches or partnerships that allow clients to open U.S. accounts remotely after completing identity verification in their home country. Examples include

HSBC Offers U.S. dollar accounts to certain clients in Asia through its global banking service.

Citi Allows account applications through its global network in multiple countries.

These services often come with higher management fees or minimum deposit requirements but are more accessible to non-residents.

4. Use Fintech Platforms or Cross-border Payment Services

Several fintech companies provide virtual U.S. bank account services to meet cross-border transaction needs. Examples include

Payoneer Offers U.S. bank details for receiving payments from platforms like Amazon and Upwork.

PayPal Although not a traditional bank account, its USD wallet can be linked to U.S. banks for fast withdrawals.

While these accounts don’t offer full banking features like checks or credit cards, they are sufficient for cross-border sellers and freelancers.

Recent Trends Fintech Enhancing Cross-border Financial Services

According to industry updates from late 2025 to early 2025, more fintech companies are expanding their cross-border financial services. For instance, Stripe Treasury, launched by Stripe, allows enterprise users to hold USD accounts within the U.S. banking system and manage cross-border funds automatically.

According to a December 2025 report by the Financial Times, U.S. regulators are considering relaxing restrictions on non-residents opening bank accounts to promote fintech and global payment development. This suggests that the barriers to opening a U.S. bank account could decrease further in the future.

Recommendations and Key Considerations

1. Clarify Your Purpose If you only need to receive cross-border payments, a virtual account or third-party payment platform may be sufficient. For full banking services like credit cards or loans, consider a traditional bank.

2. Compare Fees Monthly fees, transfer fees, and withdrawal fees vary widely across banks and platforms. Research these in advance.

3. Know Your Customer KYC Requirements Most platforms require KYC verification, which usually involves submitting a scanned passport, a selfie, and proof of address.

4. Tax Compliance Holding a U.S. bank account may trigger tax reporting obligations, especially for high-income individuals. It’s advisable to consult a professional tax advisor.

Conclusion

Opening a U.S. bank account is no longer an unattainable goal. With the digitalization and globalization of financial services, more channels are becoming available to non-residents. Whether through traditional banks, online platforms, or fintech companies, as long as you choose the right method based on your needs and follow the proper procedures, you can easily obtain your own U.S. bank account.