Want to Open a Bank Account in the U.S.? Know These Requirements and Process First!

Want to Open a Bank Account in the U.S.? Here’s What You Need to Know!

In recent years, with the acceleration of globalization, more and more Chinese citizens need to open bank accounts in the U.S. due to studying abroad, working, traveling, or investing. Especially in 2025, as cross-border exchanges between China and the U.S. gradually resume, many people heading to the U.S. face a practical challenge how to smoothly open a bank account. While it may seem simple, there are actually many important details and procedures to be aware of. This article will walk you through the requirements and steps to open a U.S. bank account, helping you avoid unnecessary detours.

1. Why Open a U.S. Bank Account?

First, let’s explore why more people are choosing to open accounts in the U.S.

For international students, most U.S. schools require a local bank account for tuition payments and scholarship disbursements. For Chinese professionals working in the U.S., a local account is essential for receiving salary, daily spending, and tax reporting. For investors or entrepreneurs, a U.S. bank account simplifies financial transactions and management.

According to a 2025 survey, more Chinese investors are showing interest in U.S. real estate and stock markets. Having a local bank account can greatly streamline the transaction process. Whether you're staying short-term or long-term, opening a U.S. bank account is an important step.

2. Basic Requirements for Opening an Account

Opening a bank account in the U.S. is not as complicated as in China, but it’s not completely open to everyone either. Here are the most common requirements

1. Valid Identification

Almost all U.S. banks require valid ID. For non-U.S. citizens, this usually means a passport and a copy of your visa. Some banks may also ask for your I-94 arrival record.

2. Social Security Number SSN or Individual Taxpayer Identification Number ITIN

If you're a U.S. citizen or have a work visa, you’ll typically need an SSN. If you don’t have an SSN, some banks accept an ITIN, though not all do. It’s best to check with the bank in advance.

3. Proof of Address

Banks usually require proof of your current U.S. address, such as a lease agreement, utility bill, or dormitory letter from your school. If you’ve just arrived and don’t have a permanent address yet, some banks accept temporary proof like a hotel bill.

4. Initial Deposit

Most banks require an initial deposit when opening an account. The amount varies by bank. Some even offer accounts with no minimum deposit, especially during promotions or back-to-school seasons.

5. Visa Type

Different banks have different policies regarding visa types. For example, F-1 student visas are usually accepted, but B-1/B-2 tourist visas may not be. Always confirm with the bank before applying.

3. Step-by-Step Guide to Opening an Account

Once you understand the basic requirements, here’s how to proceed with opening your account

1. Choose the Right Bank

The U.S. has many types of banks large national banks like Chase and Bank of America, regional banks, and credit unions. Big banks offer more branches and services, but may charge higher fees. Credit unions often have lower fees, but may require membership or live in a specific area.

2. Make an Appointment or Visit Directly

Some banks allow online appointments, while others let you walk in. It’s a good idea to call ahead and confirm what documents you’ll need.

3. Bring All Required Documents

Be sure to bring your passport, visa, SSN or ITIN, and proof of address. Some banks may also ask you to fill out a tax form like the W-8BEN to confirm your non-U.S. resident status.

4. Fill Out the Application and Set Up Your Account

At the bank, a staff member will help you complete the application and set up your account details, such as PINs and security questions. You can also choose to activate online banking, mobile banking, and a debit card.

5. Make the Initial Deposit

Once you make the required deposit, your account will be activated. Some banks even offer incentives, such as cash rewards for new customers who deposit a certain amount.

6. Wait for Your Debit Card and Account Info

The bank will usually mail your debit card and account details to your address within a few days. In the meantime, you may be able to use a temporary account number for some transactions.

4. Common Issues and Tips

1. Language Barriers

Although many banks offer Chinese services, not every branch has Chinese-speaking staff. It’s wise to book an appointment at a branch with Chinese support or bring a friend who speaks English.

2. Bank Fees

U.S. bank accounts often come with hidden fees-monthly maintenance fees, ATM withdrawal fees, transfer fees, etc. Make sure to understand the fee structure before opening an account.

3. Building Credit History

If you plan to take out loans or rent in the future, building a solid credit history is important. A stable bank account can help with that.

4. Account Security and Privacy

U.S. bank accounts are protected by federal law and generally safe. Still, use strong passwords and monitor your account regularly to avoid fraud and unauthorized transactions.

5. Conclusion

Opening a bank account in the U.S. may seem like a small task, but it’s a crucial part of your life, studies, or work in the country. By understanding the requirements, preparing the necessary documents, and choosing the right bank, you can smoothly start your financial journey in the U.S. We hope this guide gives you practical insights and makes your transition easier and more confident.