What to Watch Out for When Opening a Savings Card in the US as a Chinese? The Truth is Here

Things Chinese Citizens Should Know When Opening a Savings Account in the U.S. - Where Is the Truth?

In recent years, with increasing economic exchanges between China and the U.S., more and more Chinese people are traveling, studying, working, or even settling in the United States. Whether staying short-term or planning for the long run, having a local U.S. bank account has become increasingly important. As a basic tool for daily spending and financial management, a savings card naturally becomes a top concern.

However, for many Chinese citizens opening a savings account in the U.S. for the first time, the process is not as simple as it may seem. There are many things to keep in mind - and some hidden rules - that are worth knowing.

1. Identity Verification The First Step

U.S. banks are very strict about verifying customer identities, especially for non-U.S. citizens. In most cases, you will need to provide a valid passport, visa, and proof of U.S. residential address to open an account. For those newly arrived in the U.S., if you don’t yet have a long-term address, you can use documents such as a lease agreement, utility bill, or even a confirmation letter mailed by the bank as proof of address. Some banks also accept dormitory or housing certificates issued by schools, which is good news for international students.

2. Social Security Number SSN A Key Requirement

The Social Security Number SSN is crucial when opening a bank account. While some banks allow account opening without an SSN, most major banks - such as Citibank, Bank of America, and Chase - require an SSN. This number is not only a tax ID but also how banks report account information to the IRS Internal Revenue Service. If you're a student or hold a work visa, you're usually eligible to apply for an SSN. If not, you can look for banks that accept Individual Taxpayer Identification Numbers ITINs.

3. Bank Fees and Services Vary - Choose Wisely

Different banks have different service models and fee structures, so it's important to choose one that fits your needs. Some banks require minimum account balances - for example, Chase requires a monthly average balance of at least $300 in a savings account to waive the monthly fee. Citibank, on the other hand, sometimes offers new customers a fee-free introductory period. Some banks also offer multilingual customer service, which can be a big help for those who are not fluent in English. It’s a good idea to compare several banks before making your choice.

4. Watch Out for Transaction Monitoring

U.S. banks monitor transactions very closely. Frequent large transfers or cross-border transactions might trigger the bank’s risk control system, potentially leading to account freezes or restrictions. This is not uncommon - for example, in 2025, there were media reports of international students whose accounts were flagged due to frequent money transfers to China, requiring them to provide additional identity and source-of-funds documentation. To avoid issues, maintain regular and reasonable transaction patterns.

5. Security Matters

Bank card fraud is not rare in the U.S., especially in online payments and ATM withdrawals. It's wise to sign up for transaction alerts so you can monitor your account in real time. When using ATMs, try to use machines located inside bank branches rather than third-party machines on the street or in remote areas, to reduce the risk of card skimming.

6. Chinese Banks in the U.S. - An Alternative

With the deepening of China-U.S. financial cooperation, some Chinese banks have established branches in the U.S., such as ICBC Industrial and Commercial Bank of China and CCB China Construction Bank. These banks often offer better language support and cultural understanding, making the process easier for Chinese customers. However, their branch networks and service coverage still lag behind local banks, so consider convenience and practicality when choosing.

7. Prepare in Advance and Get Help if Needed

Before opening an account, make sure to schedule an appointment with the bank and prepare all required documents in advance. Many banks offer online booking services, which can save time waiting in line. If you have friends or classmates who already have accounts, ask them to accompany you - they can help you better understand the process and avoid common mistakes.

Opening a savings account in the U.S. isn’t difficult for Chinese citizens, but it does require careful preparation and a clear understanding of the rules and procedures. With the right mindset, attention to detail, and a commitment to compliance, you can smoothly start your financial life in America. Patience, carefulness, and awareness of regulations are your best allies in this process.