How to open an account in the USA remotely?
Visitors to the InternationalWealth portal often ask the question whether it is possible to open an account in the USA remotely and how to do it.
In case you are not a US citizen and live abroad, but would like to know if you have a chance to open an account in the US, then in this article we will give detailed advice on how to do it.
Who needs a US account?
First, it must be said that it is not possible to open an account in the USA for any purpose.
Here one of the most stringent banking laws in the world operates, which requires any bank or payment system to strictly adhere to the Know Your Customer policy (hereinafter - KYC, from English Know Your Customer) and legislation against money laundering (hereinafter - AML, from English Anti Money Laundering).
Therefore, you need to clearly know for what purposes you need an account in the USA. This question will definitely be indicated to you in the documents for opening an account, as well as when communicating with bank managers.
It will be relatively easy for you to do this if you are a frequent traveler to the United States, planning to move to the United States to study, work, or start your own business that is somehow connected with this country.
In general, opening a bank account in the United States for foreigners is a rather difficult task in accordance with the above requirements of financial regulators in this country. But don't worry, because it is still possible for the above citizens to open an account in an American bank or payment system for foreigners and with the appropriate preparation of proper documentation and a certain amount of patience.
What can you do with your US account?
With a US bank account, you can freely access your money and avoid colossal international fees while in the US.
If you are planning to work with a US company as a salaried or freelance employee, then you will not have any problems with the direct transfer of wages from your employer to your account.
American bank accounts generally offer slightly more income on deposits than European or Asian banks do.
In addition, with such an account it is much more convenient, faster and more reliable to make purchases or receive payments online all over the world.
Requirements for the applicant when opening an account in the USA
It should be noted right away that not all US banks have the same requirements. Sometimes they differ depending on which state you plan to live in or where you plan to move. However, below are the usual and most common requirements of most banks in this country. So, what will need to be presented:
- International passport;
- Proof of address (such as a paid utility bill);
- Debit / credit card from your country;
- Social security number SSN (it is possible to obtain this number for foreigners);
- Initial deposit.
In addition, additional supporting documents may be required that the bank may require, namely:
- Secondary identification document (for example: driver's license, work visa or student ID of one of the US universities);
- Immigration documents;
- Bank statement from your local bank;
- Credit history report;
- Proof of employment from your employer in the United States;
- Registration form (if you are a student).
Ideally, it is best to contact the bank where you would like to open an account, or at least clarify by phone what documents may be required in your case.
In addition to all of the above, you will need to provide your address in the United States, where you can receive all correspondence from the bank. This is extremely important because this is the reason why foreigners often refuse to open accounts in the United States.
Do I need a real physical address in the United States to open an account?
Yes. As part of the US Patriot Act and the Anti-Money Laundering Program, Banks require each account holder to have a physical address, which must be the address of an individual, residence, or business office.
How can you open a US bank account without a physical address in this country? There are several options:
- use the address of relatives, friends or business partners who agree to provide you with such an address;
- use registered agent address
- use the address of the postal delivery service.
The given list is given taking into account the decreasing probability of their recognition by banks. That is, the address of an individual who is your relative, friend or acquaintance will be the most relevant for remote opening of an account in the United States.
Next, there will be addresses belonging to registration agents who are involved in the registration of companies in the United States and related legal services. This is done on a paid basis and the cost of such services ranges from several hundred to several thousand USD per year, depending on your requirements for a physical address, because perhaps you will subsequently live or work there.
One thing is for sure: the address must be real and not used for mass legal action. That is, if you are offered an option with a virtual address (which can be found on the Internet quite often), then it is better to refuse such a service, because it is highly likely that you will receive a refusal from the bank to open an account for you precisely because of your virtual address in the United States.
It is better to contact our partners, who provide for such purposes really factual addresses that are not used for massive legal actions.
Account opening procedure in the USA
If you do not go into details, then you will need to do the following:
- Find a bank or payment system in the United States that is loyal to opening accounts for foreigners remotely (not everyone does this);
- Contact the chosen bank or payment system to clarify the procedure and the necessary documents to open an account for you. This must be done also because some banks do not allow the submission of documents online or by e-mail, but require the personal submission of documents immediately;
- Send or deliver personally all the necessary documents;
- Provide an interview to the bank manager in person or via an Internet conference, at which to sign the necessary documents.
- Make an initial deposit to your account to activate it. Please note that for deposits over several thousand USD, confirmation of the legality of your receipt of these funds may be required. This could be your account statement or certified tax returns from the previous several years.
You should also understand that even if you open an account remotely, sooner or later you will still need to visit a bank in the United States. Otherwise, your account may be closed at any time in accordance with the laws of that country.
Therefore, it is better not to take risks, but to do everything in a timely manner.
Requirements for opening a corporate account in the United States
To open an account for a company in the United States, you need to provide the same documents as for opening a private account from shareholders and people who will manage this account (if they are not the same persons). In addition, the following documents will be required:
- Articles of Association of the company and its Articles of Association, if any;
- Proof of address;
- Employer identification number (EIN);
- Legal business address. This is the address where the company's office will be located where any information from government agencies will come;
- Initial deposit;
- Description of the type and amount of expected cash flows.
There are three simple tips for opening a corporate account in the United States:
- Register your own company in the USA to open a corporate account with it. This will be easier and more correct from the point of view of American law than looking for a bank that will open an account for a foreign company and block it after the first inspection by the regulatory body.
- Open a full-fledged representative office in the United States of your existing overseas business. In fact, your representative office will be a separate legal entity on the territory of this country. In this case, you will not have any difficulties with opening an account in one of the US banks.
- Consider opening a merchant account in one of the US payment systems. It will be easier, faster and possibly more efficient, despite approximately the same requirements that American banks put forward to foreign applicants.
We also have a general recommendation for anyone looking to open an account in the states: use a US IP address over a VPN. Why is this a problem?
Because the services for checking your compliance with all the requirements of American and international law (compliance services), which each bank has, will look at the location of your computer and, based on this (among other factors), decide whether all the information you provided is true. Therefore, if you want to eliminate such risks, then we recommend that you use the location of your computer (IP address), which is located in the United States, so that the bank's compliance service does not have warning markers about possible fraud or deception, and you are calmly allowed to open an account.
As can be understood from the above, an account in the United States can be opened remotely for both an individual and a legal entity remotely. It is only important that the applicants are not subject to sanctions previously criminalized and meet all the requirements described above.
Long-term partners of the InternationalWealth portal are constantly engaged in the remote opening of accounts in banks and payment systems in the United States for foreign legal entities and individuals. This is done both remotely and in person. The point is only in professional training, correctly drawn up the necessary documentation and knowledge of the local market of financial organizations.
Therefore, please contact us for advice after you clearly understand your goals for opening an account in the United States. We will select a state, bank or payment system directly for your goals and objectives. You will spend your time and money as efficiently as possible, and will not suffer for a long time on your own trying to open an account in the United States.
Do I need to visit the US to open an account?
Initially no, but ultimately yes, because these are the realities of American financial law.
In order to simplify the procedure for opening an account, it would be a good idea to initially plan a visit to the United States. However, traveling to the US just to open an account is not a requirement for some banks. Currently, you can open an account online and start using it in the mode of receiving payments. However, remote account opening may take longer than face-to-face opening. In addition, you have a higher risk of being rejected.
Therefore, we recommend opening an account in the USA with the help of professional agents. This will speed up the procedure and increase the chances of success.
What documents are required to open an account remotely in the United States?
First of all, an international passport, proof of your residence address in the United States, your US Social Security Number (SSN) and a statement from your checking account or your bank card account. Other documents may also be required that will need to be provided in order not to receive a rejection ... All documents must be translated into English.
The US address may not belong to you, but may be the address of your relatives, friends, or even your employer. The main thing is that this is a real address to which it will be possible to receive correspondence from the bank.
It is also important that this US address is not used for massive legal actions (such as company registrations).
What is a US account for?
Primarily for transactions in USD, since it is cheaper and faster to do it from such an account. Usually it is required for those who often travel to the United States on work visits, are going to live here (immigrate for permanent residence) or work on a permanent or temporary basis.
In addition, it is relevant for students who are going to study in the USA, as well as freelancers who have many orders in the USA.
Entrepreneurs who work in the United States will also be interested in opening accounts here for themselves and their companies.
