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Requirements I need to open a bank account in the United States

Learn How to open a bank account, It is essential whether you are a natural or legal person and especially if you opened a business in the United States and are a non-American resident, because everything seems to be much more complicated, but do not be discouraged because you can open your bank account without problems if you guides the following solution options:

How to open a bank account in the United States

First of all before going to inform you the process of opening a bank account in the USA, you should know the following:

  1. In the United States, there is the so-called Patriot Act that was enacted after the attacks of September 11, 2011, which made it difficult for foreigners who wish to open a bank account in the United States to open a bank account.
  2. Based on this law, all banks have the obligation to verify the identity of all people who wish to open a bank account and must subject them to controls on terrorism and money laundering.
  3. The same law practically prevents you from opening a bank account in the United States if your country of origin is Zimbabwe, Liberia, Burma, Sudan, North Korea, Pakistan, Afghanistan, Iraq, Iran, or you are from the Western Balkans.
  4. It will even be impossible if your name is detected on the list of the Office of Foreign Assets Control.

Requirements to open a bank account in the US

Knowing what the Patriot Act means, to open a bank account in the United States you must meet the following requirements:

  1. You will need to present your identification with a photograph such as an identification card or passport.
  2. Your employer identification number, the EIN.
  3. You must present organization documentation if you set up an LLC.
  4. You will present the articles if you formed a corporation.

Step by step how to open a bank account

If you want to open a business bank account in the United States, follow these steps:

First Option (1): Bank of America, Citibank or Wellfargo

  1. Go to a bank such as Bank of America, Citibank or Wells Fargo, any of them as long as there is a branch of that bank in your country and that allows you to open a bank in the United States.
  2. It is always best to open a business bank account in your home country.
  3. Contact the United States bank and although they will tell you that you need to identify yourself in person, you can say that the local bank branch in your country can do that identification for you, but make sure if this solution works for them and in case For a positive response, ask for the contact information of the person you are talking to.
  4. Go to the branch of the local bank in your country and communicate that you are processing the opening of a bank account in the United States and you need to be identified with your passport or your driver’s license.

Even tell them that they will call from the United States headquarters to make your identification.

  1. You should try to ensure that your country’s bank branch can comply with the Patriot Act by meeting in person at the United States headquarters to identify you.

Second Option (2): Open a bank account with EIN

If option 1 seems very complicated, you can handle it in another way:

  1. Take a trip to the United States entering with the visitor visa.
  2. Choose the bank you want and immediately open a bank account.
  3. For this you will need to present the EIN, the employer identification number, and the current and current photo identification.

Third Option (3): Opening a bank account as a bank account

If for some reason you cannot travel to the United States to open your bank account, a company can help you with the opening of a corporate bank account, for example accounts with Futuramax, a company can help you open a corporate account in the United States as well as You can turn to ACME Archives, Plan Inc, Valis International, or Global Corporate Services.

You can even turn to Silicon Valley Bank that helps foreign entrepreneurs to open bank accounts in the United States if you meet the conditions required by the company, since it generally requires that it be a start up with the backing of investors.

Fourth Option (4): How to open a bank account with a subsidiary

You still have one last resort as a solution:

  1. Create a subsidiary in the United States, then go with all the documentation to the bank headquarters you want and open a bank account.
  2. However, always keep in mind that any bank will request your EIN, the employer identification number, after obtaining it you can open a bank account in the United States.
  3. Also keep in mind that banks such as HSBC, Deutsche Bank, Credit Suisse, Barclays, are international banks with a presence in the United States, so if you have opened an account in one of these banks, setting up a bank account in the Nest States may be very easy.
  4. However, it is always better that you speak with a representative of the local branch so that they can explain to you how the exact operation of the bank account is and amplify the requirement of the documentation that is required in the banks of the United States, since it can vary from one bank to another.

Requirements to open a bank account online

If you want to open a bank account online you can do so as long as you have not just arrived in the United States because your credit history will be limited and therefore your identity will be difficult to verify and therefore your application will be rejected.

  1. You need your social security number or an identification number if you are a non-citizen.
  2. You need your driver’s license number or other documentation that has been issued by the government.
  3. You need a debit card to be able to cross data with another bank account that you have so that you can make the initial deposit in the new account.

How to open a bank account in Mexico from the USA

If you want to open a bank account in Mexico from the usa you must:

  1. Open that bank account thinking of a minimum balance of between 300 and 1000 dollars so that you avoid paying the monthly fee.
  2. If you were a US citizen, you will declare your foreign bank account in your taxes from the FBAR form.
  3. Bancomer, Santander, Scotiabank and HSBC require your valid passport, your updated immigration visa, a utility bill in your name, if you rent, the original rental agreement and the invoice in your name.
  4. Santander bank requires two personal references with the telephone number of Mexico but it will not request an immigration visa.
  5. The HSBC bank requires that you have a 6-month-old peso account open and active in a Mexican bank.
  6. As for the account delay I would look for, while the HSBC bank can take between 15 business days up to 3 months, the Scotiabank bank can take 72 hours, Bancomer and the Santander bank can open your account in dollars at the time.

Mexican banks in the United States

  1. HSBC requires an initial deposit of $ 500, you can deposit less amount but in this case you will pay between $ 20 and $ 30 per month.
  2. Scotiabank: It will charge you a monthly fee of 35 dollars and if the minimum balance of 1000 dollars falls, it will charge you 20 dollars, but it is a bank that does not offer you online banking services when it comes to accounts in dollars.
  3. Santander Bank: The minimum balance is $ 1000 and below this value you will be charged $ 20 per month for a service charge.
  4. Bancomer: It requires an opening balance of $ 30, below this value it will charge you $ 15 per month.