---
title: "Open a US bank account"
description: "A US bank account without US residence: which documents branch banks ask for, when an online bank is enough, what it costs and what gets reported to tax authorities."
url: "https://benefitsystems.io/en/services/open-us-bank-account"
published: "4 March 2026"
reviewed: "6 October 2026"
type: "Service page"
---

# Open a US bank account

**Short answer.** You can open a US bank account without living in the US. A personal account at a large branch bank usually means an appointment on site, with your passport, a second ID, a US address and, depending on the bank, an [ITIN](/en/glossary/individual-taxpayer-identification-number). Online banks open business accounts for a US company with an [EIN](/en/glossary/employer-identification-number) without a branch visit.

## Key points

- In our experience a branch appointment takes one to two hours. Two or three banks in one day are doable.
- Online banks open business accounts without an in-person visit. In our experience they are the weaker basis for later card applications at a large bank.
- Business accounts require an existing US company with an EIN.
- According to the IRS, interest on bank deposits that is not connected with a US trade or business is not subject to US withholding. Your obligations in your country of residence are unaffected.
- For residents of Germany, the US exchanges account data under a reciprocal agreement.
- No one can guarantee approval; the decision rests solely with the bank.

## Who a US bank account is for

The account is where the setup starts. The US card bills are later paid from it in dollars, and a bank where you have held an account for months knows you better at a card application than a stranger.

The account alone does not create a [US credit history](/en/knowledge/how-us-credit-reports-work). That only grows with the cards built on top of it.

- **Private individuals** who want to build their own US credit history and pay their card bills in dollars.
- **Owners of a US LLC** (limited liability company, a US legal form) who want to collect revenue in dollars and use business cards. What an EIN does for a company and what it does not is covered in [EIN for a foreign-owned company](/en/knowledge/ein-for-a-foreign-owned-company).
- **Companies with US customers** who want to connect payment providers such as Stripe through their US company.

## Requirements

| Document | Personal account (branch bank) | Business account (online bank) |
|---|---|---|
| Valid passport | mandatory | mandatory |
| Second ID document | required by Chase, a foreign national ID card is accepted | not applicable |
| US address | at Chase, on one of the two IDs | business address, requirements vary by provider |
| US phone number | recommended | depending on the provider |
| ITIN | depending on the bank | not applicable |
| EIN | not applicable | mandatory |
| Form W-8BEN | when the bank asks for it, confirms your status as a foreign person | depending on the legal form |
| Company documents | not applicable | Articles of organization, Operating Agreement |
| In-person visit | usually | no |

*Requirements of Chase, Bank of America and Mercury as of 29 September 2026. A business account at a branch bank usually also requires an appointment on site. Individual institutions deviate.*

## Branch bank or online bank

Online banks such as Mercury say they are not banks themselves. Partner banks hold the accounts, and accounts are opened online only and only for companies.

| Feature | Branch bank | Online bank |
|---|---|---|
| Account type | personal and business | business account for companies formed in the US |
| In-person visit | usually yes | no |
| US company required | not for a personal account | yes, with an EIN |
| Monthly fee | $15 or $0 at Chase and Wells Fargo | no base fee at Mercury |
| Deposit insurance | FDIC, at member banks | only through the partner banks |
| Value for later card applications | in our experience the stronger basis | in our experience the weaker basis |

*As of 29 September 2026. The value for card applications is our experience from accompanied applications, not a statement by the banks.*

## The process in six steps

1. **Lay the groundwork.** Set up an address and phone number, compile the documents.
2. **Select banks.** Two to three institutions, aligned with the cards that are to follow.
3. **Schedule appointments.** Contact branches in advance and say openly that you do not live in the US.
4. **In-person visit.** Open the accounts, set up online banking, make the initial deposit.
5. **Activation.** Cards and login credentials go to the US address and reach you by forwarding or scan.
6. **Use.** Regular activity on the account. A card is later paid from here as well, for example after a [Global Card transfer](/en/knowledge/global-card-transfer-to-the-us).

## Costs and third-party costs

| Item | Guide value | Note |
|---|---|---|
| Initial deposit, personal account | depends on the institution | Chase names no fixed amount, the minimum varies from bank to bank |
| Monthly fee, personal account | $15 or $0 per month | Chase Total Checking and Wells Fargo Everyday Checking: waived among other options with a $1,500 balance or $500 in electronic deposits |
| Business account at an online bank | $0 base fee | Mercury: no minimum balance, no mandatory fee, add-ons cost extra |
| US address | depends on the provider | prices and requirements on the [US address and compliance](/en/services/us-address) page |
| US phone number | depends on the provider | Chase recommends a valid phone number |
| Travel and stay | individual | in our experience, three days on site are sufficient |

*Terms of the accounts named, as of 29 September 2026. Third-party costs are not part of our packages.*

## Timeline

In our experience preparation takes two to six weeks. Most of it depends on whether an ITIN or EIN is already in place.

Three days on site are usually enough. In the cases we accompanied, cards and login credentials reached the US address within one to three weeks. The banks themselves commit to no deadlines.

## Common mistakes

- Providing a pure package forwarding address that banks recognize as such.
- Walking into a branch without an appointment and failing with an employee who has never opened an account for someone living abroad.
- Letting the account sit idle after opening. The monthly fee keeps running, and an empty account counts for little at later card applications.
- Giving the bank inaccurate information about your residence. This puts the account and later cards at risk.
- Applying for an ITIN just for a personal account. The deposit exception in the Form W-7 instructions covers income connected with a US trade or business and US tax residents, not a non-resident's personal account.

## When a US bank account is not worth it

- You only want to receive or pay dollars and will not apply for US cards later. A foreign currency account at your home bank or the dollar account details of a payment provider are enough. What the conversion can cost is explained in [foreign transaction fees](/en/knowledge/foreign-transaction-fee).
- Your US company only needs a business account. An online bank opens it without travel, and our support is usually not needed for that.
- You expect the account to stay hidden from your tax office. For residents of Germany, the US exchanges account data under a FATCA agreement.
- You will rarely use the account. At branch banks the monthly fee keeps running, and a dormant account adds little to later applications.
- You cannot travel to the US but need a personal account at a large branch bank. Without an appointment on site, these banks do not open one.

## Notes on reporting and tax

The US does not apply the OECD Common Reporting Standard. It exchanges account data through FATCA agreements, and these differ from country to country.

With Germany a reciprocal agreement applies. US banks report the name, address, German tax ID, account number and interest paid for account holders resident in Germany, for a deposit account once more than $10 of interest is paid in a calendar year. The German Federal Central Tax Office receives this data from the IRS.

Austria and Switzerland currently have a Model 2 agreement. Banks there report to the US, but no account data flows back from the US. Switzerland has signed the switch to the reciprocal model, which is scheduled to enter into force no earlier than 2029. For other countries, the agreement listed by the US Treasury applies.

A US account does not change your filing obligations in your country of residence. Whether and how it appears in your tax return is for your tax advisor alone to assess.

> **Limits of this information**
>
> Terms, processing times and rules of banks and authorities change, sometimes without notice. All information carries a review date and is checked again before every application.

## Frequently asked questions

### Can this be done entirely remotely?

For a business account, yes. Online banks open accounts for companies formed in the US with an EIN without a branch visit. A personal account at a large branch bank usually requires an appointment on site. In our experience the online account is the weaker basis for later card applications at a large bank.

### Do I need an SSN or ITIN for a US bank account?

Not necessarily. The US customer identification rule allows banks to accept a passport number and country of issuance instead of a taxpayer number from people who are not US citizens. Whether a bank accepts that is its own decision. Bank of America names the ITIN in its guidance, and Chase asks for two IDs, one of them showing a US address. How ITIN and SSN matter for later card applications is covered in [ITIN or SSN for credit cards](/en/knowledge/itin-or-ssn-for-credit-cards).

### Can I open a US account without living in the US?

Yes, at some banks. The rule requires a residential or business street address, it does not require US residence. Branch banks still usually want to see a US address on one of your IDs or documents. Nobody has to live in the US for this.

### Does a US bank report my account to my tax office?

For residents of Germany, yes, once a deposit account earns more than $10 of interest in a year. The US does not take part in the OECD Common Reporting Standard, but exchanges data with Germany under a reciprocal FATCA agreement. Reported items include name, address, account number and interest paid, and the German Federal Central Tax Office receives them from the IRS. Austria and Switzerland currently get no such data back. Your filing obligations apply either way.

### How does an online bank like Mercury differ from a branch bank?

Mercury says it is not a bank, partner banks hold the accounts. It opens business accounts for companies formed in the US with an EIN, without a branch visit and without a minimum balance. If cards from a large bank are to follow later, this does not replace a customer relationship with that bank.

### Can I open a US dollar account from abroad?

Yes, as a foreign currency account at a bank in your home country or as dollar account details from a payment provider. Both work for payments in dollars. Neither is a customer relationship with a US bank that counts at that bank's later card applications.

### Are deposits in a US account insured?

At an FDIC member bank, US deposit insurance applies per depositor, per bank and per ownership category up to the legal limit. At online banks that are not banks themselves, the coverage only applies through their partner banks.

### Which bank is the right one?

That depends on which cards are to follow later. Some banks favor existing customers, others decline card applications after too many new accounts, the best known being [Chase's 5/24 rule](/en/knowledge/chase-5-24). We set the order before the trip.

### What happens if the bank declines?

Declines happen and are planned for, which is why several institutions are on the list for one stay. No one can promise approval, the decision rests with the bank.

## Sources

- Chase, identification requirements for opening an account: [Acceptable forms of identification](https://www.chase.com/content/dam/chase-ux/documents/personal/checking/acceptable-forms-of-identification.pdf), retrieved on 29 September 2026.
- Chase, $15 or $0 monthly fee and accounts for non-residents: [Total Checking](https://www.chase.com/personal/checking/total-checking), [US bank account for non-residents](https://www.chase.com/personal/banking/education/basics/us-bank-account-for-non-residents), retrieved on 29 September 2026.
- Wells Fargo, $15 or $0 monthly fee: [Everyday Checking](https://www.wellsfargo.com/checking/everyday/), retrieved on 29 September 2026.
- Bank of America, opening accounts and non-residents: [Applying for accounts](https://www.bankofamerica.com/deposits/applying-for-accounts-faqs/), [US bank account for non-residents](https://info.bankofamerica.com/en/international/us-bank-account-non-residents), retrieved on 29 September 2026.
- Mercury, partner banks, fees and opening without a branch: [FAQ](https://mercury.com/faq), [Open a US bank account](https://mercury.com/blog/open-us-bank-account), retrieved on 29 September 2026.
- Customer identification rule, 31 CFR 1020.220 (passport number instead of taxpayer number, address): [Legal Information Institute copy](https://www.law.cornell.edu/cfr/text/31/1020.220), retrieved on 29 September 2026.
- FDIC, deposit insurance of $250,000 per depositor, per bank, per ownership category: [Understanding deposit insurance](https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance), retrieved on 29 September 2026.
- US Treasury, FATCA agreements with Germany (Model 1), Austria and Switzerland (Model 2): [overview](https://home.treasury.gov/policy-issues/tax-policy/foreign-account-tax-compliance-act), [agreement with Germany, Art. 1 and 2](https://home.treasury.gov/system/files/131/FATCA-Agreement-Germany-5-31-2013.pdf), retrieved on 29 September 2026.
- German Federal Central Tax Office, reciprocal exchange under FATCA: [bzst.de](https://www.bzst.de/DE/Unternehmen/Intern_Informationsaustausch/FATCA/fatca_node.html), retrieved on 29 September 2026.
- Swiss State Secretariat for International Finance, new FATCA agreement: [sif.admin.ch](https://www.sif.admin.ch/en/fatca-agreement), retrieved on 29 September 2026.
- OECD, AEOI commitments, as of 17 September 2026: [AEOI commitments](https://www.oecd.org/content/dam/oecd/en/networks/global-forum-tax-transparency/aeoi-commitments.pdf), retrieved on 29 September 2026.
- IRS, withholding on interest paid to foreign persons: [Publication 515](https://www.irs.gov/publications/p515); Form W-8BEN: [About Form W-8 BEN](https://www.irs.gov/forms-pubs/about-form-w-8-ben); deposit exceptions: [Instructions for Form W-7](https://www.irs.gov/pub/irs-pdf/iw7.pdf), retrieved on 29 September 2026.
- Our own experience from accompanied account openings since 2021: appointment length, stay, delivery times, value for later card applications.