Settling in
the US
Post-Arrival
Setting up a bank account
We know, as a nurse, the first thing you want to do after settling in the USA is to open a bank account and keep your hard earned-money in a secure place. But, with no permanent citizenship you might think it’s hard. However, the good news is that many banks in the US allow foreigners to open accounts, although the specific requirements and processes may vary.
Do not worry! Here is a guide to help you understand what you’ll need and how to open a bank account as a foreigner in the US.
To Open A Bank Account As A Foreigner, You Will Need:
- Government Issued Valid Identification Card: Most banks in the USA will either require a valid passport or other ID from your home country. You can also use a US Green card to prove your identity to open your bank account.
- Proof of Address: You must confirm your physical US address so that the bank can reach out to you if necessary. Thus, you must carry a utility bill (like electricity bill, gas bill, water bill, and more) or lease agreement.
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): To make your account opening process much smoother, you can submit your SSN or ITIN. In case you don’t have one, you can apply for it.
How Can You Apply for a Bank Account:
Most of the banks require non-citizens to apply-in -person, so that they are sure of your identity. Thus, you need to go to the bank with all the documents listed above. Here are a few steps that can help you in opening your bank account soon:
- Research and Choose a Bank: Visit a bank’s website or call them to understand their requirements and to know about brand reputation and availability in your arena. You will also get to know about the offers or the specific services the bank offers that can align with your needs.
- Gather the Required Documents: Ensure that you have all the necessary identification, proof of address, and any additional documents requested by the bank before visiting them.
- Visit a Branch: As a foreigner, it’s a high possibility that you have to visit the branch in person and apply to open a bank account. So, go pay a visit to your branch and know more about their policies in person.
- Complete the Application: Fill out the application form. Ensure that you provide all the accurate information and documents about yourself. Do not forget to go through the terms and conditions of the bank before submitting your application.
- Verification and Approval: Once submitted, the bank will take its sweet time to review your application and documents for verification. The process may take a few days to a few weeks, depending on the bank’s internal procedures.
- Funding the Account: After the bank has approved your application, you will be obliged to submit an initial deposit to your account. The amount may vary from $5 to $50 USD, you can submit this amount through online, cash deposit, or check deposit, depending on the options available in the bank.
2 Types of US Bank Accounts You Will Need During Your Stay:
- Checking Accounts: These accounts are used for everyday transactions, such as depositing money to your account, withdrawing money from ATM, and making bill payments for daily utilities.
- Savings Accounts: You can use savings accounts to save your money and earn interest on your deposits. Many big national banks offer your savings account at the same time as your checking account and link them together for easy transfer of money.
Choosing a Bank: Watch the Fees!
Before you select a bank, take a look at the fees associated with various services. Monthly maintenance fees are the one you are required to bear every month. Apart from that you will be charged for overdraft fees, ATM fees, wire transfer fees, foreign transaction fees, and currency conversion fees.
Thus, you must compare and look for banks that offer low or no fees for the services you are most likely to use.
Famous US Banks:
Some of the most trusted, used, and famous banks in the US include:
- Bank of America
- Chase
- Wells Fargo
- Citibank
- Capital One
Remember to research and compare the offerings, fees, and branch availability of different banks to find the one that best suits your needs.
