Bank Account Without SSN or ITIN [Account Opening Guide] - GlobalBanks (2023)

In this article, we’re going to help you open a bank account without an SSN or ITIN. Yes, it’s 100% possible. Plus, if you’re a member of GlobalBanks USA or GlobalBanks Insider, you can even open an account remotely at real banks without ever visiting the United States.

To be clear, we are NOT talking about fintech, EMIs, or payment platforms.

What we are talking about is banking in the USA by opening personal accounts, business accounts, and even premier banking accounts at some of the top brick-and-mortar banks.

KEY TAKEAWAYS

• Not every bank in the United States requires proof of a social security number to open an account
• Non-resident individuals and foreign businesses owners can open accounts in the United States 100% remotely
• Specific account opening requirements need to be met to successfully open accounts without an SSN or ITIN
• Deposit requirements for opening an account with a bank in the United States will vary from bank to bank

But before we start, if this is your first time visiting GlobalBanks, don’t forget to download your free copy of the US Banking Starter Guide. It’s designed to help non-residents and foreigners successfully open bank accounts in the United States 100% headache-free and 100% remote.

One final point before diving into how to open an account in the United States if you don’t have an SSN or ITIN:

Many people will tell you that it’s impossible to open an account remotely in the United States. They’ll say that banks here don’t accept foreign entities, and they’ll even tell you that you must have an ITIN to open a bank account. But, that’s not true.

If you want immediate assistance opening an account 100% remotely in the United States,.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

1. Who Can Open a Bank Account Without an SSN or ITIN?
2. Social Security Number vs Individual Taxpayer Identification Number
3. Requirements for Banking in the United States Without SSNs or ITINs
4. Considerations For Opening a Bank Account Online in the United States
5. Bank Account Deposit Requirements Without an SSN or ITIN
6. The Step-by-Step Process to Opening Accounts in the United States
7. What About Mercury, Transferwise, Payoneer, and Similar Services?
8. Warning Before Opening Bank Accounts Without SSNs or ITINs
9. Ready to Explore Your Options?

Who Can Open a Bank Account Without an SSN or ITIN?

First, you obviously need to know which banks, branches, and bankers cater to your specific client profile, know how to reach them (or how to get a direct introduction), know their account opening policies, and use the correct account opening strategies. If you follow these guidelines, you can open an account at a wide range of banks and situations.

In other words, finding the right contacts and knowing which banks have compliance protocols and onboarding procedures that allow them to accept clients that don’t have an SSN and ITIN is critical.

The reason this is so important is that bank policies are constantly changing. While one bank might be willing to open an account for a non-resident that doesn’t have a social security number or ITIN at one point in time, they might not allow it six months later.

That’s why our team constantly analyzes account opening procedures and compliance practices, and tax ID requirements at banks in the United States and around the globe. We keep track of account opening practices, and compliance quirks, maintain a constant dialogue with banks, and track account opening successes (and failures) around the world.

Thanks to this constant monitoring of banking in the United States, we know that a select number of banks here allow a foreigner to open a bank account even if they don’t have a social security number or ITIN.

Just to recap, here’s a quick list of the groups that GlobalBanks can help with opening an account 100% remotely in the United States, without proof of an SSN or ITIN:

Clients That Can Open Accounts Remotely Without a Security Number or Identification Number

• Foreign individuals from most countries around the world
• Foreign companies with zero ties to the United States
• Offshore companies with zero ties to the United States
• Foreign-owned American LLCs
• Non-resident individuals with no American address
• American LLCs with zero operations in the United States
• Foreign businesses that need access to USD banking
• Offshore entities that need an account in the United States
• And more…

In case you didn’t notice, the above list casts a very broad net. By our calculation, it should represent around 98% of all people and companies looking to open an account in the United States without proof of an SSN or ITIN.

In fact, the only real exclusions are people or companies from sanctioned countries or that appear on specific watch lists. And yes, some people in the Unlucky Passport Club will be impacted by this. Otherwise, most people and companies can access banking in the United States through GlobalBanks, including remote options.

It’s important to note that each bank’s willingness to open an account without a social security number or ITIN does vary. In fact, if you do not go to the right banker or branch, it’s almost guaranteed that you will not be able to open an account.

Note: We discuss this in much more detail, show you how to deal with it, and give you specific banking options, strategies, and direct introductions through GlobalBanks USA and GlobalBanks Insider.

So, rest assured, solid banking options do exist for each of the above clients. In some cases, the best banks in the United States will even accept you with a minimal deposit.

Social Security Number vs Individual Taxpayer Identification Number

To clarify, we are talking about opening an account WITHOUT a Social Security Number (SSN) or an Individual Tax Identification Number (ITIN).

These are numbers issued by the United States Internal Revenue Service (IRS). Naturally, you won’t have either of these numbers if you’re not an American citizen, have not spent considerable time in the United States, or never had a reason to obtain one of them before.

Banks often use these numbers to check creditworthiness and verify your identity for compliance purposes.

However, as you’ll see below, an SSN and ITIN are NOT always required to open a bank account for foreigners and non-American residents.

Requirements for Banking in the United States Without SSNs or ITINs

Obviously, if you want to open an account and don’t have an SSN or ITIN, this is a requirement that we’re going to skip. That said, there are other requirements you will need to meet, including:

• Two forms of government-issued identification (non-American issued)
• Proof of your personal (or business) address (non-American address)
• Proof of source of income and/or wealth (within 3 months)
• Completed account application documents

Certain banks will have additional requirements and may request specific types of documents depending on the type of account being opened. But, generally speaking, most non-resident individuals that don’t have a social security number or ITIN can still open a bank account in the United States by meeting the above requirements.

Of course, you still need to meet deposit requirements and navigate a few other account opening considerations. With this in mind, let’s take a look at the special considerations that apply to both personal and business accounts below.

Considerations for Opening a Bank Account Online in the United States

If you plan on visiting a bank in person, the number of banking options available to you will increase.

But, since this article is focusing on opening an online bank account, the most important factor you need to know is how to find an experienced banker. More specifically, an experienced banker that actually has clearance and authority from the bank to open a bank account 100% remotely. Unfortunately, this isn’t an easy task.

As always, the following important considerations will impact your ability to open an account with a given bank and banker:

Personal Bank Account Opening Considerations

• Nationality
• Tax residency
• Source of funds
• Source of income
• Industry of employment
• Political exposure
• And more…

Business Bank Account Opening Considerations

• Country of incorporation
• Country of operation
• Countries served
• Industry and business activities
• Where are incoming transfers being sent from
• Where are outgoing transfers being sent to
• And more…

Note: If you are applying for a business account, the personal account opening considerations still apply. Each shareholder, director, or member of the company will need to provide this information. This is standard practice when opening an account anywhere in the world.

Bank Account Deposit Requirements Without an SSN or ITIN

Like all account opening situations, different banks have different deposit requirements. This can range from US $3,000 to $250,000 and varies by bank.

If you’re planning to open a bank account in person, you can open a bank account with significantly less. In some instances, you can open an account with only US $500 or less as an individual. Alternatively, if you’re opening an account for a business, you should expect the account opening deposit to be at least US $1,500 to avoid monthly fees. But the amount to avoid monthly fees will fluctuate from bank to bank.

The Step-by-Step Process to Opening Accounts in the United States

If you don’t know what you’re doing, opening an account in the United States can be painfully time-consuming and extremely expensive. This is especially true if you don’t know which banks are likely to open a bank account for you.

In fact, depending on your risk profile and how difficult it is for you to obtain authenticated documents, applying to a single bank can cost up to a thousand dollars. And, if you get rejected and have to apply to multiple banks, costs and additional fees can skyrocket fast.

What you need is clear instructions on how to open an account remotely. You need a list of banks that accept non-resident individuals, foreign companies, and even offshore entities. And, you need to know which branches and bankers can actually make it happen (not all of them can, will, or even know it’s possible). What most people ultimately want is their own team of banking experts to help them open an account–and they want that team available to answer questions and provide guidance as needed.

With this in mind, our team has prepared three banking-specific reports, focusing entirely on the United States. They are designed to help our members navigate banking in the United States and unlock all the benefits of the most sophisticated financial system in the world.

With our reports, you will be able to quickly identify the best banks, identify the most suitable account opening strategies for your situation, understand the risks and nuances associated with your client profile, and choose how and when to approach banks based on your objectives.

Additionally, when you become a member of GlobalBanks USA, you will get direct support from our team of banking experts. We answer your most difficult banking questions, suggest specific banks that match your client profile, and make direct introductions to bankers in the United States to start the process of opening your account.

You get access to all three of these reports in addition to all of the other benefits locked inside GlobalBanks USA as soon as you sign up to become a member.

What About Mercury, Transferwise, Payoneer, and Similar Services?

There is nothing wrong with using services like Mercury, Transferwise, or Payoneer. But, they should be used as a supplement to your brick-and-mortar bank accounts. That’s because these platforms are better suited to transactional banking. In other words, you shouldn’t use them for storing deposits.

Additionally, these platforms are increasingly focused on servicing clients with a presence in the United States, with American operations, and that are classified as American businesses. Some will even ask for proof that your business is operating in America before they will open an account.

It’s also important to remember that many fintech providers are not banks–not yet at least. While certain platforms, such as Revolut, have acquired actual banking licenses, this is an exception, not the rule.

Instead, most platforms here will simply partner with a licensed bank (usually in some obscure corner of the United States). Essentially, they offer a pretty interface with a few extra services tailored to a certain niche market.

Make no mistake, better customer service, integration with other business support services (e.g. accounting software), and services tailored to your client type do offer value. But, these platforms also have shortcomings, limitations, and risks.

We’ll dig into this in another article where we’ll break down fintech, EMI, and payment platforms. For now, just know that fintech and neo banks are important tools that you can use in combination with, not as a replacement for, traditional bank accounts. Especially if you have a sizable or growing business.

Warning Before Opening Bank Accounts Without SSNs or ITINs

There are many service providers that say they can help non-resident individuals open accounts without a social security number or ITIN. In reality, they use low-quality banks, improper methods, charge unnecessary fees, and in many cases simply open accounts at EMIs.

Instead, when you join GlobalBanks USA, we give you EVERYTHING you need to solve your biggest banking problems and achieve your banking goals. Of course, if your goals include opening an account in the United States, we’ll give you all the tools, information, strategies, support, and direct bank introductions you need to do it on your own.

Ready to Explore Your Options?

If you’re ready to take action and start opening an account with a bank in the United States now, you can get started with GlobalBanks USA, our dedicated US account opening service.

GlobalBanks USA gives you everything you need to start finding and opening bank accounts in the United States.

When you join GlobalBanks USA, you receive a dedicated account manager to help you navigate your account opening options in the United States.

Plus, you receive access to our library of premium (members-only) banking reports. These include proven account opening strategies, client-specific lists of banks, and strategies to make the most of international banking in the United States.

Of course, you also receive direct introductions to bankers who are ready to help you navigate account opening.

To get started, click here to see if GlobalBanks USA is the right choice for you to start accessing the benefits of banking in the United States today.

You can also view all of the account opening solutions offered by GlobalBanks on our products page.