Opening a U.S. bank account might be difficult because of the varying requirements and procedures if you’re coming from outside the United States. Cloud-based banking platforms like Zil offer services to open a U.S. bank account online as a non-resident. It is difficult for non-citizens to open a bank account in the U.S., but it can be done.
Opening a bank account unlocks your ability to start saving in that country and helps to secure your funds. But it isn’t as easy as it may seem. If you are an American, opening a bank account can be quick and painless, but this is not always the case for foreigners, who usually must jump through more hoops and hurdles. Zil is a cloud-based platform to help you jump the hurdles.
What will you need to open a non-resident account?
The requirements to open a banking account for foreigners may vary depending on the state or financial institution. To open an account with Zil may need:
- Your contact details such as name, address and phone number
- At least two forms of government-issued I.D., such as a valid driver’s license or passport
- Social Security number or Individual Taxpayer Identification Number (ITIN) (If you’re a non-citizen and don’t have a Social Security number, you’ll likely need an ITIN)
- Utility bill with current address
For some banks, when applying for a bank account, you must verify your name, date of birth, and address. If you are foreign-born, you may also need to provide additional information such as photos and numeric identification. You can show your identification in the form of a valid passport, another form of I.D. issued by your home country, or an unknown I.D. number. However, you will have to bring photocopies because originals are not accepted.
Why Social Security Numbers for Banks?
You don’t need to provide your Social Security number when opening a bank account in the United States. However, it will help your application if you can provide one. If you cannot get one, other options are available to you. The law governing foreign bank accounts has federal regulations, but their application is local. The banks and credit unions have different document requirements and processes for non-Americans who open accounts. Zil will have different requirements than other banks, depending on where you’re located and where you’re a foreigner.
Cloud Based Banking Platform for You
Zil account is a great way to provide a solid financial foundation; however, when opening one as a non-U.S. citizen, you will need more than just your passport and birth certificate. Earlier, non-resident people must go into a bank branch to open an account. Now, you can open your account online; you don’t need to appear in person to finish the process.
There may be differences in the types of documents needed. For banks, credit unions and other financial institutions, when opening an account, they may request to verify your name and I.D. number. This document should be in a format that is recognized internationally and conforms to international regulations.
Banking for Foreigners: Open Bank Account with Zil
Online banking is an up-and-coming type of financial services provider trying to disrupt traditional banks by offering low-cost, savvy online services. Surprisingly, there are fintech accounts whose clients’ deposits money for ease of business more than traditional banks. Zil is an existing cloud-based banking platform for your business banking needs.
Merits of Opening a Bank Account
- Getting access to direct deposit. This helps your paycheck to go into your account automatically.
- Paying bills. You may be able to pay bills by check or online rather than purchasing money orders to pay them.
- Ensure financial security. Most checking and savings accounts are insured up to certain points by the Federal Deposit Insurance Corp (FDIC) or the National Credit Union Administration (NCUA).
- With debit cards. Many banks and credit unions have debit cards to account holders. With a debit card, you can withdraw money from an ATM, make an online purchase or pay for an in-store purchase.
- Avoiding fees. You don’t have to depend on pricey check-cashing services with your bank account.
- Formulating a financial history. Putting better habits in place can help you borrow money, such as buying a home or a car.
As we know, online banking broke the barriers of banking previously existing banking difficulties. With online platforms like Zil, it’s easy to open accounts even if you are physically not in the U.S. Why are you waiting? Open your U.S. account now; it’s just a click away!