How to open a bank account in the US
for tourists, international students, residents, and citizens
The United States is the easiest country in the world to open a bank account. I’ve traveled to every country in the world and lived in nine countries in Europe, Asia, the Middle East, Latin America, and the US. In my opinion, banks created Bitcoin by making it difficult for people to open a bank account. For that reason, I tested the process to open bank accounts myself, and around the world, and, with the support of graduate students at NYU (New York University), we opened bank accounts in dozens of countries.
We looked at the process to open a bank account as a:
· US national or resident
· International student
· Tourists visiting the country
We found that the US was the easiest country in the world to open an account for a tourist visiting the country. Our research also looked at opening offshore banks and we found the process and cost to do that to be much more complex than a regular bank account in the US.
Tourists visiting the US. Best in class, TD Bank
As you land at JFK, La Guardia, or Newark International Airport, get on the subway ($2.75) or the train to New York City. Walk into any TD bank branch and walk away with a bank account and a fully operating Visa debit card printed on the spot in less than one hour. No other bank, anywhere in the world, offers that to someone with a tourist visa. TD bank is open seven days a week, including Saturdays and Sundays.
What I like about TD Bank
It’s easy and cheap. The requirements to open a bank account are:
1. Two forms of picture ID for tourists, (e.g. Passport and Driver’s license/state ID); one for residents or US citizens.
2. Tourist with no Social Security number? no problem.
3. Personal information (date of birth, address, phone number, and email). The address does NOT have to be in the US.
4. $100 to open the account and not be charged maintenance fees, ever.
What I do not like about TD Bank
In cases where a security restriction was placed on the account, TD Bank insisted that the account owners appear In Person at any branch. For someone not residing in the US, that’s a hassle.
No need to visit the US to open a bank account
There is a different alternative for international residents that involves getting a brokerage account with checking privileges. The advantages of doing that are that there are no maintenance fees of any kind, it can be done fully online, and you only need to deposit $1 to open an account. Read more about that in these three separate articles
Can Non-US Citizens outside the US open a Brokerage account?;
Best brokers for international investors
International toll-free numbers for banks and brokers
2. International Students. Best in Class Schwab
Documents required to open a Checking Account:
1. Identification (Passport/driver’s license)
2. I-20 (as an international student)
3. Proof of address
What I like about Schwab
A full refund, of all ATM fees anywhere in the world. No other bank, anywhere in the world, offers this to someone keeping a $25 balance. When traveling abroad, I use any ATM, including those at airports with high fees, and Schawb gives me a full refund of all fees charged by those ATMs.
No fees for incoming wire transfers, and $15 for outgoing online transfers.
$0 account opening fee, $25 minimum deposit. Best in class for international investors (see separate article above, how to open an account without visiting the US).
Tourists can also open an account at Charles Schwab, but the debit card is sent by mail while at TD Bank is printed on the spot.
What I don’t like about Schwab
It has fewer branches.
Read more about Schwab.
Other good banks for international students:
Capital One (Read more) is low-cost and pays one of the highest interest rates on deposits.
Bank of America (Read more here) has better processes for international clients but is more expensive.
3. Best for US Citizens
TD Bank for low deposits
Chase for $150,000 deposits or stock transfers
It’s easier to open a bank account for US citizens and at any bank, in most cases, it can be done fully online. At TD Bank, the easiest overall for anyone, US Citizens only need one form of ID.
Low cost
TD Bank offers the cheapest banking experience of a bank with branches for anyone, including US Citizens. Marcus by Goldman Sachs (highest paid interest rate on deposits) and Chime offer cheaper versions, but banking is fully online.
Chase Sapphire accounts
The Chase Sapphire account is a good option for those able to make a deposit of $150,000 or more. The deposit doesn’t have to be in cash, you can transfer stock. The minimum balance is higher than for Citigold and HSBC Premier, but the product is better.
If you are a US citizen, you can open an account online. However, if you are under the age of 18 or not a US citizen, you would have to go to a branch near you to do so. Going to the branch, they would assign you a number in line and let you know when to come back to the branch as the wait could be anywhere from 10 minutes to 2 hours. An account executive would walk you through the process of opening the account, the benefits received, and how to keep your account fee-free. After this, the executive would take you to a Chase cash deposit station in the bank branch and show you how to deposit money into and withdraw money from your account, and how to use their mobile banking app.
What I like about Chase Sapphire accounts
A full refund, of all ATM fees anywhere in the world.
Better pricing on small business accounts.
Chase has more branches than all other banks named in this article
What I don’t like about Chase
Like Citi and other larger banks, their compliance process is overwhelming. It’s much harder to open an account at Chase than at TD Bank.
Chase Sapphire Banking. Read More
Click here to see how to open an account in >26 other countries
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This story is an update from a previous one written by Anisha Noronha and Ye Tao
About me. George Benaroya