United States — Banking: Opening Account

Why this matters

A valid bank account is crucial for daily financial transactions, employment, and other official purposes, making it essential for individuals relocating to the US.

Key facts

• The CFPB lists acceptable identification numbers as a Social Security number, ITIN, passport number with country of issuance, alien identification card number or other government-issued number.
• Banks generally expect a US or state photo ID, but some accept foreign passports and consular IDs such as the Matricula Consular; each bank sets its own policy, so check first.
• A second form of identification such as a Social Security card, birth certificate or a bill with your name and address is usually asked for.
• Without a Social Security number or ITIN you may be able to open only a no-interest account.
• The FDIC GetBanked page says many banks allow non-citizens to open accounts, possibly with a foreign passport, consular ID or ITIN.

Steps

1. Researching banks and account types — Look for banks with branches near your location, consider different account types (e.g., checking, savings, or money market), and review fees, interest rates, and services.
2. Gathering required documents — Collect identification (e.g., passport, driver's license), proof of address (e.g., utility bill, lease agreement), and Social Security number (or ITIN).
3. Opening the account — Visit a bank branch or use online banking services to initiate the account opening process. Be prepared to provide the necessary documents and information.