Are you a non-U.S. citizen searching to open a bank account within the United States but find no Social Security Number? Relax!
An important number of banks accept an Individual Taxpayer Identification Number (ITIN) as an alternative. Read ahead to understand what a taxpaying number is, why you need this bank account, and which banks accept these numbers.
What is an ITIN, and Who Needs It?
The Internal Revenue Service (IRS) issues an ITIN or Individual Taxpayer Identification Number to those individuals who need some form of taxpayer identification number but do not qualify for a Social Security Number (SSN). The group includes:
- Non-resident aliens who need to file taxes.
- Individuals living in the United States without an SSN.
- Dependents of U.S. citizens or residents.
If you fall under any of these categories, you most likely already have or need an ITIN.
What’s the Purpose of Opening a Bank Account?
Having a bank account offers many benefits beyond simplicity:
1. Security and Protection
Money is dangerous to keep at home. Depositing money into a bank provides it with a layer of protection and insurance, generally from the Federal Deposit Insurance Corporation (FDIC), up to $250,000.
2. Establish a Credit History
A bank account can help establish a financial history, which is crucial for future financial activities, including loans, mortgages, or renting an apartment.
3. Instant Access to Funds
A bank account provides instant access to funds at any time through debit cards or online banking. It also makes it easy to send or receive money, pay bills, and track expenses.
Can I Open a Bank Account With an ITIN?
Yes, you can open a bank account with an ITIN! Many banks and credit unions in the United States are now accepting ITINs for account openings. Services include:
- Checking Accounts
- Savings Accounts
- Debit Cards
- Online Banking
Here are banks that accept ITIN numbers:
Top Banks That Accept ITIN Numbers
1. Bank of America
Services: Checking and savings accounts.
Requirements:
- ITIN or passport
- Proof of address like utility bill, lease agreement, etc.
- Initial deposit (varies by account type)
2. Chase Bank
Services: Checking and savings accounts, online banking, debit cards, and sometimes credit cards.
Requirements:
- ITIN or another form of identification (passport, consular ID)
- Proof of address
- Initial deposit
3. Wells Fargo
Services: Large variety of financial products. They offer checking accounts and loans.
Requirements:
- ITIN or passport
- Proof of identity and address
- Initial deposit (varies by account type)
4. CitiBank
Services: Checking and savings accounts, online banking.
Requirements:
- ITIN or passport
- Proof of address
- Initial deposit
5. HSBC
Services: Checking and savings accounts, loans.
Requirements:
- ITIN or valid foreign ID
- Proof of address
- Initial deposit
What Documents Do You Need to Open a Bank Account with an ITIN?
In general, to open a bank account with an ITIN, you’ll need:
1. Proof of Identification
- ITIN
- Passport
- Matricula Consular (for Mexican nationals)
- Other acceptable foreign IDs
2. Proof of Address
- Utility bill
- Rental agreement
- Letter from your employer
3. Initial Deposit
Most banks require a small deposit, usually around $25-$100.
Choosing the Right Bank
The whole process of bank selection can be confusing. Here are some guidelines to help you make the proper decision:
1. Low Fees
Banks charge different amounts of fees related to maintaining accounts, ATM use, or minimum balance. Look for a bank with low or almost zero fees, especially when opening your account.
2. Accessibility
Check whether there are bank branches or ATMs near your residence or workplace. Additionally, ensure they have mobile and internet banking features.
3. Customer Care
Quality banking services are crucial. Seek out banks that provide service in your native language.
Conclusion
Opening a bank account with an ITIN is possible and very helpful. Most of the leading banks, such as Bank of America, Chase, Wells Fargo, CitiBank, and HSBC, offer services for those who have their ITIN, making life easier for non-U.S. citizens.
Here is where you take the first step in opening a bank account if you have delayed it mainly because you do not have an SSN. Gather your documents, walk into a branch, and start this important step towards securing your financial future.
For more detailed information on Individual Taxpayer Identification Numbers (ITINs), including how to apply and legal considerations, visit the IRS official page on ITINs.
For further assistance with ITIN applications, check out our ITIN page.
Want to know more about the process? Throw your questions in the comments below!