If you live or plan to stay in the USA for a long time, you should think about opening a personal account in one of the banks in the country. It will come in handy for making daily payments and purchases. The US has a large selection of banks and a huge number of services for individuals, including foreigners.
When choosing a bank, it is useful to think about the following:
- Whether you should make a minimum deposit when opening an account.
- Account maintenance cost.
- Fees for payments, cash withdrawals, and other transactions.
US banks offer several types of accounts for individuals. They are checking accounts, saving accounts, and credit accounts. A checking account is usually used for domestic purposes. These are various payments for services, purchases, and so on. In many cases, you will need to make a minimum deposit to open an account. The amount depends on the bank. Checking accounts are offered by almost all American banks that work with individuals.
You can easily open an account with one of the following banks in the US:
- Wells Fargo. This bank is one of the five largest banks in the US. Here, you can open all types of bank accounts. When opening a checking account, the client needs to deposit $25. The bank provides students with preferential terms. Wells Fargo provides Internet banking and a mobile app.
- Bank of America. This is one of the largest banks in the US, which provides services for both businesses and individuals. Students can get preferential terms. For customer convenience, it offers a mobile app with full account management.
- JP Morgan Chase. It is one of the leaders in the US banking sector. The bank offers a wide range of services for individuals. These are checking accounts, deposit accounts, and special packages for students. All new clients can count on generous bonuses and special offers. There is no minimum deposit required to open an account. Bank services are available both in branches and online.
- Citibank. This is one of the leaders in the US banking sector, which operates worldwide. It offers a wide range of banking services for individuals and businesses. Individuals can open several types of accounts. Citibank provides bonuses for opening an account and depositing.
How to Open a US Bank Account for Foreigners and Locals
Requirements and procedures vary slightly from bank to bank. For instance, at Wells Fargo, you will need an ID card/driver’s license and a social security number to open an account. The bank will also oblige you to provide your date of birth, address, and any other info to verify your identity.
Bank of America will ask for your full name, date of birth, social security number, US address, phone number, and a valid email. The bank will immediately perform a security check. Depending on the results, you will be opened an account or asked to provide extra docs.