If you are a semi-enthusiast for credit card or frequent traveller programs, you should be familiar with the fact that United States has the best credit card market and what they offer in terms of sign-up bonus and benefits way exceeds any other country.
And you can do more than just being jealous – unlike most other countries it is actually possible, and even common to open bank accounts and credit card accounts in the US as a non-resident. One method we discussed about in the past is Amex’s global transfer feature, but I will focus more on the bank (checking) account today.
Checking accounts help build your credit history in the US, and possibly more importantly, relationship with the bank. I have already opened three checking accounts (Bank of America, Chase and Wells Fargo) and the processes are quite similar.
As a foreigner you’ll most likely open a Non-Resident-Alien (NRA) account. It’s still amusing to see how they use the word “alien” in such context. In general you’ll need the following:
- Two forms of ID (passport and bank card)
- US postal address
- US phone number
- Foreign residential address
Then just book an appointment online with the respective bank and a customer relations manager will work with you to open an account. If you’ve already had a checking account or credit card bring the statement with you but that shouldn’t be mandatory.
Opening NRA accounts at these banks is a normal routine which the staff know well, especially in the bigger cities. You will have a lot of forms to read and sign though and it might take an hour or more to complete.
Two things to remember:
- Your must keep a certain account balance to avoid the admin fee. The requirement varies by bank and account type but for standard accounts it’s usually between $500 to $2,000
- You’ll need to receive SMS frequently for verification purpose so a reliable US sim card is very important. I use Ultra’s PayGo which costs ~$5 a month.
If you are only interested in the Amex cards, checking account is probably unnecessary – just start with global transfer and apply for more in the future. If you are really committed and aiming at other cards such as Chase and Capital One, then you’ll probably need a checking account and definitely ITIN.
Are you able to top up your Ultra PayGo online using a non-US payment method or do you need to use one of your US cards/bank accounts to do that?
I’m using a US card
Oh, I didn’t know this was an option. It would be interesting to have a deep dive on which bank accounts can be opened by foreigners and the cards that can be obtained this way to evaluate if it’s worth the effort.
Thank you for the great information, as always! Were you required to submit any proof of residence, such as a copy of utility bill, or was simply entering any address (that can receive mails and parcels) sufficient? Same question for the Amex global transfer too.
Not for opening a bank account, but there’s chance for global transfer, in which case try again in a few months
Tip. For about 25$ you can get a number at Google FI which will get you a phone bill, which Amex accepts as a utility bill.