![]() ![]() So, armed with my passport and a copy of my address proof (a telephone bill from India), I went to Capital One. Santander needed a $750 average daily balance whereas Capital One needed just $300. It is fully legal to open a bank account without an SSN, but policies vary from bank to bank.Įventually, I decided to go with Capital One because they said that they would give me a temporary debit card (Mastercard) immediately so that I would have access to my initial deposit and also the balance maintenance requirements were lower. They said that it is impossible for them to open an account without an SSN. Santander and Capital One agreed to open a bank account for me whereas Chase and Popular Community Bank flatly refused. I visited Chase, Santander, Popular Community Bank, and Capital One on my last trip to New York City. I had spoken to Citibank earlier about opening an account with them but they said I would need to have an average balance of $50,000 with them! Well, that ain’t happening!! Still, opening a bank account without a valid Social Security Number (SSN) can be quite a challenge. You could potentially open a bank account remotely by incorporating a company in the US and then opening a business bank account but this would be very complicated in terms of tax filing requirements, legal fees, renewals, etc.Īll these restrictions are mostly because of legal reasons but being able to verify a person face-to-face makes opening a bank account much easier. And even then, several banks will refuse and the ones which do agree, will be a little hit or miss. ![]() The only way to open a US bank account in this situation is to do it in person while visiting the US. This includes the US.Īlthough it is possible to remotely open a bank account in the US through a strong banking relationship (example: you already bank with HSBC or Citibank elsewhere and are willing to place a $50,000 deposit with them in the US), this is mostly out of reach for small businesses or people who want a bank account there for smaller transactions. Unfortunately, post 9/11, due to a huge increase in anti-terrorism financing and anti-money laundering laws, it has become very difficult to open bank accounts in countries where you are non-resident. In these types of situations, it makes a lot of sense to have a US bank account for receiving payments. Then there is the risk that your check gets lost in the mail. Sometimes it takes over 60 days and costs anywhere between $15 to $50. Checks can be cashed internationally through your bank but the speed and reliability is notoriously poor. I work with some US businesses that pay through checks or ACH transfers (eg. Some businesses might be setup to use Paypal or International Wire Transfers, but the former is a pain to deal with and the latter can be expensive. If you work with US businesses, chances are, they would want to pay you through local methods. As the largest economy in the world, this comes as no surprise.
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