Opening a U.S. Bank Account
When relocating to and working in the United States, you will need to open a bank account in order to make payments to other people and companies, get paid from your employer and have access to cash. Banks require new customers to provide proof of identity and an address in order to open a new bank account.
New Horizons Group can help you set up a personal or business bank account quickly and painlessly.
Opening a Business Bank Account
For business accounts, in addition to the personal documentation of each principal of the business, the following information must be provided:
- Verification through the Secretary of State website that the business is licensed to do business in the United States
- Valid Federal Tax ID number (EIN)
- Copy of the Articles of Incorporation
- Original signed Signature Card
- Original signed Corporate Resolution
Opening a Personal Bank Account
As a non-U.S. citizen and a person that does not reside in the U.S. you are still able to open a bank account providing you meet certain criteria as follows:
- Must have a valid passport
- Must permanently reside outside the United States but may have a temporary transitional residence within this U.S.
- Must not be a U.S. Citizen
- Must not have a U.S. social security number
- Must not have a green card
- Is required to sign a W-7 form and a W-8 BEN/ECI form
Non-residents with current visas are often given an ITIN due to work or tax reporting purposes but still complete a W-7 and a W-8 BEN/ECI form.
Individuals who hold E, H, I and L visas and meet the IRS resident test are considered residents of the United States. In this instance you will most likely be living and/or working in the U.S. and hold a U.S. driver's license and have a physical address. This is sufficient enough information to open a personal bank account.
Important Information about Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, they will ask for your name, address, date of birth, and other information that will allow them to identify you. They may also ask to see your passport and/or driver's license or other identifying documents.