Opening a U.S. bank account is a critical step for foreign individuals and entrepreneurs seeking to engage in personal or business-related activities within the United States.
American banks operate under both federal and state regulations, and they require proper documentation to verify identity, legal status, and address before approving an account application.
In this guide, Marsan Akguc Law Firm outlines the documentation requirements and eligibility for opening both individual and corporate bank accounts as a non-resident.
Who Is Eligible to Open a Bank Account in the U.S.?
Contrary to popular belief, U.S. bank accounts are not limited to U.S. citizens or permanent residents.
Foreign nationals can open bank accounts if they meet certain legal and procedural criteria.
Eligible categories include:
- Temporary visa holders (F-1, J-1, O-1, L-1, etc.)
- Green Card holders
- Foreign owners of U.S.-based companies
- Individuals with E-2 or EB-5 investor visas
- Applicants with an ITIN (Individual Taxpayer Identification Number)
Each bank may apply its own risk assessment protocols and request additional documentation depending on your visa type, nationality, or financial background.
Is a Passport Alone Sufficient?
No. While a valid passport is essential, it is not sufficient on its own to open a U.S. bank account.
Banks typically require a combination of the following:
- Valid passport
- U.S. visa or I-94 arrival/departure record
- Proof of legal status or residence permit (if applicable)
- SSN (Social Security Number) or ITIN
- Proof of residential or business address in the U.S.
If you lack an SSN or ITIN, many banks may be hesitant to open an account. In such cases, consulting with a legal or tax advisor is strongly recommended to navigate compliance requirements.
What Documents Are Accepted as Proof of Address?
To comply with U.S. Anti-Money Laundering (AML) and Know Your Customer (KYC) laws, banks require clear proof of a physical U.S. address.
Commonly accepted documents include:
- Utility bills (electricity, water, internet) in your name
- Lease agreement or mortgage documents
- Official student housing letter (for F-1 visa holders)
- Government-issued correspondence with a U.S. address
- IRS correspondence showing your name and U.S. address
⚠️ Virtual address services (e.g., mail forwarding) are typically not accepted by major banks. A verifiable physical U.S. address is generally required.
What Are the Requirements to Open a Corporate Bank Account?
Opening a bank account for a U.S.-registered LLC or Corporation involves a more detailed document submission process.
The following documents are typically required:
- EIN (Employer Identification Number) issued by the IRS
- Certificate of Formation (LLC) or Articles of Incorporation (Corporation)
- Operating Agreement (LLC) or Corporate Bylaws (Inc.)
- Details of your Registered Agent
- Valid passport and ID documents for company owners or signatories
- Company resolution or official authorization letter
- Proof of the company’s physical business address in the U.S.
Some traditional banks may require in-person visits to a branch. However, for international founders, fintech-friendly banks such as Mercury or Relay often allow remote account setup, subject to verification.
Marsan Akguc Law Firm assists individuals and business owners in preparing full documentation, obtaining ITIN/EIN, and navigating U.S. bank compliance for account establishment both personal and commercial.