All the steps you need to know to open a bank account in the United States
If you live in the United States, study there, or have a professional or financial activity there, you will likely need to open a bank account. This essential process allows you to receive payments, pay salaries, and sometimes even rent a home or professional premises. To save time, here are the key steps for
opening a bank account in the United States.
Choosing the right bank
To
choose the right bank, you need to compare various factors, such as the services offered, account maintenance fees, and especially those related to international transfers. As the owner of an offshore company, you will regularly need to transfer funds. You have two options.
Choosing a traditional bank
It is possible to pre-open an account online with a traditional bank. This allows you to begin the process remotely and then visit your bank branch in person to finalize the account opening. Simply follow the required steps!
Good to know
Your bank in France may have branches in the United States or even partnerships with American banks. Find out more about this, as the process will be simpler and the time required much shorter.
Choosing online banks
Traditional banks all have an online version, but some banks operate entirely online. You can choose this type of institution. This option is particularly useful if you are non-residents or do not travel to the USA often.
Gathering the documents
To
open your bank account in the USA, you will need to provide your banker with numerous documents. Here is a non-exhaustive list of the supporting documents to present.
- 2 identity documents, namely your passport and visa
- 2 passport photos (American format)
- 1 proof of address, such as a lease agreement
- Your SSN (Social Security Number)
In addition to these documents, you should plan to make an initial deposit immediately. The amount varies depending on the bank you choose.
When
opening an account in the United States, do not hesitate to ask your questions and, above all, request the fee schedule for the various services.
How to use your American bank account
Once your
bank account is active, your bank will provide you with a debit card. Very common in the USA, this bank card deducts the amount of your purchases or withdrawals from your account immediately. You can therefore check your balance in real time. It should be noted that most of these debit cards come with automatic authorization. You therefore cannot spend more than the amount available in your account. Depending on the terms of your agreement, your banker will also provide you with an ATM card (Automatic Teller Machine), which is a withdrawal card for making withdrawals from your bank’s ATMs.
Obtaining a credit card is subject to borrowing capacity, which you must prove. Unlike French banks, American banks are very cautious! Moreover, overdraft authorizations are very rarely granted, even to business customers.
Banking information in the USA
American banks operate differently from French banks. Banking fees are higher in the United States. To reduce them, your salary must be paid directly into your account and you must maintain a minimum balance as security.
The banking details required to transfer funds are as follows.
- SWIFT or BIC
- ABA (routing number)
- ACCT (account number);
- FAO (beneficiary’s name and account number)
Need help opening your bank account? Do not hesitate to contact Merritt as a Registered Agent. Our teams will assist you in France and the United States with your procedures, including opening your bank account in the USA.
