Open a US Bank Account as a Non-Resident

Mitchelle O.D

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Updated on 04/10/2024

Opening a US bank account as a non-resident is no longer the complex and frustrating task it once was thanks to new fintech innovations available worldwide.

In this blog article, we'll explain how to open a US bank account as a non-resident without an SSN, using two popular fintech solutions, Wise (formerly known as TransferWise) and Highbeam.

Discover their distinct features, what makes them a game-changer for non-residents and how to leverage their features to grow your business or improve your personal banking experience.

Why Having an International Bank Account Is Beneficial

There are 5 main advantages of opening an international bank account.

Let’s go over them briefly.

1. Smooth International Transactions:

With an international bank account, you can easily send and receive money across borders.

Whether you're travelling, conducting business internationally, or supporting relatives and friends abroad, an international bank account allows you to make transactions in foreign currencies.

Forget the hassle of dealing with currency rates and costs associated with traditional banks.

2. Access to Global Markets:

Having an international bank account enables businesses and entrepreneurs to access global markets.

You can accept payments from clients all over the world, pay suppliers in different currencies, and develop a local presence in foreign countries.

In summary, you can capitalise on international opportunities.

3. Currency Diversification and Risk Management:

An international bank account allows you to hold multiple currencies, which facilitates the implementation of effective currency diversification.

You can reduce the risks associated with swings in currency rates and economic conditions by keeping funds in multiple currencies.

It offers a valuable hedge against currency volatility and enhances financial stability.

4. Travel Convenience and Expatriate Living:

An international bank account simplifies financial management if you frequently travel or live as an expatriate.

It enables you to access your money anywhere globally without requiring time-consuming currency changes or reliance on local banking systems.

You can easily withdraw cash, make payments, and manage your funds across borders.

5. Personal and Professional Flexibility:

An international bank account allows you to be more flexible in your personal and professional life.

It enables you to establish financial connections in different nations, making relocating, investing, and owning property overseas easier.

Furthermore, an international bank account is beneficial for digital nomads, freelancers, and remote workers who need a simple and fast way to receive payments from clients all over the world.

Choosing the Banking Platform that Meets Your Specific Needs.

Choosing the right banking platform can make or break how efficiently you manage your personal or business finances.

Wise and Highbeam each offer unique features, so choose the one that aligns with your specific needs.

What Is Wise?

Wise is a financial technology platform that offers personal bank accounts and business accounts, providing a holistic solution for both individuals and business establishments.

Wise enables you to perform personal and business transactions, such as sending money to friends and relatives or paying suppliers or contractors.

Furthermore, Wise's personal bank accounts have additional features, including virtual cards, which improve the overall user experience.

The platform is well-known for its transparent fee structure, with upfront information regarding fees and conversion rates available on its website.

Image Source: Wise Website

When using Wise, you'll benefit from low percentage fees, ranging from 0.35% to 1% of the transfer amount, as well as fixed fees that vary depending on the currency and payment method.

The fixed fees for most currencies range from $0.50 to $10.

You can send money from your Wise account to another Wise account for free. This helps you save on transaction fees if you and your recipients have Wise accounts.

However, when you send a different currency, there’s a small conversion fee.

With a Wise card, you can conduct transactions in over 150 countries and more than 40 currencies, providing access to many major global markets.

Furthermore, Wise's multi-currency wallets allow you to hold and manage funds in numerous currencies, making cross-border transactions easier to navigate and reducing currency conversion expenses.

Image Source: Wise Website

Wise also provides bank account details in 10 currencies (USD, EUR, GBP, AUD, NZD, SGD, HUF, PLN, RON, and TRY), allowing you to send and receive payments as if you had a local bank account.

Image Source: Wise Website

Time is money, so Wise facilitates rapid transfers that normally take between 1 to 3 business days.

Transfer speed varies based on several factors, including the currency pair, the payment method selected, and the processing times of the banks involved.

Wise excels in providing an extensive range of transfer options to meet customer needs, both in terms of payment methods and payout methods.

You can pay for your transfer with a debit card, credit card (available for select currencies), bank transfer (wire transfer or ACH), Apple Pay (available for select currencies).

You can also pay through Google Pay (available for select currencies), iDEAL (for EUR transfers), SOFORT (for EUR transfers), Trustly (for EUR transfers), or POLi (for AUD transfers).

How to Open a US Bank Account Using Wise

Getting your US bank details with Wise is simple. Here’s how you can open an account and start managing US dollars as a non-resident:

Step 1: Visit the Wise website:

Navigate to the official Wise website by clicking here.

Step 2: Sign up for an account:

On the Wise homepage, locate the "Sign up" or "Register" button and click on it. You'll be directed to the account registration page.

Step 3: Provide your personal information:

Fill in the fields with accurate personal information, such as your complete name, email address, and password. To keep your account secure, create a strong password.

Step 4: Verify your email address:

Wise will send a verification email to the address you provided after you complete the registration form.

To validate your email address, go to your inbox and click on the verification link.

Step 5: Set up your Wise Borderless Account:

After you have verified your email, you will be prompted to create your Wise Borderless Account.

Submit your contact information, such as your address and phone number, and choose the currency or currencies you intend to use with Wise.

Step 6: Verify your identity:

To comply with regulatory requirements, Wise may ask you to verify your identity.

This process typically involves uploading a copy of your identification documents, such as a passport or driver's license, and providing additional details as requested.

Step 7: Add funds to your account:

You can fund your Wise Borderless Account once your identity has been validated.

Wise accepts a variety of payment methods, depending on your location. Follow the instructions provided on the platform to add funds successfully.

Step 8: Start using Wise:

With funds in your Wise Borderless Account, you can now take advantage of Wise's services and manage multiple currencies.

What Is Highbeam?

Highbeam is a modern banking platform designed specifically for freelancers, entrepreneurs, and global business owners who need access to the US financial system without all the usual headaches.

Traditional banks often require proof of US residency or an SSN, but Highbeam offers a simple, hassle-free way to open a US bank account remotely.

However, there is one catch ― you must have a registered US LLC.

Platforms like ZenBusiness can assist you with opening a US-based LLC no matter where you live.

Image Source: Highbeam Website

Operating like a US-based business is crucial for global entrepreneurs working with US clients or vendors.

Highbeam makes this easy by giving you access to US payment networks, including ACH transfers and wire transfers.

This means you can send and receive payments seamlessly as if you were banking with a traditional US institution.

There are no monthly charges, minimum balance requirements, and no unexpected fees that cut into your profits.

Plan and budget effectively, knowing exactly what you’re paying for.

Highbeam offers powerful financial tools to help you do just that. From automated expense tracking to invoicing capabilities, Highbeam simplifies financial management so you can focus on growing your business.

Image Source: Highbeam Website

When it comes to your money, security is non-negotiable. Highbeam ensures that your funds are safe by offering FDIC-insured accounts, which means your deposits are protected up to $3,000,000.

In addition to this, all transactions are encrypted, keeping your financial information secure from unauthorized access.

Highbeam also offers access capital, which can be a game-changer for business owners looking to grow or expand their operations.

For many non-residents and small businesses, traditional banks can make it difficult to secure funding without a US credit history or residency. Highbeam, however, is built with global entrepreneurs in mind.

Image Source: Highbeam Website

How to Open a US Bank Account Using Highbeam

Getting your US bank details with Highbeam is simple. Here’s how you can open an account and start managing US dollars as a non-resident:

Step 1: Sign Up

Visit Highbeam’s website and create an account. The sign-up process is straightforward. Just provide your basic details, and you’re on your way.

Step 2: Submit Documents

You’ll need to provide some essential documents, such as proof of identity (passport or government-issued ID), business registration, and other information depending on your country of residence.

Step 3: Verification Process

Highbeam will verify your documents and identity. This process usually takes a few days, but it’s much quicker and easier than what traditional banks require.

Ensure all your documents are up-to-date and in clear format to avoid delays during the verification process.

Step 4: Account Activation

Once your account is verified, you’ll receive confirmation, and your US bank account will be ready to use. You can start sending and receiving payments right away.

Final Thoughts

Wise and Highbeam have established themselves as trusted and reliable platforms in the fintech industry, serving millions of users worldwide.

Their extensive service offerings, competitive rates, and user-friendly interfaces make them appealing choices for individuals and businesses seeking effective banking solutions.

Assess your specific requirements and make an informed decision that adequately meets your needs.

Please share if you found this blog post useful and believe someone else will too.

Disclaimer

We believe in complete transparency with our readers.

To sustain our blog, we sometimes include affiliate links in our posts.

These are special links that, when clicked, may earn us a small commission if you make a purchase. The best part is that this comes at no additional cost to you!

Please know that we only recommend products/services we have personally used, thoroughly researched, and genuinely believe can benefit our audience.

We are immensely grateful for every click and purchase you make through these links. Thank you for being a part of our community and your continued support!