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Moving to a new country can be exciting, but it also comes with its challenges, especially when it comes to setting up financial accounts. As a foreigner in the USA, finding the right bank can be a daunting task. However, with the right information, it is possible to find a bank that suits your needs.

In this article, we will provide a comprehensive guide to the best banks in the USA for foreigners. We will cover factors such as minimum account opening balance, accessibility, interest rates, and high yield savings accounts for non-US citizens. By the end of this article, you will have all the information you need to make an informed decision and choose the best bank in the USA for your needs.

Whether you are a student, an expat, or a foreigner looking to start a new life in the USA, choosing the right bank is an important step towards financial stability. So, let's get started and discover the top banks in the USA for foreigners.

Best Banks in the USA for Foreigners: Accessible Banking and High Yield Savings Accounts for Non-US Citizens

1. Citibank

• Monthly maintenance fee: $0
• Foreign transaction fee: $0
• ATM withdrawal fee: $0
• Opening deposit: $200,000

Citibank is a popular choice for foreigners because of its international presence and a wide range of account options. They offer checking and savings accounts with no monthly fees, as well as credit cards and investment services. Citibank also offers a special program for international students and professionals, making it an excellent choice for those moving to the US for work or study.

Minimum balance requirements for Citibank accounts vary depending on the type of account you open. For instance, the minimum balance for their basic checking account is $1,500, while the minimum balance for a savings account is $0.01. Citibank also offers competitive interest rates on savings accounts, ranging from 0.01% to 0.50%.

2. HSBC

• Monthly maintenance fee: $50
• Foreign transaction fee: $0
• ATM withdrawal fee: $0
• Opening deposit: $1

HSBC is another bank with a global presence that offers a variety of account options for foreigners. They have special programs for international students and professionals, as well as competitive interest rates on savings accounts. HSBC also offers a range of credit cards, investment services, and insurance products.

HSBC's minimum balance requirements for checking accounts vary from $1,500 to $100,000, depending on the account type. For savings accounts, the minimum balance requirement is $1. However, HSBC's interest rates on savings accounts are relatively low, ranging from 0.01% to 0.15%.

3. Capital One

• Monthly maintenance fee: $0
• Foreign transaction fee: $0
• ATM withdrawal fee: $0
• Opening deposit: $0

Capital One is known for its excellent customer service and offers a range of account options for foreigners. They have a special program called Capital One 360, which offers online-only banking with no monthly fees or minimum balance requirements. Capital One also offers credit cards, loans, and investment services.

Capital One's savings account interest rates are competitive, ranging from 0.40% to 0.60%. However, they do not offer any interest on their checking accounts. Capital One also has a relatively low minimum balance requirement for savings accounts, starting at $0.

4. Bank of America

• Monthly maintenance fee: $4.95
• Foreign transaction fee: 3%
• ATM withdrawal fee: $0
• Opening deposit: $100

Bank of America is another large bank that offers account options for foreigners. They offer a variety of checking and savings accounts, as well as credit cards, investment services, and mortgages. Bank of America also has a special program called SafeSend, which allows international students to send and receive money from their home country.

Bank of America's minimum balance requirements for checking accounts vary from $1,500 to $100,000, depending on the account type. For savings accounts, the minimum balance requirement is $100. Bank of America's interest rates on savings accounts range from 0.01% to 0.05%.

5. Chase Bank

• Monthly maintenance fee: $12
• Foreign transaction fee: 3%
• ATM withdrawal fee: $0
• Opening deposit: $0

Chase Bank is another great option for foreigners looking for a bank in the United States. They have a wide range of financial products and services, including checking and savings accounts, credit cards, loans, and investment accounts. They also have a mobile app that allows you to manage your accounts from anywhere.

Chase Bank requires a minimum deposit of $25 to open a checking account and $25 to open a savings account. Their checking accounts come with various features, such as no monthly maintenance fees, free online and mobile banking, and access to over 16,000 ATMs and 4,700 branches across the country.

Chase Bank's savings accounts have competitive interest rates and various options, such as their Chase Premier Savings account, which offers higher interest rates for larger balances. They also offer a Chase High Yield Savings account, which offers competitive interest rates for non-US citizens.

6. TD Bank

TD Bank is a Canadian bank that operates in the United States and is a great option for foreigners looking for a bank in the US. They offer various financial products and services, including checking and savings accounts, credit cards, loans, and investment accounts.

TD Bank requires a minimum deposit of $0 to open a checking account and $0 to open a savings account. Their checking accounts come with various features, such as no monthly maintenance fees, free online and mobile banking, and access to over 1,200 ATMs and branches across the country.

TD Bank's savings accounts also have competitive interest rates and various options, such as their TD Preferred Savings account, which offers higher interest rates for larger balances. They also offer a TD High Yield Savings account, which offers competitive interest rates for non-US citizens.

• Monthly maintenance fee: $0 for a TD Convenience Checking account if certain requirements are met, such as maintaining a certain balance or having qualifying direct deposits. TD Bank also offers a TD Beyond Checking account with no monthly maintenance fee if certain requirements are met.

• Foreign transaction fee: 3% of the U.S. dollar amount of each transaction for using your TD Bank debit card to make purchases or withdraw cash in a foreign currency.

• ATM withdrawal fee: $3 for non-TD Bank ATMs within the United States, $0 for non-TD Bank ATMs outside the United States. TD Bank also offers free access to over 1,900 TD Bank ATMs nationwide.

• Opening deposit: $0 for a TD Convenience Checking account and $25 for a TD Beyond Checking account.

7. Charles Schwab Bank

Charles Schwab Bank is a great option for foreigners looking for a bank in the United States. They offer various financial products and services, including checking and savings accounts, credit cards, loans, and investment accounts.

Charles Schwab Bank requires a minimum deposit of $0 to open a checking account and $0 to open a savings account. Their checking accounts come with various features, such as no monthly maintenance fees, free online and mobile banking, and access to over 70,000 ATMs worldwide.

Charles Schwab Bank's savings accounts also have competitive interest rates, and they offer a High Yield Investor Savings account, which offers competitive interest rates for non-US citizens.

• Monthly maintenance fee: $0 for a Schwab Bank High Yield Investor Checking account.

• Foreign transaction fee: $0 for using your Schwab Bank Visa Platinum Debit Card at any ATM worldwide or for making purchases in a foreign currency.

• ATM withdrawal fee: Schwab Bank does not charge ATM fees for using non-Schwab ATMs, but the ATM owner may charge a fee. Schwab Bank also reimburses all ATM fees charged by other banks at the end of each statement cycle.

• Opening deposit: $0 for a Schwab Bank High Yield Investor Checking account.

8. Ally Bank

Ally Bank is an online bank that offers various financial products and services, including checking and savings accounts, credit cards, loans, and investment accounts. They are a great option for foreigners looking for a bank in the United States.

Ally Bank requires a minimum deposit of $0 to open a checking account and $0 to open a savings account. Their checking accounts come with various features, such as no monthly maintenance fees, free online and mobile banking, and access to over 43,000 ATMs nationwide.

Ally Bank's savings accounts also have competitive interest rates, and they offer a High Yield Savings account, which offers competitive interest rates for non-US citizens.

• Monthly maintenance fee: $0 with a minimum daily balance of $100 or a monthly direct deposit of at least $500; otherwise, a $5 monthly fee applies.

• Foreign transaction fee: 3% on all foreign debit card transactions.

• ATM withdrawal fee: TD Bank does not charge ATM fees for using non-TD ATMs, but the ATM owner may charge a fee. TD Bank also reimburses up to $10 per statement cycle for non-TD ATM fees.

• Opening deposit: $0 for TD Convenience Checking account and $250 for TD Beyond Checking account.

9. Wells Fargo

• Monthly maintenance fee: $10
• Foreign transaction fee: 3%
• ATM withdrawal fee: $0
• Opening deposit: $25

Wells Fargo is another popular bank in the United States that offers various financial products and services, including checking and savings accounts, credit cards, loans, and investment accounts. They are also a great option for foreigners looking for a bank in the US.

Wells Fargo requires a minimum deposit of $25 to open a checking account and $25 to open a savings account. Their checking accounts come with various features, such as access to over 13,000 ATMs nationwide, free online and mobile banking, and the ability to send and receive money with Zelle.

Wells Fargo's savings accounts also have competitive interest rates, and they offer a Way2Save Savings account, which offers an automatic savings feature that transfers money from your checking account to your savings account. For non-US citizens, Wells Fargo also offers the Opportunity Checking account, which is designed for individuals with no or limited credit history and provides access to basic banking services.

10. PNC Bank

PNC Bank is a regional bank with branches and ATMs primarily located in the eastern United States. They offer a variety of checking and savings accounts, including their Virtual Wallet product which combines checking, savings, and budgeting tools into one account. PNC Bank also offers a high yield savings account with a competitive interest rate for non-US residents.

To open an account with PNC Bank, non-US residents must provide a passport, a US visa or permanent resident card, and proof of address. If the applicant does not have a US credit history or Social Security number, they may be required to provide additional documentation such as proof of employment or a letter from their landlord.

PNC Bank also offers a range of online and mobile banking services, making it easy for non-US residents to manage their finances remotely. They have a mobile app that allows customers to deposit checks, transfer funds, and manage their accounts from their smartphone or tablet.

While PNC Bank may not have as many branch locations as some of the larger national banks, their competitive interest rates and focus on technology make them a great choice for foreigners in the US looking for a modern banking experience.

• Monthly maintenance fee: $0 for a PNC Virtual Wallet with Performance Spend account if certain requirements are met, such as maintaining a certain balance or having qualifying direct deposits.

• Foreign transaction fee: 3% of the U.S. dollar amount of each transaction for using your PNC debit card to make purchases or withdraw cash in a foreign currency.

• ATM withdrawal fee: $3 for non-PNC Bank ATMs within the United States, $5 for non-PNC Bank ATMs outside the United States, plus any fees charged by the ATM owner. PNC Bank also offers free access to over 9,000 PNC Bank ATMs nationwide.

• Opening deposit: $25 for a PNC Virtual Wallet with Performance Spend account.

How To Choose The Best US Banks For Foreigners

Choosing the best US bank as a foreigner can be a daunting task, but with a bit of research and preparation, it is definitely possible to find a bank that meets your needs. Here are some factors to consider when choosing a bank as a foreigner in the US:

1. Branch locations:

If you prefer to do your banking in person, you may want to choose a bank with a large network of branch locations in your area. Some banks, such as Chase and Bank of America, have thousands of branches across the country, while others may only have a handful.

2. Online and mobile banking:

Many banks offer online and mobile banking services that allow you to manage your accounts, deposit checks, and transfer funds from anywhere in the world. If you prefer to do your banking remotely, be sure to choose a bank that offers robust online and mobile banking capabilities.

3. Interest rates:

If you're looking to open a savings account, be sure to compare interest rates across different banks. Some banks offer high-yield savings accounts with competitive interest rates, which can be a great way to earn passive income on your savings.

4. Fees:

Be sure to read the fine print and understand any fees associated with your bank account. Some banks may charge monthly maintenance fees, ATM fees, or foreign transaction fees that can add up over time.

• Minimum deposit: The minimum amount of money you need to deposit to open the account

• Monthly maintenance fees: Fees charged by the bank to maintain your account

• The number of free ATMs: A bank’s network of ATMs that offer withdrawals without ATM fees

• Transfer fees: Fees charged for transferring funds

• Additional fees: Other bank charges including service fees such as overdraft fees and fees for international transfers

• FDIC insurance: Accounts are insured often up to $250,000

5. Documentation requirements:

As a foreigner in the US, you may be required to provide additional documentation when opening a bank account. Be sure to research the specific requirements for each bank, and prepare any necessary documentation in advance to make the process as smooth as possible.

6. Customer service:

Finally, consider the quality of customer service offered by each bank. Look for banks with good customer reviews and responsive customer service teams that can help you with any issues or questions you may have.

By considering these factors and doing your own research, you can choose the best US bank for your needs as a foreigner.

How To Open A US Bank Account As A Foreign Expat

Opening a US bank account as a foreign expat can be a bit more challenging than opening an account as a US citizen, but it is still possible. Here are the general steps you can follow to open a US bank account as a foreign expat:

Research banks: Do your research and identify banks that offer accounts to non-US citizens. Some popular banks for foreign expats include Citibank, HSBC, and Wells Fargo.

Gather documentation: Each bank will have its own documentation requirements, but generally, you will need to provide a valid passport, proof of address (such as a utility bill or lease agreement), and proof of income (such as a pay stub or tax return).

Apply for an Individual Taxpayer Identification Number (ITIN): If you do not have a US Social Security Number (SSN), you will need to apply for an ITIN through the Internal Revenue Service (IRS). The ITIN will serve as your identification number when opening a bank account.

Apply for an account: Once you have gathered your documentation and obtained an ITIN (if necessary), you can apply for a bank account online or in person. Some banks may require you to apply in person, so be sure to check the specific requirements for each bank.

Fund your account: Once your account has been approved, you will need to fund it. You can transfer money from an international account or deposit cash or checks at a branch location.

Can Non-Residents Open a Bank Account Online?

Yes, some banks allow non-residents to open a bank account online in USA. However, the process may be more complex than for US residents, and additional documentation may be required. Some banks may require non-residents to provide proof of income, such as pay stubs or tax returns, while others may require proof of address in the US, such as a lease agreement or utility bill.

It is important to note that not all banks allow non-residents to open accounts online, and some may require the applicant to visit a branch in person. It is important to research the requirements and restrictions of each bank before attempting to open an account online.

Additionally, it is worth noting that non-residents may face additional challenges when trying to access their accounts remotely, such as being unable to use certain features or encountering issues with international transactions. It is always a good idea to thoroughly research a bank's policies and procedures before opening an account, particularly if you will be accessing it from outside the US.

In conclusion, choosing the best bank in the USA for foreigners can be a challenging task, but it is essential to consider factors such as minimum account opening balance, interest rates, minimum charges, and accessibility. It is also crucial to check if the bank offers high yield savings accounts for non-US citizens.

By researching and comparing different banks, it is possible to find one that meets your needs and offers the best value for your money. Some of the top options for foreigners include Bank of America, Chase Bank, and Wells Fargo.

Remember to check the requirements for opening a bank account as a non-US citizen, such as providing identification documents and a valid visa. With the right bank and account, you can enjoy convenient banking services and make the most of your finances while living or studying in the USA.