Opening a bank account in the US for foreigners, full details

Foreigners opening a bank account in the US is an important decision, affecting the cash flow management and financial transactions of the Enterprise. set up company in usa or other countries when investing abroad. Deciding exactly which US bank account to open will help you/your company save on transaction costs, cash flow, and ensure the financial health of your business. In this article, GLA will point out: 

• Detailed and complete US bank account opening process from AZ.
• List of US banks to open a bank account.
• Why digital banking is the leading alternative to traditional bank accounts.

1. Why should you open a bank account in the US?

Foreigners should open a bank account in the US because:

• As the world's leading financial center: The United States is the leading financial center country with many of the world's top financial cities according to the index. Global financial center (Global Financial Center Index (GFCI) 2024.
• High currency value in the world: USD is a high-value currency, easy to convert, has high transaction and accumulation value. As soon as the Enterprise accumulates this currency, it also brings the ability to make a profit.
• Multi-currency conversion for easy transactions: USD is easily transacted across countries around the world. For countries using other currencies, US bank accounts support multiple currencies, easy to convert and transact internationally. 
• Open payment gateway easily for Seller/E-Commerce Company: Open a US bank account for Business easily to help E-Commerce Businesses open international payment gateways: PayPal, Stripe, etc. easily to do business on US e-commerce platforms. 
• Owning a digital bank account with outstanding features: Digital banks in the US with the advantages: fast opening time, no minimum balance requirement, no minimum deposit requirement to open an account are the choice of many businesses that do not meet the requirements to open a traditional bank account in the US. 

2. Types of banks and bank accounts in the US

Individuals/Businesses who decide to open a bank account in the US should know about the types of bank accounts in the US. There are 2 types of banks in the US:

• Traditional banking in the US such as: Citi Bank, Bank of America, JPMorgan Chase, etc.
• Digital bank) licensed by the US Federal Reserve (the Fed).

2 main types of bank accounts in the US for Individuals/Businesses:

• Checking Account: This is the most popular account for Individuals/Businesses using bank accounts in the US. Individuals/Businesses who own a payment account can use it to transfer/receive money through online transactions, withdraw money at ATMs with debit cards, 
• Savings Account: This is an account for the purpose of saving and earning interest. The deposit period can be 3 months, 6 months, 9 months, 12 months. However, individuals/businesses should note that when withdrawing deposits before the maturity date, they will lose the savings interest rate. 

3. Procedures for opening a bank account in the US for foreigners

The process of opening a bank account in the US for foreigners will include:

You are wondering about the success rate of opening a bank account in the US for your business.

4. How does GLA support Individuals/Businesses to open bank accounts in the US?

GLA, with a team of professional, experienced staff, and proud to be a prestigious partner for many years of major banks in Hong Kong, Singapore, and the US, will support you/your company in choosing and opening the most suitable bank account in the US.

• Find the right bank that fits your needs.
• Consulting and support for opening traditional bank accounts and opening online bank accounts in the US.
• Consulting and supporting opening US bank accounts for individuals, businesses, offshore companies, etc.
• Submit the necessary paperwork and track the progress with your chosen bank.
• Assist in openinig payment gateways such as: Paypal, Stripe, etc.

5. List of banks in the US to open a bank account

The United States is a country with a famous and prestigious domestic and international banking system, with the USD currency having high liquidity and ease in international transactions.

The banking system with more than 4,000 banks in the US is a difficult choice to decide to open a bank account. Businesses should refer to the list of traditional banks, digital banks in the US before choosing a bank in GLA Digital Banking, Traditional Banking Comparison Tool. 

Using the GLA smart bank comparison tool will help you filter intuitive banking conditions to evaluate the growth potential and reputation of the bank through the banking license it owns. 

6. Why is US digital banking the leading alternative to traditional bank accounts?

Digital bank accounts in the US are an alternative to traditional banking because:

• Business digital bank accounts do not cost as much to open and maintain as traditional bank accounts: no initial deposit required, no minimum balance required like traditional banks
• Fast digital bank account opening time: digital bank account opening time is only 3-5 days, much faster than traditional bank accounts (from 3 - 5 months)
• Multi-currency with just 1 digital bank account: a variety of strong currencies such as USD, HKD, SGD, etc., easily make cross-border payments with flexible domestic or international payment costs with just 1 bank account.
• While American companies wait for the success of opening traditional bank accounts, digital bank accounts are the leading alternative to traditional bank accounts.

Frequently asked questions when opening a US bank account?

Highlights

• Opening a US bank account is the choice of many businesses establishing companies in the US and foreign companies.
• Digital bank accounts are the leading alternative to traditional bank accounts with the advantages of quick opening, simple documents, lower opening and maintenance costs, and lower transactions than traditional bank accounts.
• GLA supports businesses to open payment gateways and open accounts with physical bank , and Digital Bank at financial centers such as Singapore, Hong Kong, America.