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Opening a bank account is among the first practical decisions any immigrant makes when moving to the United States. Without one, it becomes difficult to pay rent, receive a paycheck, set up essential services, and — most importantly — begin building the credit score that unlocks apartment rentals, credit cards, and financing in the months that follow. The American banking system operates on a logic that differs from many countries: physical checks are still widely used, the bank-customer relationship is heavily regulated by the Customer Identification Program under the Patriot Act, and the market combines traditional banks with a growing wave of digital fintechs.
What the law requires to open an account
The legal foundation lies in 31 CFR 1020.220, which requires every U.S. financial institution to collect, at minimum, a full legal name, date of birth, U.S. address, and an identification number. Each bank sets its own policies within that baseline, but the typical set of documents required from a newly arrived immigrant includes a valid passport, proof of local address (lease agreement, utility bill, or employer letter), and a tax identification number.
The tax identification number can be the Social Security Number (SSN), issued by the Social Security Administration to those with work authorization, or the Individual Taxpayer Identification Number (ITIN), issued by the Internal Revenue Service to those who must file taxes without being eligible for an SSN. The ITIN is requested via Form W-7 and has an average processing time of 7 to 11 weeks during normal periods, which may extend during tax filing season.
Accounts without an SSN or ITIN
Banks such as Bank of America, HSBC, and Citibank accept account openings for non-residents presenting only a passport and a secondary document, without requiring an SSN or ITIN at the outset. Fintechs such as Chime, SoFi, and Varo follow similar paths for certain account types, especially when the customer presents a passport with a valid visa. This flexibility is, in practice, the most common entry point for those arriving on student visas, exchange programs, intracompany transfers, or as digital nomads in their first days in the country.
Most common account types
A checking account serves everyday financial life: daily payments, automatic debits, transfers, ATM withdrawals, and direct deposit of wages. It does not earn meaningful interest and, at most traditional banks, comes with a Visa or Mastercard debit card.
A savings account earns interest on the balance. Until April 2020, the Federal Reserve imposed a six-transfer-per-month limit on savings accounts under Regulation D; although that federal restriction was suspended, many banks maintain the rule as internal policy. Those seeking real returns typically opt for high-yield savings accounts, offered by online banks such as Marcus by Goldman Sachs, Ally, Discover, and Capital One 360, which historically pay substantially higher rates than traditional savings accounts.
There are also money market accounts and certificates of deposit (CDs), which combine higher returns with liquidity restrictions. For the newly arrived immigrant, the most common practical combination is a checking account at a traditional bank for everyday use and a high-yield savings account at a fintech or online bank as an emergency fund.
How money moves day to day
Physical checks remain a fixture of American daily life to a degree that surprises those coming from more digitalized markets. Rent payments to independent landlords, school tuition, some municipal taxes, and administrative fees are still settled by check in many regions. American banks offer checkbooks upon request, usually at a nominal cost, and most already allow depositing checks via the app camera (mobile deposit).
Debit cards are widely accepted. However, unlike in some countries, the dominant payment method in the United States is the credit card — a central element in building a credit score through FICO or VantageScore. Responsible use, with the full balance paid every month, is what most accelerates the score in the first years.
Transfers between accounts
To move money between U.S. accounts, three rails dominate the market in 2026:
- Zelle: a network operated by Early Warning Services in partnership with most major banks. Transfers are typically instant and free between customers of participating institutions, but the service does not offer fraud protection at the standard of credit or debit cards.
- ACH (Automated Clearing House): an electronic rail managed by the Federal Reserve and Nacha, used for payroll deposits, bill payments, and transfers between different banks. The standard timeline is one to two business days, with a same-day ACH option available in specific processing windows.
- FedNow: an instant payment service launched by the Federal Reserve in July 2023, with growing adoption by regional banks and fintechs. It enables 24/7 transfers with immediate settlement, expanding the institutional alternative to Zelle.
For international transfers, services such as Wise, Remitly, Western Union Digital, Xoom, and Revolut offer more competitive exchange rates than those provided by traditional banks via SWIFT.
Fees, charges, and how to avoid them
Many American banks charge a monthly maintenance fee on checking accounts, generally between $5 and $25. This fee is typically waived when the customer meets one of the standard criteria: a minimum average account balance, direct deposit receipts (payroll) above a certain threshold, or linkage to the bank’s own savings and credit accounts.
There are also one-time fees that catch immigrants off guard in the first few months: overdraft fees in the range of $25 to $35 per transaction, although banks such as Capital One and Citibank have eliminated this charge in recent years under regulatory pressure; foreign transaction fees of 1% to 3% on purchases in foreign currencies; and fees for using ATMs outside the bank’s own network, which can add up to $5 to $10 per withdrawal when combining the issuing bank’s charge and the ATM operator’s fee.
Fee-free fintechs
Chime, SoFi, Varo, Current, Novo (for small business owners), and Revolut have won millions of customers by offering checking accounts with no monthly fee, no minimum balance requirement, and ATM fee reimbursements at partner networks such as Allpoint and MoneyPass. For immigrants who are still building their income, this category reduces fixed costs and simplifies banking in the first years. It is worth verifying, in each case, whether the account carries FDIC insurance (up to $250,000 per depositor) or operates through a partner bank.
Preparation before arrival
A few decisions can significantly reduce friction in the first days in the United States. Researching in advance which banks and fintechs accept account openings with the documents actually available upon arrival saves time. HSBC, Citi, and Bank of America allow non-residents to begin part of the process online or at a branch in their home country, with in-person completion after arrival. Chime, Revolut, and Wise allow fully digital onboarding in just a few minutes, provided the user can confirm a U.S. address.
Keeping a combination of international cards with no foreign exchange fees (Wise multi-currency, Revolut, or equivalents available in your home market) covers the gap during the first days until the local account is operational. Bringing complete documentation in paper form — passport with visa, printed Form I-94, proof of initial address (hotel letter, temporary lease, or host declaration), and, if possible, an employer letter — speeds up approval at the branch.
The impact of arriving with a bank account
Having an active account from the first days in the United States is not a mere administrative detail. It is what allows you to pay rent without relying on third parties, receive your paycheck by direct deposit, set up phone and internet services without excessive security deposits, and immediately begin building the financial history that will open access to a credit card, vehicle financing, rental without a co-signer, and, eventually, a mortgage. For immigrants who intend to build a life in the country, it is the first gear in a system that rewards those who start early and maintain financial discipline.
About the author
Victoria Harper
Editor-in-Chief
As a journalist and lead editor at Visto n’ Visa, Victoria helps ensure that immigration topics are covered in a clear, trustworthy, and easy-to-understand way. Her focus is on delivering useful, human, and relevant content for people exploring new paths abroad.
