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Opening a bank account in the United States is one of the first practical steps for anyone arriving in the country with a green card, work visa, asylum status, or intent to reside for an extended period. Contrary to what many assume, the American banking system is broadly accessible to foreign nationals — even those who have not yet obtained a Social Security Number. What varies in practice is the documentation accepted by each institution and the type of financial product available to newcomers.
Banking rights of permanent residents
Green card holders have the same banking rights as U.S. citizens. They can maintain checking and savings accounts, obtain debit and credit cards, take out loans, open IRA retirement plans, and invest in stocks, ETFs, and mutual funds. There is no legal limit on the number of accounts a permanent resident may hold, and many immigrants choose to diversify across institutions to take advantage of different benefits, such as account-opening bonuses, reduced fees on international transfers, or credit card rewards programs.
Basic required documents
Federal regulations, through the USA PATRIOT Act and Bank Secrecy Act rules, require financial institutions to verify each customer’s identity through programs known as Customer Identification Programs. While requirements vary from bank to bank, customers are generally expected to provide three categories of information.
- Tax identification number: Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
- Proof of physical U.S. address: utility bill, lease agreement, state driver’s license, or government-issued ID.
- Official government-issued photo ID: valid foreign passport, consular registration card, U.S. driver’s license, or state ID.
How to open an account without a Social Security Number
Those not yet eligible for an SSN can use an ITIN — a nine-digit number issued by the Internal Revenue Service for tax purposes only. The ITIN does not confer immigration status or work authorization, but it is accepted as a tax identifier by many U.S. financial institutions.
In practice, ITIN-based account opening is more common at banks with physical branches, as many digital banks require an SSN to verify identity electronically. Before starting the process, it is worth contacting the chosen bank to confirm whether it accepts an ITIN as an identifier, since internal policies change frequently.
Banks with a history of accepting ITIN
- Wells Fargo
- Citibank
- Chase
- Bank of America
- HSBC
Who can obtain an SSN
The Social Security Number is issued by the Social Security Administration to permanent residents, refugees and asylees, naturalized citizens, and certain work visa holders such as H-1B, L-1, O-1, TN, E-2, E-3, and derivative categories. Eligible individuals should apply for an SSN shortly after arriving in the country by visiting a local SSA office with their passport, Form I-94, proof of immigration status, and a completed Form SS-5. The card typically arrives by mail within a few weeks.
How to apply for an ITIN
The ITIN is requested via Form W-7, generally filed together with the federal income tax return. The process can be completed through three channels.
- Direct mail to the IRS: ITIN Operation, P.O. Box 149342, Austin, TX 78714-9342, with originals or certified copies of identity documents.
- Certifying Acceptance Agent (CAA): an IRS-authorized agent who reviews original documents in person and returns them to the applicant, eliminating the need to mail a passport.
- IRS Taxpayer Assistance Center: in-person appointments at IRS offices throughout the country.
The average processing time is seven to eleven weeks, and may be longer during the peak tax season. Community programs such as Volunteer Income Tax Assistance (VITA) can also provide free help preparing the tax return and ITIN application for low-income taxpayers.
Documents accepted on Form W-7
To prove identity and foreign status to the IRS, the following are accepted: a passport as a standalone document, a national ID from the country of origin with a photo and full personal details, a U.S. or foreign driver’s license, a civil birth certificate for dependents under eighteen, a consular or military registration card, a visa affixed to a passport, and a USCIS photo identification. For very young dependents, medical or school records may serve as additional verification.
Why open a bank account in the early stages
Keeping money in a U.S. bank account offers immediate practical benefits.
- Security: deposits at banks federally insured by the Federal Deposit Insurance Corporation (FDIC) are protected up to the legal limit per depositor and per institution.
- Building a financial history: regular account activity paves the way for credit cards, auto loans, mortgages, and 529 education savings plans.
- Convenience: paying bills online, receiving direct deposit paychecks, writing checks, and using a debit card at any merchant that accepts electronic payments.
Practical tips for the first few months
Choosing a bank
Large banks such as Wells Fargo, Chase, Bank of America, and Capital One tend to serve newcomers well, with extensive branch networks and staff accustomed to foreign clients. Local credit unions may offer more favorable interest rates and fees, especially in communities with a strong immigrant presence.
Preference for in-person service
For the first account, visiting a branch in person typically simplifies document verification and creates an opportunity to ask about additional products, such as secured credit cards and starter lines of credit.
Opening deposit
Many accounts require an opening deposit of between twenty-five and one hundred dollars, which remains as the account balance.
Translation and multilingual service
Major banks offer service in dozens of languages, including Portuguese and Spanish, and provide translated informational materials. It is worth requesting this support from the very first contact.
Credit card as a credit-building tool
After opening the account, ask about secured credit cards. They work with a security deposit and help build a credit score — a key factor for renting housing, signing up for services, and obtaining financing in the future.
What about DACA recipients
Beneficiaries of the Deferred Action for Childhood Arrivals program can open a bank account with an SSN or ITIN, along with proof of address and a photo ID. Policies vary by institution, and the best approach is to contact the branch directly to confirm requirements before visiting.
For those who still have questions about their immigration status or are having difficulty obtaining an SSN or ITIN, it is worth seeking specialized professional guidance before initiating the account-opening process — especially in situations involving pending tax returns or a history of unlawful presence in the United States.
Victoria Harper
Editor-in-Chief
Leading journalism and editorial content at Visto n’ Visa, Victoria helps make immigration topics clear, trustworthy, and easy to understand. Her focus is on delivering useful, human, and relevant content for people exploring new paths abroad.
