Can You Open A Bank Account Without A Physical Address?
As a new immigrant to the U.S., your first financial order of business should be opening a bank account, specifically a checking account. U.S. banks have various requirements for opening an account. We’ll discuss why bank accounts are so essential to American financial life, the requirements for opening a bank account, including whether you can open a bank account without proof of address, what to do if you have no physical address for a bank account and the best banks for immigrants in the U.S.
Why you need a bank account
Bank accounts make life more convenient and less expensive. You can use a checking account to send and receive money day or night online, and they are a safe place to keep cash. Without a checking account, you have to buy money orders to pay bills and pay a fee at a store or check cashing business to cash your checks.
Without a bank account, you rely on cash, and cash can be lost, stolen, or destroyed. If any of those things were to happen, you have no recourse; the money is gone.
Requirements for opening a bank account
To open a U.S. bank account, you do not have to be an American citizen or a permanent resident. You also do not need a Social Security number or an ITIN, although an ITIN can make the process easier and is helpful in other ways for non-citizens.
While requirements can vary from bank to bank, these are typically the things you’ll need to open a bank account in the U.S.:
Government-issued photo ID like a driver’s license, passport, or military ID
Proof of address which could be a lease agreement, mortgage document, utility bill, bank or credit card statement
Money to make an opening deposit, generally $25 to $100
A federal banking regulation set forth by the Federal Deposit Insurance Corporation (FDIC) requires banks to obtain identification and a physical address for all customers who want to open a bank account to help prevent money-related crimes like identity theft, embezzlement, and money laundering.
A physical address also gives the bank a place to mail debit cards, monthly statements, and other correspondence.
How to get a bank account without an address
Opening a bank account with no physical address isn’t possible, but the address doesn’t have to be your own or a permanent address. If you’re staying with a friend or family member, you can use their address, but you may have to provide a piece of mail like a utility bill or cell phone bill sent to you at the address you provide.
The best banks for immigrants
Both Chase and Bank of America do not require a Social Security number to open a bank account and allow undocumented immigrants to open accounts. Both banks are large, with thousands of locations across the U.S.
Online banks are an option, too, but potential customers may have to provide more information than banks with physical locations require to open an account. Axos is an online bank that allows non-citizens to open accounts.
Take the first step
Opening a bank account is an important first step to establishing your financial life in your new home. Upwardli can help you take the next steps! Upwardli can help you build your credit score, find a credit card, and teach you the ins and outs of the U.S. financial system. And Upwardli will be with you each step of the way!
