How to Open a Bank Account with a Green Card
Having a bank account will make life in the US much easier, but how can an immigrant open a bank account? We'll explain how it can be done, why bank accounts are such a helpful tool, banks for non-US citizens, and how Upwardli can help you with another essential part of your financial journey in the US.
Why you need a bank account
A bank account allows you to easily and conveniently send and receive money. You can pay bills, send money to family and friends, and receive your paycheck with a bank account.
Bank accounts offer a safe place to keep money and can show potential landlords or creditors that you have a stable financial life in the US.
Requirements for opening a bank account
Most US banks do not require customers to be citizens or to have any legal status in the US. Banks are primarily concerned with being able to verify a customer's identity in order to lower the chances of fraudulent behavior.
Non-citizens can open bank accounts in the US but will likely be required to open the account in person at a local branch rather than online. You can open a bank account with a foreign passport or other government-issued (US or a foreign government) photo ID. You will also likely be asked to verify your address which you can do with a lease agreement or a utility bill in your name.
It can be helpful to have an ITIN (Individual Tax Identification Number) if you aren't eligible for a Social Security number. Green Card holders are eligible for Social Security cards. Once your Green Card has been issued, the USCIS (United States Citizenship and Immigration Services) will mail you a Social Security number.
Banks for non-US citizens
While it's not difficult to open a bank account as an immigrant in the US, there could be issues. Immigrants may have more luck at large banks that have branches in many US states and branches overseas as well.
Chase Bank does not require a Social Security number to open an account, as does Bank of America. Chase has almost 5,000 branches in 48 states and Washington, D.C. while Bank of America has more than 4,000 branches in 34 states.
Establish credit
Opening a bank account is a great first step in starting your financial life in the US and can make many of the following steps easier. Another important aspect of American financial life is credit. America runs on credit. If you want to rent an apartment, open a credit card, or get a loan for a vehicle or a home, your credit report will be checked by the potential lender.
If your score isn't good enough, you could be turned down. And if your score is not great and you're approved, you'll be charged a higher rate of interest on a loan than those with higher scores are offered. This is important because interest is the cost of borrowing money. The lower your interest rate, the more money you save.
But in most cases, foreign credit history does not transfer to the US, so new immigrants are starting all over. This is where Upwardli can help!
Get pre-approved instantly - no credit check or deposit required! Each account includes an unsecured line of credit designed to build credit fast as we report your progress to the credit bureaus.