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How to Obtain a Non Resident Bank Account

How to Obtain a Non Resident Bank Account

Several parts of the Patriot Act changed the face of banking, in an effort to ensure that only those who are in the United States to be a productive part of the American society can open up a bank account. These clauses in the Patriot Act also ensure that people who do not live in the United States do not open up bank accounts. However, there are several business and personal reasons that a person may require a non resident bank account. Remember that while financial instituions will follow the laws set into motion by the Federal government, they may also have their own individual policies that can help you to open your bank account. The following steps can help to point you in the right direction.

Starting With Your Bank

The first step that you take is to check with your own financial institute in order to find out if they routinely work with US banks. If they do then they may be able to put you directly in touch with someone who can help you to get the process started in short order.

Your own bank can quickly, and electronically in most cases, transfer your financial details to the other financial institute; ensuring that there are no mix-ups or delays with the transfer of information.

Check With The US Bank Directly

Schedule a meeting with several banks in order to find out what their policies are for allowing non residents to open up bank accounts. Not only will you be able to find out which financial institutes will be able to accommodate your needs for a bank account, but you will be able to determine which of those banks will also be able to offer you the financial packages that you are looking for. A non resident bank account might not offer the same benefits that a resident account will but you will certainly be able to obtain a few benefits that could include free or low cost checking, low interest rates on loans, and competitive rates on savings accounts.

When you meet with the bank representative to open up your non resident bank account you should have all of your legal documents in order. You should also have any pertinent financial documents and items that demonstrate your right to live or to work in the United States. Having this paperwork on hand will not only help to speed up the process but it will also ensure that you don’t receive any delays with opening up your new account.

While the current laws that are in place exist to protect all of us from nefarious business dealings, it is known and understood that many non residents will have a need to open up a non resident bank account. Simply ensure that you understand every bit of information that will be required of you prior to opening up the account and have all of it on hand. You may find a bit of resistance at some financial institutes but remember that with all of your financial and personal information in order, you will soon have the bank account set up.

Photo courtesy of grittycitygirl.

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