Banking – USA

Below you will find a brief overview of the banking services available in the USA. This information will assist you when making your decision to purchase a property.

The USA banking system, as with many services, differs from state to state. Each state has its own commercial and consumer guidelines. It is important for property buyers to understand the local system and have a cheque account in order to establish a credit rating and pay utility bills.

In recent years, mortgage companies have sprung up throughout the USA and, as they do not have the overheads of the banking institutions, they can sometimes offer more favourable terms, having taken a large share of the market from the more traditional banks.

The Patriot Act

September 11th 2001 led to a review of the banking laws throughout the USA. Today it has been made more difficult to open a bank account for non-US residents. However, with the right help, this is achievable and many banks are willing to open accounts for purchasers of property in USA.

Required Documentation Needed For Opening a USA Bank Account

Primary ID:

This is any government issued document with a photo for individuals. The address on the ID must match the address given by the client. If it doesn’t, further proof of address must be provided such as a phone installation bill, rental agreement or a receipt for establishing any utility service.
Examples of Primary ID:

• Driver's License
• Valid Passport
• State Identification Card
• Armed Forces Identification Card
• Alien Identification Card

In addition, non-residents are required to fulfil the following criteria:

• They must have a valid passport
• They must permanently reside outside the United States but may have a temporary transitional residence
• They must not be a United States citizen or have a USA social security number
• They must not have a green card

When opening a bank account non-residents will be required to sign various forms, which will be explained to them at the time of opening the account.

Acceptable secondary ID is as follows:

• Employee Identification Card
• Student Identification Card
• Major Credit Card

Ten Top USA Banks

Most of these banks will accept non-resident accounts, particularly those such as Citibank and HSBC, which have a strong international presence.

• Bank of America
• J.P. Morgan Chase & Co
• Wachovia Corp.
• Wells Fargo & Co
• Washington Mutual Inc.
• Citibank
• U.S. Bancorp, Inc
• SunTrust Banks
• HSBC Bank USA
• World Savings Bank

You may also be interested in the following:

• Guide To Property In USA
• Banking In USA
• Banking In Thailand
• Banking In Cape Verde
• Banking In Dubai