Options When You Cannot Open a Non-Resident Bank Account

It cannot be denied that the epicenter of global commerce at present is the United States of America. Even freelance jobs that are outsourced to other countries in Asia mostly originate from the United States. As such, it is often necessary to open a non-resident bank account.

Yet the question remains: What are the best options in opening said non-resident banking account when your physical location is not within the United States itself? Now, that is a dilemma that this article will attempt to solve through the presentation of three basic options.

Tap Into Brokerage Options

This is the simplest of all options for most individuals for many reasons. For one thing, brokerage organizations operate as integrated international units and, hence, are able to provide banking services than most banks sharing the same name but operating on different levels can. As such, the concept of global banking, of sorts, is realized.

For another thing, brokerage firms are often free for the first year, which may or may not be true for a non-resident bank account. After that, you must pay reasonable fees for them to handle your accounts. And the deposit options cannot be beat either usually starting at just $1,000 for the most part.

The trick is in finding the right brokerage firm to handle your money. This should not be a problem with the availability of information over the Internet.

Open an Account with an International Bank

Now, if brokerage firms are not your thing especially with the widespread fear a stock market crash affecting these organizations, then American banks with international branches in your country is the next best option. Just make sure that each one recognizes the transactions of the other with as little private red tape and transaction fees as possible.

Otherwise, you might as well go to the United States to open a non-resident bank account for all the exorbitant fees you have to pay with this option. Yes, really, and it would make the process of opening a bank account in the US easier, too.

The downside for this option, however, is that you will need thousands of dollars to open the account. Or you can present proof of high income, which depends on the bank’s definition of what constitutes high income. Or you can take out a mortgage with the same bank, which will still cost you.

Does the thought of just going to the United States to just open your bank account for non-residents sound better now? Well, you cannot be blamed if you do.

Form Your Own American Company

Here is one surefire way to open a non-resident bank account in the United States without actually having to set foot on the country. You just need to form an American company that adheres to the rules and regulations of the US government and you are good to go.

Well, of course, this is a most difficult option especially when you consider the hassles and costs of incorporation. And if your online empire is just finding its foot in the market niche, you might want to wait a few years until it really is an empire. Or a kingdom at least.

These are the options to opening a US non-resident bank account while you are in another continent. It is difficult, nobody can contest you on that, but it is possible.