Opening bank accounts in the U.S. for non-U.S. residents

Due to regulations enacted regarding the operations of U.S. banks after September 11, 2001, such as the “USA Patriot Act,” “Bank Secrecy Act 2001,” “Know Your Client,” and earlier regulations like FATF (“Financial Action Task Force” on Money Laundering), known as “de-risking”—which is the reduction of a country’s vulnerability to economic threats without harming trade or investment – U.S. banks are obligated to implement internal rules designed to prevent money laundering, the transfer of funds for illegal purposes and terrorism, and tax evasion. These legal regulations imposed on banks have led to a reluctance to open bank accounts for individuals who are not U.S. residents and for U.S.-registered companies whose owners are not U.S. residents. This is especially difficult when the U.S. bank knows nothing about the person or company wanting to open an account.

Thanks to our experience in relationships with financial institutions, banks, and trust earned in these institutions over years of cooperation, they are prepared to put more trust in the application for opening a bank account by non-U.S. residents submitted with our assistance. Our recommendation provides the bank with additional information that our non-resident clients meet the conditions of the aforementioned regulations. However, banks make decisions to open an account for a client residing outside the jurisdiction of the United States independently based on their own analysis of public and private sources of information. At this stage, the client’s presence in the U.S.A. is not necessary. In case of a negative decision regarding the opening of a bank account, banks are not required to provide a reason for the refusal.

Once a positive decision by the bank to accept opening a bank account is obtained, we organize the second stage of the client’s visit to the bank, and our client must come to the U.S.A. to personally complete the formalities at the bank under the supervision of our employee and finalize the opening of the bank account at one of the bank’s branches. In the process of opening accounts in banks, we assist, among other things, in choosing the right types of accounts for our client’s purposes, depending on the amount of the deposit, bank fees, the number of planned monthly/yearly deposits, transfers, and payments, and the interest rate. Once the account(s) in the bank is opened, the bank client has access to the account via smartphone, tablet, etc., apps. While staying in the U.S.A., the client can, of course, carry out banking operations on his/her account(s) personally by visiting one of the bank branches.

Benefits of having a bank account in the U.S.A. for a non-U.S. taxpayer individual:

Deposits are insured up to $250,000 per account and per person. Holders of a checking account, savings account, and term deposit in a so-called CD (Certificate of Deposit), will be protected by the U.S. federal government agency (FDIC) up to $250,000 for each account (i.e., up to $750,000 in total). If each of these three accounts was owned by a couple (or two people), each account would be insured by the U.S. federal government agency up to $500,000 (i.e., together three accounts up to a total of $1.5 million).
The privacy of the deposit sums in bank accounts is protected by federal and state law.
The possibility to invest money in bank time deposits, federal government bonds, state governments and municipal bonds and government agency bonds, corporate bonds, shares of companies on American stock exchanges, and other financial instruments sold in the U.S.A. and outside the U.S.A. (the value of companies on American stock exchanges constitutes about 60% of the value of all companies in the world).
Tax benefits associated with the status of a foreigner who does not have the status of a U.S. tax resident are such that the foreigner does not pay capital gains tax on profits made in trading shares of companies sold on American stock exchanges. In the case of dividends, for foreigners who are not U.S. taxpayers, there is a fixed tax of 30%, and for Polish citizens benefiting from a bilateral agreement between the U.S.A. and Poland to avoid double taxation, this dividend tax can be significantly lower.
Owning American bank credit and debit cards facilitates shopping in the U.S.A.; (it sometimes happens that American companies do not want to accept payments for goods or services with credit or debit cards from outside the U.S.A.).
The possibility of applying for bank loans in banks in the U.S.A.
Building a credit history in the U.S.A. (important when applying for a loan at a bank and when applying for higher credit card limits).
Owning financial assets in the U.S.A., a country that does not border strong and hostile countries (as is the case with Poland, Ukraine, and many other European countries). Access to money is possible without the need to be in the U.S.A. via the internet and bank applications.