There are lots of reasons why an individual may need to open a U.S. bank account in the U.S. as a non-resident. You may need a US bank account if you travel to the USA frequently. You will need an ITIN number to open a U.S. bank account.
Another example might be getting payments from the USA if you work online such as selling products on Amazon.
Besides, many international businesses need to open U.S. business bank accounts to do business with U.S. customers. It will be more convenient and hassle-free of foreign currency and exchange rates. In general, it is strongly recommended that a business entity maintains a separate bank account. This would help keep the entity in compliance with IRS record-keeping requirements and will provide for a better way to manage company’s cash flow.
ITIN Number for U.S. Bank Account
ITIN, known as the Individual Taxpayer Identification Number, is a tax number that is provided to individuals who are not US citizens but are eligible to become taxpayers in this country. Individuals with this tax number have the right to trade and tax within the US. Even if they do not have SSN (Social Security Number) records. For this, the taxpayer does not need to live in the USA.
- Having an ITIN is very essential if you think of opening a bank account as a person who is not eligible to hold an SSN. Most of the banks will require an ITIN, therefore, it is very essential to obtain one.
- If you work online and receive payments from the USA, you will need a bank account. In order to open a U.S. bank account, you will need an ITIN number as well.