- Immigrants have the same rights as U.S. citizens when it comes to opening a bank account.
- An Individual Taxpayer Identification Number (ITIN) can serve as an alternative to a Social Security Number (SSN) for banking purposes.
- Having a U.S. bank account is vital for your financial security, stability, and peace of mind.
If you’re living and working in the United States as an immigrant, you may wonder whether you can open a bank account. The answer is yes. As a green card holder, you enjoy the same banking privileges as a U.S. citizen. In most cases, you can even open an account without providing an SSN.
How to Open a Bank Account as a Green Card Holder
Although each bank may have its own specific requirements, most financial institutions generally ask for the following documents:
- Identification number: This can be a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).
- Proof of address: Such as a lease, utility bill, driver’s license, or government-issued ID showing your current U.S. address.
- Proof of identity: A valid passport, consular ID card, birth certificate, or government-issued driver’s license that lists your name and date of birth.
Banks are required by federal law to verify your identity to help prevent fraud and other financial crimes.
Opening a Bank Account Without a Social Security Number
If you’re not eligible for a Social Security Number, you can still open a bank account using an ITIN. This nine-digit number, issued by the IRS, allows individuals who are not eligible for an SSN to pay taxes and access essential financial services.
When opening a bank account using an ITIN, it’s generally better to choose a bank with a physical branch, as many online-only banks require SSN verification. Before applying, contact the bank directly to confirm that it accepts ITINs in place of an SSN.
Who Can Obtain a Social Security Number?
As a lawful permanent resident (green card holder), you are eligible to apply for a Social Security Number. Other immigrants who can obtain an SSN include:
- Individuals granted asylum in the United States
- Naturalized U.S. citizens
- Certain employment-based visa holders
If you don’t yet have an SSN, you can visit your nearest Social Security office to apply. In the meantime, you can still use your green card, unexpired passport, or U.S. driver’s license to open a bank account. Once approved, your SSN card typically arrives by mail within a few weeks.
Banks That Accept ITINs
Many major U.S. banks allow immigrants to open accounts using an ITIN, including:
- Wells Fargo
- Citibank
- Chase
- Bank of America
- HSBC
Applying for an Individual Taxpayer Identification Number (ITIN)
The Internal Revenue Service (IRS) issues ITINs to foreign nationals living and paying taxes in the United States. You can apply for an ITIN while filing your federal taxes. To apply, you’ll need to:
- Complete Form W-7, Application for Individual Taxpayer Identification Number
- Submit your U.S. Individual Income Tax Return
- Provide required supporting documentation, such as a valid passport
Submit your application by:
Mail (USPS):
Internal Revenue Service
Austin Service Center, ITIN Operation
P.O. Box 149342
Austin, TX 78714-9342
Private Delivery Service:
ITIN Operation, Mail Stop 6090-AUSC
3651 S. Interregional Highway 35
Austin, TX 78741-0000
Other application options:
- Certifying Acceptance Agent (CAA): Authorized by the IRS to help process ITIN applications. CAAs can verify your documents on the spot, so you don’t have to mail original copies.
- IRS Taxpayer Assistance Centers: Offer in-person help with ITIN applications.
- Volunteer Income Tax Assistance (VITA) sites: Some locations can prepare your tax return and ITIN application for free.
Expect to receive your ITIN within approximately seven weeks after submitting your complete application.
Important:
You must provide original documents or certified copies issued by the original agency. An ITIN is not the same as an Employer Identification Number (EIN), which identifies a business entity.
Acceptable Forms of Identification Include:
- Passport (stand-alone document)
- National ID card (showing photo, address, and birth date)
- U.S. or foreign driver’s license
- Civil birth certificate (for dependents under 18)
- U.S. or foreign voter registration card
- Military ID (U.S. or foreign)
- Visa or USCIS photo identification
- School or medical records (for dependents under age limits)
Why You Should Open a U.S. Bank Account
Opening a bank account in the United States offers numerous benefits, including:
1. Security
Your money is safer in a bank than at home. U.S. banks are federally insured, protecting your funds from theft, loss, or natural disasters.
2. Financial History
Maintaining a bank account helps build a financial record, making it easier to apply for credit cards, car loans, or mortgages. Parents can also take advantage of college savings plans (529 plans) that provide tax advantages.
3. Convenience
A U.S. bank account allows you to receive direct deposits, pay bills online, and cash checks easily—helping you manage your finances efficiently.
Can You Have Multiple Bank Accounts as a Green Card Holder?
Yes. Green card holders can open and maintain multiple bank accounts in the United States—there is no legal limit. Many individuals choose to open accounts with different banks to benefit from varied rewards, interest rates, or services. Be aware that some banks may conduct a soft credit check during the account opening process.
Practical Bank Account Tips for Immigrants
Opening a bank account in the United States is an important first step for immigrants and new green card holders as they begin establishing financial stability and credit. Below are practical, step-by-step tips to help you get started confidently.
1. Choose the Right Bank
Start by selecting a bank that is known for working well with newcomers. Major banks such as Wells Fargo, Chase, Bank of America, and Capital One are often the most accessible options. You can also consider joining a local credit union that serves your community—these often provide lower fees and more personalized support for immigrants.
2. Gather the Required Documents
Before heading to the bank, make sure you bring the proper documents. Most banks require two government-issued photo IDs (such as a passport, consular ID, or driver’s license), proof of a U.S. address, and either a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).
3. Visit the Bank in Person
While some banks allow online applications, many accounts still need to be opened in person. Visiting a branch can make the process smoother—you’ll get immediate help, personalized advice, and clarity on what documents are acceptable.
4. Prepare for a Small Opening Deposit
Expect to make an initial deposit of around $25–$100 to open your new account. Some banks may waive this requirement for certain account types or with direct deposit setup.
5. Ask About Building Credit
Once your account is open, talk to your banker about credit-building options, such as secured credit cards. These can help you start building a U.S. credit history, which is essential for future loans, renting an apartment, or even applying for a mortgage.
6. Request Translation Support if Needed
If English isn’t your first language, don’t hesitate to ask for help. Many large U.S. banks offer free translation or interpreter services in multiple languages to ensure every customer can manage their finances confidently.
Most Immigrant-Friendly Banks for New Green Card Holders
When it comes to choosing the best bank for immigrants or new permanent residents, here are a few widely recommended institutions:
Bank of America
Bank of America is one of the most immigrant-friendly banks in the U.S. It accepts foreign passports, green cards, and ITINs, and provides multilingual customer service. This makes it a great option for recent arrivals who are still settling in.
Wells Fargo
Wells Fargo makes account opening simple—especially for those who visit a branch in person. Many immigrants report that staff members are familiar with assisting newcomers and can guide you through the documentation process.
Chase
Chase is another top choice for green card holders. It accepts foreign passports and green cards for identification, and offers secured credit cards that can help you start building your U.S. credit history immediately.
Capital One
Yes. Recipients of the Deferred Action for Childhood Arrivals (DACA) program can open a bank account in the United States. You’ll typically need to provide a Social Security Number (SSN) or Taxpayer Identification Number (ITIN), proof of your U.S. address, and valid photo identification.
Can DACA Recipients Open a Bank Account?
Capital One is known for its straightforward account setup and flexible requirements. Many of its checking accounts have no minimum balance, making it an easy, low-maintenance option for immigrants and new residents.
Since banking requirements can vary between institutions, it’s best to contact the bank directly to confirm its specific documentation policies.
If you are uncertain about your immigration status or eligibility to open a bank account, it’s wise to consult one of the immigration attorneys at Green Card Link for guidance. They can help you understand your options and ensure compliance with U.S. regulations.
Frequently Asked Questions About Banking for Green Card Holders
- Do green card holders have to report foreign bank accounts?
- Can I open a Chase account with my green card?
- How can I start building credit as a new green card holder? (Tip: Use less than 10% of your credit limit, pay bills early, and monitor your credit with tools like Credit Karma.)
- How long should I wait before applying for a personal loan or car loan?
- Can green card holders invest in U.S. stocks or mutual funds?
- Am I eligible to open a business bank account as a green card holder?
How Green Card Link Can Help
Opening a bank account as a new immigrant or green card holder is completely possible with the right preparation and documents. However, if you’re still in the process of obtaining your green card, unsure of your immigration status, or need advice about your path to U.S. residency or citizenship, the immigration attorneys at Green Card Link can help.
At Green Card Link, its immigration attorneys have helped thousands of individuals and families successfully secure U.S. permanent residency and citizenship. They provide expert legal guidance tailored to your situation and can help ensure your immigration journey goes smoothly—from opening a bank account to achieving long-term financial stability in the United States.