How To Open American Bank Account For Non-Residents

America has always been one of the world’s most attractive destinations for foreign investors, thanks to country’s economical progress, success and prosperity. Lately, it is the US real estate market that’s creating a buzz in Australia. Low selling prices of residential properties, low interest rates, flexible payment options and strong Australian dollar against the US dollar, are just some of the main reasons growing number of Australians are heavily investing in American real estate market.

Although you do not have to live in the US to be able to invest in a residential property, certain rules do apply. For example, you must have an American bank account. Not only will all payments be done quicker and easier, but you will also profit from non-paying taxes and fees, which usually cost more if you use your non U.S. resident bank account. You can open an American bank account even though you live in Australia, however there are several conditions that non U.S. residents have to fulfill.

The Law of United Stated of America has developed a special CIP Program (Customer Identification Program), which requires certain identity verification procedures that non U.S. residents have to undergo when requesting to open an American bank account. This program is also called U.S. Patriot Act.

Once you have selected a bank of your choice to open American bank account in, these are the customer identification requirements (documents) that need to be provided:

• Name;

• Date And Place Of Birth;

• Residence Address And Mailing Address;

• Passport Number And Country Of Issuance;

• Identification Card Number And Country Of Issuance;

• Social Security Number;

• Employee Identification Number;

• Drivers License.

Since every bank has own particular procedures and policies, additional documents, such as proof of address and secondary ID, may be required.

There are also some significant benefits non U.S. residents can profit from becoming an American bank customer, if choosing the right one, such as:

• Reimbursement Of Up To $250,000 If The Bank Goes Bankrupt;

• Debit Card;

• Cheques;

• Internet Banking.

If you are interested in investing in American residential properties, make sure you hire a reputable and experienced agent that will prepare everything needed to open your American bank account.