The single biggest misconception about US banking as a non-resident is that a Social Security Number is mandatory. It isn't — but the actual substitute path has its own timeline worth planning around, and the address requirement trips up more applicants than the tax ID does.
- A Social Security Number isn't strictly required — an ITIN (Individual Taxpayer Identification Number) is the standard substitute.
- ITIN processing through the IRS currently takes roughly 9 to 11 weeks — plan for this well before you need the account.
- Several major banks and digital platforms accept a passport and visa alone, no SSN or ITIN at all.
- Most traditional banks still require a US mailing address, which can be the real bottleneck for non-residents.
- All standard US bank accounts carry FDIC deposit insurance up to $250,000 per depositor, per institution.
The ITIN, and why it takes time
An Individual Taxpayer Identification Number, issued by the IRS, is the standard alternative to an SSN for non-residents with a US tax filing obligation. Obtaining one means completing Form W-7, attaching a federal tax return or proof of exemption, and submitting identity documents — by mail, at an IRS walk-in office, or through a Certified Acceptance Agent. As of 2026, processing typically takes 9 to 11 weeks depending on volume. If your timeline is tight, this is the step to start first, well ahead of any bank application.
Options that need no SSN or ITIN at all
Several traditional banks and digital-first providers accept applications with no tax ID whatsoever. Some fintech platforms process a passport and visa only. Certain community banks and credit unions go further — a small number don't require an SSN or ITIN at all, asking instead for proof of a US address and evidence that an application for a tax ID is underway. HSBC's international arm also permits deposit-account applications from abroad for residents of a defined list of eligible countries.
The real bottleneck: a US address
For most traditional banks — Bank of America among them — a US mailing address is required even for a non-resident alien account, alongside your permanent foreign address. This is frequently the harder requirement to satisfy, more than identity verification or the tax ID itself. Digital providers such as Wise sidestep this entirely, issuing a real US-format account (routing number and account number) without requiring US residency.
Reporting: FATCA and tax treaties
If you're a foreign national holding a US account, the bank reports relevant information to your home country's tax authority under applicable tax treaties — the reporting flows outward, not just inward. This is separate from FATCA, which specifically concerns US persons' foreign accounts. Understanding which direction applies to your situation matters before you assume either obligation doesn't.
How we approach this
The US is one of several jurisdictions we work with, and the ITIN timeline is usually the first thing worth clarifying in a first conversation — starting that process early is often what determines whether your overall timeline is realistic. From there, we point you toward the institution — traditional bank or digital provider — that fits your address situation and documentation.
Frequently asked questions
No. An ITIN is the standard substitute, and some providers require neither an SSN nor an ITIN.
As of 2026, IRS processing typically takes 9 to 11 weeks depending on volume.
Most traditional banks require one, even for non-resident accounts. Digital providers like Wise don't require US residency.
Sources referenced in this guide:
IRS — Individual Taxpayer Identification Number · FDIC — Federal Deposit Insurance Corporation