Opening a bank account in the US
Last updated: March 5, 2026
Opening a Bank Account in the US: A Practical Guide for Dutch Emigrants
Moving to the United States requires setting up financial essentials, and opening a bank account is one of the first steps. This guide covers what you need, the procedures, typical costs, and practical tips to open a US bank account smoothly.
Types of Bank Accounts
In the US, the two main types of personal bank accounts are:
- Checking accounts: Used for daily transactions, bill payments, and debit card use.
- Savings accounts: Designed for saving money, typically offering interest but with limited transactions.
Most newcomers start with a checking account to manage everyday finances.
Documents Required
US banks have strict identification rules under the USA PATRIOT Act. To open an account, you typically need:
- Valid passport (Dutch passport accepted)
- Proof of US address (lease agreement, utility bill, or official mail)
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
- If you do not have an SSN or ITIN, some banks may accept a passport and secondary ID, but options are limited.
- Immigration documents (visa, I-94 form, or green card)
- Date of birth and contact information
Note: Each bank may have slightly different requirements. Call ahead or check online before visiting.
Choosing a Bank
Options include:
- Large national banks (Chase, Bank of America, Wells Fargo)
- Regional banks and credit unions
- Online banks
Large banks often have English-speaking staff and branches nationwide, but may charge higher fees. Credit unions may offer better rates and lower fees but require membership.
Costs and Fees
Typical fees you may encounter:
- Monthly maintenance fees: $0 to $15 (often waived if you maintain a minimum balance, e.g., $1,500)
- ATM fees: $0 to $3 per withdrawal from out-of-network ATMs
- Overdraft fees: Around $35 per incident
- Minimum deposit: Usually $25 to $100 to open the account
Always review fee schedules before choosing a bank.
Step-by-Step Procedure
- Prepare documents: Gather passport, proof of address, SSN/ITIN, and immigration papers.
- Research banks: Look for those with newcomer-friendly policies and low fees.
- Visit a branch or start the process online (some banks allow online account opening for non-residents).
- Complete application: Provide personal info and documents.
- Make initial deposit: Via cash, check, or transfer.
- Set up online banking: Register for digital access and order debit cards.
- Activate your account: Follow bank instructions to activate cards and sign up for alerts.
Getting a Social Security Number (SSN) or ITIN
- SSN: If eligible (e.g., visa allowing work), apply through the Social Security Administration.
- ITIN: For those not eligible for SSN but need a US tax ID, apply through the IRS.
Having an SSN or ITIN simplifies account opening and tax reporting.
Official IRS ITIN page: irs.gov/individuals/individual-taxpayer-identification-number
Practical Tips
- Bring multiple proofs of address: US banks are strict about verifying your residential address.
- Ask for an appointment: Some banks require appointments for new accounts.
- Consider online banks: Some allow non-residents to open accounts with fewer fees (e.g., Charles Schwab).
- Order a debit card immediately: Essential for daily transactions.
- Keep your Dutch bank account open initially: For international transfers and backup.
- Understand US banking terms: Checking vs. savings, overdraft, routing number, and account number.
Common Mistakes
- Not having a US address: Banks require proof of address; using a hotel address is often not accepted.
- Trying to open an account without SSN/ITIN: Many banks will refuse or limit account features.
- Ignoring fees: Overdraft and monthly fees add up; always ask about waivers.
- Not checking branch accessibility: Some banks have limited branches near you.
- Assuming online account opening is universal: Many banks require in-person verification.
- Not informing your Dutch bank: Avoid issues with international transfers by notifying them of your move.
Official Resources
- Social Security Administration: ssa.gov
- IRS ITIN Information: irs.gov/individuals/individual-taxpayer-identification-number
- Consumer Financial Protection Bureau on bank accounts: consumerfinance.gov
Opening a US bank account is straightforward if you prepare the right documents and understand the requirements. Start early to avoid delays and ensure smooth financial management after your move.