How to Open a Bank Account as a Recent Immigrant
The social-security number requirement for opening a bank account is a convention, not a federal mandate. Under the Bank Secrecy Act, banks must verify a depositor's identity — but the mechanism for that verification can be an ITIN, a consular identification card, a foreign passport, or other government-issued documents. The banks that require an SSN are making a policy choice, not a legal one.
What an ITIN Is and Why It Works
An Individual Taxpayer Identification Number is issued by the IRS to people who are required to file U.S. taxes but are not eligible for a Social Security Number. It is not an immigration status indicator — the IRS explicitly states this. Banks that accept ITINs treat them as equivalent to SSNs for identity verification under the Bank Secrecy Act's Customer Identification Program. To apply for an ITIN: file IRS Form W-7 with a federal tax return and certified copies of identity documents. Processing takes 7–11 weeks.
Banks That Accept ITINs
Bank of America accepts ITINs with a valid foreign passport and secondary ID. Wells Fargo accepts ITINs. Chase accepts ITINs. Citibank accepts ITINs. Credit unions are often more flexible — many accept matricula consular (consular identification cards) as primary ID. Among online banks, Cheese (designed for Asian-Americans and immigrants) and Nova Credit (which translates foreign credit histories for U.S. underwriting) are specifically designed for new arrivals.
What to Bring to the Appointment
Call ahead to confirm requirements for your specific branch; they vary. Typically: ITIN (if obtained), foreign passport, secondary ID (national identity card, driver's license from home country, matricula consular if applicable), proof of U.S. address (utility bill, lease agreement, bank statement from another institution), and optionally a reference letter from a current customer of the bank. Some branches in immigrant-dense areas are specifically trained for these applications; others are not.
The No-SSN, No-ITIN Path
If you have neither an SSN nor an ITIN and need a bank account immediately, several options exist. MAJORITY is a fintech designed specifically for immigrants, accepting foreign ID. Remitly offers a mobile banking account with no SSN requirement. Municipal credit unions in cities with large immigrant populations (New York, Los Angeles, Chicago) often accept consular IDs. Note: these accounts may have lower FDIC insurance clarity — verify the partner bank before depositing.
Frequently Asked Questions
Can I open a high-yield savings account without an SSN?
Most online-only banks require an SSN. Exceptions exist but are less common than at branch banks. Your best path for a high rate without SSN: obtain an ITIN first, then apply at a bank that accepts ITINs (Bank of America, Wells Fargo, Citibank all accept them at the branch level). Ally Bank requires an SSN as of May 2026. Marcus by Goldman Sachs requires an SSN.
Related Products
Primary Sources
- [1] IRS ITIN application — irs.gov/individuals/individual-taxpayer-identification-number
- [2] Bank Secrecy Act Customer Identification Program — ffiec.gov/bsa_aml_infobase/pages_manual/olm_011.htm
- [3] CFPB: Opening a bank account — consumerfinance.gov