How to open a bank account in the United States (For Nigerians)
How to open a bank account in the United States (For Nigerians)
The United States is the world's most famous immigration destination. Lots of people across countries are always looking to move there for several reasons ranging from study to work.
If you've been strongly considering moving to the US from Nigeria or already have definite plans to do so, then figuring out how to open a bank account once you arrive there is likely one of your biggest priorities at the moment.
This guide breaks down what you need to know about creating a bank account in the US.
What you need to open a bank account in the United States.
Opening a bank account in the United States requires an in-person visit to a branch of the bank you are creating an account at, especially if you are not a US citizen. While you can start the process online, it is mandatory to visit a bank to complete it.
The actual documents you need to submit to open an account are likely to vary depending on the US state you are based in, but the documents usually asked for are the following;
A valid passport.
Your immigration documents.
Your contact info & address
A taxpayer identification number: US citizens and permanent residents typically open bank accounts with their Social Security Number (SSN), but you are won't be eligible for one as a newly arrived foreigner. In place of a social security number, you'd need to apply for a taxpayer identification number with which you can open a bank account.
Also, you'll be asked to make an initial deposit payment to conclude the process of opening an account. Depending on your bank, the deposit amount required can range from $25 to $150.
Types of US bank accounts.
There are mainly two types of individual bank accounts in the US:
(i) Checking accounts: This is basically a current account that you can use for everyday money-related activities like internet banking, ACH & wire transfers etc. It usually comes with a debit card.
Read our guide on ACH transfers & Wire transfers.
(ii) Savings accounts: You can deposit money you don't plan on immediately spending here and earn interest over time. There's usually a limit to how often you can withdraw from a Savings account.
Checkings and Savings accounts both come with an account number for identifying your account & a routing number for identifying your bank.
Bank options in the United States.
There are many options to select from when looking to open a US bank account. Our recommendation is to choose from among the biggest and well-established banks like:
On Bank Fees.
Many banks in the US charge a monthly maintenance fee for keeping an account with them. You can usually avoid these fees by maintaining a minimum balance in your account or opening a savings and checking account at the same bank.
Also, fees are usually attached to using other banks' ATMs or closing your account at your bank.
That's the rundown of what you need to open a bank account in the US. If you need to send money to Nigeria after arriving in the US, you can easily do so at the best rate through Sendcash.