Immigrating to a new country may seem like a considerable amount of to-dos, where everything can seemingly feel like a roadblock. As you’ve likely felt the frustration of trying to pay a simple utility bill or find some difficulties in securing a lease, you find out, only then, that your foreign banking history hasn’t come to the United States with you. A common hurdle for many, as you’ve clearly been responsible for years.
While only a minor setback, the good news is that opening a bank account as a non-citizen is entirely possible and is rather one of the easier tasks among the numerous other responsibilities when planting your new life in a different country. By opening the door with a checking account, you set yourself up with the next steps to build your financial profile in the United States and all the benefits that come with banking in the United States.
Why U.S. Banking is Your Financial Foundation
In the United States, a bank account is more than just a digital wallet. It is the "anchor" for almost every other financial activity. Landlords often require a U.S. bank account to set up automatic rent payments, and employers prefer direct deposit to avoid the fees associated with paper checks. Even basic services like setting up a mobile phone plan or internet service are significantly easier when you have a local debit or credit card.
More importantly, your bank account is the gateway to the American credit system. While a standard checking account doesn't report to credit bureaus, the data it generates, such as regular deposits and consistent balances, can be used by modern financial tools to help prove your creditworthiness. This is particularly vital for those who are "credit invisible," a term used for people who have no record with the major U.S. credit bureaus.
What You Need to Get Started
Opening an account doesn't always require a Social Security Number (SSN). Many institutions accept an Individual Taxpayer Identification Number (ITIN) or even just a foreign passport and a secondary ID. You'll typically need to provide proof of a U.S. address, like a utility bill or lease agreement, and be prepared to make an initial deposit to activate the account.
Common Documents Required:
- Primary Identification: A valid foreign passport is the most widely accepted document. Some banks also accept a Matricula Consular ID.
- Secondary Identification: This could include a U.S. visa, a foreign driver's license, or even a student ID card if you are here on an F, M, or J visa.
- Tax Identification Number: While not always mandatory for basic checking, you may need an SSN or an ITIN if you plan to open an account that earns interest, as the bank must report those earnings to the IRS.
- Proof of Residential Address: Banks need to know you actually live in the U.S. A current utility bill, a signed rental agreement, or a pay stub from your employer listing your address usually suffices.
While traditional "big" banks often require you to visit a branch in person to verify these physical documents, digital platforms and fintech providers are increasingly offering remote options for those who may not have a local branch nearby.
Choosing the Right Account for Your Needs
Not all banks offer the same services. As a newcomer, you'll want to look for accounts with low monthly maintenance fees and accessible ATM networks. If you're a student, many banks offer specialized accounts with waived fees to help you manage a tight budget.
For many foreigners, the ultimate goal of banking in the U.S. is long-term stability, which often includes homeownership. If you are here on a work visa, you should start thinking early about how your banking habits affect your future. For instance, lenders looking at a mortgage for H1B visa holders will scrutinize your U.S. bank statements to ensure you have the funds for a down payment and a history of financial stability.
Bridging the "Visibility Gap"
One of the hardest parts of being a foreigner in the U.S. is the "visibility gap." You might have been a high-earner with a perfect credit score in your home country, but the U.S. bureaus (Experian, Equifax, and TransUnion) don't see that data. To them, you are a blank slate.
This is a major part of the visibility gap: how immigrants can build credit for 2026. To bridge this gap, you need to transition from just "having money in a bank" to "having a record of borrowing and repaying." Starting with the right tools, such as the best credit cards to build credit in 2026, can help you establish that first "tradeline" on your credit report.
Avoiding Common Pitfalls
When you're new to the system, it's easy to make mistakes that cost you money. Watch out for these common banking traps:
- Overdraft Fees: If you spend more than what is in your account, many banks will charge you a fee (often $35 or more). Look for accounts that offer "overdraft protection" or decline the transaction if funds are low.
- Out-of-Network ATM Fees: Using an ATM that doesn't belong to your bank can result in double fees-one from the ATM owner and one from your own bank.
- Monthly Maintenance Fees: Some banks charge $10-$15 a month to keep the account open. These are usually waived if you maintain a certain balance or have a monthly direct deposit.
Building Credit on Autopilot
Once your banking is sorted, the next challenge is building a credit score. In the U.S., your credit score impacts everything from your ability to rent an apartment to the interest rates on a future car loan. This is where Cheers Credit Builder can help. We provide a simple way to build credit while you save, with no hard credit check and no hidden fees¹.
By reporting your on-time payments to all three major credit bureaus, we help you establish a positive payment history², which accounts for 35% of your FICO® score³. You can track your progress and learn more about the factors that matter through resources like the myFICO blog.
The beauty of a credit builder loan is that it acts as both a savings vehicle and a credit-building tool. You make small monthly payments that are held in a secure account. At the end of the term, you get your savings back (minus interest), and you've built a year's worth of positive payment history in the process.
Frequently Asked Questions
1. Can I open a bank account without a Social Security Number? Yes. Many banks allow you to use an Individual Taxpayer Identification Number (ITIN) or other foreign identification documents, like a passport.
2. Do I need a large deposit to open an account? It varies. Some "everyday" checking accounts can be opened with as little as $25 to $100, while premium accounts may require much more.
3. Does opening a bank account build my credit score? A standard checking or savings account does not directly report to credit bureaus. However, it provides the necessary foundation to use credit-building tools like Cheers.
4. How long does it take to get a credit score? Generally, it takes about six months of credit activity before a FICO® score can be generated. Cheers uses accelerated reporting⁴, so your account and first payment are reported, plus the first payment to help you get started faster.
Conclusion: Your Journey Starts Here
Banking in the U.S. for foreigners doesn't have to be a source of stress. By gathering the right documents, choosing a bank that understands your needs, and utilizing modern credit-building tools, you can set yourself up for long-term success. Your U.S. bank account is the first chapter in your American financial story-make sure it's a strong one.
Ready to take control of your financial future and bridge the visibility gap? Don't let the complexity of a new system hold you back. Sign up for Cheers today and start building your credit on autopilot.
This content is for informational purposes only and does not constitute financial advice. Please consult a licensed financial advisor or tax professional before making any financial decisions.
(The opinions expressed in this article are the author’s own and do not reflect the view of Sunrise Banks, N.A. Member FDIC.⁵)
References
- myFICO Blog - https://www.myfico.com/credit-education/blog
Footnotes
¹No Hidden Fees: There are no application fees, maintenance fees, or early cancellation penalties.
²Payment activity: All payment activity is reported to the credit bureaus. On-time payments may help build your credit, while late or missed payments may negatively impact it. Results are not guaranteed and depend on your individual financial behavior and credit profile.
³FICO® Credit Factors: According to FICO®, 35% of your credit score is based on payment history, and 10% is based on credit mix. Cheers reports every payment and adds a secured installment loan to your profile. Source: myFICO： https://www.myfico.com/credit-education/whats-in-your-credit-score
⁴Accelerated Reporting: Accelerated reporting applies to the opening of your account, plus the first payment. Credit bureau reporting occurs monthly thereafter
⁵Sunrise Banks: Cheers is a financial technology company and not a bank. Banking services are provided by Sunrise Banks N.A. Your funds are FDIC insured up to $250,000 through Sunrise Banks, N.A., Member FDIC. Results are not guaranteed. Improvement in your credit score is dependent on your specific situation and financial behavior. Failure to make monthly minimum payments by the payment due date each month may result in delinquent payment reporting to credit bureaus, which may negatively impact your credit score. This product will not remove negative credit history from your credit report. All loans are subject to approval. Must be at least 18 years old, have a valid U.S. bank account, and a Social Security Number.
